FXTM Review 2024

Last updated Feb 24, 2024
Логотип FXTM
4.1/5
№27 in the brokers' list75% of retail investors lose money when trading CFDs with this broker
Nikolay Zavarov - Author
Nikolay Zavarov
Author
Andrey Bondarenko - Editor
Andrey Bondarenko
Editor

This article will conduct a comprehensive and objective review of Forex broker FXTM, examining its main characteristics, trading conditions, platforms, and instruments. Our goal is to provide traders with all the necessary information to make an informed decision about collaborating with FXTM or looking for alternative options.

General information about the company FXTM

Foundation Year2011
Official Websitehttps://www.forextime.com
Regulated in CountriesCyprus, United Kingdom, MauritiusMore Details
Minimum Deposit
  • 10 USD
  • 10 EUR
  • 10 GBP
  • 10000 NGN
Spreadfrom 1.5 points
Max Leverage1:2000
Trading Assets
  • Forex
  • Indices
  • Precious Metals
  • Energy Carriers
  • Stocks
Trading Platforms
  • MetaTrader 4
  • MetaTrader 5
Email Support
  • support@fxtm.com
  • nigeria@fxtm.com
  • sales@fxtm.com
  • documents@fxtm.com
  • complaints@fxtm.com
  • backoffice@fxtm.com
  • partners@fxtm.com
  • media@fxtm.com
Hotline Phones
Social Media

FXTM, or ForexTime – is a company that provides trading conditions and tools for trading in the Forex financial market. Founded in 2011, the broker quickly entered the international market thanks to an experienced team, professional training, and personalized products. It has managed to earn the trust of a vast number of clients and become a well-known trading brand. The company seems perfect, but its owner has significantly tarnished his reputation and business.

The official FXTM website is available in 17 languages. This allows for practical work and skill improvement without knowledge of foreign languages.

Review of broker FXTM

In our review of broker FXTM, we apply a detailed and objective evaluation methodology to give you a complete picture of the services and opportunities offered.

Continue reading the review to learn all the details about the broker and make an informed choice.

Reliability and Regulation

Rating:5/5
Legal EntityRegulator

Broker FXTM is regulated by various authoritative bodies, such as CySEC (Cyprus) and FCA (United Kingdom). These bodies are known for their strict approach to regulation and oversight, which adds a layer of protection for traders.

Exinity Limited is a member of the Financial Commission - an organization that deals with dispute resolution in the financial services sector. This also increases the level of trust in the broker.

The existence of a Compensation Fund, which can pay compensation of up to 20,000 euros in case of disputes, is another positive factor indicating the broker's reliability.

Account Opening

Rating:5/5

The process of opening an account with FXTM is relatively simple and fast. All necessary fields for registration are marked, and instructions are provided at each step. Verification is also a straightforward process, requiring a standard set of documents.

Registration

To start, you need to go to the FXTM registration page. This can be done directly from the homepage by clicking the "Open Account" button in the top right corner. On the same page, you can log into your FXTM personal account.

The main registration form will open, where you must enter your first and last name. The country of residence is determined automatically, or you can choose it yourself. You also need to enter a mobile phone number and email address.

FXTM registration form
FXTM registration form

The broker has made the registration process a bit more complicated: you need to enter the primary data and click "Send PIN." You will receive a number, which you need to enter into the corresponding form. Only after this will you be able to log into your FXTM personal account.

Verification

The verification process at FXTM is relatively straightforward. It requires clear color copies (photo from a mobile phone or scan) of certain documents.

Documents required for verification:

  1. Proof of Identity. Passport, national identity card, or driving license.
  2. Proof of Address. If the residence address is specified in the identity document, an additional document may not be required. Otherwise, a bank card statement or utility bill issued no more than 3 months ago is needed.

Profile verification usually takes from 10 minutes to 24 hours.

Minimum Deposit

The minimum deposit at FXTM is just $10 for the micro account, making it accessible to most traders. This type of account is ideal for those just starting their journey in the Forex world.

However, for those aiming for more competitive trading conditions, a deposit of $500 is recommended. This amount can unlock additional opportunities and conditions favoring specific trading strategies.

Account Types

Rating:4.5/5

FXTM offers a variety of trading account types, which can meet the needs of most traders, from beginners to professionals. Additional services such as copy trading through FXTM Invest and free VPS hosting add flexibility and make trading more accessible.

However, the lack of fixed spread accounts may limit the choice for those traders who prefer more predictable trading conditions. This drawback slightly reduces the overall rating. But overall, FXTM offers a wide range of options capable of satisfying the diverse needs of traders.

Trading Accounts

MicroAdvantageAdvantage Plus
Account CurrencyUSD центы, EUR центы, GBX, NGN кобоUSD, EUR, GBP, NGN
Minimum Deposit10 $10 500 $500
Trading PlatformsMetaTrader 4MetaTrader 5MetaTrader 4
Spreadfloatingfrom 1.5 pipsfloatingfrom 0.1 pipsfloatingfrom 1.5 pips
Commission per Tradeper $1M turnover~ 20 $
Trading AssetsForexIndicesPrecious MetalsEnergy CarriersForexIndicesStocksPrecious MetalsEnergy Carriers
Opened Positionsup to 300
Leverage1:1-1:10001:1-1:2000
Margin Call / Stop Out60% / 40%80% / 50%50% / 80%
Order ExecutionMMECN
Demo Account
Islamic Account
RegisterRegisterRegister

Micro

  • This account is ideal for beginners or those who want to start trading with a small capital. It can also be helpful for those who want to test new strategies with minimal risk.
  • Features: minimum deposit of just $10, account currency in cents, no commission per trade, and instant execution of trades.

Advantage

  • This account suits experienced traders looking for more competitive trading conditions and willing to invest more funds.
  • Features: lower spreads, access to stocks as trading assets, market execution of trades, and the ability to trade on the MetaTrader 5 platform.

Advantage Plus

  • This account is suitable for professional traders seeking optimal conditions without transaction commissions.
  • Features: no commission, market execution of trades, and higher leverage than a Micro account.

Demo Account

FXTM offers the opportunity to open a demo account for all trading accounts, which is a significant advantage for traders.

One of the critical features of the FXTM demo account is its unlimited duration. This allows traders to learn to trade, experiment with different strategies, and understand market mechanics without any time pressure.

Islamic Account

The Islamic swap-free account is essential for many Muslim traders seeking to adhere to Sharia principles. FXTM accommodates this need by offering a swap-free option on all of its accounts, except for MT5, and does not apply it to exotic currencies.

How to enable the swap-free option

  1. Go to the "My Accounts" section within MyFXTM.
  2. Select the green arrow next to "Deposit" on the trading account you want to make swap-free.
  3. Choose the "Enable swap-free mode" option.

Restrictions

  • The swap-free option is available only to clients from certain countries.
  • If the option is unavailable on your account, you must contact FXTM support.

FXTM Invest - Copy Trading

FXTM Invest is an innovative service offered by FXTM that allows even those without technical skills or time for active trading to participate effectively in the financial markets. This service opens the doors to the world of copy trading, where one can select and follow experienced strategy managers.

FXTM Invest Strategy Managers Rating
FXTM Invest Strategy Managers Rating

How it works

  1. Selection of a Strategy Manager. Users can view and evaluate various strategy managers based on different criteria such as profitability, trading style, and risk profile.
  2. Funding. The minimum deposit to start is just $100.
  3. Automatic Copy Trading. Users can automatically copy the trades of the selected strategy manager.
  4. Profit Realization. Profit from successful trades is returned to the user's account.
  5. Payment of a Percentage of the Profit. Users only pay the strategy manager a percentage of the profit for successful trades.

Benefits of FXTM Invest

  • Full control over funds. Users maintain complete control over their funds and pay only for profitable trades.
  • Access to experienced traders. Users can study and copy the trades of professional traders, gaining access to their strategies.
  • Flexibility and transparency. The service offers a wide selection of strategy managers and allows users to find those that match their needs and risk appetite.
Strategy Manager Statistics on FXTM Invest
Strategy Manager Statistics on FXTM Invest

VPS Server

A Virtual Private Server (VPS) is a vital tool for severe traders aiming for maximum reliability and efficiency. FXTM offers its clients free VPS hosting, ensuring 24/7 access to over 250 financial instruments.

Access to the VPS server can be obtained through the account manager. They will determine whether you meet the free VPS server access criteria and advise on the following steps.

Commissions

Rating:3/5

The commission per trade on FXTM is significantly low as capital and trading volume increase, which can be attractive for experienced traders with large trade volumes. However, spreads were found to be above the market average, and there is also a commission for account inactivity. These factors can make trading less profitable for specific categories of traders, especially for those who prefer small trading volumes or trade infrequently.

Trading Commissions

Trading commissions at FXTM vary depending on the account type and trading volume.

Commission per Trade

The commission per trade on FXTM's Advantage account depends on capital and trading volume. For example, for capital less than $100 and trading volume less than $100 million, the commission is $20. As capital and trading volume increase, the commission decreases.

Equity ($)

Trading Volume (mln $)

Under 100

100 - 150

150 –250

Over 250

0–2,999

20

19

18

15

3,000–4,999

19

18

17

14

5,000–19,999

18

17

16

13

20,000–49,999

17

15

13

11

50,000–199,999

16

13

11

9

200,000–499,999

14

12

10

8

500,000–999,999

13

10

8

6

1,000,000–4,999,999

12

9

6

4

Over 5,000,000

Determined on an individual basis

On the Advantage MT4 account, a double commission is charged at the opening of a position, while on the Advantage MT5 account, half of the commission is charged at the opening and the other half at the closing (per one-way lot).

It should be noted that compared to other Forex brokers, the commission per trade at FXTM can be described as low.

Below is the commission per one-way lot for the EURUSD pair at different Forex brokers:

BrokerIC MarketsRaw SpreadPepperstoneRazorFXTMAdvantageVantageRawRoboforexECN
Commission per lot$3.5$3.5$2.16$3$2.16

Spreads and Swaps

We opened an Advantage Plus account and looked at the average spreads. They turned out to be slightly higher than the market average.

As for swaps, they can be characterized as average for the market.

Below is a table of the average spread and swaps for major currency pairs on the Advantage Plus account.

AssetAverage spreadSwap longSwap short
AUDUSD2.1 pips-3.80 pips0.25 pips
EURUSD2.1 pips-6.89 pips2.22 pips
GBPUSD2.5 pips-2.62 pips-2.89 pips
NZDUSD15.0 pips-1.75 pips-1.48 pips
USDCAD2.8 pips-1.40 pips-4.99 pips
USDCHF2.7 pips6.19 pips-12.31 pips
USDJPY2.5 pips0.00 pips0.00 pips

Inactivity Fee

FXTM charges an inactivity fee if no trades are made on the account for 6 months. The inactivity fee is 5 EUR/USD/GBP. This is important to consider if you plan to have a prolonged period of inactivity on your trading account.

Deposit and Withdrawal

Rating:4/5

FXTM offers a wide range of methods for depositing and withdrawing funds. Most deposit methods do not incur a fee, although some withdrawal methods may include fees.

Funds are credited to the account instantly, a significant advantage for traders wishing to respond quickly to market conditions. However, it is necessary to consider the working hours for processing transfers and possible fees for withdrawing funds without trading.

Deposit Methods

Payment SystemCurrenciesDeposit FeeOperation Limit
SkrillSkrill
USDEURGBP
0%
FasaPayFasaPay
USDIDR
0%
WebMoneyWebMoney
USDEURRUB
0%
YooMoneyYooMoney
RUB
0%
QiwiQiwi
RUB
0%
Perfect MoneyPerfect Money
USDEUR
0%
PayRedeemPayRedeem
USDEUR
0%
VisaVisa
USDEURGBP
0%
MastercardMastercard
USDEURGBP
0%
MaestroMaestro
USDEUR
0%
Альфа БанкАльфа Банк
RUB
0%
DotpayDotpay
EURPLN
0%
CryptocurrencyBlockchainDeposit FeeOperation Limit
Логотип BitcoinBTC (Bitcoin)BTC
0%
Логотип EthereumETH (Ethereum)ERC20
0%
Логотип LitecoinLTC (Litecoin)LTC
0%
Логотип DashDASH (Dash)DASH
0%

Funds are credited to the account instantly unless additional transfer verification is required. However, FXTM is not responsible for any delays in account funding due to the electronic payment system. This may affect your ability to respond to market changes quickly.

Withdrawal Methods

Payment SystemCurrenciesWithdrawal FeeOperation Limit
SkrillSkrill
USDEURGBP
0%
FasaPayFasaPay
USDIDR
0.5%
PayRedeemPayRedeem
USDEUR
0%
WebMoneyWebMoney
USDEURRUB
2%
QiwiQiwi
RUB
1.5%
Perfect MoneyPerfect Money
USDEUR
0.5%
YooMoneyYooMoney
RUB
1.5%
MaestroMaestro
USDEUR
1.5%
VisaVisa
USDEURGBP
2.54%
MastercardMastercard
USDEURGBP
2.64%
CryptocurrencyBlockchainWithdrawal FeeOperation Limit
Логотип BitcoinBTC (Bitcoin)BTC
1%
Логотип EthereumETH (Ethereum)ERC20
1%
Логотип LitecoinLTC (Litecoin)LTC
1%
Логотип DashDASH (Dash)DASH
1%

Suppose you submit a withdrawal request without having executed any trades. In that case, FXTM reserves the right to charge you an equivalent amount of any bank commissions and fees paid by them, or 3% of the total withdrawal amount. This is important to consider when planning your fund withdrawal operations.

All transfers through the back office are processed during business hours, i.e., from 06:00 to 20:00 GMT+2 (GMT+3 during daylight saving time), Monday through Friday. This means transfer requests outside business hours will be processed on the next business day.

Markets and Products

Rating:4.6/5

FXTM has a relatively diverse selection of markets and products for trading and investing. However, the lack of options for trading soft commodities may limit the interest of some traders.

What markets are available?

  • Forex. More than 60 currency pairs are available for trading 24 hours a day, 5 days a week, with floating and tight spreads. Traders are provided with the opportunity for precise trading, which helps avoid losses during sharp fluctuations in the financial market;
  • Precious Metals. Trading gold and silver is excellent for portfolio diversification;
  • CFD on Stocks. You can trade shares of more than 750 American companies and more than 50 European companies;
  • CFD on Energy. Trading with this broker, you will work with futures contracts on oil and gas;
  • CFD on Indices and Exchange-Traded Funds. 20 instruments are available;
  • US Stocks. You can invest in American stocks, selecting the best from more than 640 companies.

Leverage

The maximum leverage depends on the nominal value and the trading instrument.

Asset

Nominal value in USD

Leverage

Floating margin, %

Major currency pairs

0 - 50,000

1:2000

0.05

50,001 - 200,000

1:1000

0.1

200,001 - 2,000,000

1:500

0.2

2,000,001 - 6,000,000

1:200

0.5

6,000,001 - 8,000,000

1:100

1

Over 8,000,001

1:25

4

Minor currency pairs

0 - 500,000

1:500

0.2

500,001 - 1,000,000

1:200

0.5

1,000,001 - 5,000,000

1:100

1

Over 5,000,001

1:25

4

Exotic currency pairs

0 - 300,000

1:200

0.5

300,001 - 3,000,000

1:100

1

Over 3,000,001

1:25

4

Currency indices

0 - 500,000

1:500

0.2

500,001 - 1,000,000

1:200

0,5

1,000,001 - 5,000,000

1:100

1

Over 5,000,001

1:25

4

Spot metals

0 - 50,000

1:2000

0.05

50,001 - 200,000

1:1000

0.1

200,001 - 2,000,000

1:500

0.2

2,000,001 - 6,000,000

1:200

0.5

6,000,001 - 8,000,000

1:100

1

Over 8,000,001

1:25

4

Trading Platforms

Rating:4/5

FXTM provides its clients access to two of the industry's most popular and reliable trading platforms – MetaTrader 4 (MT4) and MetaTrader 5 (MT5). These platforms are known for their flexibility, stability, and many features suitable for beginners and professional traders.

MetaTrader 4 (MT4)

MT4 is one of the most well-known trading platforms in the world. It offers users interactive charts, technical indicators, and market analysis tools. The platform is available for Windows, Android, and iOS, allowing traders to trade anytime and anywhere. A web version of MT4 is also available for those who prefer to trade directly from their browser.

MT4 web platform on FXTM
MT4 web platform on FXTM

MetaTrader 5 (MT5)

MT5 is a newer, more advanced platform offering enhanced trading and analysis features. It is also available on Windows, Android, and iOS, providing a smooth and efficient trading experience.

Both platforms support automated trading using expert advisors and offer various tools for customizing trading strategies. The choice between MT4 and MT5 allows traders to find the optimal balance between simplicity and functionality, depending on their needs and experience.

MetaTrader 5
MetaTrader 5

Analytics

Rating:4/5

The broker provides various trading tools and analytical resources, which can be helpful for both beginners and experienced traders.

Analysis Tools

  • Pip Calculator. A tool for calculating the value of a point in various currency pairs.
  • Profit Calculator. It helps estimate potential profit or loss from a trade.
  • Currency Converter. A convenient tool for converting currencies at current exchange rates.
  • MT4 Indicators. It includes various valuable indicators, such as order indicator, pip value calculator, support and resistance levels, spread indicator, market data in CSV, and daily bar indicator.
  • Economic Calendar. An essential tool for tracking global economic events (currently only works in the FXTM personal area).
  • News Feed from FXStreet. Latest news and updates from a leading financial news provider.
  • Trading Signals. Automated signals based on technical analysis with entry and exit points are provided in the personal area.
Trading signals on FXTM
Trading signals on FXTM

Market Analysis from Experts

  • Daily Market Analysis. Reviews and analysis of the current market situation (has not been updated for several years).
  • Video Reviews. Market analysis videos, although the last video review was published a year ago.

Education

Rating:3.5/5

The broker's educational section provides diverse educational materials, including guides, e-books, and videos. These resources can be helpful for traders of all levels, from beginners to experienced professionals. However, it should be noted that some materials, such as webinars, are outdated and have not been updated for several years. This may reduce the relevance and practical value of the offered educational materials.

Educational Resources

  • Guides and Tutorials. For those just starting their journey in trading, detailed guides and tutorials are available to help master the basics.
  • Webinars. Although webinars have not been held for 3 years, recordings of old webinars are still available. These materials can provide valuable experience and knowledge from experts in various aspects of trading.
  • E-Books. The broker offers e-books on various topics, such as 'Bearish' and 'Bullish' Japanese candlesticks and strategies and "The Path to Success: 50 Habits of Successful Traders."
  • Videos. Various video materials cover topics from the basics of trading and fundamental analysis to advanced technical analysis and risk management methods. These videos can be a valuable addition to training for traders of different levels.

Customer Support

Online support FXTM aims to be accessible and helpful to its clients. The support team is available through various channels, including:

  • Chat: for immediate communication with a support representative.
  • Submit a request: a form for submitting a request on the website.
  • WhatsApp and Telegram: messengers for quick and convenient communication.
  • Phone: +44 20 3734 1025 for telephone consultations.

In addition, FXTM offers a Help Centre, where you can find answers to frequently asked questions.

Reviews of the support work vary. Some clients praise the professionalism and responsiveness of the team, while others complain about issues with fund withdrawals and the lengthy problem-resolution process. Reviews from Trustpilot highlight the diversity of opinions about the quality of service at FXTM.

FXTM Pros and Cons

Advantages

  1. A wide range of trading instruments. Many currency pairs, stocks, metals, and other products exist.
  2. Low commission per trade. Traders benefit from trading on the Advantage account.
  3. Availability of popular trading platforms. Support for MT4 and MT5 across various devices.
  4. Availability of educational materials. There are e-books, videos, and webinar recordings.
  5. A variety of deposit and withdrawal methods. There is no commission on deposits and a multitude of available currencies.

Disadvantages

  1. Issues with technical support. Mixed reviews and delays in responses.
  2. High spreads. Compared to competitors, FXTM has higher spreads on the commission-free account.

Conclusion

FXTM is a company with good trading conditions, a high level of education, and modern platforms. It is safe to work with the broker as a reputable commission regulates it and has all the necessary licenses. The situation is drastically changed by reviews noting issues with the withdrawal of funds and the company's negative attitude towards clients. With ForexTime, it is worth working, but if you have found a better broker, switch to trading with them.

Visit FXTM75% of retail investors lose money when trading CFDs with this broker
Nikolay Zavarov - Author
Nikolay ZavarovAuthor

Nikolay is an experienced specialist in financial markets and co-founder of IamForexTrader. He has been successfully trading Forex since 2014 and has been actively involved in the cryptocurrency market since 2017.

He develops investment strategies adaptable to any level of experience and has been actively investing in stocks, bonds and ETFs since 2018.

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