ForexTime Review 2020 - Verified Customer Reviews

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4.1
User Rating
4.5
(31)
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ForexTime Review

Updated September 23, 2020
4.1
Score breakdown
Pricing: 3.5
Regulation: 5
Popularity: 3.5
User Rating: 4.5 (31)

ForexTime overall score rank: 6 out of 34

FXTM forex broker review
KEY TAKEAWAYS

✔️ Swap-free available for MT4 accounts
✔️ Accepts Japanese clients
✔️ Regulated in the EU, the UK and Mauritius
✔️ Cent accounts available

Regulations and Money Protection

5.0 


Entity Name Regulation Client Money Protection Deposit Compensation Scheme Negative Balance Protection
Exinity Limited (MU) Mauritius FSC License  ✔️ - segregated client money ✔️
Forextime UK Limited (UK) UK FCA License ✔️ - segregated client money up to £85,000 ✔️
Forextime Ltd (EU) Cyprus CySEC License ✔️ - segregated client money up to €20,000 ✔️

Regulation

  • Exinity Limited, will be the counterparty for International customers. This entity, with registered address at 5th floor, 355 Nex Tower, Rue du Savoir, CYBERCITY, EBENE 72201, is regulated by the Mauritius' Financial Services Commission with an Investment Dealer License bearing license number C113012295.

  • Forextime UK Limited is a company registered in England and Wales under number 10599136. Principal and registered office at: 9th Floor, 88 Wood Street, London EC2V 7QR, England. Forextime UK Limited is authorised and regulated by the FCA.

  • Forextime Ltd, with address at 35, Lamprou Konstantara Street, FXTM Tower, Kato Polemidia, CY-4156 Limassol, is a Cypriot Investment Firm (CIF) under number 310361 and is regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 185/12.

Client Money Protection

  • FXTM complies with the highest safety standards for client's funds. For this reason, FXTM client's funds are kept in top-tier international banks, fully segregated from the company’s funds.

  • FXTM also complies with the client money handling rules and employs strict policies and procedures regarding the maintenance and operation of these accounts. FXTM holds client's money separately to the company funds and does not use these funds for any operational expenses or purposes.

Deposit Compensation Scheme

  • Forextime UK Limited is a member of the Financial Services Compensation Scheme (FSCS), an independent compensation fund of last resort for customers of authorised UK financial services firms. If Forextime UK Limited is unable to pay claims against it in the event the firm has stopped trading or has declared to be in default, clients might be entitled to compensation (up to the value of £85,000) per claim.

  • Forextime Ltd is a member of the Investor Compensation Fund (ICF), an investor compensation fund for CIF clients and its functions are regulated by the directive DI87-07 of the CySEC. If Forextime Ltd is unable to meet its obligations, clients might be entitled to compensation (up to the value of €20,000) per claim, irrespective of the number of accounts held, currency and place of offering of the investment service (within Europe).

Negative Balance Protection

For accounts opened via any entity of the FXTM Group, there is a default Negative Balance Protection mechanism in place, for the sake of no negative balance. With NBP, FXTM customers are protected from any losses bigger than their original investments, in cases of extreme market volatility.

Accounts, Instruments and Platforms

Accounts Instruments Platforms Social trading Maximum Leverage
✔️ Standard Accounts
Standard, Cent, Stocks CFDs

✔️ ECN Accounts
ECN, ECN Zero, Pro, Stocks*

✔️ Swap-free accounts**
✔️ Forex,
✔️ Indices,
✔️ Stocks, 
❌ Futures, 
❌ Bonds, 
✔️ Commodities,
✔️ Cryptocurrencies*
Metatrader 4, 
Metatrader 5, 
FXTM Trader
❌ Myfxbook,
❌ ZuluTrade,
✔️ PAMM, 
✔️ FXTM Invest
30:1 Europe
up to 2000:1
Rest of World

Account Types and Currencies

  • FXTM has two types of trading accounts available; Standard and ECN. The Standard type of accounts are divided into Standard, Cent and Stocks CFDs accounts. The ECN type of accounts are divided into ECN, ECN Zero, Pro, Stocks*. Swap-free accounts are available**.

  • FXTM allows for social trading, including copy trading, through FXTM Invest, the broker's own social trading platform.

  • FXTM also offers PAMM accounts alternatives for money managers.

  • FXTM maximum leverage is 30:1 for accounts opened within Europe and up to 2000:1 for accounts opened in other countries around the world.

  • Currently, FXTM trading accounts are only available in EUR, GBP, JPY, USD, NGN.

    *Not available in the EU & UK
    **There is a swap-free option on all accounts, except MT5 and on exotic currencies.


Financial instruments

Trading with FXTM can be done via the MetaTrader 4 and Metatrader 5, available on desktop terminal and mobile versions and via FXTM Trader, the broker's own App, only available for Android and iOS. FXTM offers a limited selection of more about 85 assets to trade, including Forex, indices, bonds and commodities.

  • FX market - 60 currency pairs (including Minor and Exotic crosses).

  • Indices - 11 world indices including the SP500m, UK100 and STOX50.

  • Stocks - 196 stocks CFDs from worldwide top companies and banks, such as Apple Inc, Amazon, VW, Airbus and Microsoft.

  • Commodities - 8 commodities CFDs available for trading; 5 metals (Gold and Silver versus several currencies) and 3 energies including UK Oil, and US Oil.

  • Cryptocurrencies* - 4 CFDs crosses for trading, including Bitcoin, Ethereum and Ripple.

  • Currently, FXTM trading accounts are only available in EUR, GBP, USD and NGN.

    *Not available in the EU & UK

Pricing

3.5  


Pricing/
Account
Standard Cent ECN ECN Zero Pro
Spread EUR/USD from 1.3 pip from 1.5 pip from 0.1 pip from 1.5 pip from 0.0 pip
Commissions 4 USD
Minimum Deposit from 100 USD from 100 USD from 500 USD from 200 USD from 25,000 USD

Spreads

FXTM spreads are not the most competitive in the market, especially for the "entry-level" accounts; Standard, Cent and ECN Zero. The starting spread for the most traded pair, the EUR/USD, with these accounts, range from 1.3 - 1.5 pip, with a typical spread of 1.6 - 2.0 pip and no commissions. We consider this spread, for the Standard, Cent and ECN Zero accounts to be slightly higher when compared with other top brokers.

Things get better with the ECN and the Pro accounts. With the ECN account the EUR/USD minimum spread is 0.1 pip (typically 0.6 pip). To benefit from the lower spread of the ECN account there’s a cost to pay: a commission. For the EUR/USD, the standard lot commission for 1 lot (100,000 units) is 4 USD commission (2.00 USD per side/per lot). We consider this commission to be slightly lower when compared with other top brokers.

With the Pro account the EUR/USD minimum spread is 0.0 pip with no commissions. The only downside with the Pro account (and its very competitive rates) is that to qualify, the account needs a minimum balance of 25,000 USD, which could be a problem for a lot of traders.

Rollover Rates

FXTM swap rates, as of 22-09-2020, for 1 lot EUR/USD (100,000 units) stands at an average rate of -5.40 for holding overnight a long 1 lot contract and at -0.30 for holding overnight a short 1 lot contract. We consider these swap rates to be average compared with the rollover rates offered by other top Forex brokers.

Deposits/Withdrawals and Other Fees

  • Deposit fees - Trading accounts can be opened in 4 different currencies and maintained via an incredible 47 different funding methods (depending on the traders jurisdiction), local bank transfers, cards and e-payments such as Fasapay, Perfectmoney, Neteller or Skrill. FXTM also accepts Bitcoin and Crypto as a funding method. Deposited funds are available almost instantly. FXTM does not charge any fees for deposits.

  • Withdrawals fees - For withdrawals (processing times vary from instant to 4 working days), FXTM does charge an additional fee for withdrawals. The fees depend on the traders jurisdiction and deposit/withdrawal method chosen (some withdrawals have no commissions). For more information, please visit the FXTM deposit and withdrawals Intl dedicated page for International customers and the FXTM deposit and withdrawals EU dedicated page for European customers.

  • Inactivity fee - FXTM reserves the right to charge a maintenance fee where there is a lack of trading activity on the account. When an account has been deemed inactive (no trading activity) for a period of 6 months, FXTM will apply an inactivity fee of 5 EUR/ USD/ GBP.

Popularity

3.5 


Forex Education Deposit Options Deposit/Withdrawals Fees Non expiring demo account Customer
Support
Webinars,
Seminars,
eBooks,
Trading Strategies,
Education Videos, 
Fundamental & Technical Analysis, Market Reports
Cards,
Local Bank, 
Bank Wire,
E-payments, 
Cryptocurrencies
❌/✔️ ✔️ Multi language,
24/5 Support,
Live Chat

With several thousands accounts opened in more than 7 years of business, FXTM seem to have their fair market share and managed to capture the attention of traders. To note that the range of account currencies available is not the best. FXTM only accepts 4 base currencies, meaning that global traders will have to have their funds exchanged to one of the broker's accepted currencies.

FXTM is not so popular also regarding available trading platforms, in some accounts only the MT4, which could be less appealing to a lot of traders. Perhaps it’s something that FXTM could review in the future, and if so, we will post it here.

FXTM scores higher with traders looking for swap-free (even if only temporary) trading. Traders can set the swap-free option directly from the MyFXTM account panel and enjoy (depending on the currency cross) up to 4 days of swap-free trading.
  • Trading accounts - The FXTM ECN account is a popular choice with traders looking to save on trading costs, with a lower spread and a very competitive commission of $4.00 per lot traded. Extra points for FXTM's policy of no fees on deposits or withdrawals.

  • Forex education - FXTM also gets extra popularity points for their extensive and complete range of Forex education materials, available through the Education tab. FXTM clients can enroll on live webinars, seminars, download Forex eBooks, watch and learn with educational videos, read and make informed decisions with FXTM fundamental & technical analysis reports and follow the market insights by the FXTM experts.

Funding Methods Bank Wire, Local Bank, Fasapay, TCpay, Globepay, Cards, Skrill (Moneybookers), Vload, TCpay Wallet, Crypto, Alfa-Click, Neteller, Webmoney, YandexMoney, QIWI Wallet, Perfectmoney, Bitcoin, Konnexone, Rapid Transfer
Support Languages Arabic, Chinese, Czech, English, Farsi, French, Indonesian, Italian, Korean, Polish, Russian, Spanish, Thai, Vietnamese


  • Minimum deposit - Opening a trading account with FXTM is fast and can be done online, taking around 10 minutes to complete the required forms. The minimum deposit amount to open an FXTM account vary, starting at $/€/£ 100 for a Cent Account and $/€/£ 100 for a Standard and Stocks CFDs Account. For the ECN range, to open an account, traders need to deposit $/€/£ 200 for an ECN Zero Account, $/€/£ 500 for an ECN Account and $/€/£ 25,000 for a Pro Account.

  • Customer support - FXTM multi language customer support service is available 24 hours, 5 days a week, in 14 languages. FXTM support is available via contact form, phone call, call back, email, live chat directly from the broker's website, Viber, Telegram and FB messenger.

Broker Profile

ForexTime (FXTM) is an international online Forex broker headquartered in Limassol, Cyprus. Established in 2011 the FXTM brand is regulated by the CySEC (Cyprus Securities and Exchange Commission) and in accordance with Cyprus Law the broker is also a member of the ICF (Investor Compensation Fund).

FXTM provides services in leveraged trading, giving it’s client’s the potential to generate financial returns on both rising and falling prices across FX, indices, commodities, shares and cryptocurrencies. Services are available to a wide range of different customer types including retail, business to business, institutional investors, portfolio management, introducers and also affiliates.

FXTM customers can take advantage of a diverse range of products, since the company offers trading not only in Forex, but also in precious metals, share CFDs, ETF CFDs and CFDs on Commodity Futures. FXTM offers trading via MetaTrader 4 and 5, Mobile and Tablet Apps and also Social Trading signals on MT 4 and MT 5, tailored to the individual needs of their clients.

FXTM offers multilingual customer support which recognizes the individual needs of each customer and strives to be always available, prompt and coming up with the right solution to any problem.

Overall, on our FXTM review, the broker scores a great 4.1 out of 5 as it is a good choice for traders looking for a reputable broker with good regulations in place and safety of funds. On the downside, the overall cost of trading with FXTM is quite higher compared with other top brokers, with uncompetitive spreads and withdrawal fees. Also the availability of trading platforms, currently Metatrader 4 and Metatrader 5, could be extended to satisfy more potential customers.


Data supplied in partnership with CashBackForex - Forex Rebates places FXTM on the top 15 brokers for popularity with traders opening an account in 2020.


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