FXTM Review: Is FXTM a Legit Broker?

FXTM Review

FXTM is a leading forex and CFD broker. Since the company was launched in 2011, it has continued to provide exclusive forex trading and CFD services. We love that the company supports a variety of trading instruments and provides traders access to excellent educational resources. In addition to its rich educational resources, FXTM offers guaranteed fund protection, a free demo account as well as providing traders with dedicated account managers. 

What makes FXTM worth checking out is the fact that top-tier financial regulators regulate the platform in many jurisdictions. Besides their proprietary trading platform, FXTM also supports MetaTrader 4 and 5. And yes, their trading platform can also be accessed via smartphones, making it easy for traders to keep trading on the go.

While traders can trade forex pairs, FXTM also allows traders to trade gold, silver, CFDs, indices, commodities, and over 300 U.S. stocks. Newbies looking to hone their trading skills will love the educational webinars and seminars provided by the platform. 

Why FXTM trump other brokerages?

FXTM provides access to various educational resources, including video tutorials, live webinars, local seminars, and more, designed to give you an edge. More interestingly, the broker grants traders access to one of the most profound learning tools- a demo account intended to help traders hone their trading skills. If you’re a new trader looking to trade CFDs and other trading instruments profitably, you won’t go wrong in exploring FXTM’s extensive learning resources.

Thanks to supporting MT4 and MT5 trading platforms, traders can immediately start trading on a platform they are already familiar with. And just so you know, these trading platforms are available for desktop and mobile devices, meaning you can keep trading on the go. Another reason the broker surpasses its competitors is its support for PAMM and managed accounts. These account management options provide a robust solution for people who want to make money from forex trading but don’t have the time to trade by themselves.

Experienced traders will love some of the perks FXTM offers, including tight dealing spreads and electronic communication network (ECN) account options that grant traders direct access to the market. What we love about this option is that FXTM only charges a small commission for all trading activities.

Top Recommended Platforms

MIN. DEPOSIT

$50

EXCL. OFFER

USER RATING

9.8

4.9/5

78% of retail investor accounts lose money trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

MIN. DEPOSIT

$100

EXCL. OFFER

USER RATING

9.7

4.8/5

Trading forex or CFDs on margin involves a high degree of risk and may not be suitable for all investors. There is a possibility that you may suffer a loss equal to or greater than your entire investment.

MIN. DEPOSIT

$250

EXCL. OFFER

USER RATING

9.6

4.5/5

CFDs are complex instruments and involve a high risk of losing money quickly because of the leverage effect. 68% of retail investor accounts lose money trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Whether you have been trading for some time or just starting as a forex trader, FXTM ticks all the boxes and provides you with everything you need to trade the forex market successfully.

See also  IQ Option review: Are they a safe broker?

FXTM Pros & Cons

FXTM has a lot of great things going for it. But despite its excellent benefits, we will also show you some not-so-cool things about this broker. Here are some pros and cons of the platform you should know before giving this broker a try.

Pros

  • The platform provides access to robust educational resources
  • The broker supports MetaTrader platforms (MT4 and MT5), which is available for desktop and mobile.
  • They have an excellent commission-based forex pricing environment and transparency.
  • In addition to supporting MT4 and MT5 trading platforms, FXTM has its own proprietary trading platform.
  • They offer copy trading services along with low minimum deposit and high leverage.
  • Ultra-low trading fees’

Cons

Is FXTM legit? 

When searching for a reliable forex broker, most traders focus on whether a broker is legit or not. In the case of FXTM, they are absolutely legit. To start with, the broker is regulated by top-tier financial regulators. All of the company’s entities, including ForexTime Ltd, Exinity Limited, and ForexTime UK Ltd, are licensed to provide trading services to thousands of clients. And yes, the company’s services can be accessed in over 135 countries.

So, if you are worried about whether this platform is legit, we are happy to inform you that FXTM is safe to use.

Is FXTM regulated?

If you have read to this point, we are sure you’re ready to try FXTM. What we love most about this broker is that it is regulated by top-tier financial regulators, especially in the countries where it operates.

The company’s leading entity, ForexTime Ltd, is regulated by CySEC. Not just that, the company is also regulated by the FSCA of South Africa. The FXTM UK entity is regulated by the Financial Conduct Authority. In Mauritius, FXTM is licensed by FSC.

For traders who only want to trade with a licensed and regulated broker, FXTM ticks all the boxes in this regard.

FXTM Account type

FXTM offers different account types for forex trading and for investment. In terms of supported account type, FXTM currently supports three account types and they include Micro, Advantage, and Advantage Plus accounts. 

Now that you know the account types available on FXTM, let’s break things down further.

Micro: FXTM’s Micro account is perfect for traders just starting. While it is the most accessible account type available on FXTM, customers who opt for this account type enjoy low minimum deposit, instant trade execution, zero commission, and spreads that start from 1.5 pips.

Advantage account: This is among the cheapest account type provided by FXTM. This account type attracts an average commission between $0.40 to $2.

Advantage Plus: Customers on this account type enjoy spreads for as low as 1.5 pips.

FXTM trading fees 

When it comes to trading fees, FXTM trading fees are average. And before we jump into the nitty-gritty of everything you need to know about FXTM trading fees, we want you to know that FXTM offers different account types with different fees. Traders with ECN accounts enjoy low fees compared to other account types.

One thing we want you to know right from the get-go is that FXTM fees are built into spreads and based on the account type you use. In addition to regular trading fees, FXTM also has some non-trading fees you should know.

See also  Bitcoin Price Dive-Bombs on the Same Day El Salvador Adopts the Crypto Asset – Market Updates Bitcoin News

While FXTM offers tight floating spreads, Standard MT4 spreads start from 1.6 pips and go as low as 0.1 pip for ECN accounts.

Non-trading fees

When talking about trading fees, it’s important to add that FXTM charges non-trading fees too. FXTM charges $5 per month for accounts abandoned for six months. This is typically labeled as inactivity.

 That said, FXTM doesn’t charge any fees for deposits and withdrawals.

 When it comes to trading fees, one thing we can say about FXTM is that they have been quite transparent with their customers.

FXTM spreads

Depending on the account type you opt for, you’ll enjoy spreads as low as 1.5 pips for USD/EUR/GBP and more. For customers who opt for FXTM’s Advantage Plus and Micro Account, you would only have to pay for spreads. This means your account doesn’t attract any type of commission.

FXTM supports trading instruments

In addition to Forex, CFDs, indices, commodities, spot metals, and more, FXTM offers different account types to fit your trading strategies. Thanks to supporting MetaTrader platforms along with an extensive list of trading instruments, it’s easy to see why FXTM is appealing to different types of traders.

FXTM Forex

 Regarding forex trading instruments, FXTM offers more than 50 major pairs, including minor and exotic currency pairs. The icing on the cake is that this broker provides competitive spreads for most of their supported forex pairs. And yes, the platform allows traders to seamlessly access advanced signals and expert advisors through the MetaTrader platforms.

 FXTM CFDs on commodities, stocks, and indices are some of the examples of forex dealing spreads provided by FXTM.

 For traders who want to expand their trading into oil and gas, FXTM allows traders to trade CFDs on three types of energy commodities, including:

 

  • U.S. spot crude oil
  • U.S. spot natural gas
  • U.K Brent oil

 For traders interested in diversifying into other instruments, FXTM allows you to trade stock CFDs of some of the leading capitalization stocks, including Apple, Airbus, L’Oreal, Metlife, Gap, Southwest Airlines, Cisco, and more via the FXTM platform.

Let also quickly add that FXTM grants clients access to trade CFDs on the world’s leading stocks indices, including

  • German Dax 30 (GDAX)
  • US SPX 500 Mini (SP500m)
  • UK FTSE100 (UK100)
  • Australia 200 (AUS200)
  • US Tech 100 Mini (ND100m)

FXTM spot metal

Suppose you have always wanted to diversify into trading precious metals. In that case, you’re welcome to trade spot gold and silver against popular currencies like the U.S., pound sterling, and the euro through the FXTM trading platform. Many traders love spot metal trading because it has proven to be a reliable hedge against inflation and geopolitical uncertainties.

 

Trading platform

FXTM deploys some of the finest technologies, toolbar, and more to make trading pleasant for its customers. As per trading platform, FXTM allows traders to use MT4 and MT5 for trading. Thanks to supporting MetaTrader platforms along with FXTM’s unparalleled trading services, traders using this platform will enjoy a remarkable trading experience.

Web trading platform

If you enjoy trading on your computer, then you’ll love FXTM’s web trading platform, which is offered through the MT4 and MT5 software. What we love about FXTM’s web trading account is that it is easy to use.

See also  Bitfinex Review: Are they the real Deal?

If you’re just starting forex trading or have been trading for some time, you’re sure going to love FXTM’s web trading software, thanks to its intuitive and user-friendly interface.

Mobile Trading Platform

In addition to its web trading platform, the FXTM trading platform is also available for mobile and tablet devices. By supporting trading via mobile devices, FXTM has made it possible for traders to be able to access their accounts on the go.

And yes, keep in mind that the MT4 and MT5 platform is also available for mobile devices. So, if you love executing your trades using your smartphone, you’ll love FXTM mobile trading platform.

Social Trading

One of the many exciting features provided by FXTM is social trading. And just so you know, only very few brokers, including the likes of eToro, offer social trading to their customers. Social trading provides an opportunity for traders, regardless of their trading experience, to trade forex profitably.

The social trading functionality provided by FXTM allows traders to copy trades of highly ranked strategy traders. What this simply means is that you won’t have to analyze the market; all you need to do is copy the trades of other top successful traders.

For professionals who sign up to provide their trades to others, FXTM rewards them for their services.

 

Customer Support

FXTM has one of the most responsive customer support teams in this industry. We are particularly impressed by their response time. Their highly experienced customer support team can be reached via live chat, phone, email, messenger, and social media platforms.

While the FXTM customer support team is rated highly, what we love most is that they provide support in multiple languages. So, you won’t experience a language barrier when contacting customer support.

If you want a quick response to your questions and complaints, you’re welcome to try FXTM live chat function, which connects you instantly to a customer service rep.

The company has established centers in Asia, particularly in Malaysia, Thailand, Indonesia, and China. Other countries where FXTM has established presence include Africa and Europe. With this, you’ll agree that FXTM caters to the demands of all its global traders.

 

Education

FXTM has one of the most robust educational resources we have come across in the forex space. If you’re a newbie looking to hone your trading skills and don’t know where to start, you’re welcome to explore some of the impeccable educational resources available on this trading platform.

What we like most about FXTM’s educational offerings is that they regularly host educational events across different countries.

From organizing regular live webinars and seminars to providing access to forex tutorials and more, the impeccable collection of educational resources available on the platform is enough to sharpen your trading skills.

Other educational resources provided by the broker include top-notch research tools, economic tools, Market outlook, and more. Feel free to leverage these educational resources to push your trading skills to the next level.

Conclusion

If you’re looking to start trading, or you have been trading for a while and looking for a broker that is committed to seeing you succeed, you won’t go wrong trying this broker. The platform has a lot of great features designed to give you an edge. Being regulated by some of the world’s top-tier financial regulators makes it a low-risk broker. Additionally, they offer a wide selection of trading instruments you can start trading right away.

More to explore

Related Articles

67% of retail investor accounts lose money when
trading CFDs with this provider.

eToro: Best Trading Platform - 0% Commission to Trade Stocks & ETFs

eToro: Best Trading Platform - 0% Commission to Trade Stocks & ETFs

67% of retail investor accounts lose money when
trading CFDs with this provider.