Richard Montana | November 17, 2022
FXTM is an award-winning broker that gives you access to trade a great range of over 250+ financial instruments. They provide you with very competitive trading conditions and powerful yet user-friendly trading platforms. The broker also has a range of educational materials and free demo accounts for beginners. If you are a fan of market analysis then you will enjoy the abundance of trading tools that can assist with your trading strategies. There is a good choice of flexible account types and convenient payment options to suit every trader. I like that they have strict regulation in multiple jurisdictions as this gives me confidence that my account with them is safe so that I can focus on my trading. You can try them out with a minimum deposit of just $10 and a simple account opening process that is completed online within minutes.
Pros & Cons
- 250+ trading instruments
- Various quick and easy account funding methods
- Multiple account types to choose from
- Tight spreads and rapid trade execution speeds
- Commission free accounts
- Free advanced trading tools
- Relatively low minimum $10 deposit
- Large selection of educational materials
- Multilingual customer support 24/5
- Islamic swap-free account options
- Free demo trading accounts
- Inactivity fees
- Cannot accept clients from some countries
- No managed accounts
- No FIX API solutions
- Could add some more individual stocks
FXTM (Forex Time) launched in 2011 with the goal of providing retail traders with industry leading trading conditions alongside an abundance of educational material and trading tools. Since then, they have grown into one of the global leading trading brokers with over 1 million registered accounts, continuing to focus on improving their products and services to keep up to date with the latest trading technologies, whilst partnering with talented and experienced teams from around the world.
The broker provides traders you with convenient access to trade the markets, including CFDs on forex, stocks, cryptos and commodities. I found them to have a good selection of trading instruments to choose from. They have favourable trading conditions including tight spreads, fast execution speeds and advanced trading tools whilst providing you with additional risk protection and security as a globally licensed and regulated brokerage firm.
As per the name, the company values time as the most precious commodity above all. With every decision that they make, they put great emphasis on efficiency for their clients, operating with clarity, simplicity and transparency. Client needs come first, with helpful, skilled and multi-lingual support, always on hand to assist you every step of the way.
The broker aims to empower traders to increase their trading knowledge so that they can get the best value from their investment. If you are a retail or corporate client, they can tailor a solution suited to your needs with trading platforms using the most up to date technology and some of the most competitive trading conditions I have seen from any broker.
FXTM offer multiple account types and flexible leverage to suit all different types of trader. I found the spreads to be very low, starting from just 0.1 pips with deep interbank liquidity to ensure fast trade execution speeds and No Dealing Desk (NDD) technology to avoid a conflict of interest. I would always prefer to use a broker without a dealing desk as I like to get my trades executed at the best possible prices and don’t want to be trading against the broker that I am using. If spreads and execution are also important to you, XM Group have raw spreads from zero pips and plenty of liquidity for reliable trade execution speeds.
FXTM takes regulation and transparency very seriously with internationally-recognised licences held by the brand. Regulations are in place to ensure that the broker operates with the upmost fairness and integrity whilst they must comply to strict regulatory rules. Strict regulation in multiple jurisdictions can help to give clients peace of mind that they are using a trusted and transparent broker.
Forextime UK Limited is authorised and regulated by the Financial Conduct Authority (FCA) in the United Kingdom with firm reference number 777911, to offer regulated products and services, such as accepting deposits, and making arrangements with a view to transactions in investments such as Commodity Futures, Contract for Differences, Futures, Options and Rolling spot forex contracts.
ForexTime Limited is regulated by the Cyprus Securities and Exchange Commission (CySEC) with CIF license number 185/12, and licensed by the Financial Sector Conduct Authority (FSCA) of South Africa with FSP No. 46614.
Exinity Limited is regulated by the Financial Services Commission of the Republic of Mauritius with an Investment Dealer License bearing license number C113012295.
In addition to multiple regulators, FXTM are also governed by the Markets in Financial Instruments Directive (MiFID) which was implemented for all EU members to share a common, robust regulatory framework that protects investors. As per MiFID II legislative framework, they publish on their website quarterly information on execution quality of transactions and annual information on the identity of execution venues and on the quality of execution obtained.
Client funds are held in segregated accounts with prominent banks so that they cannot be used for any other purpose within the company. Eligible clients may be entitled to protection of funds under the Financial Services Compensation Scheme (FSCS).
FXTM provides broker services to most countries although they do not provide services to residents of the USA, Mauritius, Japan, Alberta, British Columbia, Canada, Quebec, Saskatchewan, Haiti, Suriname, the Democratic Republic of Korea, Puerto Rico, the Occupied Area of Cyprus. If you are located in a country that they do not accept users from, please feel free to peruse our broker reviews for an alternative option.
FXTM offer the industry leading forex trading platforms MetaTrader 4 (MT4) and MetaTrader 5 (MT5) for trading on your desktop (Windows / Mac), web or mobile devices (iPhone / iPad / Android / Tablet). I like the desktop platform as it has the most functionality, including automated trading. The web version is great as it runs directly in your web browser and is always up to date. The mobile trading app is perfect if you need to trade on the go from multiple locations.
MetaTrader offers user friendly features and cutting-edge trading technology, with access to all FXTM’s major trading instruments, multi-currency/language support, technical indicators and templates for chart analysis, automated trading using expert advisors (EA’s), a large community of traders to share ideas with and much more.
Whilst I believe that MT4 should be more than sufficient enough for most traders, MT5 offers more order types, technical indicators, graphical objects, timeframes and includes a built-in economic calendar to stay up to date with the latest market news releases. If you just want to check prices and manage trades, MT4 will do the job. If you have more complex trading strategies, then you will probably want to steer more towards MT5. Either way, both are excellent CFD platforms. I have used MT4 for many years and never felt the need to switch. Each day I find something new that the platform can do. I love to experiment with the huge amount of free and paid add-ons available for it.
FXTM Trader App
In addition to MetaTrader, the broker also has their own in house FXTM Trader App, available for download on both Android and iOS. The FXTM App allows you to keep the markets at your fingertips with over 250+ instruments to trade. It comes equipped with numerous features for superior mobile trading including cross-platform trading, order placing and managing, one click trading, trader’s dashboard, real time updates with live quotes and charting tools. The app is great if you want to keep track of your positions and see what is happening in the markets from your sofa, bed or wherever you are.
I found the broker to have an excellent selection of free trading tools that can be used to keep up to date with the markets, for risk management, to assist with technical / fundamental analysis and to help identify potential trading opportunities. Whilst the majority of you would probably get by with the platform tools, it is always nice to have some more at your disposal and helps the broker standout form the competition. If tools are important to you, Markets.com have a great selection.
Daily Market Analysis
Daily Market Analysis is FXTM’s very own news portal that offers detailed market analysis and insights to keep you in the loop with the latest market happenings. They analyse price movements based and technical and fundamental analysis across a range of global markets. The Market Analysis team are regularly quoted in major international publications, including BBC, CNN, CNBC, Bloomberg, The Wall Street Journal, Financial Times, Reuters and Forbes. I found these to be really insightful and they helped me become aware of some market event that I may have otherwise overlooked.
FXTM Trading Signals
FXTM Trading Signals are available in MyFXTM via a technical analysis tool that provides data and assessments of market movements across a range of trading instruments. If you are new to trading and looking for some inspiration, these signals can give you a foundation to work from. However, I wouldn’t take blindly without doing my own additional market analysis for confirmation. When it comes to trading signals, Autochartist and Trading Central would be my preferred tools. Unfortunately this broker doesn’t have them but GO Markets do provide both free of charge.
FXTM Pivot Point Strategy
FXTM’s Pivot Points Strategy uses three popular technical indicators combined with your own choice of five pivot point calculations to assist with your trading and help determine the market sentiment. I think pivot points are brilliant for identifying key price levels and I have often used them in the past for entry/exit signals and money management.
The Economic Calendar allows you to keep up to date with economic news releases, delivered in real time and with an impact rating. I think that a news calendar is a vital tool to incorporate within your trading strategy. I am always checking the news to see what is happening across the markets as it can help me with my trading decisions. If you want easier access, the MT5 platform has a handy built-in economic calendar.
Forex News Timeline
With the Forex News Timeline you can receive live market news straight into your trading platform or via the brokers website. These articles are informative and powered by popular forex trading website FXStreet.
The broker provides you with a free Currency Convertor tool for you to be able to quickly calculate the foreign exchange rates of major FX currency pairs.
The Margin Calculator can be used to easily calculate risk which I found helpful for assisting with risk management.
The Pip Calculator is a tool for estimating the potential profits or losses before trading a selected FX currency pair.
The Profit Calculator tool lets you quickly and easily determine a positions profit or loss at different market prices.
FXTM is committed to educating traders, with a thorough and extensive educational centre that includes free eBooks and videos. They cover a wide range of topics for all levels of traders including trading strategies, trading tools, technical analysis and more. I found them to have an ever-growing collection of tutorials and articles for both beginner and experienced traders alike with online webinars and local seminars offered to clients. This emphasises a commitment to helping traders improve their skills through education. I really like how they provide daily in-depth market analysis to help you keep up to date with the latest market news. If you are a beginner and looking for as much education as possible, CM Trading might be worth taking a look at.
Articles and Tutorials
FXTM have created a collection of educational articles and tutorials to help expand your trading knowledge and confidence. Written by their in-house experts, they go into great detail and cover a wide range of topics suitable for both beginner and advanced traders.
FXTM offer bite-sized and accessible short educational trading videos to help you learn more about trading and the different concepts involved. I think those who are already well versed in trading probably won’t find anything new here. However, if you are new to trading then there is plenty to get your teeth stuck into.
Another way the broker has committed to improve the trading experience is by providing traders with educational webinars that are freely available to all clients and available in multiple different languages. I appreciate how they are multilingual as it shows the broker is catering to the global trading community.
With so many different definitions for traders to learn, FXTM have compiled a vast glossary of terms and definitions that is freely available on their website.
FXTM offer a wide range of over 250+ trading instruments including Forex, Commodities, Cryptocurrency, Stocks, Shares, Indices, Metals, Energies and CFDs. There are over 60+ minor, major and exotic currency pairs, 180+ share CFDs and major Cryptocurrencies such as Bitcoin and Ethereum. Whilst there should be enough for the casual trader, those of you who are looking to diversify a lot more, may want to consider Swissquote as an alternative as they have thousands of instruments to choose from.
You can trade forex with major, minor and exotic currency pairs to take advantage of a currency’s increasing or decreasing value. FXTM provides forex traders with award winning trading services, strict regulation, deep liquidity for fast trade execution, flexible accounts/leverage, tight spreads and low minimum deposit requirements.
CFD Trading on Commodities
They give traders access to find new opportunities in the global commodities markets by trading CFDs online with low margin requirements. This is a flexible and convenient way to access the commodities markets rather than purchasing the product outright and to diversify your portfolio. Traders look to take advantage of the fluctuating prices of oil and other energy products.
CFD Trading on Indices
You can trade CFDs on Indices with FXTM and choose from some of the most prominent and active securities in the US, Europe, Australia and Asia. Traders can buy a selection of stocks to suit the needs of their trading strategy including GDAX (Dax 30), AUS200 (Australia 200), ND100m (US Tech 100 – Mini), UK100 (UK100) and SP500m (US SPX 500 – Mini).
Spot Metals Trading
You can trade metals online with FXTM including Gold and Silver. Precious metals are popular trading instruments that have been traded throughout history and can help to diversify an investment portfolio.
CFD Trading on Shares
Through FXTM you can trade share CFDs with access to some of the larger companies on the stock market such as Apple and Amazon. They provide traders with access to direct liquidity pricing and live data from NYSE & NASDAQ. FXTM offers its clients over 250+ US and European major company shares. Choose from shares of 164 leading US companies and 103 prominent European companies.
FXTM have a good selection of trading accounts to suit individual trader requirements with flexible leverage, powerful trading platforms across multiple devices, competitive trading conditions and minimum deposits from just $10. FXTM is an Islamic friendly broker with swap free accounts also offered.
There are 3 standard account types and 3 Electronic Communication Network (ECN) account types. MT4 is available on all accounts whilst you will need an ECN account if you wish to use MT5. Demo accounts are also available if you wish to trial FXTM before opening a real account and depositing funds.
Leverage is offered based on your knowledge and experience. The Leverage / Margin requirements may be subject to change as a result of applicable regulations in your country of residence. The highest leverage applicable to retail clients is 1/30 and the highest leverage Forextime offer to clients is 1/300. ESMA have introduced under the product and intervention options that the highest leverage would be up to 1/30 for retail and up to 1/400 for professional clients.
The FXTM standard account offers a wide range of features and benefits to all levels of traders. The minimum deposit requirement is $100 with a 30-lot maximum volume per trade. There is no commission charged on this account although the floating spreads start from 1.3 pips as they are marked up to cover costs.
The cent account requires a minimum deposit of just $10. On this account type your balance will appear in cents. This account can be used as a way to test the standard account conditions FXTM offer, with a lower initial deposit. The maximum volume per trade is 1 lot whereas there is again no commission charged but the spreads are floating from 1.5 pips.
The FXTM share account has 180+ shares to choose from with zero commissions, 1:5 leverage and real-time data from the two largest stock exchanges in the world. FXTM has direct liquidity from the renowned NYSE and NASDAQ exchanges. This direct connection from the exchanges helps to ensure that trades will be executed fast with exceptional liquidity. The share account minimum deposit is $100.
ECN Zero Account
Through the ECN zero account, FXTM offers ask and bid prices directly from liquidity providers (LPs) although they do add a mark-up to the spread, the account is not charged a commission. This account has market execution with no re-quotes and spreads starting from 1.5 pips. The minimum deposit required is $200.
This account is similar to the ECN zero account but spreads start from just 0.1 pips and there is a small commission charge of $2 per lot. The minimum deposit required is $500. Spreads are usually tighter and execution speeds superior on an ECN account.
FXTM Pro Account
Professional traders can take advantage of the deep liquidity that FXTM offer directly from tier-1 liquidity providers and spreads starting from 0 pips, no last look pricing with no requotes and no commission charges.
Overall, the FXTM pro account has lower spreads, more liquidity and faster execution speeds. Out of all the accounts FXTM offer, this would most likely be the preferred choice for professional traders, institutional traders and hedge fund managers. The professional account does require a minimum account balance of $25,000 is maintained to qualify.
Opening an account to trade with FXTM is a quick and easy process that can be done online. There is a short form to complete on the website. You will then need to verify your email address and upload a form of identification and to confirm your address for KYC purposes. Once verified by the accounts team, you can fund your account and start trading.
The broker works very hard to offer you helpful, skilled and multi-lingual trading and technical support, always on hand to assist you with your questions. Customer support is provided via online chat, telephone and email. You also get your own account manager who is on hand to assist and offer personalised support. I have found them to be excellent when it comes to support, always quick and helpful in their responses.
You will find the broker has a good selection of account funding and withdrawal options for simple and quick processing. They offer some online payment processers such as Skrill and Neteller which may be more convenient for some clients whilst they are constantly adding new options in order to improve the process even more. I am fan of the digital wallet payments as I can get quicker access to my fund which is important to me as I may need to react quickly to some unexpected market news.
Some fees may be charged when using certain payment methods. Bank transfers may take a few business days to clear. Accounts can be opened in EUR, GBP, USD. The different currency options are beneficial as currency conversion fees do not apply when using an account in your own currency. It would be better if they could add support for some more currencies, especially considering they have a global clientele. Keep in mind that there is a small inactivity fee of $5 if your account has no trading activity for 6 months.
Compare Broker Features
|This Broker||AvaTrade||IG||IC Markets|
|Regulated||ADGM FRSA, ASIC, BVIFSC, CBI, FFAJ, FSCA, IIROC, JFSA||ASIC, BaFin, CFTC, DFSA, FCA, FINMA, FMA, FSA, FSCA, JFSA, MAFF, MAS, METI, NFA||ASIC, CySEC, FSA, SCB|
|Commission||From $0||From $0||From $0|
|Instruments||Forex, Commodities, Crypto, Stocks, Indices, Options, Bonds, ETFs||Forex, Commodities, Crypto, Stocks, Indices, Options, Bonds, ETFs||Forex, Commodities, Crypto, Stocks, Indices, Bonds|
|Platforms||MetaTrader 4, MetaTrader 5, AvaTradeGO, AvaOptions, AvaSocial, DupliTrade, ZuluTrade||MetaTrader 4, IG Platform, IG Progressive Web App, ProRealTime (PRT), L2 Dealer, FIX API||MetaTrader 4, MetaTrader 5, cTrader|
|Funding||Bank Transfer, Credit/Debit Card, E-Wallets||Bank Transfer, Credit/Debit Card, E-Wallets||Bank Transfer, Credit/Debit Card, E-Wallets|
Overall, I am very impressed with FXTM and what they have to offer traders from all backgrounds. They have strict regulation in multiple jurisdictions and offer a wide range of over 250+ trading instruments across multiple markets and intuitive platforms for desktop, web and mobile devices. The broker puts great emphasis on education whilst offering a flexible selection of trading accounts and convenient funding methods to suit different types of traders. Furthermore, I found them to have very competitive trading conditions including tight spreads, low commission fees and rapid trade execution speeds. I like that you can get access to plenty of tools to enhance your overall trading experience and excellent customer support.