ForexTime (FXTM) Review
Introduction and Background Information
Forex Time also known as FXTM is a forex broker founded in 2011. FXTM is the trade name of Exinity Limited located at 5th Floor, 355 NEX Tower, Rue du Savoir, Cybercity, Ebene 72201, Ebene 72201, Mauritius. FXTM offers different instruments ranging from forex to CFDs on stocks, indices, metals, and cryptocurrencies.
FXTM supports different trading methods such as scalping, news trading, and use of robots/ expert advisors.
Account types
FXTM offers 7 different types of accounts which vary in features. Accounts offered by FXTM are FXTM Demo, FXTM Cent, FXTM Standard, FXTM ECN, FXTM ECN MT5, FXTM ECN Zero, and FXTM Pro accounts.
The contract size in all the accounts is 100,000 of base currency except in the FXTM Cent account where it is 1,000. There are also differences in spread across all these accounts which will be discussed in the Fees section.
Across all account types the maximum leverage allowed by FXTM is 1:2000. Minimum trade size is 0,01 while the lowest amount required to open a live account is $10.
The minimum deposit for FXTM is variable depending on the type of the account:
Standard Account – minimum deposit is $100.
Cent Account – minimum deposit is $10
ECN Account – minimum deposit is $500
ECN Zero Account – minimum deposit is $200
FXTM Pro Account – minimum deposit is $25,000
Instruments
Tradable instruments offered by FXTM are 59 forex pairs, and 193 CFDs consisting of stocks, indices, metals, and cryptocurrencies.
FXTM also offers social/copy trading for clients who wish to invest in the forex market through the platform.
Education
FXTM offers a lot of educational materials on their website for the use of clients. FXTM also features a forex glossary.
For research and analysis, FXTM offers signals generated by its in-house staff alongside an economic calendar and news headlines powered by FX Street.
Regulation
The FXTM brand has acquired regulatory licenses in numerous jurisdictions, including all over the EU via its CySEC-regulated brand in Cyprus under ForexTime Limited. It was also accredited in South Africa by the Financial Services Board (FSB). In addition, FXTM is regulated in Belize by the IFSC under its FT Global Limited entity. In 2018, FXTM acquired regulatory status in the UK with the Financial Conduct Authority (FCA), under its ForexTime UK Limited entity.
FXTM’s major trading platforms are those from the MetaQuotes Software Corporation – the MetaTrader 4 and MetaTrader 5.
FXTM also has a WebTrader alongside its MetaTrader platforms.
Mobile trading can also be done through the mobile MetaTrader platform. Recently, FXTM has also launched its proprietary mobile application, which can be used for trading.
For social trading, FXTM offers its Invest Platform which hosts over 750 strategy provider that can be followed.
Deposit and Withdrawals
FXTM has a host of deposit and withdrawal methods to ease the clients. These include wire transfers, cryptocurrency, card payments, and eWallet/e-payment options.
Deposit Methods: Bank Wire, VISA, MasterCard, Alfa-Click, Bitcoin, CASHU, Dash, DixiPay, DusuPay, Ether/Ethereum, FasaPay, Globe Pay, Konnexone, Litecoin, Local Bank Transfers, Maestro, Neteller, Ngan Luong, PerfectMoney, Qiwi, Skrill, VLoad, Yandex Money.
Withdrawal Methods: VISA, MasterCard, Bitcoin, Dash, DixiPay, DusuPay, Ether/Ethereum, FasaPay, Globe Pay, Konnexone, Litecoin, Local Bank Transfers, Maestro, Neteller, PerfectMoney, Qiwi, Skrill, UnionPay, VLoad, WebMoney, Yandex Money
Fees (Spreads/commission)
For the six different live accounts offered by FXTM, different fees are charged. For the FXTM Cent, Standard, ECN, ECN MT5, ECN Zero and Pro accounts, the typical spreads charged are 2.4, 2, 0.6, 0.9, 2, and 0.4 pips respectively.
In addition to this, commissions are charged on the FXTM ECN and ECN MT5 accounts. Commission per standard lot is $4.
Of all the accounts, the one with the lowest spread (0.4 pips) and no commission is the FXTM Pro account which is only available to clients who make a deposit of $25,000 and above. The next lowest spread are on the ECN accounts except the FXTM ECN Zero which is commission free. Spread on these ECN accounts is 1 pip after taking into account the $4 commission.
Execution
FXTM has different modes of execution based on the account type. For the ECN accounts, ECN technology is employed in order processing while for other accounts, FXTM runs a dealer execution as a market maker.
Customer Support
FXTM has a good customer service with access available to clients through phone, email, and live chat. FXTM also assigns personal account managers to each client whom you can contact in the case of any issues.
Mail – [email protected].
Phone – +44 20 3734 1025
Promotion
The only promotion offered by FXTM is the refer-a-friend promotion. This promotion involves inviting people to join FXTM for a reward of $50.
Conclusion
In summary, FXTM is a good broker that since its inception in 2011 has risen in the industry to become a leader clinching multiple awards along the way.
