FXTM Broker Detailed Review

Account types

FXTM has a lot of different accounts of offer its clients, and I think they should actually simplify the offering a little to make it easier to compare them.  We can try and help with that in this review.  FXTM offers Standard accounts and ECN accounts.  The ECN accounts execute trades directly on the market, and Standard accounts will go to the dealing desk where other participants will be in on the trade.

Standard Accounts

All Standard accounts offer instant execution of the trades and optional swap-free (Islamic) accounts and instant execution.

Standard account:  The Standard account features floating spreads from 1.3 pips, floating leverage up to 1:500 depending on the country of residence, knowledge, and experience  (1:25 minimum), and instant execution.  The base currency in your account can be held in EUR, GBP and USD allowing you 3 of the majors to store your capital in.  This account allows you to trade in 57 currency pairs, in all majors, minors, and exotics.  Spot metals and spot CFDs are also available.

Cent account:  The Cent account offers spreads starting at 1.5 pips, and a minimum deposit of $5.  While the lower minimum deposit is attractive for some, it will mean that you will be using this account to trade cent lots.  The same leverage of 1:25 – 1:500 depending on the country of residence, knowledge, and experience is available as with the standard account.  This account does not allow the same variety of currencies to trade as the Standard account; this account only allows for trades in 25 major and minor pairs.  I would say that this account more ideal of those who want to trade the live markets with the hopes of one day trading on the standard account.

ECN Accounts

All FXTM ECN accounts offer floating leverage from 1:500 – 1:25, depending on the country of residence, knowledge, and experience,  direct market execution of trades, and a maximum of 100 lots per trade.  Accounts can be held in EUR, GBP, and USD.

ECN account:  With a minimum deposit of $500 USD, this account allows significantly lower spreads than the standard accounts – starting at 0.1 pips.  There is a small commission on each lot traded on this account, however, 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:  As with the ECN account, the ECN Zero account offers very tight spreads starting at 0.5 pips, but with a significantly smaller initial deposit of $200 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 ECN MT5:  This account is very similar to the ECN account, but with the exception that it is for those who would like to trade on the MT5 platform.  With spreads starting at 0.2 pips, market execution and 34+ different currencies pairs to trade, this account would work for someone who does not want to use cTrader and rather a downloadable software.   Commission, as with the ECN account is $2 per lot.

FXTM Pro:  This account is for the pros joining FXTM, with spreads from 0 pips, floating leverage from 1:200 – 1:25 depending on the country of residence, knowledge, and experience and no commission on the trades. A great account, with market execution, but with a high minimum deposit of $25,000.

Cryptocurrency Trading

FXTM offers CFD trading on cryptocurrencies with leverage 1:10. Please note that however, that Trading CFDs on cryptocurrencies is only available under FT Global 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 continuously improve their trading experience.

Regulation

ForexTime Limited (EU) is regulated by the Cyprus Securities and Exchange Commission with CIF license number 185/12, licensed by the Financial Sector Conduct Authority (FSCA) of South Africa, with FSP No. 46614.

Forextime UK Limited is authorized by the Financial Conduct Authority of the UK with license number 777911.

FT Global Limited is regulated by the International Financial Services Commission of Belize with License numbers IFSC/60/345/TS and IFSC/60/345/APM.

Promotions & Contents

FXTM could offer various promotions and contests at any point in time.  Please refer to the FXTM website for the most up-to-date information.

My thoughts

FXTM has a strong reputation in the industry and allows traders a lot of flexibility.  Trading is executed on the MT4 and MT5 platforms, with a mobile application available for those who wish to trade away from your desktop PC.  There are a wide variety of accounts for traders to choose from but as a member trader on FXTM, will have access to 250+ trading instruments including metals and contracts for different stocks, indices, commodities, and ETFs.

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