FXTM Information
FXTM (Forex Time), established in 2011, is a globally recognized forex and CFD broker regulated by both the Financial Services Commission (FSC) of Mauritius and the Financial Conduct Authority (FCA) in the UK. The company serves over 2 million clients across 150 countries, offering services in 18 languages. FXTM provides a diverse range of trading instruments including forex, metals, commodities, stocks, indices, cryptocurrencies, and various CFD products. The platform is known for its cost-effective trading solutions with competitive variable spreads that can reach as low as 0 pips. Traders can access the market through its user-friendly MT4 and MT5 trading platforms, available on desktop, web, and mobile devices, enabling convenient trading anytime and anywhere.
FXTM Pros and Cons
Is FXTM Legit?
FXTM operates under a strong regulatory frame, and it has several entities that are regulated in different jurisdictions:
Market Instruments
FXTM offers over varioustradable instruments, covering forex, metals, commodities, stocks, indices, cryptocurrencies, and CFDs. However, this broker does not currently support trading on futures, options, and ETFs.
Account Type
FXTM offers three different types of trading accounts, which are the Advantage account, the Advantage Plus, and the Advantage Stocksaccount. All accounts require a minimum deposit requirement of 200. Each account type has its own unique features and benefits, such as different spreads, commissions, and trading instruments.
Demo Account
FXTM offers demo accounts for all its account types. These demo accounts allow traders to test their trading strategies in a risk-free environment using virtual funds. Demo accounts are also useful for new traders who want to learn how to trade before committing real money to live trading.
How to Open an Account?
- To open an account with FXTM, you first need to visit their website and click on the “OPEN ACCOUNT” button on the top right-hand corner of the page.
- This will take you to the account registration page where you will need to fill out some basic personal information like your name, email address, and phone number.
- Next, you will be asked to choose the type of account you want to open. FXTM offers three main account types - Advantage, Advantage Plus, Advantage Stocks, each with its own features and benefits. You will also need to select the base currency of your account and agree to the terms and conditions of the broker.
- Once you have selected your account type and base currency, you will be prompted to provide some additional personal information like your date of birth, occupation, and address. You will also need to answer a few questions about your trading experience and investment goals.
- After you have completed the registration process, you will need to verify your account by providing some additional documents like a copy of your ID or passport and a proof of address like a utility bill or bank statement.
- Finally, once your account is verified, you can then make your first deposit and start trading.
Leverage
FXTM offers leverage of up to 1:3000. It's recommended to use leverage wisely and only trade with funds you can afford to lose.
Spread and Commission
For the Advantage account, the spreads start from 0.0 pips, and $3.5 per lot traded on FX is charged. For the Advantage Plus account, the spreads start from 1.5 pips, but no commission. For the Advantage Stocks account, the spreads start from 6 cents, but no commission.
The spreads offered by FXTM are typically lower than those offered by many other brokers in the industry, particularly on the Advantage account. The Advantage Plus account, however, has slightly higher spreads, which is to be expected due to no commissions.
Trading Platform
FXTM offers three chocies of trading platforms, including the popular MetaTrader 4 and 5 platforms, as well as their proprietary mobile trading app.
FXTM Copy Trading
FXTM Invest is an advanced copy trading feature offered by FXTM, designed to make trading accessible to investors of all experience levels. With a low entry threshold of just $100, this platform allows users to automatically replicate the trades of experienced Strategy Managers. FXTM Invest stands out for its attractive pricing model, offering zero spreads on major FX pairs and a performance-based fee structure where investors only pay when their chosen Strategy Manager generates profits.
The process of getting started with FXTM Invest is streamlined into five simple steps: signing up or logging in to MyFXTM, selecting a Strategy Manager, opening an Invest account, making a deposit, and then watching as the system automatically copies your chosen manager's trades. This user-friendly approach, combined with the ability to maintain full control over your funds, makes FXTM Invest an appealing option for those looking to tap into the forex market with the guidance of seasoned professionals.
Deposit and Withdrawal
FXTM offers a variety of deposit and withdrawal options for its clients. Traders can deposit funds into their trading account using Kenyan/local transfers (local Indian payment methods: UPI and Netbanking, local Nigerian instant bank transfers, equity bank transfer, Ghanaian local transfer, Africa local solutions, M-Pesa, FasaPay, TC Pay Wallet), credit cards (Visa, MasterCard, Maestro, Google Pay), e-wallets (GlobePay, Skrill PayRedeem, Perfect Money, Neteller), and bank wire transfer.
FXTM charges €/£/$3 or ₦ 2,500 fee for any deposit under €/£/$30 or ₦25,000.
Educational Resources
FXTM offers various free educational resources including glossary, market analysis and guides.
Besides, their educational resoucres are friendly both for beginners and professionals.
For example, trading basics are suitable for beginners who want to learn some basics, while advanced guides are more suitable for traders who are experienced.
Customer Support
FXTM is known for providing excellent customer support to its clients, including live chat, contact form and phone. The customer support team is available 24/5 and is multilingual, which means clients can communicate with them in their preferred language.
Here are their headquarters and other office locations.
FXTM also provides an extensive Help Center section on their website that covers various topics, such as account opening, deposit and withdrawal methods, trading platforms, and more. This section is helpful for clients who prefer to find answers to their questions without contacting the support team.
Conclusion
To sum up, FXTM is a well-regulated and respected forex broker with a wide range of market instruments, competitive trading conditions, and user-friendly trading platforms. FXTM's customer support is also responsive and helpful, and their free educational resources are very useful for both novice and experienced traders.
FAQs
Is FXTM legit?
Yes, FXTM is regulated by FCA and FSC (Offshore).
What trading instruments are available on FXTM?
FXTM offers a range of trading instruments including forex, metals, commodities, stocks, indices, cryptocurrencies, and CFDs.
What is the minimum deposit required to open an account on FXTM?
$/€/£/₦200
What trading platforms are available on FXTM?
FXTM offers three chocies of trading platforms including the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms, as well as mobile trading.
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.
2024 SkyLine Thailand
FX9971484472
South Korea
When trying to withdraw to a local bank, a message pops up saying to make a deposit first. Local bank deposits have been blocked since when? I don't understand why they say there is no record of a deposit. Even though it is clearly shown in the transaction history. Anyway, I received confirmation that the deposit confirmation and other documents have been processed. Even though it has been confirmed, the messages continue to appear. If you want to withdraw in coins, it says to use the local bank initially entered. I sent the deposit confirmation and error message asking for confirmation, but it continues to not work even though it says it has been processed. This clearly seems to be a withdrawal delay. If possible, I think I need to sort out the remaining accounts as well.
Exposure
01-24
苹果ID941
United States
I often can't log into my account, it says the username or password is incorrect, but they are not. I even changed my password via SMS, but still couldn't log in. I added a manager from the official website on WeChat, we chatted briefly and then they stopped replying; further inquiries were also ignored. Previously, I had several accounts under this login, but when I tried to access them six months later, all accounts had disappeared even though the username and password were correct. Recently, I couldn't log in at all with these credentials. Accessing their official website is very unstable, sometimes I can't get through at all. Even if there is money in your account, you can't log in, you have no way to withdraw it.
Exposure
2024-12-29
FX3495737278
United States
I deposited through cryptocurrency but did not receive the funds in my account, and customer service did not respond.
Exposure
2024-12-07
投资丶小金
United States
The trading clearly charges spreads, commissions, fees and other expenses. Lower costs can directly enhance investors' potential returns.
Neutral
03-22
MuhammadRamiz
Pakistan
This broker provides low spread and good charting options for newbie traders. Especially in news time i figured out to have normal rates in candles. I would prefer to keep working for it.
Positive
2024-08-13
wuwuo
Egypt
FXTM has been pretty good with its low deposit requirement and a wide range of markets. Using MT4 and MT5 feels smooth. Support is there when you need it but sometimes isn't as quick as I'd hope. Overall, FXTM works well.
Positive
2024-06-04
Dragon68886687
Ukraine
Most important part is the fact that they are answering a request within a minute unless within seconds of time. Great to write with an actual human who is more likely to give an answer that we needed. I am always happy when I need to understand something; I know I can count on them.
Positive
2024-05-30
EXOk
Nigeria
I try to contact live chat on the site over 2 days now no repsonse is there any probelm with your contact support team I have tried telegram facebook live chat whatsapp no body is responding
Neutral
2024-04-25
john775
United States
On the afternoon of March 5, 2023, I suddenly received 5 text message reminders that the withdrawal was successful. I thought it was a joke, so I went to the toilet with a smile. Thinking that something was wrong, I quickly logged in to the account. All the funds in the account were suddenly transferred to Fu. I opened my USD wallet and was withdrawing money like crazy. I quickly changed my password and I was still withdrawing money during the modification process. Since I didn’t leave the account manager’s phone number at that time, all the previous manual customer pages of FXTO turned into robots, turning me into a robot. I was so anxious that I could only send an email to the official to stop my withdrawal. My total account balance was about 53,000USD. 1,700USD was transferred out to 1,500 USD from the first account, and 46,000USD was transferred out from the second account, which was about 52,000USD. I held a position margin. It was not enough to close the position. I took 15,000USD from the virtual currency channel of the wallet, leaving more than 30,000 USD. The withdrawal was completed very quickly in more than ten minutes. My wallet address was bound and verified, but the 15,000USD withdrew did not arrive in my account. Wallet, I quickly took out the remaining amount through the bound bank card. Futuo is too unsafe. The platform even withdraws funds without personal verification and cannot guarantee the safety of funds. The final reply from customer service said that my email information was leaked to ensure that third parties cannot access my email. The key problem is that Futuo did not make any The verification code will not be sent to the email address, so what is the use of accessing my email address. This led to my debt crisis, with a total loss of over 20,000USD
Exposure
2024-05-30
Lovecpm
United States
It has been impossible to withdraw funds since December, and the handling fees deducted when withdrawing funds will not be returned. The reasons used include incomplete information, wrong bank information, unaccounted handling fees, in short, various reasons for not withdrawing funds. To put it bluntly, I just want to keep delaying until all the idle and withdrawal fees are deducted! This is a scam platform! Don't be fooled!
Exposure
2024-01-24
Sancho Roy
India
ForexTime's blatant disregard for Indian legalities is appalling. Despite being deemed illegal in India, they persist in servicing Indian clients, jeopardizing their safety. I've lodged a complaint with the Ombudsman of Mauritius, urging swift action to suspend their FSC Mauritius license unless they cease Indian operations immediately. This unethical conduct must not go unnoticed; I urge everyone to think twice before engaging with Forextime. Is offering services in a banned country ethical or unethical? It's unequivocally unethical. Explicitly stating non-compliance with Indian laws on their reply to my email while profiting from Indian residents is audacious . Anyone can check the official website of the Reserve Bank of India to verify it's illegal status. My account closure is a result of my complaint against Forextime to the Financial Services Commission, Mauritius. They engage in illicit practices by accepting deposits through local Indian banks, a clear violation amounting to money laundering. Registering with them poses a significant risk, as they might shut down at any time, leading to the loss of your funds. It's highly requested to not sign up and fall for a dubious platform.
Exposure
2024-01-06
Alexander12
United States
FXTM delivers a solid trading experience. Tight spreads and reliable trades make it a go-to platform for many. Customer support is responsive 24/7, providing reassurance. If you're in the forex game, FXTM is worth considering.
Positive
2023-11-28
12584612
United Arab Emirates
This is a very sinister boss. This broker has fallen by more than 100 points, and they deducted IB's rebate. I brought them 4 big clients, don’t work with them, don’t trade with this broker, don’t bring them clients, they are a bunch of scammers, this is my account manager, I want to expose everything about them
Exposure
2023-11-13
Erkek5036
Turkey
I have deposited money into my account. They have NOT ENTERED a BONUS. And when I want to withdraw my money without trading, they suggest that my account has not been approved. Even though I have sent all my documents for 15 days, there has still been no approval.
Exposure
2023-09-06
AAAA201253
United States
I haven’t encountered any major problems in trading for the time being. If I encounter any, I will tell you for your reference. Commissions have always been normal.
Positive
2023-08-30
12584612
United Arab Emirates
This is a scammer company, their trading account has slipped by more than 100 points and they do not give IB rebates. I brought four clients who closed my IB account and wiped out all commissions. My loss is $10000. Don't trade with them, you will suffer heavy losses and cannot make a profit.
Exposure
2023-08-14
ahmad6034
Palestine
I withdrew balance to cryptocurrencies and the scheduled time is one hour from 00:55 pm, but until now no balance has arrived.
Exposure
2023-07-15
Tard
Philippines
been with this flatform and so far gives me the best
Positive
2023-06-14
Wajahat.qd
Pakistan
send now i los my everything for this orgnization pliz someone help me i want my this withdrwal
Exposure
2023-04-01
大唐家装灯饰13864014081
New Zealand
I can honestly say that FXTM has never let me down. It withdrawals are as fast as it promised. During my trading here for 5 years, averagely received my funds within two days. Fully trust FXTM.😀 😀😀
Positive
2023-02-20
45度
Peru
There are almost 40 complaints on the wikifx website. actually this fact is shocking to me as FXTM sounds like a pretty trustworthy broker to me.
Positive
2023-02-13
shahankk05
India
fxtm is the best one plateform for trading and u can earn easily by this and deposit and withdraw instantly done I recommend u guys go for it.
Positive
2023-01-31
moinkhan
India
FXTM is the best platform for trading I promise guys go for it it's trusted.
Positive
2023-01-31