Forex Time or FXTM is a CFD and Forex broker that has been around since 2011. The FXTM brand consists of 3 parts: EU, UK and global, based in Belize. In this FXTM review, we will delve into all of the most useful and relevant information to consider before signing up with FXTM such as account setup, deposits/withdrawals, instruments and platforms, tools, fees, and customer service.
FXTM has become a trusted cryptocurrency-accepting FX broker receiving World Finance’s Best Trading Conditions 2018 award and their Best FX Broker Asia and Russia 2018 award as well as International Business Magazine’s Best Forex Education Provider Africa 2018.
The EU arm is registered with the Cyprus Securities and Exchange Commission, licensed by the Financial Sector Conduct Authority (FSCA) of South Africa and registered with the Financial Conduct Authority (FCA) in the UK. The UK broker is regulated by the FCA, and FT Global limited, the third broker, is regulated by the International Financial Services Commission of Belize.
All functions of your FXTM account are managed via the MyFXTM dashboard. Only one MyFXTM account is allowed per person however users are allowed to open and manage multiple trading accounts from within their MyFXTM account. To get started some basic details need to be filled out. Accounts must also be verified by uploading a photo of both a proof of identity document (eg passport) and a proof of address document (eg utility bill, bank statement). The process is quick, verification can take as little as 20 minutes during working hours.
Note: residents of the US, Belize, Japan, British Columbia, Quebec, and Saskatchewa aren’t accepted.
FXTM offers three standard accounts and three ECN accounts as well as demo accounts for each, except for Pro Accounts.
All accounts are available in either EUR, USD or GBP however deposits can be made in many different currencies but more on that later in this FXTM review.
There are numerous deposits options offered to FXTM traders including the usual bank transfers, credit cards, e-wallets (Neteller, Skrill, Alfa-Click, Dot Pay and more) and users can even use Bitcoin to fund their accounts via Skrill.
FXTM charges no fees on deposits and deposits can be made in multiple currencies, including US dollars, BTC, Euros, British pounds, Russian rubles, and Nigerian naira. Minimum deposits for Pro Accounts are quite high at 25 000 EUR/USD/GBP and minimum deposits for some of the other ECN accounts are also somewhat higher than an equivalent account with FXChoice or FXOpen for example.
FXTM’s withdrawal options are very similar to the deposit options including bank transfers, e-wallets, credit cards, and Bitcoin via Skrill. Fees and limits depend on method and account type.
Instruments and Platforms
Numerous forex currency pairs are available on FXTM grouped into majors, minors, and exotics, totaling more than 50 currency pairs. Apart from forex, FXTM offers trading on dozen of US share CFDs, spot indices, commodities, metals, and gold bullion so traders have a range of instruments to choose from. Cryptocurrency pairs are unfortunately not yet available so in this respect FXTM lags behind other brokers such as Simple FX.
FXTM supports MetaTrader 4 and 5 on most account types, one of the most popular trading platforms in the world. Their respective mobile trading apps for both Android and iOS are also available, as is the recently launched FXTM trading app. From the FXTM app, you can access all of FXTM’s trading instruments, quality graphing tools, manage your MyFXTM wallets and enable one-click trading for efficient trading. The apps have a good layout, is easy to use and performs well, giving you round the clock access to currency tracking and your accounts.
Tools and Specifics
An interesting tool available to FXTM users is their Pivot Points Strategy which allows users to analyze market sentiment scenarios, create strategies and plan trades using the five Pivot Point calculators and three indicators.
FXTM Trading Signals are available for 14 popular instruments. It provides two scenarios that users can analyze to create a strategy including the most probable scenario as well as an alternative. What is comforting is that there are four take-profit levels and a protective stop loss feature to minimize losses.
Like other brokers, such as FXOpen, FXTM allows Virtual Private Server access that can be useful for those looking for a secure, 24/7 connection for their trading accounts.
Something to mention would be the pretty large range of educational materials for those looking at getting started and learning more about forex trading. There are also several market analysis resources that FXTM provides such as news, market analysis videos and quarterly forecasts and while the range is not huge, the resources are professional and useful.
Copy trading is also supported via FXTM Invest and allows traders to connect with Strategy Managers and copy their trades from within the FXTM app or through the website.
Spreads start from 1.6 for standard accounts and 0.1 for ECN accounts which are comparable to other brokers but it should be noted that due to their floating spread policy spreads can change throughout the day. Commissions are not charged on Standard Accounts however spreads are therefore higher although still competitive. Only the MT4 and MT5 ECN Accounts attract commissions which are calculated depending on trader equity and trading volume.
Swaps are also charged only on MT5 ECN, MT5 ECN Zero and MT5 Pro accounts.
FXTM’s site itself is available in over 10 languages including English, French, Spanish Italian, Polish, Chinese, Indonesian, Thai and many more. If users have an issue they can contact customer support in many languages via their live chat service, email (firstname.lastname@example.org) or phone.
FXTM Review Summary
To sum up, FXTM is a reputable broker that, although doesn’t offer services to US residents, is professional and allows flexible trading with Bitcoin and their new app. That being said, cryptocurrency options are limited solely to Bitcoin and this is obviously a minus however they are regulated in major financial hubs, allow a range of interesting account types and instruments, provide some good resources and tools for traders. Hopefully, this FXTM review has proved useful and if you would like to sign up then you can do so here.
Disclaimer: Buy For Bitcoin does not provide any warranties towards the accuracy of the statements in the above FXTM review. Any content on this site should not be relied upon as advice or construed as providing recommendations of any kind. It is your responsibility to perform your own research of the platform. Trading and investing in cryptocurrencies involves considerable risk of loss and is not suitable for every investor.