FXTM Review Is it Legit? March 2023

Please check the table above for FXTM’s processing times with regards to deposits. Deposits are processed instantly if there is no need for additional verification. FXTM is not liable for any transfer delays you may experience due to a disruption of service in the system of the payment processor.

Individuals signing-up with FXTM in the UK also have the option of accessing the spread-betting markets. The account type is suitable for intraday and high-frequency traders as traders that are placing more orders than position traders prefer to pay for commissions and save on spreads. They offer support through a number of mediums including phone, email, and a website-based live chat service.

It features a wide variety of trading instruments, indicators and analytical options. The platform can be downloaded to a laptop or stationary PC, as well as installed as a mobile application on a tablet with an Android or iOS operating system. It’s important to mention the cost of trading in this FXTM review. Let’s now take a closer look at FXTM deposits, in terms of minimum deposit, methods available, and any fees that may apply.

How long has Forex Time been operating?

MT4 is one of the most popular trading platforms in the industry. MetaTrader 4 is a trading platform that has been around for several years, offering the best trading experience and customization over all others. In addition, it is also extremely robust and works on virtually any device. Spreads and commissions with FXTM are scaled with the accounts offered. Specifically, spreads start from 1.5 pips on the Micro and Advantage Plus accounts, and 0.0 pips on the Advantage account. The minimum deposit at FXTM for the Micro Account is $50 or a currency equivalent.

• Payment methods supported by FXTM for deposits and withdrawals are bank transfers, e-wallets and cards.
• You can only deposit money from accounts that are in your name.
• Once completed, a new set of login details will be emailed to the new user, which are required to access the trading platform.
• At times, we do face technical issues with our external payment portal which may lead to unexpected delays but we always do our best to speed up the process.
• Both platforms are developed by MetaQuotes Software corp and have a lot of similarities.

Traders may also use Skrill, VLoad, TC PayWallet, Alfa-Click, Neteller, WebMoney, Yandex.Money, QIWI, Perfect Money, Konnexone. FXTM maintains one of the best selections of offered payment methods industry-wide. Forextime offers excellent spreads in its commission-based account, making it one of the cheapest Forex brokers in the entire retail Forex industry worldwide. The minimum deposit requirement at ForexTime Ltd depends on the account type. For Micro accounts, traders must deposit a minimum of $10, whereas for Advantage and Advantage Plus accounts, the FXTM minimum deposit requirement is $500. A few days ago an international online forex broker FXTM has announced the appointment of Marcelo Spina as Global Head of Partnerships.

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Below this are general statistics, including total trades, profitable trades by percent, average trade length, consecutive wins. Additionally, there are statistics on the greatest win in pips, average daily trades, deals with stop loss, deals with take profits. It is a copy trading program that relies on cutting-edge technology. This lets you use your forex skills to earn additional capital.

The only exception may be if the deposit currency does not match that of your account, in which case you may have to pay a conversion fee. Have enough relevant experience in the financial services industry. FXTM Cent account spreads start at 1.5 pips and due to the availability of nano lots , you will be able to open positions for less than $1. The minimum deposit for FXTM is variable depending on the type of the account. Thank you for your wonderful comments and it’s great to hear that you are enjoying your trading experience with FXTM. We always do our best to provide new features to enhance your trading experience with us.

Broker Details

FXTM offers fixed leverage trading for Micro Accounts on some instruments. CFDs on stocks, commodities, and spot indices have fixed leverage on FXTM depending on trading instruments and account types. They accept local payment methods including deposits & withdrawals via MPesa. The Micro account offers average spreads for the industry, while the Advantage account offers more competitive spreads but also charges commissions. Clients can choose from among several account types to suit different trader profiles.

Although FXTM was founded in 2011 and is considered a relatively young broker in the financial industry, the FXTM brand is well known among traders from all over the world. This is because FXTM has set out with a vision to provide its clients with state of the art trading platforms, superior services, excellent trading conditions and comprehensive educational package. In short, this broker has been able to cater to the needs of all categories of traders regardless of whether they are novices or experienced traders.

It also charges an inactivity fxtm broker review and in most cases, a withdrawal fee. The product portfolio is limited, as it lacks some asset classes like ETFs, bonds, mutual funds, etc. BrokerChooser gave FXTM a 4.3/5 rating based on analyzing 500+ criteria and testing via opening a live account. The MT4&5 platforms feature state-of-the-art technical analysis and charting options. They can also run “expert advisors” that consist of software you can program yourself or buy from 3rd-party developers.

Forex fees offered by FXTM based on spread only with no commission in case you use Account based on Standard. This type of fees brings you the simplicity of the calculation and is the best suitable option for many traders despite the strategy. Unfortunately, FXTM is a regulated broker and is not permitted to offer any bonuses or free money to its clients. We can’t really fault FXTM for their lack of any bonus programs, as almost all regulated Forex brokers don’t have any bonus program for their traders.

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You might want to dig deeper and check FXTM trading fee calculations in more detail.

FOREX.com, registered with the Commodity Futures Trading Commission , lets you trade a wide range of forex markets plus spot metals with low pricing and fast, quality execution on every trade. With only MT4 on offer, in addition to its proprietary FXTM Trader app, we found that FXTM’s platform support is average compared to other Forex brokers. Overall, we found that FXTM’s range and depth of trading instruments is extremely limited compared to many other brokers.

The KYC information allows them to establish a user profile for new clients and ensure they follow the duty of care protocols designed to protect client interests. There are a couple of live chat methods you can choose from. You can contact the customer support team via live chat, WhatsApp, Telegram, or Messenger. The customer support team is very responsive, professional, and friendly. Verification is an important step as it gives you complete access to using your personal area.

For instance, withdrawals made via credit cards may incur a withdrawal fee of 2 EUR/3 USD/2 GBP, and bank wire transfers may charge 25 GBP/20 EUR for making withdrawals. Traders can also trade silver and gold with the FXTM platform, including XAGEUR, XAGUSD, XAUEUR, XAUGBP, and XAUUSD. Traders who exchange metals at FXTM can access price charts and use short-term and long-term charts to determine price movements. After placing a trade, traders can choose to go for short-term volatility or a long-term buy/sell position. All necessary and useful tools are also included in the package, from risk management to analysis, as well as a uniquely developed trading tool like – Pivot points strategy and trading signals.

Via chat, customer support is available in English and Chinese. In addition, relationship managers who speak English, Chinese, Spanish, French, Polish, Italian, and Arabic are available for FXTM clients. In this section, we check the broker’s market offering and how varied the instruments and asset classes are.

In terms of statistics related to clients and customer service, the average wait time is less than 12 minutes. More than 84 percent of client funds are processed within just five minutes. FXTM receives feedback that is more than 90 percent positive.

The https://forexhero.info/ account offers the most viable solution for professional traders who want to earn money rather than lose their money in the financial market without trading the market themselves. To conclude our FXTM review, should you trade with ForexTime? FXTM is a regulated broker that follows industry standards and offers a comfortable trading platform.

Retail traders, institutional traders, governments, international companies, and banks are exchanging more major currencies than exotic ones in the Forex market. As a result, liquidity is increased and spreads are decreased. It’s best for novice traders to avoid trading exotic pairs due to low liquidity. FXTM offers 17 exotic pairs including CHF/NOK, EUR/HKD, GBP/PLN, EUR/TRY, USD/CZK, etc. In addition, you can trade up to 22 minor pairs which include CAD/JPY, EUR/NZD, AUD/CAD, and EUR/RUB, USD/RUB.