FXTM Review – Is Forextime LTD a scam?

FXTM Review – Is Forextime LTD a scam?

 

FXTM is a leading Forex and CFDs trading platform founded in 2011. It is regulated by many authorities around the world and considered to be one of the most secure thanks to its top-tier FCA regulation.

fxtm review

On this FXTM review we will analyse the trading platform, its free demo account, fees and commissions and the FXTM minimum deposit.

Is FXTM legit and regulated? Let’s see all the answers on our review.

Overall Rating           4.7/5

Deposit & Withdrawal 5/5

Account Security      4.9/5

Trading Platform       3.6/5

Fees & Commisions    3/5

Education                  3.5/5

Account Opening        3/5

Customer Service        2/5


FXTM general information

All prices in Excl

$Free
All prices in Excl
  • FXTM First Deposit : $10*
  • Minimum Trade : 0.01 lots (MT4 also available)
  • Leverage : up to 1:30 in Europe / 1:500 outside Europe
  • Assets : 1000+ (CFDs, Forex, ETFs, Indexes, Cryptocurrencies, Stocks & Commodities)
  • App : Yes
  • Demo Account : Yes
  • Trading Webinars : Yes

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FXTM availability

The broker Forextime is regulated to operate  all over the world.  It can accept clients from Europe, Latin America, Australia, New Zealand, Africa and Asia.

Users coming from the following countries are banned by this broker: USA, Canada, China, Japan, North and South Korea.

This is because the broker has yet to obtain the license to operate in those countries, but they should be obtained in the near future.

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Regulation: is FXTM a scam?

fxtm legit

FXTM or Forextime is not a scam. The company is regulated and totally safe to trade with. To enter into details, the broker has got several licences from different regulation authorities.

Listed here are all the regulations Forextime has obtained:

  • FXTM (Forextime Limited) is regulated in Europe from the Cyprus Securities and Exchange Commission (CySEC) with the licence number 185/12
  • Forextime Limited is regulated in South Africa by the Financial Sector Conductor Authority (FSCA) with the number 46614
  • FXTM is also registered in UK with the FCA and it has the regulation number 600475

The broker is also regulated in the local regulation authorities of the following countries: Germany, Italy, France, Spain, Norway, Slovenia, Latvia, Denmark, Netherlands, Hungary, Slovakia, Malta, Czech Republic, Lithuania, Estonia, Finland, Austria, Poland.

Finally, it is very important to mention that Forextime Limited is also a member of the Investor Compensation Found, “a scheme which serves to protect eligible retail clients by paying compensation in the event that a company fails to reimburse funds and/ or financial instruments due to financial issues, as applicable”; and the agreed to the MiFID regulation too.

This shows how FXTM is a legit and safe broker to trade with. The company was founded in 2011 and after that became one of the global leaders for the Forex industry.

Since its launch, the platform has won more than 25 awards such as, best trading platform, best Forex broker and best customer support.

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FXTM Key Futures

These are the key features of the platform:

  • FXTM Minimum Deposit: $10 and for UK £10
  • Minimum Trade: 0,01 lots (micro lot)
  • Leverage: up to 1:500 (1:30 for EU residents)
  • Assets: 300+ (all CFDs)
  • FXTM App: Yes
  • FXTM Demo Account: Yes
  • Platform: MT4, WebTrader, Mac Trading

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Forextime gives the opportunity to its users to start trading with only $10. This is the lowest first deposit in the trading industry, which is also the main reason for FXTM’s  popularity.

It is also possible to trade using the Metatrader 4 software. This is the most professional trading software that all professional traders use.

The mt4 is available on desktop version and on App version too. You just need to connect your trading account with the App or software. All the details will be given by the broker.

FXTM has also a free demo account for all new traders. This is a very useful feature, especially for beginners who want to learn how to trade and test their own strategies.

Finally, the brokers also provide some digital material and free educational courses to learn Forex trading and some video tutorials free and available to everybody.

 

FXTM Demo Account

fxtm demo

FXTM offers a free demo account with $100.000 to all its users. In this case we have to be more precise and say that the demo account offered is the MT4 standard demo account.

In fact, the spreads and leverage of the FXTM demo are the same as the standard MT4 demo account.

The money in the demo account is $100.000 which is virtual money, so can not be withdrawn.

The benefit of using a free demo account is that people can test their own strategies without the risk of losing any money.

The amount of money offered on the demo account allows every user to open as many investments as possible, because the minimum trade is only 0,01 lots.

The demo is available on the App version and the web version too. In both, the amount of money, spreads and leverage are the same.

The markets available on the demo account are the major currencies, major indexes and commodities.  Once you open a real account, all the currencies, indexes, commodities and stocks will be fully available.

Trading with a demo account is always a good idea at the beginning. It helps to get used to the platform and the investments. The only thing to remember is that the virtual money is not able to be withdrawn.

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FXTM Markets

fxtm review assets

In terms of cryptocurrencies offered, the broker is seeking to extend the range of cryptocurrencies offered. At the moment,  FXTM has only 4 cryptocurrencies available on its assets.

However, the choice of normal currency pairs, and stock CFDs is more extensive. All the main markets and leader companies are available.

Compared to other platforms there is less choice, but if you are a beginner and want to trade on the top standard markets, you can be satisfied by the selection available.

 

FXTM Copy Trading

fxtm copy trading

The broker offers a copy trading service among all its tools. Copy trading means that some traders can copy automatically the traders from more expert users.

The service is called FXTM Invest.

Every trader can decide to be an “Investor” or a “Strategy Manager”. The strategy managers are the professional traders other people can copy from. An investor is a normal trader willing to copy from the experts.

Every Strategy Manager shows his trading performance, risk-win ratio, all-time performance publicly. This allows every trader to transparently decide who to copy based on their performance.

Once the decision has been made, the copy trading tool will start its work and will copy automatically the trades opened by the strategy manager.

It is possible to start and stop to copy the trades at every moment. There is no restriction and the decision is solely up to the investor.

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FXTM Fees and Commissions

FXTM has very low trading fees compared to other brokers.

The fees vary depending on the type of account you decide to open. There are ECN Accounts, MT5 Accounts and Standard Accounts.

 

FXTM Fees: Standard Accounts

fxtm fees

For the standard account the broker charges a spread, but doesn’t charge any commission. This type of account is commission free.

The spreads go from 0 to 11 depending on the interested currency.

You can take a look at the spreads in detail here: https://www.forextime.com/eu/trading-instruments/forex

For EURUSD the spread is 0. This is the most convenient currency pair to trade because it means it is totally commission free.

Comparing the other major currencies, as you can see on the table, the spread goes from 0,1 to 2,6.

USDJPY has a spread of 0,1. This means that for 1 lot of investment, the commission is $1

This type of account is very convenient for beginners or traders who like to trade mainly on the major currency pairs and avoid stocks and indexes.

To begin trading with this account a lower minimum deposit is required

Finally, this account is also Swap free. This means the overnight trades are also commission free.

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FXTM Fees: ECN Account and MT5 Account

These 2 types of accounts have been created for more expert traders, who  already have some experience and wish to start trading with a higher amount of money.

In this case the spreads are much lower than the for the standard accounts. Here the spreads are about  90% lower.

For example,if for the pair USCAD the spread on a standard account for 1 lot is $10; on the ECN account it is only $1.

On the other hand, on these accounts the broker charges a fixed commission which is about $2 per lot.

The commission changes depending on different factors.

To give you a better understanding, the commission is calculated with the following formula:

(Volume * Contract Size * Open Price) / 1,000,000 * Commission * 2

The commission factor on the formula depends on the size of the account. The bigger the account is, the lower is the commission.

Plus, it also depends on the frequency of the trading activity. The more a user trades, the lower commission is charged.

Finally, the broker charges a small swap commission for all overnight trades made with the MT4 account. The MT5 account is swap free instead.

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FXTM Trader Mobile App

fxtm app

Forextime has recently developed its own mobile App. The App is available on iOS and Android devices and can be directly downloaded from the App store, entering the name “FXTM Trader – Forex Trading”.

The App has an orange logo with an X in it.

Its interface is very clean and clear and similar to the Metatrader 4 App.

At the bottom of the screen there is the menu where you can select the list of markets to invest, the opened positions, the closed trades, the account details and finally the general options.

Once a market has been selected, its chart will be visible in the centre of the screen. There it is possible to change the time frame, the type of chart and the  colours of the candles

Just below it, it is possible to enter the trading volume, and by clicking on the icon next to it, the stop loss and take profit prices plus the price for a pending order.

At the left and right of the volume box, there is a red button for sell and a green one for buy.

The FXTM Trader App is automatically connected with the trading account. You just need to log onto it with your email and password.

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FXTM App: Metatrader 4 and Metatrader 5

fxtm review mt4 vs mt5

The broker also gives the possibility for its users to trade with the Metatrader 4 and Metatrader 5 App. Both are available for iOS and Android devices and can be downloaded from the App store.

Once that is done, you just need to connect your account to the App.

To do that it is necessary to follow the instructions sent from the Broker by email and select the right server, enter the account number and the unique password.

The interface of both versions of the Metatrader is the same. At the bottom of the screen there is a menu where it is possible to see the list of markets available. If a market is not on the list, it is possible to search and add it by clicking the + on top of the screen.

You can also see all the charts for each asset, and adjust the candles’ colours and the timeframe.

Finally it is possible to see the closed positions and the opened ones.

In order to open a trade, you just need to click on the desired market (i.e. EURUSD) and click on “New Trade”. After that the App will open a new window where on top you can enter the volume you want to invest in lots. Underneath you can enter the stop loss, take profit and pending order prices, and finally you can click “buy” or “sell”.

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ForexTime Education

fxtm education

The broker has the best educational offer in the market. On top of its free demo account, there is also a vast range of:

  • trading education videos
  • tutorial videos
  • free webinars
  • guides and ebooks

Everything is available for all traders. In order to get access to the education material you just need to open a free trading account with the broker.

The most impressive thing about this offer is the free webinars. There is a professional analyst teaching how to read and analyse a chart, basic trading strategies and how to use correctly  some indicators in order to pursue a perfect market analysis.

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How to open a FXTM trading account

fxtm open account

Opening a free FXTM trading account is easy. You just need to click on one of the buttons on this page and complete the signup form.

On the registration form you need to enter your name and surname, your country of residence, your phone number, email address and password you want to use.

Before being able to complete the registration, for security reasons, the broker will send you a text with a unique PIN number that you need to enter on the form before clicking on “Register now”.

Once this is complete, you will receive a confirmation email with a link you need to click within 24 hours in order to confirm the registration.

Once inside your dashboard, you need to answer the standard questionnaire about your trading experience which is required by law.

You will also need to upload a copy of your ID or Passport, and a proof of residence. This is something all regulated brokers ask for in order to prevent problems of money laundering.

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How to trade on FXTM

fxtm review trading

Trading on FXTM can be done either on the web version or on the mobile version.

As mentioned above, to invest on the mobile version, either you use the Metatrader 4 or 5, or the FXTM App, the procedure is the same:

  1. Select a market you want to invest on
  2. Decide if you want to enter straight away in the market or if you want to use a pending order
  3. Enter the trading volume in lots on the top row
  4. Enter the stop loss and take profit prices
  5. Click on sell or buy

If you are investing with the Metatrader for desktop (Mac or Windows), the procedure is the same as above. The only difference is that to open the trading window you need to press F9 or “New Potion” from the top menu.

If you are trading with the web version of Forextime, the layout and setting is the same as the Metatrader for Desktop.

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FXTM Minimum Deposit

fxtm deposit

The FXTM minimum deposit is only $10.

To be more precise, the minimum deposit varies depending on the type of account selected.

Here the complete list of minimum deposits for FXTM:

  • ECN account: $500 minimum deposit
  • ECN zero account: $200 minimum deposit
  • ECN pro account: $25.000 minimum deposit
  • Standard Account: $100 minimum deposit
  • Standard Account Cent: $10 minimum deposit
  • Standard Shares Account: $100 minimum deposit

To make a deposit, you need to click on “My Account” and then “Deposit Funds” on the side menu on the left. In the middle of your screen you will be able to select a deposit method to proceed.

There are many ways to complete a deposit on FXTM. The broker accepts:

  • Credit Cards Visa or Mastercard
  • Bank Wire Transfer
  • Local Methods
  • Skrill and Neteller
  • Bitcoin

Making a deposit of commission free and depending on the method used, the money will be accredited within 3 working days.

The longest deposit method is the wire transfer, in which the money will take from 2 to 3 days to be accredited to the trading account. All the other methods will transfer the money immediately.

The minimum deposit can be made in 3 different currencies: Dollars, Euros and British Pounds. For all other currencies, the deposit will be made in American Dollars and a small exchange fee will be charged at the moment of the transaction.

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FXTM Withdrawal

fxtm withdrawal

To withdraw money from Forextime, you need to have first  verified your account. To do that you will need to send  proof of identity and  proof of residence to the broker.

After that, you can proceed with a withdrawal. To do that you need to click on “My Account” on the left side menu, and then “Withdraw Funds”. There you will enter a new window where you can select the account you want to withdraw money from, the amount of money and the card or bank you want.

There is no minimum withdrawal using this platform. This means you can withdraw every amount of money you choose.

The withdrawal fees are  competitive compared to other brokers. Depending on the method you select, the FXTM Withdraw fees are:

  • Bank transfer: from $5 to $30*
  • Credit Card: $2 – $3
  • Skrill and Neteller: free
  • Crypto: free

*for Countries Outside the EU the fees are higher compared to EU and UK

The withdrawal time varies too depending on the selected method. The withdrawal time is the time it takes for the money to be accredited into your bank account or card from the moment the withdrawal request was accepted and processed.

This means that the broker takes up to 24 hours to review the withdrawal request and accept it.

Once this is done, the money will be transferred:

  • within 2 working day into your Credit cards
  • immediately for Skrill and Neteller
  • immediately for Cryptocurrencies
  • from 3 to 5 business days for bank transfers

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FXTM Support

fxtm support

Forextime has great customer support. The broker will respond speedily and answer all your questions regarding demo accounts, deposit and withdrawals, fees, documents, etc.

You can contact the company in different ways:

  • Live-chat
  • Phone
  • Email

The best way to contact them is the live chat. The operators we have talked with are all very helpful and competent. The waiting time is always below 10 minutes and the chat can be started directly when you are into your account.

If you want, you can also contact the broker by sending an email. The system will assign a ticket to your request and you will receive an answer within one working day.

Finally, for urgent questions, the broker can be also reached by phone. The number can be found at the following link https://www.forextime.com/eu/about-us/contact

Support is available  from Monday to Friday, from 08.00 to 18.00.

The broker is able to provide service in the following languages:

  • English
  • French
  • German
  • Italian
  • Spanish
  • Portuguese
  • Chinese
  • Turkish
  • Arab
  • Dutch
  • Finnish
  • Danish
  • Swedish
  • Norwegian
  • Polish

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FXTM Review Conclusion

Forextime is a great broker for every type of trader. Thanks to the vast offer of accounts, beginners and professional traders can be happy with this platform.

The minimum deposit is very low and gives the opportunity to everybody to test their trading skills.

The mix of low spreads and commissions make the broker very competitive in the market.

Also the deposit and withdrawal process is very efficient, making the broker one of the fastest in the market.

The only cons we can mention about this broker are the limited time the customer service is available, compared to other companies in this market and the higher fees for withdrawals.

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To learn more about other trading platforms you can click here: https://tradingonlineguide.com/best-forex-trading-platform/

Marco Sbalchiero

Author of this article and founder of Tradingonlineguide.com

My aim is to help you increase your trading knowledge with helpful content. I come from an economic background and have a strong passion for forex trading. With more than 6 years in the online trading world, I want to share my financial knowledge so that anyone can develop their investment skills.

In my spare time I enjoy cooking and travelling.

Here you can learn more about our review methodology.

FAQs

What is the minimum deposit for FXTM?

FXTM has different minimum deposits depending on the account you want to open.

• ECN account: $500 minimum deposit

• ECN zero account: $200 minimum deposit

• ECN pro account: $25.000 minimum deposit

• Standard Account: $100 minimum deposit

• Standard Account Cent: $10 minimum deposit

• Standard Shares Account: $100 minimum deposit

What is FXTM trade?

FXTM trade, also called Forextime, is a regulated broker where traders can invest in Forex and CFDs. The platform is a leader in the market and already has thousands of traders. Opening an account is free and the broker offers many tutorials to help people learn trading.

Is FXTM a legit company?

Yes, FXTM is a legit company. The broker is regulated and secure. FXTM has 18 licences to operate in Europe, UK, Asia, Latin America, Africa and Australia. The main licence is given by the Cyprus Securities and Exchange Commission (CySEC) with the registration number 185/12.

How does FXTM invest work?

FXTM Invest is the new tool of Copy Trading the broker has. Beginners, called “Investors”, can copy the trades from “Strategy Manager”, who are professional traders. This helps less expert traders to learn a new strategy and grow their investing skills.