Note: FXTMs official site - https://www.forextime.com is currently not functional. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker.
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.
General Information & Regulation
Founded in 2011, FXTM is an online forex broker, providing services for various financial instruments. FXTM is regulated in multiple jurisdictions worldwide, with offices in Europe, the Middle East, Africa, Asia, and Latin America, attracting over 2 million clients from over 150 countries worldwide.
Concerning regulation, FOREXTIME LIMITED is regulated by the Financial Sector Conduct Authority (FSCA) in South Africa (Reg. No.46614), and Exinity UK Ltd is regulated by the Financial Conduct Authority (FCA) in the UK (Reg. No. 777911). Lastly, Forextime Ltd is regulated by the Cyprus Securities and Exchange Commission (CySEC) (Reg. No. 185/12).
Note: The screenshot date is January 18, 2023. WikiFX gives dynamic scores, which will update in real time based on the broker's dynamics. So the scores taken at the current time do not represent past and future scores.
Market Instruments
FXTM offers over 250 trading products to investors worldwide, covering a wide range of investment instruments such as FX, Metals, Commodities, Indices, Stocks, and CFDs.
Account Types
For your convenience, FXTM provides three account types—Micro, Advantage, and Advantage Plus—further subdivide based on your preferences about the number of transactions, the instruments available, and the minimum and maximum trade sizes.
Micro Account - FXTM's most accessible account, with a low minimum deposit of $/€/£10, ₦10,000, no commissions, and spreads starting at 1.5 pips.
Advantage Account - The least expensive account type offered by FXTM, with a minimum deposit of $/€/£500, ₦80,000, with average commissions ranging from $0.40 to $2 based on volume and spreads beginning at zero.
Advantage Plus Account - Asking for the same initial deposit as the Advantage account, with no commission (spread only) and spreads beginning at 1.5 pips.
Leverage
Leverage also differs depending on the account type and trading asset. The leverage is capped at 1:2000 on the Advantage and Advantage Plus accounts. While for the Micro account, the leverage is up to 1:1000 for forex and 1:500 for metals.
It is important to keep in mind that the greater the leverage, the greater the risk of losing your deposited capital. The use of leverage can both work in your favour and against you.
Spreads & Commissions
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.
As for the commission, there is no commission charged on the Micro and Advantage Plus accounts, while the Advantage account holders have to pay an average commission of $0.4-$2 based on volume.
Trading Platform
FXTM offers desktop, Apple, mobile, and tablet versions of the industry-leading trading platforms MetaTrader4 and MetaTrader5 to meet a wide range of traders' needs and increase their trading flexibility. If traders prefer to trade directly through their browser, they can use MT4 and MT5 on PC and Mac To trade, WebTrader - no download required! For traders with multiple accounts, FXTM also offers traders a Multiple Account Management System (MAM) on MT4 for easy management and ultimate convenience.
Deposit & Withdrawal
FXTM offers its clients various deposit and withdrawal methods, mainly credit/debit cards like VISA, MasterCard and Maestro, Skrill, Moneybookers, VLOAD, TC Pay wallet, NETELLER (VIP clients only), PayPal, Perfect Money, Bitcoin, Internet banking, local transfers in India and Pakistan, local transfers in Nigeria, no commission for deposits.
The minimum initial deposit is $/€/£10.
There is no deposit fee charged. However, withdrawals via credit/debit cards are subject to a fee of US$3/€2/£2. Withdrawals via PayPal are subject to 2%, withdrawals via Perfect Money are subject to a fee of 0.5%, and withdrawals via Bitcoin are subject to a fee of 1%. There is no fee for other withdrawal methods.
Educational Resources
Traders have access to a wealth of free educational materials, including trading videos, seminars/webinars with industry professionals, online trading courses, downloadable eBooks, and market forecasts, to help them hone their craft. The downloadable eBooks span a wide range of topics, and the seminars hosted by FXTM's team of specialists provide attendees with access to world-class trading knowledge.
Customer Support
FXTM guarantees that it will take into account the specific requirements of each customer. You can reach them via telephone, email or send messages online to get in touch. You can also follow this broker on social networks such as Twitter, Facebook, Instagram, YouTube and LinkedIn. They support a wide variety of languages, including Arabic, Chinese, English, Farsi, French, German, Hindi, Indonesian, Italian, Korean, Malaysian, Polish, Russian, Spanish, Urdu, and Vietnamese.
Pros & Cons
Frequently Asked Questions (FAQs)
