FXTM Forex Broker Overview
A result of months spent with the broker, the review team had performed an exhaustive examination of all the services being offered by FXTM. The following facets of the brokerage firm’s services were taken into rigorous scrutiny so as come up with a well-informed evaluation of the firm’s capabilities:
- The financial authorities that regulate all of FXTM’s trading activities
- The trading accounts available to FXTM’s clients
- The trading platforms that are being offered through the FXTM accounts
- The fees being charged by the firm for the services that it provides
The method administered for this review had been comprehensive with all members of the team tasked with the examination of the brokerage’s site and the entirety of its capabilities.
FXTM, shorthand for ForexTime, was established back in 2011 with the aim of being a noteworthy brokerage that specializes in trading Forex pairs and CFDs.
FXTM is being regulated by industry-leading financial authorities, UK Financial Conduct Authority (FCA) and the Cyprus Securities and Exchange Commission (CySEC). As this is the case, a number of online traders see FXTM as a safe brokerage firm to trade with. FXTM clients are assured the security of their data and funds.
The review team’s preliminary findings strongly suggest that FXTM is a viable brokerage firm. The initial attractive data is owed to its notable customer service, wide array of educational materials, and fast account creation through digital means.
While there is an abundance of positive opinions regarding FXTM, negative reviews are still able to seep into the cracks. These are usually attributed to the relatively-high fees that are charged on Stock CFDs, inactivity and withdrawals, and a limited product portfolio. The trading fees are seen at an average with only a requirement of $10 to open an account. This is seen as a cost that is low when set against what other brokerages charge traders.
Offers and Services
With the only exception being the costly Stock CFD fees, the Stock index fees for FXTM are seen to be cheap by its clients. This could also be claimed for the fees charged for the currency fees, EUR/CHF and the EUR/GBP.
The other fees that FXTM imposes on its clients are detailed on the table below:
|S & P 500 CFD|
|Europe 50 CFD|
|Inactivity||$5/month after inactivity of 6 months|
The fees that have been detailed on the table may be considered sound by traders who are just starting off in their career. This is highlighted by the provision of access to the popular Stocks mentioned.
FXTM makes 5 types of accounts for its clients. The offerings for each are detailed here:
|Account Type||Country of Operations||Pricing||Minimum Deposit||Trading Platforms||Products|
|Standard Account||All||Spreads are higher|
|$/€/£ 100||MT4||Forex, commodity / stock index CFD|
|Cent Account||All||Spreads are higher|
|$/€/£ 10||MT4||Forex, commodity CFD|
|Stock CFDs Account||EU Countries w/ UK||Spreads are higher|
|$/€/£ 100||MT4||Stock CFD|
|ECN Account||All||Spreads lower|
|$/€/£ 500||MT4/MT5||Forex, commodity / stock index CFD|
|ECN Zero Account||EU Countries w/ UK||Spreads are higher|
|$/€/£ 200||MT4/MT5||Forex, commodity / stock index CFD|
|FXTM Pro Account||All||Spreads are lower|
|$/€/£ 25,000||MT4/MT5||Forex, commodity / stock index CFD|
Spot metals / real stock (only available for non-EU and non-UK clients)
What had been immediately noticed by the review team are the low costs for opening an account, the inverse relationship between spreads and commissions, and the offering of MetaQuotes’ trading platforms MetaTrader 4 and 5. As already known by its users, MT4 and MT5 offer a wide selection of trading tools, customizable charts, and a range of technical indicators.
The offering of the MetaQuotes’ two leading trading software is lauded by both the review team and the entirety of the online trading community. These are seen as being highly efficient and open to the integration of numerous trading tools and add-ons.
When one is to look at the minimum deposit, it is easy to assume that the traders are already given a lot even if they are just to open a Cent Account.
The relationship between the firm’s offered Spread levels and commissions are not really noteworthy, while wholly decent.
Trade with FXTM Today!
The review team’s findings strongly suggest that trading with the brokerage firm, FXTM, is a more than a competent firm that can go head-to-head with the more well-known brokerages in the industry. This is affirmed by the following aspects of FXTM’s service:
- The high integrity and repute of the regulatory bodies sanctioning FXTM specifically, the UK Financial Conduct Authority (FCA) and the Cyprus Securities and Exchange Commission (CySEC)
- The numerous offers that the FXTM trading account has especially when looking at its available Spreads and Commissions
- The reputable trading platforms available with each trading account.
These facets of FXTM’s service paint a positive picture for FXTM. All members of the review team agree that the firm is a viable option for those wanting to start a career in trading.