ForexTime (FXTM) Review

Read our in-depth FXTM review below.

 

WHAT IS FXTM (FOREXTIME)?

Found in 2011, ForexTime is a respectable forex and CFD brokerage firm with its headquarters located in Cyprus. It is regarded as one of the best online brokers and is regulated by CySEC, FCA, and FSCA.

At FXTM, clients can trade a range of trading instruments, such as Forex, Spot Metals, Share CFDs, CFDs on Commodities, CFDs on Indices, CFDs on Cryptocurrencies, and Stock Trading.

The broker also offers a variety of trading platforms to its traders, including the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms.

 

INTRODUCTION

ForexTime (FXTM) was launched in 2011 and has been called one of the world’s best and fastest developing forex brokers. FXTM has its headquarters in Cyprus (Limassol) and is regulated by the Cyprus Securities & Exchange Commission and the Financial Conduct Authority.

In a rather short period, FXTM has shown fast growth within Europe and they also focus on the African and Asian areas. It is also regarded as one of the best brokers in forex.

In this Forex Time review, we see that the brokerage is an expert in leveraged trading, providing the customer with the potential to create financial returns across Forex, shares, commodities, indices, and crypto currencies.

FXTM can help their clients to find freedom in the financial markets, whether their clients are expert traders or just starting out.

PROS & CONS

Pros

  • Fast customer service with relevant answers
  • Customer service is available in many languages
  • Digital and fast account opening process
  • Demo account available
  • Live webinars
  • A number of great educational tools available
  • Credit or Debit card options available
  • Fast deposits and withdrawals
  • Customisable charts and workspace
  • Order confirmation
  • Well-regulated
  • PAMM accounts
  • Forextime spread – Tight spreads
  • Forextime leverage – High leverage offered
  • FXTM Min Deposit is low
  • Various trading accounts available
  • Commission-free trading

Cons

  • High stock CFD fees
  • An inactivity brokerage fee is applicable
  • A withdrawal brokerage fee is applicable in most cases
  • Some asset classes are lacking such as ETFs, bonds, and mutual funds
  • Forex time login lacks two-step login
  • Lacks price alerts
  • No FXTM bonus or FXTM welcome bonus on offer
  • Only MetaTrader 4 and MetaTrader 5 trading platforms available

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TRADING INSTRUMENTS

With ForexTime, traders can trade an extensive variety of trading instruments, including:

 

Forex Currency Trading

Forex Currency trading, or FX trading, allows traders or investors to benefit from the small fluctuations in the value of a certain currency.

Forex Time provides traders and investors with real-time analysis tools to support their clients with their trading approaches.

The FXTM broker provides its customers with the necessary tools to enter the forex market 24/7. With around $5 trillion being traded every day, the FX market is the most liquid market globally.

 

Spot Metals

Trading precious metals with ForexTime is to trade Silver or Gold spot prices for a major currency. For instance, “XAGUSD” is the pair to trade Silver against the Dollar, or “XAUCAD” is the pair to trade Gold against the Canadian Dollar.

Gold and silver are the most popular precious metals and trading choices among investors and traders that have been traded for goods and currencies throughout history.

*A spot price is the real-time/present market value for which a commodity can be purchased or sold. Each precious metal (E.g. silver and gold) have their own spot value/price that changes a number of times per day.

 

Share CFDs

Trading in share CFDs provides traders/investors with access to the stock market of several more recognised companies, such as Amazon.

ForexTime (FXTM) provides access to popular European and US company shares as CFD’s, adding more diversity to their customers’ portfolios. Investors and traders will be trading against the price share fluctuations of a company.

*Trading CFD’s (Contracts for Difference) is to trade on a market’s value/price without taking ownership of the shares of the underlying asset. When trading shares, an investor or trader takes ownership of the underlying asset.

 

CFDs on Commodities

FXTM offers both types of crude oil and natural gas commodities. Trading CFDs on commodities such as oil and gas can be used to expand an investor’s portfolio, providing access to these markets without taking ownership of the product. These assets remain to be a popular trading choice amongst investors and traders.

 

With ForexTime, traders can trade CFDs on these commodities:

  • US natural gas (spot)
  • UK Brent oil (spot)
  • US crude oil (spot)

 

Oil (black gold), can be very sensitive to economic and political influences. As a result, oil’s unpredictable market means that there can be a lot of investment opportunities for investors or traders.

Oil and gas prices also fluctuate according to the demand, supply, and overall confidence in the worldwide economy.

 

CFDs on Indices

By trading CFDs on indices, traders can enter the global markets and get a rough idea of an entire market sector. ForexTime provides a selection of common indices from around the world, including the United Kingdom, Australia, Germany, and the United States.

A trader can expect to decide on a range of industry-leading of indices when trading with FXTM. A CFD indices trader can trade indices with FXTM, such as:

  • UK100 (Uk 100)
  • FCHI40 (France 40)
  • HSI50 (Hong Kong 50)
  • JAP225 (Japan 225)
  • SPN35 (Spain 35)
  • SP500m (US SPX 500 – Mini)
  • STOX50 (Europe 50)
  • GDAXIm (Germany 30 – Mini)
  • ND100m (US Tech 100 – Mini)
  • WSt30m (Wall Street 30 – Mini)
  • AUS200 (Australia 200)

 

ForexTime’s superior online trading conditions make sure that a trader/investor can exchange indices with leverage which is suitable for such a trader’s/investor’s trading style. ForexTime provides index trading on several of the most active securities all over the world.

*Indices provide a comfortable system to determine the total performance of the stock market, or a section of the stock market, over a certain time period.

 

CFDs on Cryptocurrencies

With FXTM a trader can trade cryptocurrency CFDs (Bitcoin, Litecoin, Ethereum, and Ripple) against the US dollar.

The main advantage of trading cryptocurrency CFDs against the US dollar is that investors/traders can possibly profit from a drop in the market value, and also from an increase.

ForexTime provides cryptocurrency CFD trading for the following digital coins:

  • Bitcoin
  • Litecoin
  • Ethereum
  • Ripple

 

* Cryptocurrencies provide an alternative to the general currencies, allowing unregulated, rapid, unidentified payments all over the world.

 

Stock Trading

ForexTime allows traders to trade the stock market, and traders have direct access to liquidity pricing with “on the spot”-data from the world’s biggest stock exchanges, namely NASDAQ and NYSE (New York Stock Exchange).

ForexTime provides stocks from Facebook, Apple, and Alphabet (previously Google), which is currently the top-performing “technology”-stocks (growth stocks) from the NASDAQ stock exchange.

A trader in the stock market attempt to profit from the gradual increase of a company’s worth.

Stock CFD traders attempt to benefit from the fluctuation of an underlying asset without taking ownership of it, whereas stock traders attempt to benefit from the worth of the share they own.

 

FOREXTIME TRADING PLATFORMS

ForexTime (FXTM) provides a number of trading platforms that can be accessed via the Web, Mobile or Desktop. FXTM is a broker for MetaTrader 4.

FXTM traders using a laptop or desktop can choose between the MetaTrader 4 (MT4) or MetaTrader 5 (MT5) platforms. These are the recommended trading platforms, with outstanding status. The MT4 is the broker’s best trading platform.

Both MT4 and MT5 versions can be downloaded on desktops or laptops.

 

Web trading platform

ForexTime does not own a private/“self-developed” trading platform. ForexTime (FXTM) uses MetaTrader 4 and MetaTrader 5 web trading platforms, the industry’s top software third party providers. These web trading platforms are highly customizable and are also offered in various languages. A trader will be able to effortlessly modify the size and location of the tabs.

FXTM MT4 and MT 5 platforms are highly comparable to one another in functionality, appearance, and composition. ForexTime has flawless brokerage fee and portfolio reports and a trader can effortlessly understand his or her profit-loss scale, as well as the commissions they paid.

A customer-centric broker such as ForexTime makes these leading platforms available to download for free. The FXTM broker also provides its customers with any practical or technical assistance they require.

 

Mobile trading platform

ForexTime has a clever-designed and accessible mobile trading platform, presented by MT4 that is available for both Android and iOS.

ForexTime also provides the MT5 mobile trading platform. Similar to the web trading platform, the mobile platform also provides various languages for a user to choose from.

FXTM Trader is ForexTime’s best trading app. It is a custom-made app that allows a trader to enter the relevant markets from anyplace at any time. FXTM Trader helps traders to keep up to date with markets, since financial markets are moving all the time.

The app also allows traders to instantly access live currency rates and view their own trading accounts.

The FXTM Trader app provides the following features:

  • Live currency rates – 24 hours a day, 5 days per week (forex trading hours)
  • The demo and live accounts provide open, close and modify positions on all CFD and forex trading instruments
  • Dashboard is user-friendly
  • Unrestricted access to deposit, withdraw and monitor funds
  • Advanced charting tools
  • 1-click trading
 
Desktop trading platform

ForexTime’s MT4 desktop trading platform is more or less the same as the web trading platform in functionality and design. A main difference between the desktop and web trading platforms, is that a trader can set up price alerts on the desktop trading platform.

A trader can use the MT4 and MT5 desktop trading platforms. 

*A forex trading platform such as MT4 or MT5 is not limited to foreign exchange only — traders can also trade a range of other financial instruments, such as CFDs, commodities, precious metals, etc.

 

FXTM ACCOUNT TYPES

With FXTM, traders can choose between numerous account types. These account types are different from each other in terms of minimum deposits, availability in certain countries, pricing, and the different trading products offered.

ForexTime’s trading accounts ensures their customers with the convenience of two major types of accounts: the Standard Account and the ECN Account. These two major account types are then further split into 3 sub-account types each, providing the client with more trading options based on their own preferences.

 

STANDARD ACCOUNTS

FXTM offers three Standard account options for its traders.  All of their Standard accounts make use of “instant order execution” which means that a trader can set his/her stop loss and take profit orders simultaneously when posting the trade.

FXTM offers the following 3 Sub-account options under the major Standard Account type:

 

Standard Account – The Standard Account consists of the following specifications:

  • The Standard Account can work with either MetaTrader 4 or MetaTrader 5 platforms.
  • Account currencies are available in USD, EUR, GBP, or NGN.
  • Tight floating spreads.
  • Floating leverage from 1:2000.
  • Instant order execution.
  • Spreads from 1.3 pips.
  • Hedging is allowed.
  • No hidden commissions.
  • SWAP-free option on MT4.
  • A Minimum deposit of 100 USD/EUR/GBP.
  • Margin call of 40%.
  • FXTM MT4 Trading Instruments: Majors, Minors, Exotic pairs, Spot Metals, Spot CFDs, and Crypto-Currencies.
  • MT5 Trading Instruments: Majors, Minors, Exotic pairs, and Spot Metals.
  • FXTM Cent AccountThe Cent Account is an entry-level account and consists of the following specifications:
  • The FXTM Cent Account works with the MetaTrader 4 platform.
  • Account currencies are available in EU Cent, US Cent, GBP Pence, or NGN kobo.
  • Tight floating spreads.
  • Fixed leverage from 1:1000 (Forex), and from 1:500 (Spot Metals).
  • Instant order execution.
  • Spreads from 1.5 pips.
  • No hidden commissions.
  • SWAP-free option.
  • Minimum deposit of 10 USD/EUR/GBP.
  • Margin call of 60%.
  • Trading Instruments: Majors, Minors, and Spot Metals.

 

Shares Account – The Shares Account consists of the following specifications:

  • The Shares Account works with the MetaTrader 4 platform.
  • Account currencies are available in USD, EUR, GBP, or NGN.
  • Fixed leverage from 1:3 (European Shares), and from 1:10 (US Shares).
  • Instant order execution.
  • Spreads from 0.1 pips.
  • Hedging is allowed.
  • No hidden commissions.
  • SWAP-free option.
  • Minimum deposit of 100 USD/EUR/GBP.
  • Margin call of 40%.
  • Trading Instruments: More than 120 US Shares and more than 40 European Shares.

 

ECN ACCOUNTS

FXTM offers another major account type, known as the ECN Account. The ECN Account type is also split into three 3 sub-account types for traders’ specific needs. Unlike the Standard Accounts, the ECN Accounts require a higher minimum deposit.

FXTM offers the following 3 Sub-account options under the major ECN Account type:

 

ECN Zero Account – The ECN Zero Account consists of the following specifications:

  • The ECN Zero Account can work with either MetaTrader 4 or MetaTrader 5 platforms.
  • Account currencies are available in USD, EUR, GBP, or NGN.
  • Tight floating spreads.
  • Floating leverage from 1:2000.
  • Hedging and Scalping is allowed.
  • No hidden commissions.
  • SWAP-free option on MT4.
  • Minimum deposit of 200 USD/EUR/GBP.
  • Margin call of 80%.
  • MT4 Trading Instruments: Majors, Minors, Exotic pairs, Spot Metals, and Spot CFDs.
  • MT5 Trading Instruments: Majors, Minors, Exotic pairs, and Spot Metals.
  • ECN Account – The ECN Account consists of the following specifications:
  • The ECN Account can work with either MetaTrader 4 or MetaTrader 5 platforms.
  • Account currencies are available in USD, EUR, GBP, or NGN.
  • Spreads from 0.1 pips.
  • Floating leverage from 1:2000.
  • Hedging and Scalping is allowed.
  • Commission from 2 USD per lot.
  • SWAP-free option on MT4.
  • Minimum deposit of 500 USD/EUR/GBP.
  • Margin call of 80%.
  • MT4 Trading Instruments: Majors, Minors, Exotic pairs, Spot Metals, and Spot CFDs.

 

 

Pro Account – The Pro Account is a professional account and consists of the following specifications:

  • The Pro Account can work with either MetaTrader 4 or MetaTrader 5 platforms.
  • Account currencies are available in USD, EUR, GBP, or NGN.
  • Spreads from 0 pips.
  • Floating leverage from 1:200.
  • No hidden commissions.
  • SWAP-free option on MT4.
  • Minimum deposit of 25 000 USD/EUR/GBP.
  • Margin call of 80%.
  • MT4 Trading Instruments: Majors, Minors, Exotic pairs, and Spot Metals.

 

HOW TO OPEN AN ACCOUNT

Opening an account with the broker is easy and fully digital.

The online application can take up to 30 minutes to complete and you can expect account approval within 24 hours from the start of the account opening process.

 

Steps of opening a trading account with FXTM:

  1. Provide personal details such as your name, email address, phone number, and country of residence.
  2. The broker will send you a PIN code.
  3. Provide other information (birth date, level of education, etc.).
  4. Provide your current residential address.
  5. Provide the broker with answers
  6. Answer questions regarding your trading history and financial background.
  7. Choose the account type that you want to open.
  8. Verification of your identity and nationality/residency.

 

It must be noted that US citizens cannot open a trading account with ForexTime.

 

SOCIAL TRADING, DEMO ACCOUNTS, AND COPY TRADING

Social Trading (FXTM Invest)

ForexTime has one of the most popular social trading platforms, a.k.a. FXTM Invest. With this social trading platform, an individual can copy a forex trader’s (strategy manager’s) trades, based on his/her performance. The individual’s account is automatically connected to the Strategy Manager’s account.

FXTM Invest provides a great platform for traders that are just starting out, with potentially less risk. FXTM Invest is created to mutually benefit both the trader and the strategy manager.

 

FXTM Demo Account

ForexTime offers traders with the alternative of opening a FXTM demo account. Demo accounts include many benefits that may help traders.

  • Risk-free trading with virtual money
  • Practice under genuine market environments
  • Try-out different trading approaches
  • Become used to your favourite trading platform
  • Copy trading

 

Copy trading is another version of social trading that is offered by ForexTime. Copy trading is similar to FXTM’s social trading platform (FXTM Invest), with a single difference – copy trading is offered by the MQL5 community.

One will have to open a trading account with FXTM in order to make use of “copy trading”. Unlike FXTM Invest, where one does not need to open an investment account.

 

COMMISSIONS & FEES

As previously indicated, ForexTime provides several different accounts where the commissions and fees may be different from one another.

ECN Accounts have commissions from 2 USD per lot, but there are no commissions on the other accounts (ECN Zero Accounts, Cent Accounts, Shares Accounts, Standard Accounts, or Pro Accounts.

Please refer to the official ForexTime website for updated information and figures regarding commissions and fees.

 

FXTM LEVERAGE

FXTM Leverage can be seen as a “loan” from FXTM, which is provided to the trader, in order for the trader to have more capital to trade with.

All margin and Forextime leverage requirements for trades can be viewed on ForexTime’s website. These requirements are listed for the ECN, ECN Zero Trading, and Standard Accounts. With FXTM, a trader will be able to trade with fixed or floating leverage.

Example: A trader is trading with 1:50 leverage and has a trading capital of $10,000. Based on the trader’s leverage, he/she has $500,000 (10,000 x 50) to trade with. If the trader decides to purchase the USDEUR at 1.3055 and close his/her position at 1.3155, the trader will have €5,000 (1.3155 – 1.3055) x $500,000 = €5,000).

 

WITHDRAWALS AND DEPOSITS

Making deposits and withdrawals with ForexTime is really easy and effortless. ForexTime has a wide-ranging withdrawal/ deposit system, which consists of e-wallets, bank wires, credit cards, debit cards, and crypto deposits.

In order for traders to use a deposit/withdrawal method that is suited for him/her, FXTM provides several deposit and withdrawal methods, such as the following:

With FXTM, all transactions can be made via USD, GBP, EUR, and a number of other national currencies.

 

CUSTOMER SERVICE

ForexTime’s customer service has a good reputation since they provide support and services through a wide range of languages (E.g. English, French, German, Italian, Spanish, Arabic, Chinese, Czech, Farsi, Hindi, Korean, Indonesian, Malaysian, Urdu Polish, Vietnamese and Russian).

Their customer support/service desk is available 24/5 and traders can contact an FXTM agent in a number of international locations through email, telephone, or live chat.

They have established centres all over the world, including Europe, Africa, Indonesia, Thailand, Malaysia, China, and more. FXTM has a client-oriented philosophy with competent customer support that is available via different sources.

 

SAFETY AND SECURITY

Is FXTM regulated?

FXTM is regulated by the FSCA (Financial Services Commission of Mauritius), the FCA (Financial Conduct Authority), and the CySEC (Cyprus Securities and Exchange Commission).

FXTM has adopted certain protectionist measures in order to secure their customers’ information, account detail, and payment details. These measures include the following:

  • Segregation of accounts
  • Major banks partnerships
  • Client registration with several Investor Compensation Funds
  • Secure Sockets Layer (SSL) network security protocol
  • Data transmission encryption

 

CASHBACK

All FXTM’s live account holders are eligible for cashback (rebates). Their Loyalty Cashback promotion is based on 5 levels. By moving up in the 5 levels, account holders are continuously rewarded with cashback (rebates).

 

RESEARCH & EDUCATION  

FXTM offers numerous resources for learning to trade the financial markets. With a variety of educational resources on offer, any type of trader can develop their trading skills.

 

Seminars

Clients can learn from various trainers around the world on the broker’s trading seminars. The seminars are created to provide main market updates and to teach clients how to enhance their trading strategies.

 

Webinars

At FXTM, webinars are presented by professional traders and industry specialists that cover a number of different and relevant topics on trading.

The following benefits can be expected by taking part in webinars:

  • Learn the basics of trading forex
  • Learn how to manage risk when trading
  • Understand the psychology in trading
  • Learn complex trading strategies
  • Videos

Customers can search for educational videos on the website’s library if they prefer to learn about trading using videos.

 

Ebooks

Clients can improve their trading skills through free Ebooks that are offered by ForexTime. These Ebooks are created in order to complement the broker’s wide-ranging educational resources and trading tools.

 

Articles

In-depth articles cover more advanced and specific material on different trading topics.

 

Glossary

An extensive glossary will provide all trading terms and definitions that you will need to learn more about the forex industry and to improve your trading skills.

 

GLOBAL AWARDS

Forex Time (FXTM) is known as one of the globe’s fastest-growing forex brokers that have made ground-breaking development in a relatively short period. ForexTime has also been applauded by the industry’s most respected award organisations time after time.

The online broker has a clear mission with a strong commitment to its customers around the world. Every award that FXTM receives is seen as proof of their commitment, global character, great customer service, and advanced trading services.

Here are some of the broker’s accomplishments:

  • 2019 Top European Forex Affiliate Broker Programme, awarded at the Global Forex Awards
  • 2019 Top Investment Broker, awarded by FX Daily Info
  • 2019 Top Trading Experience, awarded at the World Finance Awards
  • 2018 Top Nigerian Online Forex Trading Company, awarded at the International Finance Awards
  • 2018 Reputable Investor Education Forex Broker Award, awarded by Hexun.com
  • 2018 China’s Forex Brand of the Year, awarded by FXEYE.com
  • 2018 Top Forex Education Provider in Africa, awarded by the International Business Magazine
  • 2018 Top Trading Conditions, awarded by World Finance
  • 2018 Top FX Broker in Asia, awarded by World Finance
  • 2018 Top Forex Broker in Russia, awarded by FX Daily Info
  • 2018 Most Innovative Broker, awarded by FX Empire

 

PROMOTIONS & CONTESTS

Promotions

The broker is a regulated online broker in the E.U. (Cyprus) and the United Kingdom. Promotions are allowed outside these regions, but should still comply with the E.U. law.

Traders will get 5 USD back in cash for every trade that is made. It must be noted that there are terms and conditions that must be read and accepted before taking part in the broker’s promotions.

 

Contests

From time to time, trading contests are provided where you can compete against other traders for great prizes and impressive titles.

Contests are great to learn the markets while improving your trading skills. It provides traders with an opportunity to prove their trading talent and possibly receiving great prizes. FXTM offers both demo and live contests for its clients.

 

Demo Contest Benefits:

  • Great learning experience for traders that are just starting out
  • Beginners will experience real trading conditions
  • Opportunity to test your trading strategies before attempting the real market
  • Get compensated for your trading talents

 

Live Contest Benefits:

  • You have the opportunity to trade under real market conditions along with other experienced traders
  • Get the excitement of a live contest where traders to push themselves to the max
  • Experience a true reflection of your trading abilities
  • Obtain rewards that are worthy of your ability.
  • The best traders can receive big cash rewards.

 

SAFE OR SCAM?

Is FXTM legit?

FXTM is a well-regulated broker that provides segregation of funds of retail traders. This online broker is considered to be safe and legitimate among different traders.

FXTM was found in 2011 and has received several industry awards up to date. More than 2 million traders make use of the broker’s services globally.

 

CONCLUSION

Forex Time is one of the best forex brokers for beginners. It is also one of the top Forex trading providers in the world. As indicated in this Forex Time review, the broker provides quality trading options for beginners and expert traders. They offer a variety of broker account types that allows traders to choose the best suitable broker account option for their specific needs.

FXTM is a MetaTrader broker that provides several account options for both MetaTrader4 and MetaTrader platforms where there are benefits and downsides to each broker account. FXTM also has reasonable pricing and competitive spreads in its ECN and Pro accounts. The addition of crypto currency CFDs to FXTM’s offering is also very encouraging.

ForexTime is a respected STP/ECN broker and popular amongst traders that are just starting out. They provide instant order execution, low minimum deposit accounts, and competitive spreads. This ForexTime review concludes that it is a great broker for new traders with exceptional training material, global recognition from regulators, and great client support.

In our forextime broker review, we found that FXTM is regarded as one of the best online brokers.