FXTM Broker Review

Author By Jeffrey Cammack Author Information Updated: November 7, 2020
Overall Rating
4.23 4.23 / 5
Rated #13 of 49 Recommended Brokers
Min. Deposit
USD 10
Regulators
Trading Desk
Trading CostTrading Cost Information
USD 19
Website Language
English, Chinese
Support Language
English, Chinese
AlertAccepts Malaysia Clients. Average spread EUR/USD 1.90 pips on trading account with lowest minimum deposit. Max leverage Flexible. Islamic account available. MT4 & MT5 platforms supported. Leverage offered can vary depending on country of residence, and your trading knowledge and experience. FXTM is regulated by CySEC, FCA, FSCA, and the FSC.

Summary

FXTM is an award-winning ECN/STP broker popular with beginner traders and experienced traders alike. Its popularity is due to the very wide range of accounts types, from instant execution accounts with very low minimum deposits to ultra-low spread ECN accounts – MT4 is supported across all account types and MT5 is available on the ECN accounts. An Islamic option is available for all account types but only on the MT4 platform.

With recognition from the FCA and CySec, excellent training material, and 24/7 customer support, FXTM is a great broker for all traders.

Reviews

Regulation
111104/ 5
Trading Conditions
1110.503.5/ 5
Trading Platforms
11110.54.5/ 5
Deposit & Withdrawal
111104/ 5
Education & Research
111115/ 5
Assets Available
11110.54.5/ 5
Customer Service
111115/ 5
Beginner Friendly
Standard
Bonuses
$30 Welcome Bonus

Account Information

Base Currencies
USD, EUR, GBP, NGN
Number of FX Pairs
59
Copy Trading
Yes
Hedging Allowed
Yes
Scalping Allowed
Yes
Islamic Account
Yes

Trading Conditions

Min. Spread
0 pips
Commission
4 USD / ECN Accounts
EUR/USD
0.4
GBP/USD
0.7
USD/JPY
0.5
Max. Leverage
Flexible

Company Details

Company Name
FXTM / Exinity
Founded
2011
Office Locations
Cyprus, UK, Mauritius

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.

Scroll for more detailsPreviousNext
Display Name
Min. Deposit
Max. Leverage
Min. Spread
Commission
Cent Account
USD 10
1000:1
1.5
None
Account Details
ECN Account
USD 500
1000:1
0.1
$2.00
Account Details
ECN Zero Account
USD 200
1000:1
1.5
None
Account Details
FXTM Pro Account
USD 25000
200:1
0.0
None
Account Details
Standard Account
USD 100
1000:1
1.3
None
Account Details

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, flexile 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, however, trading cryptocurrencies is only available for clients contracted with Exinity Limited.

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.

AlertAccepts Malaysia Clients. Average spread EUR/USD 1.90 pips on trading account with lowest minimum deposit. Max leverage Flexible. Islamic account available. MT4 & MT5 platforms supported. Leverage offered can vary depending on country of residence, and your trading knowledge and experience. FXTM is regulated by CySEC, FCA, FSCA, and the FSC.
Scroll for more detailsPreviousNext
Overall Rating
Min. Deposit
Regulation
Trading Desk Type
Trading Instruments
Forex Pairs
Crypto Pairs
Pros
Cons
Regulation
Trading Conditions
Trading Platforms
Deposit & Withdrawal
Education & Research
Assets Available
Customer Service
% Lose with this broker
Leverage
Spread
Hedging
Scalping
Account Types
Islamic Account
Trading Platforms
Funding Methods
Trading Commission
11110.54.23/ 5
USD 10
ECN/DMA, Market Maker
Commodities, Cryptocurrencies, Forex, Equities
59
3
  • Good for beginners
  • Excellent education
  • Well regulated
  • Low minimum deposit
  • Expensive withdrawals
111104/ 5
1110.503.5/ 5
11110.54.5/ 5
111104/ 5
111115/ 5
11110.54.5/ 5
111115/ 5
83% of retail investor accounts lose money when trading CFDs with this provider
Flexible
0 pips
Yes
Yes
Cent Account, ECN Account, ECN Zero Account, FXTM Pro Account
Yes
MT4, MT5
Bank Transfer, Mastercard, Maestro, Bitcoin
4 USD / ECN Accounts
1110.503.33/ 5
USD 200
Market Maker
Commodities, Cryptocurrencies, Forex, Equities
47
16
  • Well regulated
  • Good for beginners
  • Innovative trading tools
  • Limited education
  • Wide spreads
11110.54.5/ 5
110.5002.5/ 5
111104/ 5
110002/ 5
10.50001.5/ 5
111104/ 5
111104/ 5
71% of retail investor accounts lose money when trading CFDs with this provider
400:1
1 pips
Yes
Yes
Professional, Standard
Yes
etoro
Mastercard, Neteller, Skrill, Paypal
Fees Included in Spread
1110.503.73/ 5
USD 500
Market Maker
Commodities, Forex, Equities, ETFs
48
0
  • Good range of accounts
  • Wide range of assets
  • Wide spreads
  • Limited education
  • Limited market analysis
  • High minimum deposit
111104/ 5
1110.503.5/ 5
11110.54.5/ 5
11110.54.5/ 5
10.50001.5/ 5
11110.54.5/ 5
111003/ 5
69.7% of retail investor accounts lose money when trading CFDs with this provider
400:1
2 pips
Yes
Yes
Gold, Islamic, Mini, Platinum
Yes
MT5, Sirix
Mastercard, Maestro, Skrill, Neteller
Fees Included in Spread
Visit Broker
Alert[fxs-site-property identifier="description"] does NOT recommend [fxs-broker-property identifier="display_name"] due to unfairly high trading costs. We suggest you continue your search using our approved brokers list.

Share your knowledge

Stay updated

This form has double opt in enabled. You will need to confirm your email address before being added to the list.

Featured Brokers

Close
>