Fxtm, also known as ForexTime, is a well-established Instant/market execution broker for Forex and CFD. This broker has been operating since 2011 and is currently a favourite for Forex and related commodities. The perking feature of this Forex broker is its wide variety of Forex pairs and crosses. Here, you can even trade on exotic and precious metals such as Gold and major cryptocurrencies such as Bitcoin.

In this post, we will review Fxtm and explore factors that you should consider when selecting a good Forex and CFD broker.

Details Information
Minimum Deposit $5
Payment Methods Bank transfer, Card Payment, E-wallets
Leverage Yes, varies according to countries
Account types Standard account | Cent account | Shares account
Rating 4.2/5
Security/Regulation  (CySEC)| FCA 77791 (UK)| FSCA 46614 (South Africa)| FSC C113012295 (Mauritius)

Minimum deposit

$5 for the Cent account type and $200 for the FXTM ECN Zero account type.

Leverage

The leverage of the trading broker you choose should be flexible enough to suit your trading needs and abilities.

The leverage offered by Fxtm varies from one commodity to another as follows in the United Kingdom and Cypress:

  •  Forex- 30:1
  • Precious metals- 20:1
  • Indices- 10:1
  • Stocks and shares- 5:1
  • Cryptocurrencies- 2:1

Outside UK and EU, the following leverages apply:

  •  Forex- 2000:1
  • Precious metals- 2000:1
  • Indices- 500:1
  • Stocks and shares- 100:1
  • Cryptocurrencies- 10:1

Account types

A good Forex broker should at least have the account type that you wish to open. This, of course, depends on the minimum deposit and other minimum requirements, as we will discuss below.

There are three main account types in Fxtm:

  •  Standard account- Floating spreads from 1.3 pips
  • Cent account- Spreads from 1.5 pips and a minimum deposit of $5
  • Shares account- Spreads from 0.1 pips

The other class of accounts is called ECN accounts and is designed to fulfil specific needs. They include:

  •  FXTM ECN Zero- Spreads as low as 1.5 pips and a minimum deposit of $200
  • FXTM ECN- Spreads as low as 0.1 pips and a minimum deposit of $500
  • FXTM PRO- Spreads as low as 0 pips and a minimum deposit of $25,000

Withdrawal and deposits

As you search for a good Forex broker, you should prioritize those that offer common and readily available Withdrawal/deposit methods. The withdrawal and deposit should have zero or very reduced fees. Also, go for brokers that will process your withdrawal and deposits in the shortest time possible.

Fxtm stands out as it offers flexibility to use both standard and emerging withdrawal/deposit methods. The minimum deposit amount depends on the type of account you are using. Deposits/withdrawals are processed in the standard ways and in the shortest time possible. Also, there are no additional charges on the deposits unless the mechanism itself may charge.

Security

When selecting a Forex broker, it is paramount to ensure that not only your personal and banking information is safe but also the funds in your account. It would also help if you went for a broker that is regulated by a reputable and official agency.

Security is guaranteed in Fxtm as it boasts high and strong level regulations from a number of jurisdictions. The primary regulations for this broker are:

  •  CySEC 185/12 (Cypress)
  • FCA 77791 (UK)
  • FSCA 46614 (South Africa)
  • FSC C113012295 (Mauritius)

Bonus & promotions

Bonuses and promotions increase your trading returns and improve your overall performance on the broker’s trading platform. Go for a Forex broker with decent bonuses and promotions.

Fxtm offers the following bonuses and promotions:

  • Bonuses for referring a friend into their platforms
  • Demo accounts are also offered for new traders on their platforms
  • Real cash prizes on deposits are also provided for live trading accounts
  • There is a loyalty program where traders receive $2 and $5 for every completed lot every week. Most traders will qualify for the $2 per lot as it requires a deposit of $15,000. The $5 per lot tier requires a deposit of $60,000.

Execution

Go for a broker that processes your orders almost immediately (not more than 1 second). Here, it would help if you understood that delays might limit your chances of running profitable trades.

Fxtm offers speedy approvals for orders and you are unlikely to experience any delays here.

Trading platform

A trading platform is where all your trades will run and is a very crucial consideration when selecting a Forex broker. To ensure that everything runs smoothly, you should select a trading broker offering trading platforms that are both mobile and user-friendly. Also, the platform should be easy to use and intuitive when running absolutely any form of trade.

Fxtm works with MetaTrader4 and MetaTrader5 and does not block any tools that these platforms come with. These are also the easiest and most effective platforms that you can use when running your trades.

Transaction costs {commission & fees}

While it may not be easy to find a Forex broker that operates entirely with zero fees, you should look for the ones with reduced charges and fees. Note that this will greatly affect the returns you make on completing your trades.

The fees of Fxtm are flexible and will be defined by the account type you open, as discussed above. The stock and index fees are also relatively low on Fxtm.

Customer service

Customer service is also an important consideration when selecting a Forex trading broker. It is even more important when you are new to Forex trading. A good Forex broker should have a dedicated customer care team that is available at all times. In addition, the broker should offer educational materials in form of visual and audio content.

In Fxtm, you will always get someone to respond to all your request and questions. Customer support is offered in a variety of languages and from native speakers. The additional educational materials in form of E-books, webinars and videos offer a nice round-up to their top-of-the-pack customer services.

Conclusion

Hopefully, after reading this review, you now understand why Fxtm is a leading broker that is worth giving a try! Fxtm satisfies all the factors that a suitable Forex broker is expected to have and you can almost be sure that all the trades you will run through this broker will be highly profitable. We also hope that this guide will help you evaluate how suitable any other Forex broker that comes your way is.