About the Company &&
FXTM Review FXTM or Forex Time, founded in 2012, is still considered a newcomer to the online Forex trading scene. However, within a span of two short years, this broker has managed to carve out a name for itself by wining several industry awards such as “Best Newcomer 2013” and “Fastest Growing Forex Broker.” FXTM is headquartered in Cyprus and is regulated by IFSC of Belize as well as FSB. Accounts There are three main Forex trading accounts to choose from at FXTM. There is no minimum or maximum deposit on any of them and no commission is charged. The Standard and Fixed Spread accounts can be used for USD/EUR with a floating leverage of 1:1000 and 1:500 respectively. The Cent account trades USCent / EUCent and offers a fixed leverage starting at 1:1000 and 1:25 for Spot Metals. In addition to these accounts, FXTM offers three ECN accounts: an ECN, an ECN Zero account and an XTM ECN MT5 each one with different spreads or commissions. The Amanah Account is a swap-free option and is available for those who are Shariah-compliant. When doing this review I was pleased to see that a demo account is provided for beginner traders who want to practice their trading before putting any of their own money at risk. FXTM has just added a new account to its lineup. As of April, 2016, it is offering an account that specializes in trading CFDs in shares. With the new FXTM Shares Account, traders can select more than 180 US shares with 1:33 leverage on the famous MT4 platform which ensures instant execution. Major corporations such as Apple, Facebook, Alibaba, Twitter and Microsoft are included in the lineup.
There are many Forex brokers to compare and choose from online. The main reason you should choose a licensed broker, instead of a scam broker is because you want to trade and not worry about the brokers finances.
ForexTime is licensed and regulated by CySEC in Europe, with license number 185/12
- In South Africa they are licensed by the Financial Services Board with FSP No. 46614.
- In the United Kingdom they are licensed by the Financial Conduct Authority of the UK with number 60047.
- Outside of the European Union, they are owned and operated by FT Global Limited, which is licensed by IFSC with license numbers IFSC/60/345/TS & IFSC/60/345/APM.
They are very much a global Forex broker, with offices and local support in many countries including Nigeria, China, Malaysia and more.
FXTM Spreads, Leverage, & Account Conditions
The FXTM leverage spreads, and minimum deposit requirements are simply far superior to some of the more conventional offerings from the other established brokers. To be precise, FXTM has an account for every need, including a wide range of dealing desk and Direct Market Access (DMA) accounts. Traders who are looking for a stable set of conditions that are offered by a dealing desk protocol can choose the Standard account, where all orders are transmitted through the broker’s dealing desk Forex protocol. The dealing desk accounts, also known as Standard accounts, offer CFD products, where the trading conditions vary according to the minimum investment.
The FXTM Cent account is the most suitable account for retail traders, which requires an FXTM minimum deposit of just $5. Traders can trade in micro lots using a maximum leverage of 1:30 (depending on country of residence & experience) for FX. All orders are executed instantly at dealing desk conditions, and the spread is, of course, higher than DMA accounts. Regardless, the Cent account offers a highly competitive spread of 1.5 pips, which is quite attractive in terms of the competition.
The Standard account is a slightly more expensive option with a minimum deposit of $100, but the spread is lowered to a minimum of 1.3 pips. The leverage and trading conditions remain identical; however, there are a few changes in the maximum trade volumes and the maximum number of simultaneous orders. The Shares account is designed exclusively for stocks and indices trading, which has a minimum deposit requirement of $100. The margin requirement varies from 3% to 10% and is entirely dependent on the instrument.
There are four different ECN account packages, which offer trading services through the Non-Dealing Desk (NDD) protocol. Direct market access trading is the most preferred protocol among professional traders, as all orders are sent to a liquidity provider without any broker intervention. The ECN Zero is the least expensive DMA account, which requires only a $200 minimum investment. Traders get access to highly competitive spreads starting from 0.5 pips, without any commissions charged per trade. If you are looking for raw spreads and a 0 pip spread trading account, both the ECN Standard and the ECN MT5 accounts offer highly competitive spreads at the expense of a $2 commission per lot. The minimum deposit for these accounts is $500, which is slightly expensive when compared to the regular ECN zero spread accounts offered by competing brokers.
For VIP trading conditions that promise zero commission, 0 pip spread, and overall better trading conditions, the FXTM Pro account is available for a minimum deposit of $25,000. Regardless, the basic ECN or DD accounts should offer all the essential trading tools for regular traders. Traders can also choose to make a transaction for deposits or withdrawals through numerous payment options, including Skrill, WebMoney, Neteller, credit/debit cards, and bank wire transfer.