They also get an extensive range of order types and trading signals with MQL5. Regardless of the type of account, NGN accounts fxtm review are only offered for clients in Nigeria. For credit/debit card deposits, FXTM accepts Visa, Mastercard, and Maestro.
- FXTM is a Cyprus Forex broker offering various accounts types, MT4 and MT5 trading platforms, and various trading tools.
- At FXTM they have multilingual customer support and technical support teams.
- This lets you access the markets on a PC or Mac without the need to download any software.
- Additionally, there are statistics on the greatest win in pips, average daily trades, deals with stop loss, deals with take profits.
The so-called Dr. Ali Saleh withdrew the full amount and changed the username and password…. FXTM is a legitimate, safe, and secure broker, as it is highly regulated, holding licenses in several jurisdictions, including the tier 1 financial center of London. Its UK license may entitle account holders to state compensation in the event of broker bankruptcy of up to £85,000. I like that Forextime continues to adjust to market and regulatory changes, ensuring traders maintain a competitive edge. The degree of transparency is another positive I want to point out. Big Four accountancy PricewaterhouseCoopers Limited (PwC) audits published statistics per International Standard on Assurance Engagements (ISAE) 3000.
This is the worst of the worst brokers you can ever deal with. Stay Away
If you are trading in real stocks and ETFs as is possible with FXTM, then a very minimal commission will also be charged. Similar to the majority of brokers, you can expect a swap-fee to be charged when trading CFDs based on the interest rates for that particular day. The exception here being if you have opened an FXTM Islamic trading account. If you are interested in copy trading, FXTM also has you covered. They offer copy trading services through their own dedicated FXTM Invest platform where you can get started with a minimum deposit of $100. A second major area outside the forex market where FXTM performs very well in terms of investment products offered, is in stocks.
The FXTM Trader mobile app has an attractive, user-friendly interface but is relatively basic in its functionality. In addition, when trading with a broker authorized by the FCA, client funds are protected by the Financial Services Compensation Scheme (FSCS). The FSCS protects investments of up to £85,000 if a firm becomes insolvent.
You can even earn up to $10000 for referring to a big audience with your link, and the cash earned is withdrawable. Another exciting promotion is available at FXTM, where for every trade placed, the traders can get a winning ticket of 1.5K in their credit. However, only 10 lucky winners will be chosen to win this promotion.
How to start your FXTM account?
This type of questionnaire is standard procedure for a well-regulated broker such as FXTM. The KYC (Know Your Client) information allows them to establish a user profile for new clients and ensure they follow the duty of care protocols designed to protect client interests. We found the education section at FXTM is large, well-structured, in-depth, and more useful for beginners than the material available at other brokers. FXTM also provides traders with a free demo account to practice trading risk-free. FXTM offers three accounts, which is average compared to other brokers, but we were disappointed that FXTM’s trading fees are higher than other brokers on two of its three accounts. Our main concern is that FXTM’s trading costs are higher than other brokers and that it charges fees for all withdrawals.
We found that Telegram worked well, and it was convenient to have all the prior chat questions and answers remaining in the chat window, which is not always the case with chat software used by brokers. Watchlists, tracking of open, pending, and closed positions, 1-click trading, and trading from the chart are among the key features available via the app. https://forexhero.info/ Standard order types are available, including market orders, limit orders and stop-loss orders. The MetaTrader 4 desktop platform is one of the most feature-rich and popular trading platforms in the world. It does not have the most beautiful interface, and it does require some time and effort to learn, but that is typical of advanced platforms.
Overall, ForexTime is a very solid company with good regulations, competitive spreads and a well maintained platform. There is a good range of instruments to trade including the usual Forex and shares option. In addition to the company’s international regulation, it practices segregation of client funds.
During testing, our team of researchers found the FXTM customer services team to be easily contactable, knowledgeable, and professional. All our questions were answered well within timelines most would consider acceptable. Signing in to the MT4 platform and booking a test trade in EURUSD took seconds. The market could be located using the sidebar and the MT4 trade execution GUI is well known for keeping things simple. After our virtual trades were executed, the position was reported accurately in the Portfolio section of the platform.
There are established centers in the Asia region including Indonesia, Malaysia, Thailand, and China, as well as Africa region, Europe, and more, so it is true to state that FXTM covers the global needs of traders. In terms of funding methods, FXTM offers numerous payment methods which are a very good plus, yet check according to its regulation whether the method is available or not. People who write reviews have ownership to edit or delete them at any time, and they’ll be displayed as long as an account is active.
Open Free Demo Account
FXTM truly exceeds expectations when it comes to the wealth of account type offerings. One of the neatest perks is that nearly every account type has a corresponding free “mirror” or demo account. You can use these mirror demo accounts to practice trading strategies before and during your use of a live trading account. This account offers the ideal conditions to familiarize yourself with the broker and with trading in general, without any risk and without being obliged to make a deposit.
You can choose from bank transfer, credit card, and electronic wallets for withdrawal. You can use the same electronic wallets as for depositing, except Alfa-Click, Western Union Quick Pay, and Dotpay. For each account, you have the possibility to convert it into a swap-free account. This is suitable for clients, who can’t receive interest due to their religion. FXTM broker also offers a referral to a friend program where you get $50, and if your friends join, they will also receive the same amount.
FT Global never uses customer funds in any investment, including operations, to ensure the protection of fund at all times. FT Global also has multiple bank partnerships to add a level of security to client funds. The customer support team delivers multilingual service, as do the Personal Account Managers. This lets FXTM appeal to native speakers of a range of languages. There are free FXTM eBooks, including options for all skill levels from advanced traders to beginners.
Is FXTM a trusted broker?
FXTM is a trustworthy broker that is largely considered safe and reliable to trade through. This is due to the fact that it has a long and consolidated presence in the industry and has been licensed and authorized by multiple financial authorities in different jurisdictions.
FXTM is committed to educating traders, with a thorough and extensive educational centre that includes free eBooks and videos. They cover a wide range of topics for all levels of traders including trading strategies, trading tools, technical analysis and more. I found them to have an ever-growing collection of tutorials and articles for both beginner and experienced traders alike with online webinars and local seminars offered to clients.
The popular European Forex broker dubbed ForexTime was founded in 2011. Today it’s considered to be a large organization providing an extended range of trading services in online trading in the foreign exchange market for customers from up to 99 countries. While the normal advantage account has 0 pip spread but charges commissions based on trade volume.
Changing the leverage is a very useful feature when you want to lower the risk of your trade. Be careful with forex and CFD trading, as preset leverage levels may be too high. FXTM’s forex product selection lags behind some of its competitors. This holds for the stock index and commodity CFD product offering as well, while the number of stock CFDs is low compared to competitors.
FXTM is an award-winning broker with strict regulation in multiple jurisdictions. They have user-friendly trading platforms, various account types and funding methods, along with a vast range of educational materials and trading tools to help you make informed trade decisions. FXTM offer multiple account types and flexible leverage to suit all different types of trader. I found the spreads to be very low, starting from just 0.1 pips with deep interbank liquidity to ensure fast trade execution speeds and No Dealing Desk (NDD) technology to avoid a conflict of interest.
Neither our writers nor our editors receive direct compensation of any kind to publish information on tokenist.com. Our company, Tokenist Media LLC, is community supported and may receive a small commission when you purchase products or services through links on our website. Click here for a full list of our partners and an in-depth explanation on how we get paid. It’s important to mention the cost of trading in this FXTM review. Let’s now take a closer look at FXTM deposits, in terms of minimum deposit, methods available, and any fees that may apply. Also with this type of account you will be able to use FXTM with the MT4 trading platform, with spreads starting from 1.5 pips .
Stock trading with FXTM gives you access to real-time data and direct liquidity pricing for NYSE and NASDAQ indices. Our mission is to provide online investors with the most unbiased, comprehensive reviews and ratings of self-directed brokers. Vetted by multiple industry experts – including a financial research firm with more than 20 years of experience in broker ratings – Our Broker Ratings and Reviews embody industry best practices for research design. ForexTime offers live help anytime from your account, just click on the chat icon and you can choose the live chat option, including options for Telegram, Facebook Messenger, Whatsapp, or ask them to call you.
Which account type is best for FXTM?
Advantage trading accounts
No wonder FXTM traders love our Advantage account with zero spreads, commission-free stock trading and lightning-fast execution.