FXTM Review
FXTM is an award-winning broker that offers over 250 trading products and is subject to stringent regulation in numerous jurisdictions. They provide extremely competitive trading conditions as well as user-friendly trading interfaces for web, desktop, and mobile devices. FXTM also offers a variety of training resources and trading tools, various account types, and simple payment alternatives to accommodate any trader.
FXTM is a global leading online forex broker. Established in 2011, FXTM has many years of expertise in providing trading services to its clients worldwide. FXTM’s headquarters are in Cyprus. This award-winning broker is regulated by tier-1 regulatory authorities such as FCA, CySEC, and FSCA.
FXTM offers an impressive product portfolio of spot metals and CFDs of popular asset classes such as forex, commodities, indices, and stocks. You can choose from over 250 trading instruments to trade on popular and user-friendly trading platforms from MetaQuotes (MT4 & MT5). The ease of several funding options, tight spreads, and commission fees make FXTM a top broker to consider.
FXTM is enriched with educational and research resources. In addition, trading tools such as a free VPS service make copy trading and automated trading more accessible for investors. The broker offers all types of accounts, whether you are a retail trader with a small investment or a professional trader ready for a fresh start.
FXTM is authorised and regulated by some top-tier regulatory bodies in the UK, Cyprus and South Africa. Over 250 trading instruments are offered on MT4 & MT5 with tight spreads as low as 0.0 pips. You can take advantage of some advanced tools completely free of charge when trading with FXTM. Several account types are offered, and a low minimum deposit and fully digital account opening serve to get started with trading in no time. A huge selection of educational resources and 24/5 customer support help traders make the most informed decisions. You will find that there are lots of funding options which can be used for convenient deposits without any fee. Negative balance protection and FCA’s strict regulation both make FXTM an ideal choice for traders who are looking for a safe trading environment.
On the negative side, FXTM does not accept clients from some countries, including the US, Mauritius, Japan, Canada, Haiti, Suriname, the Democratic Republic of Korea, Puerto Rico, Brazil, the Occupied Area of Cyprus, and Hong Kong. There are certain withdrawal fees and inactivity fees. Moreover, the product portfolio of the broker is limited to a few asset classes. They do not currently support crypto trading or funding. FXTM does not offer client support on weekends. The broker is not listed on any stock exchange, and its financial information is not publicly available.
Here is the summary of the pros and cons of FXTM:
FXTM offers a generous selection of over 250 financial assets from various asset classes such as CFDs on forex, stocks, commodities and indices. The broker lacks other popular asset classes such as cryptocurrencies, options, bonds, and ETFs. If you want to trade in these asset classes, AvaTrade have a good selection to choose from.
FXTM Instruments Summary
| Instruments | FXTM |
|---|---|
| Forex | ✓ |
| Stocks | ✓ |
| Indices | ✓ |
| Commodities | ✓ |
| Cryptos | x |
| Options | x |
| Bonds | x |
| ETFs | x |
| CFDs | ✓ |
Commission and Spread Fees
FXTM offers trading at very competitive trading costs. There are multiple accounts options to choose from depending on your trading strategy. Each account carries different specifications in terms of trading fees, minimum deposit, and tradeable assets. There are three types of accounts for retail traders, and then there is an account type for professional traders with a large sum of investment and the required experience level. The advanced account has spreads from just 0.0 pips with a commission fee of $4 in and out. This is way below the industry average so could lead to some savings in the long run. On the other hand, the advanced pro account does not charge a commission yet still manages to maintain a very low spread starting from 0.5 pips. I think these are some of the lowest overall fees that I have seen. Therefore, this broker can be suitable for all types of trading strategies, including scalping. RoboForex also provide zero pip spreads and charge a similar commission fee. The advantage they have is that they offer over 12,000 financial instruments.
| Fee | Micro | Advanced | Advanced Pro |
|---|---|---|---|
| Commission (per standard lot per side) | $0 | $2 | $0 |
| Spreads from | 1.0 | 0.0 | 0.5 |
Deposit and Withdrawal Fees
FXTM offers various funding options to deposit and withdraw to and from your account. The broker does not charge any deposit fee, and a low minimum deposit is a plus point. However, FXTM charges a certain withdrawal fee for most payment methods. Skrill and Neteller are the only payment options that do not carry a withdrawal fee from the broker. A $3 withdrawal fee is applied to debit/credit cards, and $25 withdrawal fee is applied to wire transfers.
Inactivity Fees
FXTM charges an inactivity fee of $5/£5/€5 after 6 months of no trading activity on the account. The broker charges this fee for the maintenance of the account during the time. If you plan on taking a break from trading and would rather avoid these fees, GO Markets do not charge any.
FXTM provides the industry-leading trading platforms in MetaTrader 4 and MetaTrader 5 for trading on your desktop, online, or mobile devices. This is handy if you need to trade from several places while on the road. The broker also offers its FXTM Trader app for mobile devices. In addition, the broker offers various trading tools and calculators. Social and copy trading is also available through MAM accounts.
MetaTrader 4 (MT4)
MetaTrader 4, abbreviated as MT4, is a stand-alone online trading platform. Trading on MT4 with FXTM gives you access to a wide range of markets and hundreds of different financial products, such as foreign exchange, commodities, and indices. It is absolutely free to download and includes everything you need to analyse the markets in detail and manage your transactions.
The MetaTrader 4 platform provides simple, interactive charts that allow you to monitor and analyse markets in real-time. You’ll also get access to over 30 technical indicators that can assist you in identifying market trends and indications for entry and exit locations.
Other advantages of MT4 include its robust security system and multi-device capabilities, which allows you to trade with total confidence and at your leisure. Here are the key features of MT4:
- 3 chart types, 9 timeframes
- Customsiable chart templates
- Automated Trading with Expert Advisors (EAs)
- 30+ technical indicators and drawing objects for technical analysis
- Multiple order types
- One-Click trading from the charts
- Market watch window with live price quotes
- Multi-Account Manager (MAM) for easy management
- Strategy tester
- User-friendly
- Available on web browsers, desktop, and mobile devices
- Notifications
- MetaQuotes marketplace
- Trading history
- MQL4 editor for creating custom indicators and plugins
MetaTrader 5 (MT5)
MetaTrader 5, sometimes known as MT5, is MetaQuotes Software’s latest and most powerful online trading platform. Trading on MT5 with FXTM provides you with even more access to financial markets, including foreign exchange, commodities, indices, stocks, and futures.
It has extensive functionality, fundamental technical analysis, copy trading, and automated trading integrated into it, providing you with some of the best trading tools and features available. MetaTrader 5 is also absolutely free to download for all of your devices.
Whilst both of the platforms have a very similar look and feel, MT5 has more functionality. The MT5 platform supports many more features than MT4 with more charts, more order types, more indicators and an integrated economic calendar.
Other features of MT5 include a multi-threaded strategy tester, fund transfer between accounts, and an alert system to keep you up to date on the latest market events. Traders may also engage with other traders using the incorporated MQL5 community chat to share ideas.
Here are the key features of MT5:
- A powerful trading system including Market Depth
- Up to 100 charts at the same time
- 21 timeframes
- 3 chart types
- Technical analysis tools
- MQL5.community
- Financial news
- Price Alerts
- Push notifications
- Automated Trading
- MQL5 editor
- Additional order execution methods and types
- Available on web browsers, desktop, and mobile devices
FXTM Trader App
In addition to MetaTrader, FXTM has its own FXTM Trader App, available for download on devices with Android and iOS. With over 250+ products to trade, the FXTM Trader App keeps the markets at your fingertips. It has several features for enhanced mobile trading, such as cross-platform trading, order placement and management, one-click trading, a trader’s dashboard, real-time updates with live quotations, and charting tools.
FXTM’s clients, like the global markets, are always in motion. You can open and close positions in seconds, access live currency rates, manage your trading accounts, and stay one step ahead of the markets with FXTM’s modern and intuitive forex trading app.
Here are the key features of the FXTM Trader App:
- 24/5 live market quotes
- Account management dashboard
- Trading dashboard
- Open, modify, or close positions
- State-of-the-art charting
- One-click trading
- Safe and secure
- Available on iOS and Android devices
Tools
FXTM provides a number of free trading tools that may be used to stay up to speed with the markets, manage risk, aid with technical/fundamental research, and uncover prospective trading opportunities.
MT4 Indicators
Customize your platform and your day-to-day trading experience using MT4 indicators. Every trader has their own preferred trading tactics and trading objectives. MT4 gives you access to hundreds of indicators, allowing you to design your own trading technique and determine what works best for you. FXTM has compiled a list of must-have MT4 Forex trading indicators to help you improve your market analysis. You may utilise one of these alternatives, or a combination of them, to develop your own trading strategies.
Orders Indicator
The Orders Indicator is a simple tool that allows you to track your own transactions as well as examine the activity of others. It displays your transactions on the chart, indicating where the trade was started and closed, as well as whether or not a profit or loss was made (shown in currency & in pips).
Pip Value Calculator
Determine the value of a 1 pip/point change on any asset in your trading account’s base currency and calculate your risk to reward ratio. Use the indicator formula to manage your money or to create your own EAs.
Pivots SR Levels
Daily, weekly, and monthly pivot points, as well as the related support and resistance levels, may all be seen in a single glance. The Pivot SR Levels indicator is ideal for setting stop losses and may be utilised as a breakout strategy.
Spread Indicator
With this helpful and configurable Spread Indicator, you can see the current spread value in pips on the chart for the desired periods.
Market Data to CSV
Record all past bar data on your chart as well as each new tick to a CSV file. Navigate to the “MQL4” folder in the MetaTrader 4 directory to locate your saved file and select the “Files” folder.
Day Bar Info Indicator
The Day Bar Info Indicator is designed to display quotations with 4 and 5 decimal places in real-time. On charts with timeframes up to D1, it draws a daily candle and indicates the size of the top and lower shadows, the body, and the complete candle in points.
Forex VPS Trading
FXTM, in collaboration with prominent third-party services, provides Forex VPS service. Qualifying clients can host virtual PCs on cloud servers using PCs and mobile devices that support the Remote Desktop Protocol (RDP). VPS is the best option for traders who want to automate their trading with expert advisors and 24/7 uptime. You can also get a free VPS from some other brokers including FXTRADING.com.
FXTM Platforms Summary
| Platform | FXTM |
|---|---|
| MetaTrader 4 (MT4) | ✓ |
| MetaTrader 5 (MT5) | ✓ |
| cTrader | x |
| Proprietary (FXTM Trader App) | ✓ |
| Desktop | ✓ |
| Web | ✓ |
| Mobile | ✓ |
| Social Trading | ✓ |
| Other | ✓ |
FXTM is dedicated to educating traders and has a comprehensive teaching centre that includes free eBooks, videos, and webinars. They cover a wide range of subjects for traders of all skill levels, such as trading techniques, trading tools, technical analysis, and more.
Articles and Tutorials
FXTM has compiled a library of instructional articles and tutorials to assist you in expanding your trading knowledge and confidence. They are written in great depth by their in-house specialists and cover a wide variety of topics ideal for both novice and intermediate traders.
Educational Videos
FXTM provides bite-sized and easily digestible instructional films to help you understand more about trading, covering many related topics.
Webinars
Another method FXTM offers to try and help improve your trading experience is instructional webinars that are free to all clients and available in various languages.
Glossary
With so many distinct meanings to master, FXTM has prepared a comprehensive glossary of words and definitions that is easily accessible on its website.
Economic Calendar
The FXTM Economic Calendar keeps you updated on economic news items, which are supplied in real-time and have a rating upon impact. I think this is a vital tool that I always like to reference before making any trade decision. You can also get access to the news calendar in the MT5 platform which I find more convenient as it saves you from switching between windows.
FXTM Research and Education Summary
| Resources | FXTM |
|---|---|
| Market Analysis | ✓ |
| Guides | ✓ |
| Videos | ✓ |
| Webinars | ✓ |
| Autochartist | x |
| Trading Central | x |
| Economic Calendar | ✓ |
| Other | ✓ |
FXTM offers a good selection of various funding options such as bank transfers, debit/credit cards, and popular electronic wallets. However, the broker does not accept or offer cryptocurrencies as a payment method. If that is something that you are looking for then you might want to consider FXOpen as another option.
FXTM Funding Summary
| Payment Method | Deposit | Withdrawal |
|---|---|---|
| Wire Transfer | ✓ | ✓ |
| Credit/debit Card | ✓ | ✓ |
| Electronic Wallets | ✓ | ✓ |
| Cryptos | x | x |
FXTM is a Tier-1 regulated broker. Here is the information regarding FXTM’s regulations and licencing:
- ForexTime Limited (www.forextime.com/eu) is regulated by the Cyprus Securities and Exchange Commission (CySEC), licensed by the Financial Sector Conduct Authority (FSCA) of South Africa. The company is also registered with the UK’s Financial Conduct Authority (FCA).
- ForexTime (www.forextime.com/uk) is authorised and regulated by the Financial Conduct Authority.
- Exinity Limited (www.forextime.com) is regulated by the Financial Services Commission of the Republic of Mauritius.
FXTM Regulation Summary
| Regulator | FXTM |
|---|---|
| ASIC (Australia) | x |
| IIROC (Canada) | x |
| CySEC (Cyprus) | ✓ |
| SFC (Hong Kong) | x |
| JFSA (Japan) | x |
| MAS (Singapore) | x |
| FINMA (Switzerland) | x |
| FCA (UK) | ✓ |
| CFTC (USA) | x |
| Other (FSCA) | ✓ |
FXTM Safety
FXTM is governed by several financial regulators, including the top-tier FCA. It is a well-known brand, yet it is not traded on any market, does not publish financial information, and has no banking licence. FXTM offers negative balance protection for forex spot and CFD trading, but exclusively to clients in the EU and the UK.
FXTM provides client support 24/5 via live chat, phone, and email. I thinik they could improve by extending support hours to the weekend in order to keep pace with competitors who do.
FXTM is an award-winning broker that prioritises customer education while providing a diverse range of trading accounts and financing options to accommodate a variety of clients. They are subject to stringent regulation in a number of jurisdictions and provide a diverse choice of over 250 trading products across numerous marketplaces and user-friendly interfaces for desktop, online, and mobile devices. Furthermore, the broker offers very competitive trading circumstances, such as narrow spreads, minimal commission rates, and quick transaction execution speeds.
