FXTM Review 2023
FXTM is an award-winning online broker. Clients can trade over 250 forex pairs, CFDs, commodities and shares using a range of tools, from live charts and signals to copy trading. Our review analyses FXTM’s trading platforms, account types, fees, deposits and more. Find out whether to open an account and start investing today.
FXTM, also known as ForexTime, was founded in 2011 and is a global CFD and forex broker. The group’s headquarters are in Cyprus and it employs 800 staff across 10 offices around the world. FXTM has a presence in the UK and Europe and is also active in Africa, Asia and Latin America. In fact, the company has more than two million traders across 150 countries.
FXTM is regulated by several financial authorities, including the UK Financial Conduct Authority (FCA) and the Cyprus Securities and Exchange Commission (CySEC).
FXTM offers MetaTrader 4 (MT4), one of the world’s most popular trading platforms. MT4 can be downloaded to desktop devices, accessed via the webtrader, or installed on mobile devices. 30 built-in indicators, 2,000 custom indicators and 700 paid options are available. Instant and pending order types are offered with a range of drawing tools.
The broker also offers its own-brand trading app. The modern and user-friendly app allows for trading from the palm of your hand. A slick trading dashboard is offered so you can track investing activity, account balance and margin requirements. Multiple chart types and popular indicators are available and you can modify trades in a few seconds.
FXTM offers more than 250 different tradable assets. Clients can invest in major, minor and exotic currency pairs, precious metals like gold and silver, share CFDs, plus indices. Traders can take positions on UK stocks and shares, as well as the FTSE. FXTM also offers commodities including oil and gas.
FXTM offers a range of accounts with fees varying between options. Spreads are higher but commission-free with the Standard account. ECN accounts charge a commission but come with lower spreads. CFD traders get spreads from 0.1 pips with the Shares account while spreads start from 1.3 with the Standard account and 1.5 with the Cent account. Overall, fees are low compared to other major providers.
Leverage is capped at 1:30 for retail forex traders in the UK. This is in line with trading regulations. Leverage limits can be amended from the account portal on the MyFXTM website. As with any leveraged product, both increased profits and losses are possible.
The FXTM app is available on both Android (APK) and iOS devices. You can monitor live rates and adjust positions with a few swipes. The app is fully functional and free to download. It gives you access to live currency rates as well as your trading dashboard.
Clients can also download the MT4 application from the respective app store. It offers instant deposits, interactive charting, risk management tools and leveraged trading. It’s a top-rated mobile app with positive reviews online.
FXTM accepts credit cards, e-wallets, bank wire and local transfers. Overall, there are more than 31 payment options available, each with zero deposit fees. The standard processing time for credit cards and e-wallets is two hours. For bank wire transfers, the standard processing time is 3-5 business days. The minimum deposit requirement is £10.
Same-day withdrawals are offered across most payment options with fees ranging from free up to £5 depending on the method. This is good news for clients who will be able to get profits quickly vs other brokers.
FXTM offers a demo account, enabling you to explore trading risk-free. The demo account is a practical way to discover the features offered by FXTM before you commit money. An excellent tool for beginners, new traders can try all of the trading functionality and technical indicators found on the live accounts. And because you’ll be practising under real market conditions, it’s a great way to get to grips with risk management.
The practice account is available across the Standard, Cent, ECN and ECN Zero accounts. A Titans demo trading contest also runs regularly with cash prizes that can be withdrawn for winners.
FXTM is regulated by authorities in the UK and Cyprus, both of which have deposit protection insurance. You could be eligible for £85,000 should the broker become insolvent. FXTM also offers negative balance protection and retail leverage caps. Overall, the company is highly trusted.
FXTM offers a range of tools to help you become a successful trader. This includes a signals service and copy trading. Alongside social trading features, charting tools, email and mobile alerts, plus streaming news feeds are included in the basic package. FXTM also provides profit and margin calculators. Clients also benefit from a personal account manager.
Additionally, FXTM offers a range of educational resources. This includes ebooks, forex trading webinars, and glossaries of common investing terms. Finally, ForexTime releases weekly market analysis videos filled with expert advice about new trading strategies.
You can choose between six different types of FXTM trading accounts. Three are three Standard accounts and three ECN solutions. ECN accounts offer tighter spreads and faster executions in return for higher minimum deposits. They are best suited to active forex traders. There is also a pro account with larger leverage limits for high-volume traders.
Account registration is straightforward with clients simply needing to fill in a short online form and provide basic contact details.
There are several benefits to trading with FXTM:
- Learning support including market commentary, webinars, educational videos and free training courses
- 250+ trading instruments including currency pairs, futures, precious metals and commodities
- 31+ payment options with zero deposit fees and payments from £10
- Deep bank liquidity ensuring tight spreads and fast executions
- Social copy trading and signals subscription
- Mobile & email alerts
- No scams concerns
- Strategy manager
There are some disadvantages to opening an FXTM account too:
- No welcome deposit bonus
- Inactivity & withdrawal fees
- No ETFs, bonds or mutual funds
- No MetaTrader 5 trading platform
The FXTM website is open 24/5 Monday to Friday. Specific trading hours also vary with the market:
- Asia: 00:00 – 09:00 GMT
- Europe: 08:00 – 17:00 GMT
- New York: 13:00 – 22:00 GMT
Customer service representatives are English-speaking and available 24/7 by email, live chat, direct telephone or social media. Head to the ‘Contact us’ page for contact details and office addresses. The live chat logo is available in the bottom right-hand corner of the broker’s website. Customer support staff are helpful and can assist with most technical or payment queries.
The FXTM website is highly secure, meaning personal data is safeguarded. Client funds are held in segregated accounts in top-tier banks and the MetaTrader platform offers dual-factor authentication. Overall, the company uses industry-standard security protocols.
FXTM is an excellent online broker offering leveraged trading on a decent portfolio of instruments. Both retail and professional trading accounts are available, along with ECN solutions. There’s an extensive range of learning tools as well as the broker’s powerful mobile app. Overall, FXTM is a solid option for UK traders.
Is FXTM Trusted?
FXTM or ForexTime was founded in 2011 and is a global CFD and forex broker. It is regulated by several financial authorities, including the UK Financial Conduct Authority (FCA) and the Cyprus Securities and Exchange Commission (CySEC). FXTM is considered safe because it is regulated by the top-tier FCA.
How Long Does It Take To Withdraw From FXTM?
All withdrawal requests are processed by FXTM within 24 hours, however, the time required for the funds to be transferred to your account will depend on the payment method used. Overall, users can expect profits within a day or two with some fee-free methods available.
What Is The Minimum Deposit For FXTM?
The minimum deposit at FXTM is £10. This means low barriers to entry for beginners. With that said, the minimum deposit rises with ECN solutions and the professional account which requires up to £25,000. Still, there’s a good range of accounts and payment requirements available.
What Leverage Is Offered By FXTM?
Leveraged is capped at 1:30 for retail traders while qualifying professional investors can access leverage up to 1:500. This is consistent with other regulated trading brokers. Note leverage is essentially a loan from the broker so traders can increase position sizes.
Does FXTM Have A Mobile App?
FXTM offers its own trading platform application available on iOS and Android devices. The interactive app provides a comprehensive trading dashboard, secure login, multiple charts, a host of analysis tools, plus instant deposits. Clients can also execute positions using a range of order types.
Compare FXTM with Other Brokers
These brokers are the most similar to FXTM:
- Pepperstone - Pepperstone is a leading online broker with over 400,000 clients in more than 175 countries. The top-rated brokerage offers excellent market access, industry-leading platforms in MT4, MT5, TradingView and cTrader, plus low fees with no hidden charges. Pepperstone is also heavily regulated with a high trust score, holding licenses with reputable bodies, including the FCA, ASIC, DFSA, and CySEC.
- Avatrade - AvaTrade is a leading forex and CFD broker, established in 2006 and regulated across 9 jurisdictions. Over 400,000 users have signed up with the broker which processes over 2 million trades each month. The firm offers multiple trading platforms, including MT4, MT5, and a proprietary WebTrader. 1250+ financial instruments are available for trading, alongside a comprehensive education center and multilingual customer support.
- Vantage FX - Founded in 2009, Vantage offers trading on 1000+ short-term CFD products to over 900,000 clients. You can trade Forex CFDs from 0.0 pips on the RAW account through TradingView, MT4 or MT5. Vantage is ASIC-regulated and client funds are segregated. Copy traders will also appreciate the range of social trading tools.
FXTM Feature Comparison
|Markets||Forex, Stocks, Commodities||Forex, Stocks, Commodities, Crypto||Forex, Stocks, Commodities||Forex, Stocks, Commodities|
|Minimum Trade||0.01 Lots||0.01 Lots||0.01 Lots||0.01 Lots|
|Regulators||CySEC, FCA, FSCA, FSC||FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB||ASIC, CySEC, FSCA, ISA, CBol, FSA, FRSA||FCA, ASIC, FSCA, VFSC|
|Platforms||MT4, MT5||MT4, MT5, cTrader||MT4, MT5||MT4, MT5|
|Leverage||1:30||1:30 (Retail), 1:500 (Pro)||1:30 (Retail) 1:400 (Pro)||1:500|
Trading Instruments Comparison
FXTM vs Other Brokers
Compare FXTM with any other broker by selecting the other broker below.
|FXTM is a top-rated forex and CFD broker. The company is secure and regulated by leading authorities, including the FCA and CySEC. Offering 1000+ trading markets and three account types, they cater to all levels of trader.|