FXTM Review – Scam forex broker or safe? Minimum deposit, MT4,+

Who are FXTM?
BROKERFXTM
MINIMUM DEPOSIT5 (£/$/€) ECN from 200 (£/S/€)
REGULATIONFCA, CySEC, FSCA, FSC
TRADING ASSETSFOREX, STOCKS (CFDs),
COPYTRADING, COMMODITIES
OVERALL RATING4.5
COSTS TO TRADE4.3
TRADING PLATFORM4.4
TRADING APP4.5
PAYMENT METHODS4.5
DEMO ACCOUNT5
ACCOUNT TYPES4.8
BONUS/OFFERSN/A
CUSTOMER SUPPORT4.3

FXTM Review Scorecard

FXTM Review – Is FXTM a scam?

Let’s get straight into the FXTM review and the most important thing to consider before you potentially start trading with any broker, is FXTM a scam or not.

FXTM were first registered in 2011 and now operate under 3 different entities that help to separate its’ users by the most appropriate regulation.

Multi-Regulated with Tier 1 Coverage

In Europe, FXTM operate under both ForexTime limited (registered in Cyprus and operating with CySEC regulation number 185/12) and ForexTime UK Ltd (registered in the UK and regulated by FCA number 777911). Depending on your country or domicile in Europe you will have different options of the above two companies available to you.

FXTM South Africa based traders, including the wider African continent, will be engaging with Forextime Limited of Cyprus. This is the branch of FXTM that contains the South African local regulation (FSCA number FSP 46614 as you can see below), alongside their CySEC licence, and an additional UK FCA registration (600475).

FXTM south africa regulation

If you are considering trading with FXTM Malaysia, or outside of the above regions, you will usually be covered by the Mauritius based arm of FXTM (Exinity Limited regulated by Financial Services Commission C113012295).

Considering the above, it is clear to see that FXTM have gone to great levels to acquire local licenses in each of its’ core targeted jurisdictions. This is a great sign on our trust meter.

When you add a strong award-winning track record of 9+ years as a forex broker of excellence, it is clear to see that FXTM is not a scam but a safe place for you to trade forex, CFDs and other instruments.

FXTM Review Costs To Trade

FXTM have recently finished their own internal review of their costs to trade it seems, judging by the fact they have reduced major spreads by up to 65% to bring themselves in line with the very lowest cost brokers in the industry. A good start.

Spreads

You can expect a range with FXTM depending on the type of account you are operating, standard or ECN MT4/MT5. The standard account Majors start from 1.6 pips but drop as low as 0.1 on the ECN account. We include below a screenshot of the FXTM spreads on a standard account for a quick overview at a glance.

FXTM spreads on major FX pairs.

Minors and Exotics with all brokers come with wider spreads due in large part to the liquidity and you will see that the minimum spreads for these is from 5pips.

Commissions

FXTM offer commission free trading on the 3 different standard accounts, Standard, Cent and Shares. There are also no swap fees payable which is a nice plus.

The ECN accounts are where you will start to see some commissions but of course you have lower spreads to take advantage. It is natural that the broker will need to generate revenue from somewhere. The good thing with FXTM is that their commission charging is visible and easy to understand.

The standard ECN account has commissions payable of 4$ per lot ($2 on the buy side of the transaction and $2 when you come to sell). The ECN Zero and FXTM Pro Account are both offered without commissions but there is a variance in the overall proposition.

We will explore the different FXTM account types in a later section of this review so if you would some more clarification, please skip ahead a little.

Other – FXTM Deposits & Withdrawals

FXTM are not charging users for any deposit type. Withdrawals are classed as ‘instant’ but there are some fees payable depending on the type of withdrawal made. Any of the major card withdrawals will incur a €/£2 fee or $3 if operating your account in USD. Skrill and Neteller withdrawals are free of all charges but here is the big one, £25 or €30 for direct bank withdrawals.

You would be wise to watch the withdrawal fee in advance so that you choose a deposit method that is in line with your withdrawal expectations.

In this case you would be best depositing via Skrill/Neteller. This will ensure withdrawals are supported via the same method, and to keep your account transaction free on both sides of the equation.

FXTM Costs To Trade Summary

Costs with FXTM when looked at holistically are very reasonable and are comparable to some of the best forex brokers in the industry. The major spreads have come down considerably after the recent FXTM review but if you are looking for value then you wanting to be trading ECN Zero with FXTM to get the best of commissions and spreads.

Overall a very solid offering from FXTM on the fees front and they are worthy of your consideration.

FXTM Costs Rating – 4.3*

FXTM Trading Platforms – MT4/MT5

The trading platform options with FXTM are both provided by MetaTrader, MT4 and MT5. These are some of the most popular platforms in forex trading and you will have probably seen them in the past if you have ever opened a demo trading account with a ‘pure forex’ type broker.

FXTM have recently launched added another platform to their repertoire, FXTM Trader, but as this is a mobile trading or app option, we will cover this elsewhere.

As we have covered the fundamentals of the MT4 and MT5 platform in other places what we will focus on here are the core differences offered by each in an FXTM MT4 Vs MT5 showdown.

PLATFORM FEATUREFXTM MT5FXTM MT4LEVERAGEFOREX WINNER
Indicators3830MT5
Charts/Visuals4431MT5
Timeframes219MT5
Community ChatYesNoMT5
Economic Technical CalendarYesNoMT5
Shares CFDSNoYesMT4
FX Pairs3359MT4
Metals25MT4

Clear Winner of FXTM MT4/MT5 Battle?

Not exactly. Whilst it is clear to see from the above that FXTM MT5 offers a far more comprehensive array of tools and options than their MT4 offering, do you need all the added extras at the expense of trading pairs?

If you are in doubt about which of the platforms to use, FXTM allow you to demo test both platforms (simultaneously even) to see exactly which features you can live with and without.

The economic calendar and community chat are particularly useful tools for the novice trader as they allow a more integrated approach to the information that can help you.

The volume of indicators, charts and trendlines offered on both platforms are strong and FXTM have clearly considered providing all the supporting tools to help their traders as being a key point they want to focus on.

FXTM Product Offering

One of the main reasons why a trader may continue with the MT4 version is familiarity and simplicity. If you have never traded before however and are ok with getting to grips with a more detailed platform then the FXTM MT5 platform could well be the choice for you.

If you are planning to trade stocks CFDs with FXTM, the only type of platform to support this is MT4 and the range of forex pairs offered is another key differentiator in the MT4/MT5 consideration.

The fact that FXTM after review are continuing to provide the MT4 platform with full support goes to show that it is hard to move users from a platform they have grown with, even if it is deemed by MetaTrader to be an ‘upgrade’.

FXTM Invest – Copytrading made easy

FXTM Invest Review - Strategy Managers or Forex account managers

FXTM Invest is the copytrading or social trading solution implemented by FXTM to compete with the industry stalwart eToro. It must be said that the offering from FXTM here is good, if not as wide as the social trading pioneer in terms of range of products that can be in the portfolio and the ‘strategy manager’ numbers available.

Where FXTM do really seem to get it right here is in the model that their strategy managers receive commission from their followers. Whereas other brokers’ are working on a model of trading volume of followers, FXTM has their strategy managers working on a performance basis similar to forex account managers.

In this case, instead of a strategy manager being incentivised by the value of the accounts and the volume of trades their community is making, the strategy managers on FXTM are only making money when you do. This is the optimal charging method to eliminate any potential conflicts of interest, no matter how small or unlikely.

Novice Traders have a barrier removed with FXTM Invest

From the perspective of the novice trader who may have a lower amount of trading knowledge, and lower confidence in their own ability to make the correct decisions under pressure, Copytrading provides a really easy entry into the markets. FXTM Invest only requires you deposit ($/£/€)100 to get started and once you are a ‘Copier’ you will see the same % gains as the account manager (or Strategy Manager).

You can also use this time to watch the strategy of these account managers unfolding over time to enhance your own knowledge and maybe pick up a thing or two. As you develop your confidence in your own ability and trading strategy, you may decide to venture off onto your own and not pay a profit percentage any longer or you may just feel that this is money well spent and keep following a strategy manager alongside your own activities.

Platform Summary

FXTM are offering a better than average array of options on both MT4 and MT5 and are showing a commitment to deliver what its’ users want and need. Having WebTrader aswell as the downloadable desktop versions, is another sign as to user centric approach. You have the option as to whether you want to access in browser with no download, or via the dedicated program.

The ECN offering by FXTM is a confidence booster that there are no conflicts possible in the trade and execution is both timely and transparent. Having no crypto CFDs tradeable is a slight blip on the FXTM scorecard, as is the relatively smaller list of European Shares CFDs but the FXTM Invest option is a really neat addition that gives users with a forex focus better conditions on which to follow than some other Copytrading options on the market.

It must be said however that FXTM are sticking to what they do best which is forex, and there is nothing wrong with wanting to be an expert at one rather than a ‘jack of all trades’.

FXTM Platform Rating – 4.4*

FXTM Trader – The trading App review

FXTM Trader - New Trading App review

FXTM have recently launched FXTM Trader to great fanfare and it has not disappointed. What can only be looked at as a significant upgrade on their sole MT4 offering is making trading easier and more convenient for its’ users.

FXTM offers full integration with your normal desktop platform (both MT4 and MT5) and allows to open or close positions across multiple devices in a matter of seconds with 1 click.

There are a great range of charting tools and indicators available from the palm of your hand on both iOS and Android. What’s more, you wont be needing to download another app to execute trades or display your indicators as everything is built in to FXTM Trader for the best user experience.

You do have the option to trade stocks CFDs, spot metals, commodities, Indices and the expected wide range of forex pairs. The focus on stocks CFDs is mainly covering US equities rather than other global markets however (just 40 European Listed stocks to pick from) so if this is your market of choice then you may be out of luck.

All things being equal, with more than 250 instruments at the tip of your finger 24 hours a day Monday to Friday FXTM have an excellent mobile trading option that has been added to supplement the existing strong desktop range.

FXTM App Rating – 4.5*

FXTM Deposit Types

As we have already mentioned briefly during this FXTM review the different costs that can be incurred on withdrawal types, we are going to focus here on the difference methods or options you have when depositing or withdrawing with FXTM and the speed at which they execute.

The range of options as you can see are good, various card deposit options from Visa, Mastercard and Maestro and some of the biggest online payment services providers. Skrill and Neteller are the main protagonists here we are glad to see as they are widely used and regarded as safe.

The speed at which deposits and withdrawals are actioned by FXTM are really positive and it must be said on review that it is completely viable to make both deposit and withdrawal with no cost. All deposits are classed as ‘immediate’ and withdrawals within 24 hours (but usually sooner according to the data provided).

The only major deposit method missing is bank transfer but as it is a pretyy major one for some users, we will hace to mark FXTM down on that. If you are depositing or withdrawing via any other method, you will be really well served.

FXTM Deposit Methods – 4.5*

Demo Account types with FXTM

The demo account with FXTM is as full as the full-fat version of MT4/MT5 and give you a great option to test each platform and perfect your trading before you fund.

The demo platform is unlimited in nature (meaning no time duration) and even gives you the option of simultaneously testing both platforms side by side to see which will suit you best and which indicators are merely surplus to requirements.

The registration process is as easy as you would expect, taking no longer than about 60 seconds to get started and testing once you verify your account email/phone.

Exceptional FXTM Demo Resources are over and above

Where FXTM really stand out on the demo side is the educational resources they have put together. The fact that even demo account users can learn the forex fundamentals is something FXTM should really be commended for as it is only through education that traders can bring themselves on to greater successes.

There are more than 2million traders now using FXTM as their broker of choice and it is in no small part due to their commitment at each stage to deliver what the user needs. Demo accounts are possible on Standard, Cent and ECN accounts to give you a real feel for what you will be getting into once you deposit and start trading for real.

Don’t rush, but do use the resources provided by brokers such as FXTM demo account to make yourself ready for real trading and to review anytime you have a new strategy you are considering implementing on live.

FXTM Demo Account Rating – 5*

FXTM Account Types Reviewed

The range of accounts offered by FXTM now stretches to a complement of 6. There are 3 in the ‘standard’ range of accounts on which they act as a market maker and 3 in the ECN range where you are executing via STP.

Differences in FXTM Minimum Deposit by account types

There are a few differences in the minimum deposits required for each type of account as the Standard ‘Cent’ account can be opened from as low as 5 Dollars, Euro or Pounds Sterling, whereas the smallest minimum deposit size on the ECN range is the ECN Zero which starts at 200 (£/$/€). Looking at the minimum deposit size even on ECN compared to other brokers on the market, it is a still a very low entry level offered by FXTM for such conditions and shouldn’t be a significant barrier to entry if you would like to have optimal conditions.

If you are looking to trade stocks CFDs (of which FXTM provide access to 180+) you will need to be depositing 100 (£/$/€) in order to reach the minimum required for the ‘Shares Account’.

Differences in execution across the FXTM account types

Again the lines in the sand on execution style are split across the Standard and ECN range. Standard accounts are classed as ‘instant execution’ with FXTM whereas the ECN range provides ‘Market Execution’.

FXTM Different Standard Accounts

Instant execution in this sense means FXTM are essentially making the market for you but doing so immediately and usually means that they need to have wider spreads in order for this particular model to be profitable. There are other brokers who operate as market makers that you would want to steer clear of due to their rumours of conflicts but FXTM are a cut above.

The Market Execution option means that FXTM are merely acting as a buffer between your account and the market and sending the trade via Straight Through Processing (STP). This type of execution is preferred by many professional level traders as it removes the aforementioned conflict being a possibility, and results in vastly reduced spreads.

A broker cannot however run their business without having any element of margin so you will find that there are commissions payable on certain trading types in order to ensure they can continue to operate. Due to the volumes usually traded by professional level traders, even a lower revenue for a broker per lot traded is worth it to ensure the best conditions possible. 1% of something is better than 100% of nothing after all!

We have included screenshots of the main headlines on each of the 6 account types offered by FXTM in this review but if you would like to check them out in detail for yourself feel free to drop by https://www.forextime.com/eu/trading-accounts/trading-account-comparison.

ECN Range of accounts with FXTM - reviewed and strong

FXTM Account Types Summary

For the context of this FXTM review, we have sampled the demo platform across both ranges and have to say that our particular preference for the MT5 additional features makes us more inclined to sway towards the ECN range of accounts. The lack of shares CFDs is a slight pill to swallow but FXTM Invest is another cherry on top that we will need to take a look at particularly for the beginner.

Using FXTM for all your trading needs may not be the optimal solution as the range is optimised towards what they do best. From a forex standpoint we would be hard pressed to find a better range of accounts and services at the kind of deposit levels that FXTM require. This is a real strong contender for forex trading.

FXTM Account Type Rating – 4.8*

FXTM Bonus & Offers Review

FXTM offer a good array of bonuses and offers from time to time and usually seem to highlight specific Countries (in large due to the regulatory requirement differences and the different entities that traders engage with).

Exinity Ltd, which is the Mauritius based branch of FXTM are the brand most commonly offering bonuses and this is where FXTM Malaysis users (alongside those of Indonesia, Nigeria and the UAE) have a good opportunity to take advantage of these bonuses.

FXTM Malaysia – users are in luck

FXTM Malaysia users have had access to the $300 deposit bonus, alongside eligibility for 30% cashback on all trades made in a 30 day window up to maximum of $5000. These FXTM bonuses are a great opportunity to add a little additional balance to your trading account before you get started.

FXTM in the EU are not able to offer any trading bonuses due to regulatory restrictions but professional level traders across the globe have access to regular ‘cashback’ offers that are added weekly to their trading balance. This is included under the banner of a ‘loyalty program’ as you will see below.

What are the Loyalty Levels for FXTM bonus

Forex Contests by FXTM – Real and Demo

ForexTime regularly arrange contests both for real and demo users separately with an interesting array of prizes available to winners of each. You can find out more about these contests here https://www.forextime.com/eu/forex-trading-contests

As is typical, we do not rate broker bonuses,

Customer Support with FXTM in Review

FXTM have proven to have a customer centric approach in their support and services and their customer support options are also extensive. You will find a live chat function on their website which is available during the hours of 8am to 6pm (GMT+2/+3 during daylight savings).

FXTM Customer Support telephone number is (+357) 2555 8777 but you can also try their UK office if you are registered under that branch of the company on (+44) 0203 514 1251.

Wide range of contact options for support

The other support options provided are really moving with the modern trader and cover FaceBook messenger, Whatsapp, Telegram, Viber or the option to request a callback at a convenient time. Email queries are requested to support@forextime.com.

If your support query is in relation to deposits or withdrawals then you are best off contacting their back office department directly via livechat or email backoffice@forextime.com. They keep the same hours as the live chat function.

Having won awards for their customer support, you will find the FXTM team very willing to help. The operating hours are slightly limited compared to some other brokers and if you are in other parts of the world then you may find yourself having to wait until Europe wakes up before you receive a response. With the extended contact options available however you should find the FXTM support team both willing and able to help.

FXTM Customer Support Rating – 4.3*


FXTM Review Summary

Who are FXTM?

During our FXTM Review we have covered all the major topic points as usual and found ForexTime coming up strongly in each category. If you are avid trader of Stocks or Cryptocurrencies CFDs then you will find FXTM not to be the broker for you but otherwise it is rather hard to find fault in the overall proposition.

The commitment of FXTM to trader education is admirable and an extensive array of videos and ebooks at no cost even to demo users is something we would like to see other brokers add into their future plans. Education on the whole is something we here at LeverageForex are adamant should be taken really seriously, FXTM seems to share a similar mindset.

A great range of FXTM account types to suit all traders from novice through to professional level is supplemented with multi-device support and a new trading app.

In the future we would like to see a wider range of instruments on offer to keep all our trading needs under one platform but overall, if you are trading forex, this review tells us FXTM are one of the best there is.

How Do FXTM compare to our top rated brokers?