This post is a comprehensive review of FXTM (ForexTime), a renowned broker for forex trading.
FXTM has been around for a while and it has many positive reviews online.
Also, it has won several awards like “The Best Trading Experience” by World Finance in 2021.
Both newbies and experts trade conveniently on FXTM because of its unique features.
If you have been seeking a good place to trade forex, ForexTime might be your answer.
Keep reading to learn more!
Table Of Contents
- Overview Of FXTM
- Features Of FXTM
- FXTM Trading Instruments
- Supported Trading Platforms
- Types Of Accounts Available On FXTM
- Supported Countries And Currencies
- Accepted Payment Methods And Fees Charged By FXTM
- Customer Support
- How To Get Started on FXTM
- FAQs
- Conclusion
Click on any item above to read its details immediately.
1. Overview Of FXTM
FXTM is a European broker that facilitates online trading, especially Forex trading.
It is a branch of Exinity Group, a financial management organization owned by Andrey Dashin.
FXTM was established in 2011 and has since brought financial market opportunities to global audiences.
The platform enables users to generate financial returns across FX, indices, commodities, and shares.
Also, it makes provisions for both experienced traders and newbies.
Let’s look at some features of the platform.
Keep reading!
2. Features Of FXTM
- Demo account
- Mobile App
- Market Analysis
- Educational resources
- Referral
- Promotions & Contest
- Global Networks
- Affiliate Program
3. FXTM Trading Instruments
They are:
FX
Traders can access the most popular major, minor, and exotic currency pairs.
About 59 Currency Pairs are up for grabs here.
Gladly, FXTM traders can access the forex market 24 hours a day, 5 days a week.
Metals
Here, users can trade precious metals like Gold.
You get to trade gold against the dollar with small spreads close to 0.0.
This is a good option for you if you’re worried about volatile markets.
And you can buy them at Spot price. Yay!
Stocks
I know you’ll like this one.
Users buy, sell and own shares from their favorite brands such as Facebook, Apple, Alibaba, Tencent, etc.
Gratefully, there is no risk of leverage.
Also, you can invest in US stocks that are commission-free, and the stocks from the Hong Kong exchange with a small subscription fee.
Commodities
ForexTime also gives users opportunities to trade the oil and natural gas markets.
This is a good way to diversify your portfolio.
FX Indices
Looking to diversify your risk? Then you may want to use this instrument.
You get to choose from 6 different FX indices, customized around the biggest currencies in the world.
They include the British Pound Index, the U.S Dollar Index, the Euro Index, and more.
Now, you don’t have to invest in the price movement of a single currency. Cool!
Indices
Here, you’ll find indices like CFDs for long trading hours.
Also, mini indices are available for more affordable orders.
Just select the option that suits your investment and trading needs.
Stock CFDs
Another trading instrument on ForexTime is Stock CFDs.
Here, you can trade share prices with different stock exchanges like NASDAQ, NYSE, and HKEX.
There are 100+ CFDs on Stocks. Huge!
Interestingly, you can enter long and short positions on individual companies, or trade stock baskets in the form of indices to diversify your risk.
Stock Baskets
This instrument allows you to trade several company stocks at once.
That way, you don’t need to open multiple positions on individual company shares.
Plus, you’ll benefit from cheaper holding costs.
Some of the popular baskets are the Social Media Index, the Space Wars Index, etc.
Moving on, let’s talk about the supported trading platforms.
Tag along!
4. Supported Trading Platforms
FXTM enables users to trade on the popular MT4 and MT5 trading platforms.
MetaTrader 4 (MT4)
MT4 is a well-known forex trading platform.
It has excellent features and it is easy to use.
Trading on MT4 with FXTM grants you access to a range of markets and financial instruments.
MetaTrader 5 (MT5)
MT5 delivers everything that MT4 offers and more.
It has advanced features and technical upgrades.
For example, you cannot trade stocks with the MT4 but you can with MT5.
Now for convenience, ForexTime also provided a mobile app for users to trade on;
FXTM Trader App
This is a customized app that enables users to access the markets on the go.
With this app, you can manage your trades in seconds, view your trading accounts, and access live currency rates.
It is available to download for free on both iOS and Android devices.
Learn more about these trading platforms here.
Next, we’ll see the accounts types on ForexTime.
Keep reading!
5. Types Of Accounts Available On FXTM
There are 3 major account types and they are Micro, Advantage, and Advantage Plus.
They differ based on the minimum deposit and available trading instruments and trading platforms.
If you prefer, you can first use a demo account for each one before trying a real account.
Generally, the Micro account is for beginners while the Advantage Plus account is for advanced traders.
Here’s an overview of the accounts:
Apart from the above, there is another account that you may be interested in:
FXTM Invest
This account allows investors to trade without any technical skills.
It allows you to leverage the expertise of FXTM traders (a.k.a Strategy Managers) to make a profit.
Put simply, you copy their trading strategies and pay them a little fee when you make a profit.
Also, copy trading with FXTM Invest lets you retain full control of your money.
Get more details here.
In the next section, I mentioned the supported countries and currencies.
Read on!
6. Supported Countries And Currencies
Countries
All except:
- The USA
- Mauritius
- Japan
- Canada
- Haiti
- Suriname
- The Democratic Republic of Korea
- Puerto Rico, Brazil
- The Occupied Area of Cyprus
- Hong Kong.
Currencies
FXTM allows transactions in the following currencies:
- USD
- EUR
- GBP
- JPY
- NGN
Let’s see the payment methods and transaction fees.
Read on!
7. Accepted Payment Methods And Fees Charged By FXTM
Payment Methods
You can make deposits or withdrawals on FXTM via:
- Credit/Debit card
- Skrill
- Neteller
- WebMoney
- Bank wire transfers
- Local bank transfers
Fees
FXTM does not charge high fees. Also, the fees vary based on the activity but the common ones are:
- Deposit: $0
- Withdrawal: $3 for credit card, $20-$40 for bank transfer, $0 for Neteller and Skrill
- Spread: depends on the trading account, starts from 0.0
- Inactivity fee: $5 per month after 6 months of inactivity
- Monthly account fee: $0
See how FXTM fees compare to other brokers here.
8. Customer Support
ForexTime has a plethora of resources where users can learn about trading and how to profitably use the platform
You can access it when you click on the “Education” tab on the homepage.
Also, users can contact customer support at any time via the Live Chat on the home page.
But it is not available on Saturdays and Sundays.
Additionally, you can stay updated via these channels:
- support@fxtm.com
- https://www.facebook.com/ForexTime
- https://twitter.com/fxtmglobal
- https://www.linkedin.com/showcase/fxtmglobal/
- https://www.instagram.com/fxtmglobal/
- https://www.youtube.com/channel/UC_LHYywERHCnt_L5pvOen5A
- https://t.me/fxtm_global
I will now show you how to get started on ForexTime.
Keep reading!
9. How To Get Started on FXTM
Follow these simple steps:
i. Visit www.fxtm.com and click on Open Account from the home page of FXTM.
ii. Complete the fields and verify your phone number
iii. Next, choose your preferred account type
iv. Then you complete the account application form and hit “Submit”
v. Next you choose your preferred currency, select your leverage ratio, set your trading account password, and hit “Open account”
*(leverage ratio shows by how much your capital is multiplied to boost your trading. FXTM offers up to 1:1000 leverage)
vi. Now make your first deposit using your preferred payment option.
vii. Go ahead and start trading! Bravo!
We’re almost done here. Let’s answer a few questions and then we can wrap up the post.
10. FAQs
I believe it is because:
i. The founder is known and he runs other successful trading platforms like Alpari.
ii. ForexTime is a branch of Exinity Group which is regulated by FSC, Mauritius.
And FXTM is authorized and regulated in various jurisdictions. You’ll see the details at the bottom of its homepage.
iii. Additionally, it has a Compensation Fund that acts as an insurance policy for members.
iv. Also, the platform has been around since 2011 without any rumor of fraud.
v. Plus, I didn’t find any complaints by old users with regards to the withdrawal of profits.
Nevertheless, do your research before using this platform.
Yes, it does, and at these locations:
– Lagos
3rd Floor, 5, Allen Avenue, Ikeja, Lagos, Nigeria
Tel.: +234 803 4573 593
– Abuja
St. James House, 167 Adetokunbo Ademola Crescent, Wuse 2, Abuja, Nigeria
Tel.: +234 803 153 4373
– Port Harcourt
86-88 Olu Obasanjo Road, Port Harcourt, Nigeria
Tel.: +234 8167258416
*The 3 offices are open Mon – Fri: 9:00 – 18:00 and make use of this email – nigeria@fxtm.com
For Nigerians, you’ll provide your residential address and any of the following documents:
– National ID Card
– Driving License
– Voters Card
Or;
– Passport & bank statement issued within the last 6 months.
– National ID Slip & Age Verification (e.g. Birth Certificate).
If you’re trading from other countries check here.
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11. Conclusion
We have now come to the end of our FXTM review. I hope you enjoyed the read.
The platform is well set for both newbies and experts to make profits.
I’d love to know if you will trade with ForexTime.
Perhaps, you already are, what has been your experience?
Let me know your thoughts in the comments section.
Also, share this post with your friends, thank you!
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