Unfortunately, this means that if you’re looking to use cTrader, then you are unable to with this broker. New traders are often overwhelmed with the sheer amount of information required to succeed in the markets. But FXTM’s forex education breaks down the fundamental concepts in an easy to consume manner. A major advantage of using this trader is that FXTM is regulated by authorities in the UK and Cyprus, both of which have deposit protection insurance.
- FXTM withdrawals can be made via the same payment methods as deposits.
- FXTM’s MT4 platform also allows traders to access the multi-terminal feature that is unavailable on MT5.
- Trading share CFDs gives you access to 20 major shares with spreads as tight as 0.1 pips and leverage varying based on experience when you open a Standard Shares account.
FXTM is a good pick for forex traders seeking low fees, excellent market research and access to the familiar MetaTrader 4 platform. Basically, Forex Time does not apply for transaction fees with the majority of accounts. Only ECN accounts that apply floating spreads of just 0.1 pips are eligible for a fee of 4 EUR/GBP/USD per lot traded (of which 2 EUR/GBP/USD when opening orders and 2 EUR/GBP /USD when closing a deal). Most traders that have worked with this broker told me that this is a reliable and cost-efficient broker. All of these services have been tested and found to be responsive within an acceptable window of time. Telephone support was immediate, as was the website based live chat.
Find out about one of the best trading apps on the market in our ForexTime FXTM review
You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. FXTM is one of the brokerages that still does offer periodic bonuses, incentives, promotions and loyalty programs to traders, which can be very nice especially at the outset when you are just getting started. As of time of publication, here are the current programs FXTM offers.
FXTM traders are well-protected against theft of funds or data, though always be cautious when it comes to sharing personal information on the internet. Once registered with the FXTM Group, customers can benefit from daily market analysis. The broker utilizes in-depth fundamental and technical analysis to highlight potential market opportunities from Canada, Indonesia, India, Malaysia, Nigeria and beyond. You can view this information via several sources including podcasts, illustrated economic calendars, Twitter posts and videos. When we tested the FXTM Invest platform, our experts were able to retain full control funds, with fees only applicable when a profitable trade was made.
We can see from the above comparison that the Advantage account is the cheapest of the three accounts, thanks to its tight spreads and competitive commission fees. After creating your live account within a few minutes, you will be required to wait for about 24 hours to verify your live account. Upon verifying your account, you will have to fund it using any available payment methods before you can start trading. The FXTM inactivity fee is applied after six months of inactivity, and is $5 per month. While this is a low fee compared to many similar brokers, it is still something that you want to avoid, so make sure that you do not go more than six months without trading once you have opened an account. The banking section at FXTM utilises the latest and most technologically advanced SSL encryption technology to ensure both your personal and financial information is safe and secure from third-party hackers.
I like that you can get access to plenty of tools to enhance your overall trading experience and excellent customer support. There are multiple accounts options to choose from depending on your trading strategy. Each account carries different specifications in terms of trading fees, minimum deposit, and tradeable assets. There are three types of accounts for retail traders, and then there is an account type for professional traders with a large sum of investment and the required experience level. The advanced account has spreads from just 0.0 pips with a commission fee of $4 in and out. This is way below the industry average so could lead to some savings in the long run.
FXTM offers a well-regulated platform and an excellent overall quality of services. Our primary goal at The Tokenist is to simplify the word of financial decision-making, so that investing is not only easy – but also fun. In doing so, we often feature products or services from our partners.
You can also see your balances immediately on the MT4&5 platforms and can even make trading account deposits and withdrawals via the platform. There are three regular accounts and three ECN accounts, each with varying levels of leverage and other differing features. The charts below compare each account within these two main categories and the most relevant components. If you just want to check prices and manage trades, MT4 will do the job.
I found them to have a good selection of trading instruments to choose from. To evaluate brokers, we test the accounts, trading tools and services provided. Over 100 data points are considered, from minimum deposits and trading fees to the platforms and apps available. Our broker ratings are also informed by the experience of our researchers during the evaluation process. It is developed in-house by the broker’s team of fintech experts to ensure seamless trading of over 20 financial instruments.
Top 3 Forex Brokers
However, FXTM has pretty fast execution speeds, which should minimise the risk. The broker stats show that 99.81% of trades are executed in less than a second, with the average time between order receipt and execution recorded as 0.082 seconds. This is not the fastest execution speed on the market, but is pretty decent, and less than some of the broker’s competitors. As with most brokers, there is usually a ‘swap’ or rollover fee at FXTM when clients keep a position open overnight. It is, however, possible for traders with FXTM to avoid these fees altogether by requesting a swap-free account.
Brokers By Licenses
If you’re a more experienced trader who’s looking to take their trading to the next level, then FXTM’s market analysis is worth checking out. Rated as the broker offering the best forex education opportunities for CFD trading, the learning material available to FXTM account holders is second to none. Since I opened an account with FXTM in 2017, I have never had a major problem that the broker did not solve within 24 hours.
These are divided into standard account types and ECN account types. Each account has its own unique features in terms of deposit and trading conditions, which will be suitable depending on individual trading style and requirements. ForexTime(or FXTM for short) was established in 2011 and has become a leading foreign exchange and CFD broker. Over the years, the company has become known for its wide range of trading instruments, competitive trading conditions, and user-friendly platforms. Since FXTM operates globally, it can serve traders worldwide with multilingual support and regionally-specific offerings.
If you want easier access, the MT5 platform has a handy built-in economic calendar. 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. Beginner traders have access to one of the most comprehensive educational offerings, consisting of a video library featuring dozens of videos and written content. I find it well-structured and an excellent starting point for new traders.
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. FXTM offers traders the MT4/MT5 trading platforms and has developed its proprietary mobile app, FXTM Trader.
These include an orders indicator, pip value calculator, pivot points strategy amongst others. Furthermore, given the stature of FXTM in the broking industry, the absence of even a white labelled, in fxtm broker review house trading platform is somewhat disappointing. For the Standard account the spreads are wider than the industry standard, with the EUR/USD spread at a minimum of 1.6 pips, with 1.9 pips typical.