FXTM Review 2023 Pros and Cons Uncovered

fxtm broker reviews

For account holders who maintain balances of £250,000 or equivalent or greater, you become eligible to receive institution-level spreads. Lot sizes include micro to mini to standard, with a range of 0.01 to 250 lots per trade. Bitcoin, Ethereum, Litecoin, Ripple trading is all available when trading CFDs on cryptocurrencies through FXTM. You can get spreads of 200 to 400 pips and leverage that varies based on experience. Trading spot metals with FXTM allows you to trade gold or silver against major currencies 24/5 with varying degrees of leverage based on experience.

The longer track record a broker has, the more proof we have that it has successfully survived previous financial crises. You will not find very sophisticated orders like the ‘one cancels the other’ order. We tested the credit card withdrawal and it took one business day. If you use credit/debit cards or electronic wallets, you can only withdraw up to the amount you have deposited via the same method.

FXTM offers new traders excellent educational resources that include live online webinars and local seminars, videos and tutorials. You can also get free access to one of the best learning tools available for any forex trader — a demo account. If you’re a new trader, you really can’t go wrong with FXTM’s extensive learning resources. However, FXTM has a serious downside when it comes to trading, namely fees. The broker offers higher spreads than most other Forex brokers and charges clients withdrawal and inactivity fees.

MetaTrader Apps 💻

The MetaTrader is indeed the most preferred trading platform for FX & CFD trading, and the platform offers access to all major assets through the MT4 version. The MT5 platform only offers access to Forex currency pairs and Spot Metals. For instance, the spreads on the Standard account start from 1.5 pips, which is higher than those offered by most Forex brokers. What’s more, the broker charges a $3 withdrawal fee when using the credit/debit card option. Furthermore, traders are charged 5 EUR/USD/GBP per month after 6 months of inactivity.

We found that when you trade with FXTM you are able to operate with fixed or floating leverage. The leverage is indeed a very useful tool, especially for traders of smaller size, as it may increase your potential gains timely due to its possibility to multiply initial account balances a particular number of times. The numbers are actually confirmed by the large community of traders with about 750,000+ active accounts that growing, numerous attractive opportunities, and gained vast awards for excellence in trading. At the time of this review, FXTM maintains a refer-a-friend campaign.

Contacting Customer Support

I can highly recommend it for high-frequency traders and scalpers. While trading in a speedy market like Forex and CFD trading, choosing a broker that executes trades efficiently is important. FXTM speed of execution is an extremely noticeable feature that allows every trader to benefit from taking profit and stop loss parameters when compared to other brokers.

From stat-arb and trend-following CTA to fixed-income relative value. Firm’s he has worked at include big banks like Citi, and prominent hedge funds including D. There is no need to wait for the KYC documents to be processed before depositing funds in a new FXTM account. Payment options include debit and credit cards, bank transfers, and e-Wallets. Some payment methods can only be used for higher-level accounts, but the basic range of options is in line with standard market practice. Additionally, there’s the FXTM Pro trading account, tailored for high-end trading professionals and institutions.

Therefore, you have to withdraw any profit by using a bank transfer. The online application takes roughly minutes and our account was approved within one business day. FXTM accepts clients from all over the world, but there are a few exceptions. You might want to dig deeper and check FXTM trading fee calculations in more detail.

Also, you may select spot metal CFDs, share CFDs on over 170 major companies, CFDs on Commodities, and CFDs on Indices. Understanding and calculating the necessary margin requirement allows traders to manage risk and avoid closing a trade position due to insufficient margin in their trade account. Traders at FXTM can choose from prominent securities in Europe, Australia, Asia, and the US and trade on indices.

We found that FXTM offers the standard version of MT4 plus six add-ons, transforming MT4 into a state-of-the-art trading platform. Most brokers only provide the out-of-the-box version, which does not provide all the necessary functionality. FXTM has a wide variety of deposit and withdrawal methods for British traders, but we were disappointed that its charges high withdrawal fees. FXTM offers three accounts, which is average compared to other brokers, but we were disappointed that FXTM’s trading fees are higher than other brokers on two of its three accounts.

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The MetaTrader 4 and 5 mobile applications are available at the Apple and Android app stores. They give traders increased flexibility by allowing trading virtually anywhere and anytime on mobile devices. The apps come with most of the features found on the desktop MT4&5 applications and an extended version is available for tablets. The Forex time spread depends on the account type that you have opened. Spreads are majorly 1.5 pip and this is a floating spread that can increase any time of the day depending on market conditions.

Trading Instruments

Graphic objects can help you identify the price trend of a financial instrument, to detect cycles and support or resistance levels, and to build trend lines among others. It also includes encryption of data transmission as a way to stop unauthorized third-party access and data theft. The encryption includes server authentication and user identification policies.

What country is FXTM from?

ForexTime Ltd ( with registration number HE 310361 and registration address at 35, Lamprou Konstantara, FXTM Tower, 4156, Kato Polemidia, Limassol, Cyprus is regulated by the Cyprus Securities and Exchange Commission with CIF license number 185/12, licensed by the Financial Sector Conduct Authority …

I found the spreads to be very low, starting from just 0.1 pips with deep interbank liquidity to ensure fast trade execution speeds and No Dealing Desk (NDD) technology to avoid a conflict of interest. I would always prefer to use a broker without a dealing desk as I like to get my trades executed at the best possible prices and don’t want to be trading against the broker that I am using. If spreads and execution are also important to you, XM Group have raw spreads from zero pips and plenty of liquidity for reliable trade execution speeds. FXTM also offers the most versatile and latest technology and software, MetaTrader 5, which is the ultimate successor of MetaTrader 4. The platform is suitable for both new as well as more experienced traders.

As a regulated broker, account verification at Forextime is a mandatory final step. Most traders will satisfy this by sending a copy of their ID and one proof of residency document. I like that FXTM does not incorporate unnecessary steps or questionnaires.

Deposits and Withdrawals

What’s more, we’ll guide you through the account opening process. On top of that you can also update your trading strategy by referring to various webinars, seminars and short educational videos, as well as a user- friendly guide to different market indicators and trading tips. At FXTM you can use well over 30 different payment methods, some of which specific to the region you reside in. You can hardly hope for better execution of your trades than the one you can find with FXTM. The latest statistics reveal that 99.81% of all orders are executed in less than a fraction of a second, with the average execution time being just 0.082 seconds.

fxtm broker reviews

Let’s talk about the differences to make choosing easier for you. MetaTrader 4 was released in 2005 and is mostly used for trading currency pairs. MT5 is often referred to as an all-in-one platform due to its ability to offer different asset classes for trading. To better understand how the fees work, let’s compare the FXTM Standard account fees with other brokers.

  • Some local banking methods that are country-specific are also allowed.
  • Whereas Advantage and Advantage Plus accounts have a 50% Stop Out level.
  • MT4 and MT5 provide interactive charts and a full set of trading orders while giving you the ability to monitor your account status 24/7.
  • What’s more, the broker supports its clients with a professional and friendly team of customer support representatives.
  • Therefore, you have to withdraw any profit by using a bank transfer.

Below this are general statistics, including total trades, profitable (and unprofitable) trades by percent, average trade length, consecutive wins. Additionally, there are statistics on the greatest win in pips, average daily trades, deals with stop loss, deals with take profits. The methods for withdrawal are nearly identical, with a few differences. You can withdraw, for example, via China Union Pay and cannot withdraw via Alfa-Click or Cash U. Most withdrawal processing times are 24 hours with the exception of China Online Banking which takes 48 hours. You can view the specific floating commission rates under Trading Accounts on the Commissions page. You will also find commissions for stock trading via PRO MT5 here.

Is FXTM a trusted broker?

FXTM is a trustworthy broker that is largely considered safe and reliable to trade through. This is due to the fact that it has a long and consolidated presence in the industry and has been licensed and authorized by multiple financial authorities in different jurisdictions.

FXTM offers an intuitive trading platform based on MetaTrader 4 and 5 and offers a wider range of trading instruments including Forex, Cryptocurrencies, Index and Commodity CFDs, Spot Metals and Stock CFDs. That said, FXTM offers the FXTM Trading app and a wide range of trading tools. It also offers a world-class selection of educational and market analysis materials. Additionally, its customer support is available 24/7, which is exceptional in an industry where the norm is 24/5. FXTM offers trading in forex and CFDs on commodities and indices.

The MT5 app uses the MQL5 MetaQuotes Language 5 and has some expanded capabilities compared to the MT4 app. For example, the MT4 app has 6 different time frames for technical analysis, while the MT5 app has 21 different time frames to choose from. I have an account with them, so, you can surely use this broker for your trading. The above regulatory bodies will make sure brokers like FXTM are not doing anything against the law.Therefore, your money is indeed safe with Forex Time Broker.

At FXTM they have multilingual customer support and technical support teams. Furthermore, there are personal account managers which are assigned to the traders and are readily available when they need help. FXTM is committed to educating traders, with a thorough and extensive educational centre that includes free eBooks and videos.

What’s more, FXTM offers an economic calendar and daily market analysis. Keep in mind that while still learning how to trade, it’s beneficial fxtm broker reviews to see how various traders conduct market analysis. In addition, trusting trading signals blindly can damage your trading results.

See how FXTM compares to the leading Forex brokers by reading one of the reviews below. FXTM is not among the oldest or the largest online brokerages for trading forex, cryptocurrencies or other high-demand asset classes. But – we have to say it – FXTM is definitely one of the classiest.

We were able to complete this within 24 hours which was speedy and satisfactory. Please note that equity markets open and close each trading and are not operational continuously like Forex and cryptocurrencies. Trading FX or CFDs on leverage is high risk and your losses could exceed deposits.

Can you make money on FXTM?

FXTM Invest for Investors. Financial market trading is potentially profitable, if you have skill, experience and the time to monitor the markets.