FXTM Broker Detailed Review

Is FXTM Safe?

The FXTM brand was founded in 2011 and is authorised and regulated in various jurisdictions.

ForexTime Limited has been regulated by the Cyprus Securities and Exchange Commission (license number 185/12) since 2012; the company has also been registered with the UK Financial Conduct Authority (number 600475) since 2017.

Exinity Limited, which handles most of FXTM’s international business outside of Europe, is regulated by the Financial Services Commission of the Republic of Mauritius with an Investment Dealer License (license number C113012295).

Exinity Limited is also a member of the Financial Commission, an international organisation dedicated to resolving disputes in the Forex industry.

FXTM has won multiple international awards from the wider industry, further burnishing its credentials as a secure broker. Recent awards include the Most Innovative Broker 2017 (FX Empire) for introducing pivot point technical analysis, copy trading functionality on ECN accounts, and for developing its payment systems. In 2018, FXTM also won awards for Best Forex Education Provider Africa (International Business Magazine) and Best Trading Conditions (World Finance).

FXTM For Beginners

FXTM has a world-class education section available for free in 22 languages and a comprehensive market research and analysis unit. 

Educational Material

The education section at FXTM is large, well-structured and broken into several components:

• Beginners Guide to Forex Trading: For those just getting started, this guide introduces you to Forex terminology and answers common FAQs. This is a good overview of Forex trading and links out to more detailed sections of the Education mini-site so new traders can focus on what they want to learn. 
• Ebooks: These are written by an experienced member of FXTM staff and cover topics such as the habits of successful traders and bearish candlesticks. To access these you will be required to register but won’t need a live account.
• Forex Trading Strategies: A good overview of common strategies used in Forex trading and the indicators many traders use to make these strategies work for them.
• Short Education Videos: These are aimed at new traders and are all between one minute and three minutes in length, perfect for beginner traders who want to get up to speed quickly. All are freely available on YouTube.
• Education Videos: A set of videos for both beginner and experienced traders. These are longer and more detailed that the Short Education Videos and are also all freely available on YouTube.
• Education Articles: A library of free educational articles written by FXTM’s Head of Education; the pieces are well-written and concise, even when tackling complex topics. Example topics include Bearish Trend Reversals and Harmonic Patterns.
• Forex Glossary: This a comprehensive glossary of Forex terms – very useful for new traders.
• Forex Trading Seminars: FXTM regularly hosts live workshops across the globe where you can learn directly from experienced traders in your language. Here you can see the current schedule and sign up for events. Be aware that to attend, you will need a live account with a minimum 200 USD deposit.
• Forex Trading Webinars: FXTM also hosts frequent webinars in multiple languages. These require registration with FXTM but not a live account.

FXTM’s education section is an excellent resource for new traders, and much of it is available for free.

Analysis Material

Much like the Education Section, the Market Analysis Section at FXTM is comprehensive, frequently-updated and very useful for traders of all experience levels. Sub-headings include:

• Daily Market Analysis: A daily look at what will be affecting the markets over the day, written by a senior member of the FXTM analysis team.
• Forex News Timeline: A constant news feed of events that will affect the Forex market. Detailed and sometimes offered with possible effects on the market.
• Market Analysis Videos: This is a library of FXTM’s weekly video roundup of the market and what to look for in the coming week. It is updated every Monday. 

FXTM also has a bio page for each of their market analysts with links to all the article they have written and their social media profiles.

Overall FXTM has an excellent analysis section, written or curated by Forex experts and full of detail and interesting leads for new trading opportunities.

Customer Support

FXTM customer support is open 24/5 via email, telephone, live chat, Facebook Messenger, Viber and Telegram. For telephone support, FXTM has toll-free numbers in Malaysia, India, Indonesia and South Korea. For clients outside of those countries, you can request a call-back from the customer support team.

Trading Conditions

FXTM’s trading conditions vary across the six account types on offer, but they are generally better than most brokers. Maximum leverage is usually 1:1000 unless you are using the shares account only, and spreads can be as low as 0.1 pips.

Account types

FXTM offers three Standard Accounts and three ECN Accounts.  The ECN Accounts execute orders directly to market, and Standard Accounts offer instant execution via the FXTM dealing desk. The standout account is the ECN Zero Account which offers ECN execution but no commission and a relatively low minimum deposit of 200 USD/GBP/EUR.

Standard Accounts

All Standard accounts are instant execution and are available as swap-free (Islamic) accounts.

 

Standard account:  This account is available on the MT4 or MT5 platform, has floating spreads from 1.3 pips, floating leverage up to 1:1000 (1:25 minimum), and instant execution.  The minimum deposit is 100 GBP/EUR/USD, and you can trade on 57 currency pairs.  Spot metals and spot CFDs are also available. Be aware that swap-free accounts are not available on the MT5 platform.

Cent account:  The Cent account offers spreads starting at 1.5 pips, and a minimum deposit of 10 GBP/EUR/USD.  While the lower minimum deposit is attractive for some, it will mean that you will be using this account to trade Cent Lots (0.01 Standard Lots).  Leverage is the same as the Standard Account (1:1000 – 1:25), but only the MT4 platform is supported.  This account only allows for trades in 25 major and minor pairs and two spot metals. The worse trading conditions on this account mean that it is only for those who cannot afford the higher minimum deposits on the other accounts.

Shares  Account: This account is only for those who want to trade shares. It offers no Forex pairs, leverage is fixed at 1:10, and it’s only available with MT4.

ECN Accounts

All FXTM ECN accounts offer floating leverage from 1:1000 – 1:25, except for the FXTM Pro Account. These accounts are all market execution accounts, and all are available on both the MT4 and MT5 platform. Supported base currencies are EUR, GBP, and USD. 

Again, swap-free accounts are not available on MT5. 

ECN Account:  With a minimum deposit of 500 USD/GBP/EUR, this account has significantly lower spreads than the standard accounts – starting at 0.1 pips.  There is a small commission of 4 USD per lot per side (4 USD total turnaround) to make up for the lower spreads.  This account allows for trades in 40+ majors, minors, and exotic pairs to give you diversity in your trading.

ECN Zero Account:  The ECN Zero Account offers spreads starting at 1.5 pips, but with a significantly smaller initial deposit of 200 USD/GBP/EUR and no commission on the trades.  This account does offer slightly more currency pairs to trade and so could be an option as an entry-level account for a new trader who values direct market execution.

FXTM Pro Account:  This account is for professional traders joining FXTM, with spreads from 0 pips, floating leverage from 1:200 – 1:25 and no commission on the trades. An excellent market execution account, but with a minimum deposit of 25,000 USD/GBP/EUR.

Cryptocurrency Trading

FXTM offers CFD trading on cryptocurrencies with leverage 1:10 on the Standard Account. 

Coins offered at the time of writing this review are Bitcoin BTC/USD,  Ethereum ETH/USD and Litecoin LTC/USD.  Following our discussions with FXTM, they are actively looking to expand the offering as they work to improve their trading experience.

Deposits and withdrawal fees

All major credit cards are accepted, as are all e-wallets.  Malaysian local bank transfers are also supported, and no commission is charged on deposits or withdrawals. Deposits are free via online banking in Malaysia, but withdrawals are charged at 2%.

Some other withdrawal methods do have commissions attached depending on withdrawal type.  They are:

• Credit Cards – 2 EUR/3 USD/2 GBP Fee
• International Bank Wire – 20 EUR/25 GBP/40 USD

Trading Platforms

FXTM supports both the Metatrader 4 and Metatrader 5 platforms. MetaTrader 4 (MT4) is still the industry standard even though its successor, MetaTrader 5 (MT5), has been available for some time. The advantages of using MT4 are numerous but most centre around the community support and the number of users that the tool boasts. 

The primary difference between Mt4 and MT5 is that MT4 is a Forex-only platform, while MT5 is a multi-asset trading solution. With MT5, you can trade not only Forex but also stocks, stock indices and precious metals. MT5 also has a built-in newsfeed and economic calendar, and trades can be made on a chart.

Overview

FXTM is well-regulated, has a good reputation and offers traders a lot of options.  Both MT4 and MT5 are supported, trading conditions are excellent across all six account types and traders can choose between dealing-desk accounts or ECN accounts. In addition, the education and market analysis on offer is fantastic. Overall, a great broker for new and experienced traders alike.

Most retail CFD accounts lose money. Your capital is at risk.