FXTM Review 2024: Is FXTM A Good Broker For You?
This Trading Platform is available in Ukraine
FXTM, also known as ForexTime, generally garners positive feedback from users across various review platforms. Clients praise the broker for its user-friendly trading platform and educational resources that are particularly helpful for beginners.
The customer service team often receives accolades for being responsive and providing valuable support. On the flip side, some traders have expressed concerns over withdrawal processes and fees, mentioning occasional delays or confusion with financial transactions.
Despite these mixed sentiments on certain operational aspects, the majority of FXTM's clients seem satisfied with the overall trading experience, highlighting the broker's reliability and the range of instruments available for trading.
* The amount that will be credited to the account in the case of a successful deal
* General Risk Warning: Your capital might be at risk
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Hannah Jones
- 6 min read
My friend Tom had been trading forex for several years, but he was never able to find the success he wanted. He tried different strategies and brokers, but nothing seemed to work out.
Then one day, he told me that a mutual friend from our WhatsApp group chat had recommended FXTM (Forex Time). After researching the broker thoroughly, John decided to give it a try. I decided to do some research to see if FXTM was something I was interested in.
Experts say, “The best trading strategy is one that combines long-term vision with short-term agility.” As a forex trader, you need to be able to take advantage of opportunities as soon as they present themselves, but also have an overarching plan for where you want your portfolio to go in the future.
Here is what we found out about FXTM. Firstly, the broker is regulated by the Financial Services Commission (FSC) of Mauritius and holds licenses from CySEC, FCA, and MiFID. It offers a variety of trading instruments, such as Forex pairs, CFDs, Commodities, Indices and Cryptocurrencies, which can trade on the MetaTrader4 and MetaTrader5 platforms.
The spreads are competitive, and it offers several trading options, including ECN, STP, and Market Maker accounts with a leverage of up to 1:1000. The minimum deposit requirement is low, and there are no hidden fees.
However, they charge a fee for inactive accounts, and some of their margin call policies are strict. Before we get into our review’s details, let’s look at what draws customers (like my friend Tom) to FXTM.
Overview of the broker’s services and products
FXTM offers a wide range of trading services and products for both beginners and experienced traders.
Account types
FXTM offers three main account types to its customers: Standard Account, Cent Account, and Stock CFDs Account. In addition, there are several types of ECN accounts available – Stocks Account, ECN Account, ECN Zero, and Pro. Each account type offers different features, such as varying spreads, minimum deposits, and leverage options.
No matter what account you get, they all come with free access to trading signals, daily market news and analysis, educational materials, and webinars. The Standard and Cent options include demo accounts where you can test your methods risk-free before trading on your live account.
Trading Platforms/Software Options
FXTM offers two of the most popular and reliable choices for trading platforms: MetaTrader 4 (MT4) and MetaTrader 5 (MT5). MT4 is suitable for beginner traders, while MT5 is more suited to advanced traders due to its more sophisticated features and tools.
The broker also offers clients access to various trading tools, such as Expert Advisors (EAs) and automated trading robots. This allows traders to automate their trading strategies, helping to reduce the risk of losses associated with manual trading. Many customers like that FXTM offers mobile apps for iOS and Android devices, allowing clients to conveniently access their accounts on the go.
Trading Instruments
FXTM offers a lot of different trading instruments like Forex pairs, CFDs, Commodities, Indices and Stocks. These can be traded on the MetaTrader4 or MetaTrader5 platforms.
The spreads are competitive, and you can get leverage up to 1:1000. You can also use tools like EAs and automated robots to help you with your trading. You can also use mobile apps to access your account and trade from anywhere in the world. However, they do not offer cryptocurrencies, which can be a dealbreaker for some traders.
FXTM Copy Trading
To the uninitiated, copy trading is a form of trading in which you can replicate the trades of a successful trader of your choice. It is an excellent way for novice traders to start trading without having any prior experience.
FXTM has an advanced copy trading platform, aptly named “Copy Trading.” It uses sophisticated technology to ensure your portfolio remains safe, secure, and profitable.
With this tool, you can copy the trades of experienced traders whom you can vet based on their historical performance. You can also select from a wide range of strategies, such as trend following, scalping and short-term trading, as well as set limits for risk exposure and profit taking.
Fees and other charges
When it comes to fees and other charges, FXTM is generally considered to be quite competitive.
As most expert traders would put it, “high trading fees can eat into your bottom line.” It’s important to know what fees are involved before signing up with a broker.
FXTM offers tight spreads, which start from 0.1 pips, and there are no hidden commissions or fees when you make trades. However, the rollover fee for overnight positions can be pretty high, depending on the instrument you are trading. Additionally, beware of account inactivity fees which may be incurred ($10/month).
Leverage Levels and Margin Calls
FXTM offers its clients maximum leverage of up to 1:1000, which is great for those looking to put their margin trading skills to the test.
With great leverage comes great responsibility; it is important for traders to use caution when trading with such high levels of leverage. In addition, you should know that FXTM has stringent margin call policies in place to protect both the broker and its clients
. If the equity in a trader’s account falls below the margin requirement, FXTM will automatically close all open positions to protect its client from further losses.
Deposit and Withdrawal Options
FXTM offers a variety of deposit and withdrawal options, including credit/debit cards, bank wire transfers and e-wallets.
The withdrawal process is fast and efficient, with funds usually being transferred within 1-2 business days.
Customer Support
FXTM has an extensive customer support network which is always willing to help traders with any queries or issues they may be facing. The broker offers 24/7 customer service via email, telephone and live chat, making it one of the best in terms of customer support.
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