FXTM
Pros and Cons
Pros
- Regulated by FCA, FSC, and CMA
- Tight spreads from 0.0 pips on Advantage account
- Access to MetaTrader 4 and MetaTrader 5 platforms
- Diverse trading instruments, including Forex, stocks, and commodities
- Comprehensive educational resources including articles and webinars
Cons
- Not regulated in major jurisdictions like the US
- Withdrawal fees for most methods
- Limited selection of trading instruments
- No advanced educational resources
- Inactivity fees apply after a period
Basic Information
User Reviews
FXTM Overview
FXTM, or ForexTime, was founded in 2011 and is headquartered in the Republic of Mauritius, with regulatory oversight from the Financial Conduct Authority (FCA) in the UK and the Financial Services Commission (FSC) of Mauritius. This well-regarded forex broker has earned a reputation for reliability and transparency, serving over 2 million clients across 150 countries. FXTM operates under strict regulatory frameworks, ensuring that clients’ funds are managed securely and in accordance with international standards, making it a trustworthy option for both novice and experienced traders.
Is FXTM Safe? Regulation Analysis
Regulatory Information
| Regulatory Authority | Country/Region | Fund Protection Measures |
|---|---|---|
| Financial Conduct Authority (FCA) | United Kingdom | Segregated Accounts, Negative Balance Protection |
| Financial Services Commission (FSC) | Mauritius | Segregated Funds |
| Financial Sector Conduct Authority (FSCA) | South Africa | Segregated Funds |
Is FXTM Regulated and How Are Client Funds Protected?
FXTM, also known as ForexTime, is a regulated broker operating under multiple financial authorities, including the FCA in the UK, the FSC in Mauritius, and the FSCA in South Africa. This regulatory status enhances its legitimacy and offers clients a higher degree of safety when trading.
Client funds at FXTM are protected through several measures. All client deposits are held in segregated accounts, which means that traders’ funds are kept separate from the broker’s own operational funds. This segregation is crucial as it ensures that clients’ capital remains protected even in the event of financial difficulties faced by the broker. Additionally, FXTM provides negative balance protection, preventing clients from losing more than their initial investment.
Moreover, the broker is a member of The Financial Commission, which offers a limited investor protection scheme of up to €20,000. While this does not guarantee full protection for all clients, it adds an additional layer of security in the event of disputes. Overall, FXTM is considered a safe and regulated broker, making it a suitable option for traders looking for a trustworthy trading environment.
Trading Products and Services
What trading instruments does FXTM offer?
| Asset Category | Available Products | Total Count (if available) |
|---|---|---|
| Forex | Major Pairs (EUR/USD, GBP/USD), Minor & Exotic Pairs | 50+ |
| Commodities | Gold, Silver, Crude Oil, Natural Gas | Many |
| Indices | S&P 500, NASDAQ, FTSE 100, DAX | Many |
| Stocks | US (Apple, Tesla), UK (BP, Vodafone) | 100+ |
| Cryptocurrencies | Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) | Multiple |
FXTM offers an extensive selection of trading instruments across various asset categories, ensuring that traders have access to a wide range of options to suit their strategies. From Forex to commodities, indices, stocks, and cryptocurrencies, FXTM’s diverse offerings cater to both beginner and professional traders. This variety allows users to develop flexible trading strategies and achieve effective portfolio diversification. By having multiple asset categories at their disposal, traders can navigate different market conditions, enhancing their overall trading experience and potential for success.
Account Types and Trading Conditions
What Account Types and Fees Does FXTM Offer?
| Account Type | Target User Group | Essential Characteristics | Applicability Notes |
|---|---|---|---|
| Advantage Account | Beginners and experienced traders | Spreads from 0.0 pips, low commission, access to various instruments | Minimum deposit of $200; suitable for active trading |
| Advantage Plus Account | Intermediate and professional traders | No commission, broader selection of instruments, slightly higher spreads | Minimum deposit of $200; ideal for traders preferring no commissions |
| Advantage Stocks Account | Stock traders | No commission, access to over 600 US stocks, tight spreads | Minimum deposit of $200; designed exclusively for stock trading |
| Demo Account | New traders and those testing strategies | Simulated trading environment with virtual funds | No financial risk; unlimited use for practice |
Account Opening Process
To open an account with FXTM, follow these straightforward steps:
1. Register for a MyFXTM profile by providing your email and setting a password.
2. Choose your preferred account type from the available options.
3. Submit personal, employment, and financial information as required.
4. Complete identity verification by providing a valid ID and proof of address.
5. Fund your account using one of the supported payment methods.
6. Log in to your MT4 or MT5 platform to start trading.
FXTM allows flexibility in account types, enabling traders to upgrade from a standard to a professional account as their trading experience grows.
Trading Fees
| Product | Spread (pips) | Commission | Notes |
|---|---|---|---|
| Forex (EUR/USD) | 0.8 | $3.5 per lot | Tight spreads for major pairs |
| CFDs (Indices) | 1.5 | $35 per million notional | Competitive pricing for various indices |
| CFDs (Commodities) | 1.5 | $35 per million notional | Includes popular commodities |
| Cryptos (BTC/USD) | 1.0% | 0.1% of the notional value | Variable depending on market conditions |
Other Fees
FXTM implements several additional fees that traders should be aware of:
– Deposit/Withdrawal Fees: A flat fee of $3 for transactions under $30.
– Inactivity Fees: $5 monthly after six months of inactivity.
– Platform Usage Fees: No specific fees for MT4 or MT5 usage apply.
– Overnight Interest (Swap Rates): Applicable for positions held overnight, varying by instrument.
– Currency Conversion Fees: May apply when trading in a currency different from the account’s base currency.
Trading Platforms and Apps
What Trading Platforms and Apps Does FXTM Offer for Traders?
| Platform | Device Support | Key Features | Additional Services |
|---|---|---|---|
| MetaTrader 4 (MT4) | iOS, Android, Windows, macOS | 2FA, encryption, multiple order types, technical indicators, economic calendar | Demo accounts, VPS |
| MetaTrader 5 (MT5) | iOS, Android, Windows, macOS | 2FA, encryption, advanced charting, multiple order types, technical indicators | Demo accounts, VPS, API |
| FXTM Trader App | iOS, Android | Biometrics, symbol lookup, price alerts, economic calendar | Demo accounts |
The MetaTrader 4 platform is renowned for its user-friendly interface, making it ideal for beginners and forex traders. MetaTrader 5 offers advanced tools and access to a wider range of markets, suitable for experienced traders seeking deeper analysis. The FXTM Trader App enhances mobile trading with quick access to accounts and real-time alerts.
FXTM provides robust mobile trading options, secure logins with encryption and biometric features, fast order execution, and efficient market search tools. Each platform supports various trading styles and preferences, ensuring that traders can operate efficiently from any device.
Deposit and Withdrawal
Deposit and Withdrawal Options
| Payment Method | Processing Time | Fees | Limits | Base Currency Options |
|---|---|---|---|---|
| Bank Transfer | Deposit: 1-3 days, Withdrawal: 2-5 days | Usually free, but banks may charge a fee (USD 15-30 for international wires) | Min Deposit: 200 USD, Max Withdrawal: 50,000 USD/day | USD, EUR, GBP |
| Credit/Debit Card | Deposit: Instant, Withdrawal: 1-3 days (after verification) | No platform fees, but cash advance fees may apply | Min Deposit: 200 USD, Max Withdrawal: 10,000 USD/transaction | USD, EUR, GBP |
| E-wallets (PayPal, Skrill, Neteller) | Deposit: Instant, Withdrawal: Same day | No platform fees, but e-wallet fees may apply (1-2%) | Min Deposit: 50 USD, Max Withdrawal: 10,000 USD/transaction | USD, EUR, GBP |
| Local Payment Methods (GrabPay, FasaPay, POLi, etc.) | Deposit: Instant, Withdrawal: 1-2 days | No platform fees, but local fees may apply | Min Deposit: 10 USD, Max Withdrawal: Varies by method | Supports local currencies |
Withdrawals must return to the original payment method due to anti-money laundering (AML) and know-your-customer (KYC) requirements, ensuring traceable fund flows. First-time large withdrawals (typically over 2,000 USD) require identity documents (passport) and address proof (utility bill), with additional scrutiny for suspicious transactions.
Payment methods may differ by region. For instance, Southeast Asian users may prefer GrabPay or local bank transfers, while European clients often use SEPA transfers. US users cannot use Skrill, and some Middle Eastern countries limit PayPal. Partner banks in Japan may offer zero-fee transfers.
Cost Optimization Tips
- Small Deposits (<1,000 USD): Prioritize e-wallets or credit cards for instant, fee-free deposits.
- Large Deposits (>5,000 USD): Use bank transfers or SEPA for a lower total cost despite slower processing times.
- Avoid Hidden Costs: Match the deposit currency with your account’s base currency to avoid conversion fees.
- Multi-base Currency Accounts: Select brokers with several base currency options to minimize cross-currency fees.
How to Withdraw
- Log in to MyFXTM.
- Go to ‘My Money’ and select ‘Withdraw Funds.’
- Select the withdrawal method.
- Add the amount you wish to withdraw and the reason for your withdrawal.
- Initiate the withdrawal.
- Verify using the 4-digit code sent to your phone.
Customer Support
FXTM Customer Support Overview
Support Channels
FXTM provides several avenues for customer support to ensure that clients can easily obtain the help they need. The primary contact methods include:
- Email: Clients can reach out for assistance at any time via email, and the support team aims to respond within 24 hours.
- Live Chat: This real-time support option allows customers to get instant help from a representative during business hours.
- Telephone: For those who prefer a direct conversation, FXTM offers a phone support line at +44 20 3734 1025.
- Social Media: FXTM is active on various social media platforms, enabling clients to connect and receive updates and support.
Service Availability
Customer support is available 24/5, ensuring that clients can get help during the trading week. On weekends, support is available for limited hours: Saturday from 11:00 to 16:00 and Sunday from 12:00 to 20:00 (GMT+2/GMT+3 during Daylight Saving Time). FXTM also offers multilingual support to cater to a global audience, with services available in multiple languages.
Additional Resources
In addition to direct support, FXTM provides a wealth of educational resources, including:
- Video tutorials
- Webinars
- Market analysis
- Trading signals
These resources are designed to empower clients, enhancing their trading experience and knowledge.
Frequently Asked Questions
FXTM is committed to the safety of client funds by holding them in segregated accounts with reputable, top-tier banks. This ensures that client funds are protected and kept separate from the company’s operating funds. Additionally, FXTM adheres to strict regulatory frameworks which include anti-money laundering procedures and regular audits to ensure compliance and security.
FXTM operates under strict regulatory frameworks, being licensed and regulated by various authorities including the Financial Services Commission of Mauritius. Compliance measures include regular reporting to regulatory bodies, adherence to anti-money laundering laws, and maintaining high standards of transparency and accountability in all operations.
Clients at FXTM can expect competitive trading conditions including tight spreads, flexible leverage options (up to 1:1000), and a variety of account types tailored to different trading styles. FXTM offers both floating and fixed spreads, as well as access to advanced trading tools and platforms like MT4 and MT5.
FXTM provides a user-friendly trading experience through its MyFXTM platform, where clients can easily manage their accounts, access educational resources, and utilize trading tools. The platform is designed for both novice and experienced traders, offering features such as customizable dashboards, real-time market analysis, and 24/5 customer support.
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Risk Disclosure
Trading forex/CFDs via brokers carries high risks, including potential total loss. For any data changes, please refer to the latest information on the brokers' official websites. Trade with caution and seek independent advice.