Forex Time (FXTM) was founded in 2011 by forex industry veteran Andrey Dashin, who is also a key shareholder of the online broker Alpari. Since FXTM’s launch, the broker has expanded its platforms to include the suite of trading applications developed by MetaQuotes Software Corporation, which includes MetaTrader 4 (MT4) and the multi-awarded MetaTrader 5 (MT5).
Today, FXTM remains a MetaTrader-only broker and offers seven account types that provide traders with access to 59 currency pairs as well as CFDs on 173 single-stock shares, 11 indices, six metals, three energy contracts, and three cryptocurrencies. The broker also provides social copy trading through its FXTM Invest offering.
The FXTM brand has obtained regulatory licenses in several jurisdictions, including throughout the EU via its CySEC-regulated brand in Cyprus under ForexTime Limited. It is also licensed by the Financial Sector Conduct Authority (FSCA) of South Africa. In addition, FXTM is regulated by the Financial Services Commission of the Republic of Mauritius under its Exinity Limited entity. In 2018, FXTM obtained regulatory status in the UK with the Financial Conduct Authority (FCA), under its ForexTime UK Limited entity.
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Many traders shop for a broker to work with and find endless reviews on the web, and not all are genuine. There are lots of websites that specialize in broker reviews and lots of talk about brokers in various forums, social media channels, and groups. While some information comes from a real trading experience of people that have used brokers’ services, some have a hidden agenda of promoting the broker(s). Promoting a forex broker is a legitimate and normal practice, as long as it’s done in a transparent way.
As of today, there are very few websites with trusted brokers’ reviews. One of the most trusted is forexpiecearmy.com, due to its security level which filters fake reviews. Anyway, use your intuition when you read FXTM reviews.
FXTM’s overall rating on the largest portal for broker reviews is good. What do FXTM’ disgruntled traders complain about?
Alleged spread manipulation is always an issue with online trading operations, as is the apparently unfounded denial of profits from traders. Some of the clients are not happy with the large spreads and slippage. Besides execution problems, others are complaining about copy trading results.
Here are just 2 examples:
The majority of FXTM clients are Africans, Nigeria, and South Africa being the main markets, as well as India. There are no complaints regarding one major issue, but more related to different issues, like execution with spreads widening too much and slippage, maintenance fees, and “suspicious” investors accounts showing huge profits and then crashing in one day (martingale?).
Is FXTM Trusted?
FXTM is considered average-risk, with an overall Trust Score of 70 out of 99 by forexbrokers.com experts opinion on FXTM. FXTM is not publicly traded and does not operate a bank. FXTM is authorized by one tier-1 regulator (high trust), two tier-2 regulators (average trust), and one tier-3 regulator (low trust).
FXTM is totally unknown in highly regulated environments like the EU, UK, USA, or Australia. FXTM’s main markets are Nigeria, India, Vietnam, and South Africa where they operate with the Mauritius license.
FXTM Trading Conditions
FXTM offers a wide range of trading accounts, which may be categorized in two groups: Standard (Standard, CENT, and Shares accounts) and ECN (ECN MT4, ECN MT5, ECN ZERO and Pro).
In addition to the ones shown in the table above, there is a special account for trading in CFDs on shares, called Shares account, which is directly connected to NYSE and NASDAQ’s product price listings.
Furthermore, FXTM offers swap-free (Islamic) trading, available on all account types (except the MT5 one), and involves a fee of $ 1.7 per lot.
Micro, mini and standard lots are available on all account types.
It is worth noting that on all market execution accounts (ECN), stop-loss and take-profit levels can only be added after the market order is executed. This restriction limits a trader’s ability to use the pending order feature, as stop-loss and limit levels cannot be added in advance. An alternative to this is to use the other three (Standard) account types, which follow instant execution where this limitation does not apply.
Minimum initial deposit
In order to open an account with FXTM, one has to invest just $10, which is a symbolically low minimum initial deposit in the forex trading.
Spreads & Commission
Most of FXTM’s accounts are commission-free: Standard ones, as well as the ECN Zero and Pro accounts. Only ECN MT4 & ECN MT5 accounts involve a small commission fee of $4 (per standard lot round trip).
The floating spreads offered by this broker vary by account type. The tightest spreads are available on the ECN and Pro accounts; however, the latter is intended for institutional clients (with a minimum initial deposit of $25 000), so we would recommend the ECN MT4 account. The typical spreads on these accounts amount to 0.4 pips on EUR/USD and if we include the commission (2 x $2), the average trading costs for this pair are around 0.8 pips per forex lot, which is very attractive offer.
High forex leverage levels are available with Exinity Limited – up to 1:1000. The broker utilizes a floating leverage system.
However, under Forextime Limited and Forextime UK Limited, this is maximum up to 1:30.
As regards cryptocurrencies CFD trading (available only in Exinity Limited), the maximum leverage available is 1:10, as they tend to be more volatile than traditional fiat currencies.
FXTM offers various secure payment methods, including credit/debit card payments, Bank Wire transfers, and numerous E-wallets, such as Skrill, Neteller, Alsfa-Ckick, WebMoney, Western Union, Payza, dotpay, Yandex, Qiwi, and Baidu Pay.
The above depends on your country of residence.
FXTM Platforms and Tools
FXTM is a MetaTrader-only broker offering the standard, out-of-the-box experience. This means it offers the suite of platforms from MetaQuotes Software Corporation, developer of the popular MT4 and MT5 platforms for desktop, mobile, and web. To learn more read also how to use MT4 and how to use MT5 user guides.
While MetaTrader 4 and MetaTrader 5 come standard, with little variation in functionality from broker to broker, significant differences exist in how the platform is set up for trading spreads and commissions, execution, and other tools, features, and administrative areas.
Besides spreads, the range of instruments, and account types, here is a summary of the differences in features between the available MT4 platform setup and the default MetaTrader experience:
- News headlines stream from FXStreet
- Offers MT4 web and MT5 web
- MT4 and MT5 installation file wrapped in Windows Emulator for MAC OS Installation
Separate from the native signals markets in MetaTrader, the broker offers additional auto-trading via its FXTM Invest platform, with over 750 strategy providers to follow. These can be used only with an ECN Zero account via the myFXTM portal.
Since FXTM is a MetaTrader-only broker, iOS and Android versions of the MT4 and MT5 app come standard and are both available for download from the Apple iTunes store and Android Playstore, respectively. For more on the apps, read our MetaTrader Android Guide.
For an improved trading experience see the MetaTrader Supreme Edition version offered exclusively by Admiral Markets, the best MetaTrader broker in our rankings.
For clients who prefer automated trading strategies through Expert Advisors (EAs), FXTM offers a designated forex VPS service, and technical traders can take advantage of the Trading Central technical analysis tool – free of charge. Besides, FXTM offers an advanced copy-trading solution, called FXTM Invest.
FXTM provides traders with multiple account options where there are pros and cons to each, ranging from margin to execution method, variety of markets, and pricing. For example, one of the pros of the ECN accounts is more competitive pricing, yet the stop-loss and limit levels can be added only post-execution, compared to the standard accounts.
In addition, traders wanting features from more than one account would need to open multiple accounts, such as in the case of trading single-stock CFDs and forex, as these cannot be done from the same account.
Bank account withdrawals attract a relatively high fee and some of the charges for larger trades can be confusing.
GET A FOREX PRO ON YOUR SIDETo trade forex and CFDs, you need a well-regulated broker, where your money is safe, one that features a user-friendly trading platform with ultra-light execution, tight spreads, and fees. Trading with a trusted forex broker is crucial for success in international currency markets.
Here’s the Overall rankings for the best online brokers who participated in our 2021 Broker Review, sorted by Overall ranking.
Yes, FXTM is a legit broker, as each of the entities and brands that it serves is authorized and regulated by various global jurisdictions. The main entity ForexTime Ltd is regulated by CySEC of Cyprus, authorized by FSCA of South Africa, and additional offshore authority FSC in Mauritius.
FXTM is considered average-risk. FXTM is not publicly traded and does not operate a bank. FXTM is authorized by one tier-1 regulator (high trust), two tier-2 regulators (average trust), and one tier-3 regulator (low trust).
In order to open an account with FXTM, one has to invest just $10 to get started.
All withdrawal requests are processed by FXTM’s Back Office Department within 24 hours, however the time required for the funds to be transferred to your account within 3-5 business days.