FXTM, also known as ForexTime, came into existence in 2011 from its de facto headquarters in Limassol, Cyprus. FXTM has gained huge popularity, which is driven by the strong desire to serve the local markets with strong FX demand.
The broker has worked really hard on its platforms to include the best trading applications as its platform from the house of MetaQuotes Software Corporation- MT4 and MT5- Yes, you guessed it right!
FXTM Review 2020: Pros and Cons
FXTM offers MetaTrader with seven account types that tend to provide the traders with access to 59 currency pairs along with 11 indices, 6 metals, 3 energies, and 3 cryptocurrencies. They also offer social trading through its FXTM investment offering.
The broker is accessible on both Android and iOS devices through application. You can also monitor current price and fiddle with your position, from anywhere, at any point in time. The services offered by FXTM are registered and regulated in countries like the UK, Cyprus, South Africa, and more. However, they do not serve the traders who are a resident of Canada, USA, and Japan.
The brand has acquired regulatory licenses from various jurisdictions. It is regulated by CySEC in Europe and is registered under the brand name ForexTime Limited. It is also regulated under the following regulations:
- Financial Services Board (FSB), South Africa.
- IFSC, Belize.
- Financial Conduct Authority (FCA), UK.
FXTM is also authorized by zero tier-1 regulators, which make them highly trustable, one tier-2 regulator, and one tier-3 regulator.
FXTM is a complete MetaTrader only broker. It provides the trader with an outstanding trading experience. Furthermore, this means that it offers the best platforms developed by MetaQuotes Software Corporation. So, as a trader you can put your hands on platforms like MT4 and MT5 on your desktop, mobile, and web.
MT4 and MT5
MT4 and Mt5 come with an aim to provide the traders with the authenticity they have been looking for. Both are a little different in its functionality when we compare one broker to another. Also, the major differences are the spreads, commissions, order executions, and research or trading tools offered by the broker.
Below mentioned is the summary of the difference between the platforms offered by FXTM:
- The news flashes on FXstreet.
- It offers MT4 and MT5 web.
- MT4 and MT5 installation is accessible on Windows, Mac OS, and much more.
Social or Mobile Trading
You can easily access the broker using a mobile application. It also offers iOS and Android versions of the MT4 and MT5 applications. They both can be downloaded from Apple iTunes and Playstore, accordingly.
There are two main types of accounts available on FXTM- ECN and standard accounts. This is the account structure on FXTM according to the regulations.
Under the standard account, you will find cent and shared account types.
- The standard account comes with tight spreads, having leverage of up to 1:30 along with a swap-free version of the account.
- Commissions are free when talking about CFDs. It also has a swap-free version that allows you to trade up to 180+ shares.
- Lastly, the standard accounts are traded only on MT4.
FXTM offers both a pro account and the ECN account. Both can be traded on MT4 and MT5. Here are a few features worth taking a look at:
- The ECN Zero accounts are completely free from commission, it comes with low or floating spreads and offers trading management under the FXTM investment program.
- It also offers you $4 commission per trade. The spreads tend to start from 0.1 pips and you can also use your own strategies.
- The PRO accounts for the professional traders. The spread starts from 0 pips. However, there are no commissions involved along with other prices.
ForexTime also offers a vast educational and research tools in the form of daily technical news. This news is the analysis based on the in-house team of professionals who tend to update blogs and daily videos to highlight the market report.
The broker also provides the signals on many instruments, including 8 currency pairs with various take-profit levels. It is also provided by the professionals based on the current market scenarios.
Education is the one of the areas in which FXTM really cares about. Users can select from a comprehensive range of materials, Webinar, and format. The resources also include articles, tutorials, and other glossary of terms.
Accounts and Fees
ForexTime tends to offer various account types, where the execution method, range of markets, and platform may vary according to the market. There are three accounts that are offered under the standard category, which means that the order execution method is quite quick.
Talking about the trading costs, we can say that FXTM is the most competitive broker as it offers commission-based on ECN accounts; here the platform you can access is MT5. Finally, the FXTM pro account for traders who deposit at least $25,000.
The broker does have a number of additional price charges that, if applied, it can be a very expensive choice. For instance, there is also a fee charged if you are inactive and have a negative balance.
An established trading platform and broker, FXTM offers many benefits than the competitors. It is regulated by various authorities. This not only provides the traders with a sense of security. Regulations ensure that it is transparent and accountable in the best way possible.
There is a plethora of trading platforms and accounts. Regardless, on what type of trader you are, there is an account which is suitable as per your trading requirements.