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ForexTime Review
Updated November 09, 2021
Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 81% of retail investor accounts lose money when 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.
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 | Licence & Regulation | Client Money Protection | Deposit Compensation Scheme | Negative Balance Protection |
|---|---|---|---|---|
| Exinity Limited (MU) | Mauritius FSC Licence | ✔️ segregated client money |
❌ | ✔️ |
| Exinity UK Ltd | UK FCA Licence | ✔️ up to £85,000 |
✔️ | |
| FXTM Global (South Africa) | South Africa FSCA Licence | ❌ | ✔️ | |
| Forextime Ltd (EU) | Cyprus CySEC Licence | ❌* | ❌* |
Entity/Regulation
- International customers: 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 number C113012295.
- UK customers: Exinity UK Ltd 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. Exinity UK Ltd is authorised and regulated by the FCA, under reference number 777911.
- European customers: 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.
- * WARNING: Forextime Ltd (regulated by the Cyprus CySEC) ceased its services to retail investors by the end of February 2021. Currently FXTM Cyprus only accepts applications from clients classed as professionals. Professional clients will not be covered by the ESMA regulations regarding leverage restrictions, NBP and Investor Compensation Fund.
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
- Exinity UK Ltd 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 Exinity UK Ltd 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.
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 |
|---|---|---|---|---|
| ✔️Micro ✔️Advantage ✔️Advantage Plus ✔️PAMM ✔️Islamic Accounts* |
✔️Forex ✔️Indices ✔️Stocks ❌Futures ❌ETFs ❌Bonds ✔️Commodities ❌Cryptos |
✔️MT 4 ✔️MT 5 ❌cTrader ✔️FXTM Trader |
❌Myfxbook ❌ZuluTrade ✔️FXTM Invest |
UK 30:1 (retail) 300:1 (professional) 2000:1 Rest of World |
Account Types and Currencies
- FXTM has three types of trading accounts available; Micro, Advantage and Advantage Plus. Swap-free accounts are also available for traders of Islamic belief**.
- FXTM allows for social trading, including copy trading, through FXTM Invest, the broker's proprietary social trading platform.
- FXTM also offers PAMM accounts alternatives for money managers.
- FXTM maximum leverage is 300:1 for accounts opened in Europe (professional clients only), 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.
*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 great selection of 1,600+ assets to trade, including forex, indices, stocks and commodities.
- FX market - 63 currency pairs (including Minor and Exotic crosses).
- FX indices - 6 FX indices CFDs including AUD, EUR, GBP, and USD.
- Indices - 11 world indices including the AUS200, UK100, GER40 and STOX50.
- Stocks - 793 stocks CFDs of leading US, Hong Kong and European companies and banks, including Apple, Amazon, VW, Airbus and Microsoft. FXTM stocks CFDs offering is composed of 424 US stocks CFDs, 49 European stocks CFDs and 320 Hong Kong stocks CFDs.
Also available for trading, with a 1:1 leverage only, 424 US stocks and 320 Hong Kong stocks. Please note, these are not CFDs, so, long positions only and investors will need the full amount to buy the position. - Stocks baskets - 5 stocks baskets CFDs, customized into indices by FXTM in-house market experts, including Green, Social and Mobile baskets.
- Commodities - 8 commodities CFDs available for trading; 5 metals (Gold and Silver versus several currencies) and 3 energies; UK Oil, and US Oil.
Pricing
3.5
| Pricing/ Account |
Micro | Advantage | Advantage Plus |
|---|---|---|---|
| Spread EUR/USD | from 1.5 pip | from 0.0 pip | from 1.5 pip |
| Commissions (1 lot) | ❌ | $4.0-$20 per 1 Million USD traded | ❌ |
| Minimum Deposit | from 10 USD | from 500 USD | from 500 USD |
Spreads
FXTM spreads are not the most competitive in the market, especially for the "entry-level" accounts; Micro and Advantage Plus. The starting spread for the most traded pair, the EUR/USD, with these accounts, is 1.5 pip, with a typical spread of 1.6 - 2.0 pip and no commissions. We consider this spread, for the Micro and Advantage Plus accounts to be slightly higher when compared with other top brokers.
Things get much better with the Advantage account. With the Advantage account the EUR/USD minimum spread is 0.1 pip (typically 0.6 pip). To benefit from the lower spread of the Advantage account there's a cost to pay: a commission. For the EUR/USD, the trading commission is $4.0-$20 per 1 Million USD traded. We consider this commission to be slightly lower when compared with other top brokers.
Things get much better with the Advantage account. With the Advantage account the EUR/USD minimum spread is 0.1 pip (typically 0.6 pip). To benefit from the lower spread of the Advantage account there's a cost to pay: a commission. For the EUR/USD, the trading commission is $4.0-$20 per 1 Million USD traded. We consider this commission to be slightly lower when compared with other top brokers.
Rollover Rates
FXTM swap rates, as of 08-11-2021, for 1 lot EUR/USD (100,000 units) stands at an average rate of -6.90 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.
There is also an option on the client portal (dashboard) to enable swap-free on FXTM accounts. Accounts can benefit from a swap-free policy, in place for an average of 4 trading days, for most currency pairs.
There is also an option on the client portal (dashboard) to enable swap-free on FXTM accounts. Accounts can benefit from a swap-free policy, in place for an average of 4 trading days, for most currency pairs.
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. 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 UK dedicated page for UK 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 Advantage 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 $/€/£ 10 for a Micro Account and $/€/£ 500 for an Advantage and Advantage Plus 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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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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ForexTime User reviews
ForexTime Account types user rating
(22)Standard
(29)Cent
(28)ECN
(21)ECN MT5
(19)ECN Zero
(17)Shares
(2)Micro
(3)Advantage
(2)Advantage Plus