FXTM Broker complete review

In this article, BrokerLand have reviewed all the trading features, fees, platforms, and everything else necessary for choosing a forex broker, in FXTM Broker. We’re taking a closer look at the Forex Time Broker (FXTM), which established in 2011 and it is considered one of the fastest and the best Forex brokers globally with a substantial number of clients. The company has built its core around reliable trading conditions and precise education to learn forex.

Introducing FXTM Broker

Founded in 2011, this company is headquartered in Limassol, Cyprus, and now has a chain of FXTM broker offices across Europe, with a presence in South Africa. FXTM caters to a global audience from over 150 countries, served through its global network of offices in Europe, Africa, and Asia. It’s known as one of the best Forex brokers.

Headquarter	Cyprus and offices across Europe
Regulation	CySEC، FCA، FSCA، FSC، CMA
Trading Platfrom	MT4، MT5
Trading Instruments	more than 1000 financial instruments, including over 50 forex pairs, CFDs, cryptocurrencies, precious metals, stocks, and commodities
EUR/USD Spread	1.5 pips
Demo account	Available
Minimum Deposit	100 Dollar
Base Currency	Different Options
Customer Service	24/5

Benefits and Drawbacks of Forex Time Broker

Forex Time Broker, is a highly regarded and regulated broker known worldwide. Opening an account with them is easy, they require one of the lowest initial deposits, and they offer competitive trading conditions with low spreads. Excellent customer service and quality forex education are among its other advantages. In fact, FXTM broker is one of the leading forex brokers in the industry, with excellent services established globally. Traders from various countries, including the African region, can trade with access to top-notch education. On the downside, FXTM’s withdrawal fees and relatively higher stock spreads can be considered drawbacks.

Regulation

FXTM Broker is not a scam; it is a well-regulated broker operating under the names ForexTime Ltd, ForexTime UK Ltd, and Exinity Limited, serving over 10,000 customers from more than 135 countries around the world. It is essential to note that, depending on the regulatory guidelines in each region where FXTM operates, it maintains a high level of trustworthiness.

The primary entity, ForexTime Ltd, is regulated by CySEC in Cyprus, regulated by the FSCA in South Africa, and regulated by the additional offshore regulator, FSC in Mauritius. Moreover, the FXTM UK brand is licensed by a well-known financial conduct organization and adheres to principles set by MiFID and the European ICF, allowing it to conduct brokerage activities.

Forex Time Broker Licenses:

• ForexTime Ltd – Licensed by CySEC (Cyprus) Registration No. 185/12.
• ForexTime Ltd – Licensed by FSCA (South Africa) Registration No. 46614.
• Exinity Capital East Africa Ltd – Licensed by CMA (Kenya) Registration No. 135.
• Exinity UK Limited – Licensed by FCA (UK) Registration No. 777911.
• Exinity Limited – Licensed by FSC (Mauritius) Registration No. C113012295.

In summary, this is a reputable and well-regulated broker offering numerous benefits to traders but has some drawbacks related to fees and support availability. Traders should carefully consider these factors when choosing to work with FXTM Broker.

Types of Accounts at Forex Time Broker

FXTM Broker offers three types of trading accounts: Micro, Advantage, and Advantage Plus, in addition to a demo account. The trading costs vary depending on the type of account chosen by the trader. Trading costs for Micro and Advantage Plus accounts do not include commissions, with spreads starting at 1.5 pips (EUR/USD), which is higher than the average. However, in the Advantage account, the spreads are significantly lower. As mentioned at the beginning of the article, the Persian version of FXTM Broker merged with Alpari a few years ago. Therefore, to open an account, you need to use the broker’s website.

Micro Account: This account is designed for beginner traders with a low minimum deposit ($50) and offers instant execution. It is available only on MT4 and offers spreads that are wider than other brokers, starting at 1.5 pips.

Advantage Plus Account: The first of two market execution accounts at Forex Time Broker, this account has no commissions, but the spreads start at 1.5 pips on EUR/USD, which is broader than most other brokers. The minimum deposit for this account is $500.

Advantage Account: This FXTM Broker account is suitable for more experienced traders. Spreads start at 0.0 pips on EUR/USD, which is more competitive compared to similar brokers. Traders are charged a variable commission of $0.4 to $2 per lot traded, depending on the trading volume. The minimum deposit for this account is 500 pounds.

Demo Account: Traders can practice risk-free trading with real market conditions using the FXTM demo account, where they can try out various trading strategies. Traders can also increase the virtual balance of their demo account from within the MYFXTM portal. As long as traders log into the trading platform at least once every 14 days, their demo accounts will remain active.

Islamic Swap-Free Accounts: All FXTM accounts come with the option of being swap-free. In a swap-free mode, the account does not accrue overnight interest, making it suitable for Muslim traders who want to adhere to Sharia-compliant principles. Depending on the trading instruments used, the swap-free option is usually available for seven days. If positions are held for more extended periods, a swap fee (daily fee) of $12.90 per day will be charged.

In summary, FXTM Broker offers a range of account types to cater to different trading needs, from beginners to experienced traders, and also provides Islamic swap-free accounts for those who follow Sharia-compliant principles. Traders can choose the account type that best suits their trading style and preferences.

Leverage or Margin at Forex Time Broker

Forex Time broker, offers various levels of leverage for trading in the market. Leverage is indeed a valuable tool, especially for traders with smaller capital. It has the potential to increase your potential profits and allows you to trade larger positions with less capital.

At FXTM Broker, the amount of leverage is determined based on various factors, as outlined in the tables below. When using leverage, always keep in mind its risks and potential downsides. As we’ve always emphasized, leverage can multiply your losses in a trade that goes against you, turning it into a double-edged sword. Therefore, it’s essential to consult with our customer support team to determine which level of leverage is suitable for you.

• Leverage in the Forex Market:

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• Metals:

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• Commodities:

Trading Instruments at FXTM Broker

Forex Time Broker offers a diverse range of markets and account features.

Forex Pairs: This broker provides a broader selection of forex pairs compared to other brokers.

Spot Metals: A choice of metals for trading, catering to traders interested in these commodities.

Indices: FXTM offers 11 indices, though it has a smaller range compared to some other brokers.

Stock CFDs: The broker offers 172 stock CFDs for trading, which is a somewhat more limited range compared to similar brokers.

Commodities: FXTM offers three of the most common commodities for trading, including Brent Crude, US Crude Oil, and US Natural Gas.

Trading Platforms

Forex Time offers MT4 and MT5 trading platforms to traders and has developed its mobile app called FXTM Trader. This app enhances MT4 with six additional plugins and live pivot point strategies. The mobile app is user-friendly and easy to use.

Available Trading Platforms:

• MT4: Yes
• MT5: Yes
• cTrader: No
• Proprietary Platform: No
• Mobile Apps: Yes

Web Trading Platforms:

As Forex Time’s trading platform is MT4 or MT5, both versions offer web trading platforms or versions that can be directly installed on any device. If you are a beginner trader, the web trading platform is an excellent option as it’s accessible directly through your web browser without the need for installation or storage.

Desktop Platform

If you need more tools along with powerful customization options, it’s better to choose the desktop version. MetaTrader supports various devices, including PC and MAC, and provides a multi-terminal. With the desktop version, you’ll always have easy access to your account.

The desktop version contains all necessary and useful tools, including risk management, analysis, and unique trading tools like pivot point strategies and Forex signals, along with calculators designed to enhance trading at any level.

Deposits and Withdrawals at Forex Time Broker

Financial transactions at Forex Time Broker are straightforward, offering a wide range of financial options to find the most suitable money transfer provider. There is a variety of payment methods available for funding your trading account, including bank transfers, credit cards, and some e-wallets, allowing you to transfer funds quickly.

Here are some pros and cons of deposits and withdrawals with FXTM Broker:

Deposit Options:

Regarding financial methods, Forex Time offers multiple payment options, which is a positive feature.

• Credit/Debit Cards
• Bank Wire
• Skrill
• Neteller
• GlobePay, and more

Withdrawal Options:

Forex Time provides a wide range of withdrawal options, including bank transfers, e-wallets, and cards.

Customer Support

One more positive aspect of working with FXTM Broker is their customer-centric philosophy and respectable customer service, available through various means such as live online chat, telephone, email, messenger apps, and more.

Pros:

• Quick responses.
• Relevant responses.
• International telephone support lines and a wide range of languages.
• Access to live chat.

Cons:

• No 24/7 customer service.