Unique Selling Points
1. FXTM Affiliate: The FXTM forex broker platform presents a captivating Affiliate program for its users. Traders exploring this opportunity can unlock their earning potential, with the chance to earn up to $600 for every referred qualified client. As an Affiliate, you can earn a CPA (Cost Per Acquisition) during the qualification period of referred traders, all without incurring any fees from FXTMPartners.
2. Copy Trading: For those seeking a hassle-free trading experience, FXTM offers the enticing concept of copy trading. This innovative feature allows you to mimic the trades of skilled strategy managers, eliminating the need for hands-on trading. By opting for copy trading, you can access ready-made trading opportunities created by experts. Importantly, you retain full control over your funds and only pay a fee when your chosen Strategy Manager generates profits.
3. Strategy Manager: FXTM also offers a rewarding opportunity for successful traders to become Strategy Managers. This role enables clients to share their trading strategies with other traders and earn additional profits. As investors start following your Strategy Manager account, you'll receive a portion of their profits, with potential earnings reaching up to 30%. The more followers you attract, the greater your profit potential becomes. You can simultaneously hold a personal retail trading account while enjoying the benefits of being a Strategy Manager.
4. Forex VPS: FXTM provides a valuable Forex VPS (Virtual Private Server) service for active day traders. This VPS solution allows clients to trade over 250 instruments 24/5, including forex pairs, shares, indices, and commodities. The primary advantage of the VPS is its ability to ensure the uninterrupted operation of Expert Advisors and other trading tools, minimizing technical disruptions. Moreover, the service offers optimal connectivity, reducing order delays and ensuring a seamless trading experience.
5. FXTM Sponsorships: FXTM, as a brand, appears committed to supporting individuals and organizations that align with their core values of trust, transparency, and belief in people's potential. One notable sponsorship initiative involved FXTM's support for the Velokhaya Life Cycling Academy in 2019, a charitable organization based in South Africa. In August 2018, FXTM took a significant step in raising awareness about ocean conservation by becoming the headline sponsor for Lewis' Long Swim. Also, in 2017, FXTM forged a partnership with the Sahara Force India Formula 1 team, serving as their official sponsor during a period of exceptional performance for the team.
Introduction
FXTM is a prominent forex and CFD broker that emerged on the scene back in 2011 and quickly rose to become a global leader in online trading. Its strong reputation has made financial markets accessible to people worldwide, regardless of their financial goals. FXTM boasts a vast network of offices and regulatory approvals spanning Europe, the Middle East, Africa, Asia, and Latin America.
Over two million clients from 150 countries have taken advantage of its services. This dynamic brokerage offers online trading services and products to both institutional and retail customers. Clients can benefit from features like segregated accounts held in top-tier banks, secure deposit and withdrawal processes, competitive leverage, and narrow spreads.
This broker accommodates newcomers to the trading world by setting a remarkably low minimum deposit of just $10 for their Micro account. This enables novice traders to comfortably grasp the fundamentals of trading and understand the workings of the Forex market without the need for substantial initial investments. In this FXTM forex broker review, we'll delve into their offerings, encompassing various account types, a user-friendly copy trading app, demo profiles for practice, and its trading platforms, among others.
Supported Countries
FXTM positions itself as a global broker, welcoming traders from a wide range of countries, including Australia, Thailand, the United Kingdom, South Africa, Singapore, India, France, Germany, Norway, Sweden, Italy, Denmark, the United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar, Nigeria, Kenya, Algeria, Andorra, the Bahamas, Bahrain, Brazil, Bolivia, the Cayman Islands, Chile, Costa Rica, Egypt, Eritrea, Fiji, Georgia, Greenland, Indonesia, Israel, Malaysia, Panama, the Philippines, Singapore, Switzerland, Turkey, and Ukraine.
However, it's important to note that FXTM's services are not available to residents of the United States, Mauritius, Japan, Canada, Haiti, Iran, Suriname, the Democratic People's Republic of Korea, Puerto Rico, the Occupied Area of Cyprus, Quebec, Iraq, Syria, and Cuba.
Customer Service Rating
FXTM has been evaluated by 753 reviewers on the well-known Trustpilot platform, and it received a rating of 2.4 out of 5 stars. Some reviewers expressed satisfaction with FXTM's services, describing them as highly professional. They mentioned the broker's stable spreads, low commission rates, favorable trading conditions, and the availability of various payment methods. These users also praised the platform for its user-friendly interface and appreciated the quick response of FXTM's support team through Live Chat and email.
However, it's worth noting that some users encountered delays in verifying their documents, which was frustrating. More recently, many negative reviews of the FXTM platform revolved around issues with the withdrawal process. Many users reported delayed payments or even the outright cancellation of approved withdrawal requests. Additionally, there were allegations of orders being prematurely closed before reaching their designated stop-loss levels.
Similarly, on ForexPeaceArmy, FXTM has gathered 165 reviews, with an average rating of 2.179 stars. Within these reviews, there is a noticeable trend of negative feedback, often centering on problems related to withdrawals, unhelpful customer service, and the cancellation of orders.
FXTM Forex Trading Platforms
FXTM offers traders a range of versatile trading platforms, including the renowned MetaTrader 4 (MT4), MetaTrader 5 (MT5), and a mobile trading app. This selection caters to each client's specific needs, allowing them to choose the trading environment that best suits their preferences.
MetaTrader 4 (MT4): MT4 is a highly respected trading platform recognized for its outstanding performance. It serves as an excellent choice for both novice and experienced investors. MT4 boasts many features, including the ability to access nine different timeframes, a user-friendly multilingual interface, and fully customizable charts. Traders can also utilize its four types of pending orders, execute orders with a single click, and select from three different order execution types. Furthermore, MT4 supports the MQL4 programming language, offering over 30 built-in technical indicators and direct access to Expert Advisors (EAs) for automated trading strategies.
MetaTrader 5 (MT5): For traders seeking a comprehensive toolkit and access to a wider range of markets, MT5 stands as the preferred platform. It offers an extensive selection of markets, including commission-free trading of US stocks. MT5 incorporates MQL5, Expert Advisors, VPS trading, and enhanced trading tools and indicators compared to MT4. MT5 also supports automation through Expert Advisors, provides extensive charting and analysis options, and offers a powerful development environment. Notably, it is compatible with PC, Mac, mobile, and tablet devices, ensuring traders can access the platform wherever they go.
FXTM Trader: FXTM also presents its exclusive mobile trading app, known as FXTM Trader, designed to enhance the trading experience for both iOS and Android users. This app simplifies trading with one-click functionality, live pricing updates, and comprehensive account management capabilities. Traders benefit from the flexibility to trade across multiple devices, quick and efficient position management (including opening, closing, and modifying positions), and convenient monitoring of their preferred instruments. The FXTM Trader app further enhances the trading experience with advanced charting tools and access to popular indicators. It provides a user-friendly trading dashboard displaying essential details like account balance, margin, profit, and more.
Type of Trading Accounts on FXTM
FXTM offers three distinct account types tailored to suit the needs of day traders. Each account type grants access to swift execution speeds, a minimum order level of 0.01 lots, and flexible leverage options, all of which can be customized to meet individual preferences.
Demo Account: FXTM provides an exceptional demo account, allowing individuals to refine their trading skills without risking real capital. Traders can access unlimited virtual funds within a simulated environment and enjoy flexible leverage options. To open a demo trading account, a straightforward online registration process is all that's needed. On FXTM, demo accounts are available across all account types and trading platforms.
Micro Account: The Micro Account is the most accessible option, featuring a Stop Out level set at 40%, a Margin Call level at 60%, and an Instant execution model. This account type comes with zero commission fees and spreads starting from 1.5 pips. Traders can maintain a maximum of 300 open orders. The minimum deposit requirement for the Micro Account is a mere $10 or its equivalent in GBP OR EUR. However, the Micro account of FXTM limits trading to FX, metals, and commodities. Account denomination is flexible, with options including US Cent, EU Cent, or GBP Pence currency. Leverage ranges from 1:3 to 1:1000 for FX and 1:500 for metals.
Advantage Account: Considered the most popular account type at FXTM, the Advantage Account boasts a Stop Out level set at 50%, a Margin Call level at 80%, and operates on a Market execution model. Traders with this account enjoy access to all available assets with spreads starting from an ultra-competitive 0.0 pips. There are no restrictions on the number of open orders. The Advantage Account requires a minimum deposit of $500 or its equivalent in GBP OR EUR. Commission fees range from $0.40 to $2. Leverage is available at up to 1:2000.
Advantage Plus Account: Tailored for experienced and knowledgeable investors, the Advantage Plus Account features a Stop Out level set at 50%, a Margin Call level at 80%, and operates on a fast Market execution model. Traders with this account have unrestricted access to all available assets and benefit from zero commission fees. Spreads begin at 1.5 pips, and there is no limit on open orders. Account denomination choices include USD, EUR, or GBP currency. The minimum deposit requirement for the Advantage Plus Account is $/€/£ 500, with leverage available at up to 1:2000. Additionally, FXTM offers a halal, swap-free Islamic profile type and a professional account for eligible traders.
Trading Denominations on FXTM
FXTM extends the option to its clients to choose from three major currencies for account denomination: USD, EUR, or GBP. While this provides a degree of flexibility, some traders prefer a more extensive array of denomination choices. Compared to certain brokers offering over eight account denomination options, it's evident that FXTM's range of choices is relatively limited.
Company Structure
According to its mission statement, the FXTM forex broker was conceived with the belief that trading should be accessible to a broader audience, not just a select few. The company itself claims its guiding principles are anchored in what it calls the 'three mores': More trust, access, and value. In essence, FXTM aims to provide more to its users.
Over the years, the broker's reach has expanded to serve a global clientele spanning over 150 countries. ForexTime Ltd operates under registration number HE 310361, with its registered address situated at 35 Lamprou Konstantara, FXTM Tower, 4156, Kato Polemidia, Limassol, Cyprus. On the other hand, card transactions are processed by Exinity Works (CY) Limited, which shares the same address and is registered under the number HE 351684.
Exinity Capital East Africa Ltd bears registration number PVT-ZQU6JE7 and lists its registration address as West End Towers, Waiyaki Way, 6th Floor, PO Box 1896-00606, Nairobi, Republic of Kenya. Exinity UK Limited operates under registration number 10599136 in the United Kingdom and is located at 1st Katharine's Way, London, England, E1W 1UN, UK. Exinity Limited holds registration number C119470 C1/GBL for its Mauritius operations.
Over the years, FXTM has garnered numerous awards and recognitions, proudly displayed on its website. These accolades include Best Trading Experience 2021 from the World Finance Awards, Best Online Leveraged Trading Services 2021 from the Global Business Awards, and Best Forex Education Partner Nigeria 2021 according to the World Business Outlook. FXTM has also secured titles such as Best Trading Experience 2020 (World Finance Awards) and Best ECN Broker 2020 (DayTrading.com), among many others.
FXTM Forex Licenses and Regulatory Compliance
The FXTM brand operates under the authorization and regulation of various jurisdictions, including:
ForexTime Ltd is regulated by the Cyprus Securities and Exchange Commission (CySEC) and holds CIF license number 185/12.
Exinity Capital East Africa Ltd operates under the regulation of the Capital Markets Authority of the Republic of Kenya as a Non-Dealing Online Foreign Exchange Broker with license number 135.
Exinity UK Limited is authorized and regulated by the Financial Conduct Authority (FCA) with license number 777911.
Exinity Limited is regulated by the Financial Services Commission of the Republic of Mauritius with license number C113012295.
Exinity Limited is licensed by the Financial Sector Conduct Authority (FSCA) of South Africa with FSP No. 50320.
FXTM Forex Customer Protection
FXTM operates under the oversight of several financial agencies, ensuring adherence to stringent financial standards. Importantly, its parent company, Exinity Limited, holds membership in the Financial Commission, an international organization specializing in resolving disputes within the financial services sector, particularly in the Forex market.
To safeguard traders' interests, FXTM employs a practice known as funds segregation, maintaining a clear separation between traders' funds and the broker's operational capital. These funds are securely held in top-tier banking institutions. The broker prioritizes security in all communications by implementing the SSL (Secure Sockets Layer) network security protocol.
User identification and server authentication measures are in place to ensure data reaches the correct customer terminal and server. Furthermore, data transmission is encrypted, effectively preventing data theft and unauthorized access by third parties. This encryption method protects sensitive information and upholds data integrity, ensuring that all data remains unchanged during its journey.
Customer Service
FXTM provides traders with multiple avenues to access their customer support services. Traders looking for quick assistance can utilize the Live Chat feature directly on the website, which offers instant answers to their inquiries. Alternatively, a dedicated phone line is reachable at +44 20 3734 1025, where clients can speak directly with a customer support agent.
For those who prefer a more detailed approach, clients can fill out a "raise a request" form available on the website, allowing them to submit more comprehensive inquiries or concerns. Additionally, FXTM offers a comprehensive FAQ page within its website, designed for quick self-help and addressing common questions.
A notable aspect of FXTM's customer support is its availability in over 30 languages, ensuring that traders from diverse backgrounds and regions can communicate effectively and receive the required assistance.
Trading Information
The FXTM website remains accessible 24 hours a day. However, it's essential to note that not all financial markets operate continuously. Trading activities are confined to the specific hours during which the respective markets are open. For instance, the forex market in London operates from 3 AM to 12 noon GMT, while in New York, trading hours are from 9 AM to 5 PM GMT. In Sydney, the forex market is active from 5 PM to 2 AM GMT, and the Tokyo market follows suit, with its opening hours from 7 PM to 4 AM GMT.
FXTM employs a varied fee structure for trading fees depending on the chosen account type and the trading instrument. There are no brokerage commissions in the Micro Account, and spreads start at 1.5 pips. The Advantage Account offers tight floating spreads starting from 0.0 pips. Here, average commission fees range between $0.40 to $2 per lot, with potential cost reductions based on the trading volume for MT4 platform users.
The Advantage Plus Account, like the Micro Account, does not impose brokerage commissions, and spreads also begin at 1.5 pips. It's essential to note that spreads are subject to fluctuations, particularly during periods of heightened market volatility.
Furthermore, FXTM enforces a monthly inactivity charge of $5 following six months of account dormancy. Additionally, swap fees apply to trades held overnight, contributing to the overall cost structure that traders should consider when choosing their preferred account type and trading strategy.
Tradable Instruments
FXTM provides a wide range of financial instruments that cover many global markets. Traders have the opportunity to engage in trading across various asset classes, including:
Forex
Spot Metals
CFD Commodities
Stock Trading
Stock CFDs
CFD on Indices
FXTM Forex Leverage
FXTM offers different leverage rates based on the specific entity and financial instrument being traded. For investors operating within the European Union (EU), it's essential to be aware of ESMA margin capping restrictions, which impose a maximum leverage limit of 1:30. In contrast, global traders outside the EU have access to significantly higher leverage opportunities, with maximum leverage reaching up to 1:2000.
Deposits and Withdrawals
Deposits
Traders on the FXTM platform have various deposit options at their disposal, including local currency transfers, credit and debit cards, Google Pay, Neteller, PerfectMoney, PayRedeem, Skrill, GlobePay, Bank Wire Transfer, FasaPay, and TC Pay Wallet.
Payments from third parties are not accepted, and the name of the Sender must match the name registered with FXTM to facilitate seamless transactions. The exchange rate to local currency may fluctuate over time, influenced by local providers or banks. When transactions are sent in a currency different from the account currency, they will be automatically converted at the FXTM conversion rate.
Deposit Method | Transaction Fee | Deposit Currency | Minimum Deposit | Transaction Time |
Local Bank (India) | 0 | INR | None | 24 Hours |
Local Bank (Nigeria) | 0 | NGN | None | Instant |
Equity Bank Transfer (Kenya) | Not Stated | KES/USD/EUR | $10 | 1-2 Business Days |
Local Transfer (Ghana) | Not Stated | GHS | Not Stated | 24 Hours |
Africa Local Solutions | 0 | KES, ZAR, RWF, TZS, UGX | KES 20.00; RWF 1000; ZAR 20.00; TZS 2000; UGX 1000 | 1 - 2 Business Days |
FasaPay | 0 | USD, IDR | IDR 50,000 / $5 | Instant |
TC Pay Wallet | 0 | USD, EUR, AED | Not Stated | 1 Hour |
Visa (Debit/Credit Card) | 0 | USD, EUR, GBP | £/€/$5 | Instant |
MasterCard (Debit/Credit Card) | 0 | USD, EUR, GBP | £/€/$5 | Instant |
Maestro (Debit/Credit Card) | 0 | USD, EUR, GBP | £/€/$5 | Instant |
Google Pay | 0 | GBP, USD, EUR | Not Stated | Instant |
Globe Pay | 0 | USD, EUR, GBP, PLN, CZK | 1 USD/EUR/GBP/PLN/CZK | Instant |
Skrill | 0 | USD, EUR, GBP, PLN, CZK | Not Stated | Instant |
PayRedeem | 0 | USD, EUR | $50, €50 | Instant |
PerfectMoney | 0 | USD, EUR | Not Stated | Instant |
Neteller | 0 | USD, EUR, GBP, NGN, INR | $5 | Instant |
Bank Wire Transfer | 0 | GBP, USD, EUR | None | 3 – 5 Business Days |
Withdrawals
When it comes to withdrawals, payments to third parties are not permitted. Traders can withdraw funds using the same methods available for Deposit, ensuring consistency and security. In cases where the trading account and withdrawal are denominated in different currencies, the transaction will undergo conversion, and associated charges may apply. These conversion rates are detailed in the Conversion Rates table accessible on the MyFXTM platform.
Withdrawal Method | Withdrawal Fee | Withdrawal Currency | Minimum Withdrawal | Transaction Time |
Local Bank (India) | 0 | INR | none | 24 Hours |
Local Bank (Nigeria) | 0 | NGN | None | Instant |
Equity Bank Transfer (Kenya) | Not Stated | KES/USD/EUR | None | 1-2 Business Days |
Local Transfer (Ghana) | Not Stated | GHS | Not Stated | 24 Hours |
Africa Local Solutions | $1 | KES, ZAR, RWF, TZS, UGX | KES 20.00; RWF 1000; ZAR 20.00; TZS 2000; UGX 1000 | 48 Hours |
FasaPay | 0.5% | USD, IDR | IDR 50,000 / $5 | 24 Hours |
TC Pay Wallet | 0 | USD, EUR, AED | Not Stated | 24 Hour |
Visa (Debit/Credit Card) | £2, €2, $3 | USD, EUR, GBP | None | 24 Hours |
MasterCard (Debit/Credit Card) | £2, €2, $3 | USD, EUR, GBP | None | 24 Hours |
Maestro (Debit/Credit Card) | £2, €2, $3 | USD, EUR, GBP | None | 24 Hours |
Globe Pay | 0 | USD, EUR, GBP, PLN, CZK | 1 USD/EUR/GBP/PLN/CZK | 24 Hours |
Skrill | 0 | USD, EUR, GBP, PLN, CZK | Not Stated | 24 Hours |
PayRedeem | 0 | USD, EUR | $50, €50 | 24 Hours |
PerfectMoney | 0.5% | USD, EUR | Not Stated | 24 Hours |
Neteller | 0 | USD, EUR, GBP, NGN, INR | $51 USD/GBP/EUR/NGN/INR | 24 Hours |
Bank Wire Transfer | €30 | EUR | None | 24 Hours |
FXTM Trading Education and Training
FXTM boasts a robust collection of educational resources designed with clarity and user-friendliness in mind. This diverse array of educational materials comes in various formats, catering to a wide range of learning preferences and levels of expertise. Traders can tap into:
Expert Trader
Education Overview
Videos
Glossary
Forex Trading for Beginners
CFD Trading for Beginners
Daily Market Analysis
Market Analyst Team
Economic Calendar
Free Pip Calculator
Profit/Margin Calculator
With this wealth of educational resources, FXTM ensures that traders have the tools to enhance their trading knowledge and skills, regardless of their experience level.
FAQs
Is FXTM a Scam?
FXTM, also known as ForexTime, takes its regulatory obligations seriously. The broker operates under several regulatory authorities, ensuring it adheres to stringent financial standards. FXTM is regulated by CySEC (Cyprus), FCA (UK), FSC (Mauritius), and FSCA (South Africa). FXTM has received reviews on popular platforms like Trustpilot and ForexPeaceArmy. Some traders have praised the platform for its professional services, ease of use, and quick customer support responses. However, there have also been complaints regarding verification delays and withdrawal issues, particularly concerning the timeliness of payments.
How do I open an FXTM trading account?
For those interested in entering the world of online trading with FXTM, the process of opening a trading account is relatively straightforward. Here's a step-by-step guide:
Start by visiting the official FXTM website. This is where you'll initiate the account creation process.
Look for the "Open Account" button on the website's homepage. Clicking on this button will begin the account setup process.
You'll be directed to a registration form where you'll need to provide personal information such as your full name, email address, phone number, and country of residence.
FXTM will require you to verify the details you've entered via SMS and Email or WhatsApp and Email. After selecting your choice, click on Send Pin.
Check your email and/or mobile for the PIN sent to you.
Enter the received PIN into the space provided on the registration page.
Tick the agreement disclosure box and click on register.
After completing the registration form, FXTM may require you to verify your identity. This typically involves providing scanned copies of your identification documents (e.g., passport, driver's license) and proof of residence (e.g., utility bill or bank statement). Once your account is verified, you can proceed to fund it. FXTM offers various deposit methods; choose the method that suits you best and make your initial Deposit.
Conclusion
The FXTM forex trading platform offers a diverse and comprehensive experience for traders, catering to various preferences and expertise levels. With its MetaTrader 4 (MT4), MetaTrader 5 (MT5), and FXTM Trader trading platforms, traders can access powerful tools and a vast array of financial instruments across various asset classes, including forex, spot metals, CFD commodities, stocks, and indices.
Regarding trading accounts, FXTM provides flexibility with options like the Micro Account, Advantage Account, and Advantage Plus Account, each tailored to different trading styles and preferences. Importantly, the minimum deposit requirements are accessible, starting at just $10 for the Micro Account, making it welcoming for both beginners and experienced traders.
Leverage options vary depending on the trader's location and the specific entity they operate under. Traders outside the EU enjoy leverage as high as 1:2000. At the same time, those within the EU are subject to ESMA restrictions, limiting leverage to 1:30. FXTM also maintains competitive spreads and a straightforward fee structure. The Advantage Account, for instance, offers tight floating spreads from 0.0 pips, making it appealing to traders seeking cost-efficient options.
FXTM's commitment to regulatory compliance and security cannot be overstated. The broker operates under the oversight of reputable regulatory bodies, including CySEC, the FCA, and the Financial Services Commission of Mauritius, ensuring adherence to stringent financial standards and investor protection measures. This regulatory standing and positive online reviews on platforms like Trustpilot reinforce FXTM's credibility and reliability as a trading platform.