FXTM, a.k.a. ForexTime, is a well-known trading brokerage. The company has several entities and is soliciting investors from around the globe.
Since their popularity is immense, we wanted to check how they operate. Our unbiased FXTM review will cover all the details, from licensing to trading terms.
One of the most important things to consider when choosing a broker is their license. Therefore, the first stop for us was FXTM regulation.
Additionally, we found an entity in Kenya trading as Exinity Capital East Africa Ltd under a CMA license and Exinity Limited in Mauritius under FSC approval.
To conclude, the company runs its business in Europe under FCA and CySEC coverage. Both regulators require brokers to comply with ESMA, limit leverage to 1:30, maintain minimum operational capital of 730,000 GBP/EUR, and keep customers’ funds in segregated accounts.
The African and offshore licenses are looser, allowing brokers unlimited leverage and not forcing compensation funds.
FXTM is a Cyprus-based trading firm with several branches around the globe. The firm was banned in Malaysia for soliciting investors without authorization.
The firm can legally operate in the EU, UK, and Africa, but Malaysian residents must be onboarded through an offshore entity. Since the country has its own respective regulator, it seems they didn’t like it.
Our in-depth analysis of FXTM operations showed that the majority of customers come from:
As mentioned, the company is banned in Malaysia, and it cannot legally operate in the US without having NFA and CFTC approval.
According to a SimilarWeb traffic report, the firm had 1.8 million visits during February 2023, with the majority coming from Egypt, Kenya, and Nigeria.
If you scroll through them, the majority of customers complain that withdrawals are not processed in a timely manner, and customer support doesn’t help promptly. Additionally, the firm claims to have technical issues processing payments.
Furthermore, customers claim the company is not paying out affiliate commissions or FXTM Partners. Seeing something like this makes us wonder what kind of business they are running.
One fairly pleasing thing is the FXTM trading platform choice. The company offers MT4 and MT5, depending on the strategy and trading asset.
Both MetaTrader versions are highly praised for their functionality. MT4 is a bit older yet offers full customizability, one-click trading, EAs, social trading, and much more.
MetaTrader 5 is a newer, more advanced version. It contains more charts and indicators while offering the same cutting-edge features. You can customize it according to your trading style and preferences.
Once you register an account, you’ll be provided with MyFXTM ID that you will use for your account login.
Of course, you can use MT4 and MT5 mobile apps and login into your account. The app is available for both Android and iOS devices and is suitable for trading on-the-go.
There are four asset classes available for FXTM investing. These are:
Shares can be traded as CFDs on the MT5 platform. On the other hand, cryptocurrency trading is not enabled, which we see as a disadvantage.
Spread and commission vary depending on the account type. Starting spread is 1.5 pips, while for the Advantage account, there’s a commission of $0.4-2, based on volume. Finally, the company charges swaps for overnight trading.
Depending on your budget and preferences, you can choose between three FXTM account types. These are:
The first account has limited tradable instruments and no commissions. The second one offers raw spreads and commissions, while the third is similar but with spreads. The broker doesn’t provide an Islamic swap-free account, meaning each of these has overnight fees.
FXTM minimum deposit is quite reasonable, starting at $10 for the Micro account. The leverage goes up to 1:1000 offshore, 1:400 in Africa, and 1:30 in the EU and UK.
You can register for an FXTM Demo account first and test the trades. You can simulate a Live account, check how you manage leverage, what the fees are, and much more.
A risk-free account is always recommended, as you can confirm website information regarding trading costs and see whether this broker is suitable for you. Despite, investing in virtual funds can never be the same as depositing real cash, so you be cautious.
Let’s talk about what matters the most – FXTM withdrawal. The company has enabled several payment options, those being:
The broker is charging withdrawal fees that depend on the payment option. For instance, you will pay 30 EUR for every wire transfer withdrawal. It’s quite pricey, and we already mentioned that reviews regarding withdrawals are pretty concerning.
Let us know if you’re experiencing any trouble with your FXTM account. Our chargeback experts will evaluate your case during a free consultation and assist you with the matter.
We have dedicated analysts who thoroughly examine each situation and check whether you have legal grounds to request a refund. If so, we’ll help you through the procedure. You’re not alone!
FXTM is a broker with several regulations. If you experience any trouble dealing with the firm, let us know, and we may be able to help.
FXTM offers MT4 and MT5, depending on the account type and asset.
Yes, FXTM offers a risk-free Demo account for its customers.
FXTM is a broker with several regulations. If you experience any trouble dealing with the firm, let us know, and we may be able to help.
FXTM offers MT4 and MT5, depending on the account type and asset.
Yes, FXTM offers a risk-free Demo account for its customers.
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