FCA, CYSEC, FSC
FCA, CYSEC, FSC
ForexTime could be one of your best choices depending on your goals as a trader. In this article we have added all there is to know about this broker so you can see if it fits your needs. If you decide it is right for you, we have included the step by step process to guide you through the account registration.
Take a look at this FXTM review to see what they have to offer: account types, assets, available platforms, educational offering and more.
FXTM is a well known broker that offers forex, indices, commodities, shares, cryptocurrencies, and CFDs in many different countries because of the financial regulators they are licensed with. They have a number of global prizes that demonstrate their professionalism. This year they have already been awarded four honours.
Established in 2011, ForexTime is part of the Exinity group, a wealth management service. According to their website, they have over 2 million clients around the world who access their financial instruments through the many account types. Their platforms and tools are fit for all types of needs. We invite you to read this FXTM review.
FXTM is regulated by the Financial Services Commission (FSC) of Mauritius. The license number is C113012295. They are also regulated by the Financial Conduct Authority (FCA) from the UK.
Their headquarter is located in Mauritius on the 5th floor of the 355 NEX Tower, Rue du Savoir, Cybercity, Ebene 72201. You can also find physical offices at the following locations:
In order to keep your funds safe, FXTM offers segregated accounts. This means that the money from clients is always in separate accounts from the company’s operational funds. It provides an extra layer of security as your money will always be independent and won’t be affected in the case of bankruptcy.
FXTM clients also have negative balance. This means that your account will never have a negative balance. You will never have less than the amount you deposited.
Because of regulations, FXTM does not offer services to New Zealand, USA, Mauritius, Japan, British Columbia, Quebec, Ontario, Saskatchewan, Haiti, Suriname, the Democratic Republic of Korea, Puerto Rico, the Occupied Area of Cyprus and all countries belonging in the European Economic Area.
Accounts are divided by standard accounts and ECN accounts. Standard accounts are divided in the standard account, cent account and the stock CFD account. The first two offer FXTM demo accounts. All demo accounts have instant order executions, but vary on the account currencies, trading instruments and trading platforms.
ECN accounts are divided into stocks account, FXTM pro account, ECN account, and the ECN zero account. The last two have FXTM demo accounts. It could be important to look at the pricing on each of the ECN accounts since it varies depending on the account, the platform and pairs.
The minimum deposits for the standard accounts vary from 200 up to 25.000 depending on the account and it can be credited in USD, pounds or euro. The FXTM ECN minimum deposit is 500. There are no maximum deposits in any of the FXTM accounts.
The deposit methods include credit card, debit card, bank wire transfers, e-payments and e-wallets. You may also deposit using local methods. These can take up to 1 to 2 business days. Bank wire transfers can be credited into your account after 3 to 5 business days.
Withdrawals methods are the same as the deposits: bank wire transfers, credit and debit card, e-payments and e-wallets. They are processed during business hours and can be immediate or take up to 3 to 5 days.
The ECN account has a fixed commission of $2 per lot. As for the standard accounts, there are no commissions charged.
FXTM charges an inactivity fee after six months of account idleness. Clients will be charged 5 EUR/ USD/ GBP.
For standard accounts, the minimum spread starts at 0.1 pips if you have the Stock CFD Account. The other two offer from 1.3 and 1.5 pips.
ECN account spreads are tighter so it might be a good idea to look at the commissions. The pro account offers spreads starting at 0. The ECN account has spreads starting at 0.1 pips.
ForexTime offers various trading techniques for different strategies and traders. They allow hedging, copy trading and netting. Although netting is only available for MT5.
FXTM offers various risk management options such as buy limit, stop limit, sell limit and sell stop. The previously mentioned are for both MT4 and MT5 platforms.
Clients with MT5 platforms can also opt to use buy stop limits and sell stop limits.
FXTM Forex offers major, minor and exotic currency pairs. You will have 18 different languages available to access this market. You can also trade CFDs on indices and commodities such as oil and gas.
You can also trade gold, stocks and four major digital currencies Bitcoin, Litecoin, Ripple and Ethereum against the USD.
The maximum leverage will depend on the type of account that you have. On the standard account, the ECN and the ECN zero trading account, leverage will depend on the forex pair. Majors have leverage of up to 2,000, 1:500 for minor pairs and the maximum for exotics is 1:200. Both the pro MT4 trading accounts and pro MT5 trading accounts have a maximum leverage of 1:200.
If you need to begin Forex trading with FXTM, you have three platform options: MT4 and MT5 can be downloaded on your PC, Mac, mobile, or tablet. MT4 can hold up to 4 different pending order types, two less than MT5.
MT5 offers what is known as MQL5.community, a multiple feature service that offers automated copy trading, personal storage codes, access to the application store, unique charting, and more.
The third option is their forex trading mobile app called FXTM Trader. It can be downloaded on both android and iPhone to trade on the go and keep an eye on the live currency rates. It allows you to open or close a position that was traded on another device, being compatible with your other platforms and devices.
If you are registered, you can access different educational webinars and seminars about FXTM forex trading. There is a calendar with the upcoming events that will also let you know what language the presenters will be speaking.
You can also watch short videos or read articles that are already uploaded to the website. If you would like to read, they offer five different ebooks that talk about candlestick charts, trader habits, theories, cryptocurrencies, and more.
This broker offers daily market analysis which can be found on their website. You can also access their monthly outlooks in the form of videos. Lastly, their research team regularly publishes articles on market movements.
Since clients can social trade, FXTM offers “the ultimate guide to copy trading”. Since it is not as simple as copying someone else’s position, it guides you through the basics of copy trading, its history, the platform, and questions you should ask yourself before entering a copy trade.
FXTM has live customer support via live chat, WhatsApp, Viber, Telegram, Facebook Messenger or Call Back. You can also email or call them on their local numbers as well as send messages to their social media accounts.
If you would like to open a FXTM account, we have prepared the step-by-step process below to help guide you through it.
ForexTime is a worldwide broker that has access to important markets for the trading of Forex, cryptos, and other types of assets. They have a significant amount of account options in order to fit different needs. Besides, you can also try out the FXTM demo account before trading real funds.
This FXTM review found that although their glossary might be a bit simple, you can always learn or solve doubts using the other available options such as the educational section or contact their excellent customer support. You can even check the FXTM Trading signals.
If you are deciding whether to open or not an account with FXTM, it would be good to understand your trading style before choosing your platform. FXTM offers a variety of options, and you can compare if it fills all your needs. So, the answer is yours.
Remember, knowledge will help you make better decisions when trading funds. The market is fast moving and risky, yet it can be very rewarding.