In 2011, ForexTime (FXTM) was launched to offer a new and superior forex trading product on the global forex market. The idea was to launch a user-friendly and professional platform that was as easy to use for beginners as it was for experienced traders, and there is no doubt that the brains behind FXTM have succeeded.
In fact, today FXTM is one of the top forex brokers in the world, and since they’ve added commodities, indices, and stocks to their selection, they have managed to make a name for themselves as one of the best CFD-brokers. Period. If you don’t believe us we suggest you check out the many awards they’ve won over the years.
Is FXTM a Scam?
We only recommend the absolute best brokers in the world, whether it’s for forex trading, stocks, or a mix of underlying assets. That means that we would never recommend FXTM if we weren’t 100% certain that FXTM was not a scam but rather a broker that you could trust.
Moreover, we would never recommend a broker that wasn’t licensed and regulated in the areas that we target. FXTM is regulated by Cyprus Securities and Exchange Commission (CySEC) in Cyprus, registered by the Financial Conduct Authority (FCA) in the UK, and licensed by the Financial Service Board (FSB) in South Africa. In this case “more is more” and licenses from three leading regulatory bodies is enough for us to confirm that FXTM is not a scam.
5 Things You Should Know About FXTM
- Not only has FXTM collected numerous awards and recognition over the years, but they also happen to be deeply respected by other brokers and organizations in the business. FXTM is dedicated to offering a good and fair product and aims to always be at the forefront of technological developments which has secured this broker’s future.
- In 2018, less than seven years after the official launch, FXTM officially passed 1,000,000 registered accounts which is a huge milestone in the industry. Most new brokers don’t even survive for the first seven years let alone attract over one million paying customers. The milestone is even more impressive when you consider that FXTM hadn’t yet passed 500,000 at the end of 2016.
- Over the years, FXTM has been very active as a sponsor for athletes in different sports. For example, in 2016 FXTM partnered with Red Bull and base jumping legend Valery Rosoz in his attempt to set a new record, which he succeeded at. In 2017, FXTM became the official sponsor of Sahara Force India Formula One™ Team and the same year tennis pro Dominika Cibulkova partnered with them as a brand ambassador.
- FXTM has developed a unique and very appreciated copy feature that allows you to copy other more successful traders. Not all brokers offer this feature, and we’re always excited to find the ones that do. With that being said, copy trading is not for everyone, and it’s best suited for beginners and traders that are limited in terms of time.
- In our opinion, FXTM is perhaps the most generous broker in the market space and one of few that offers beneficial deals to their customers. For once, there is a cashback system that pays you a CASH rebate based on certain milestones you reach. This type of offer is highly unusual in the industry. In addition, FXTM also gives you $25 for every friend that you invite to the platform. For the smart trader, there is extra money and value to be made from using FXTM, and we suggest you look into it.
FXTMs Asset Classes
As mentioned, FXTM was created to offer a superior forex trading environment which the founders have succeeded at. However, since launching, FXTM has grown and implemented other CFDs on the platform. Today, you can, for example, also trade three commodities (crude, brent, and natural gas), spot metals, all of the leading stock indices, as well as over 180 of the most popular stocks. The result is that FXTM is not only the best forex trader on the market but also one of the best CFD-traders out there.
As an extra bonus, FXTM also provides the opportunity to speculate on the price of gold bullions. Additionally, FXTM offers a great copy trading function where you can copy other successful traders and use trading signals for automatic forex trading.
For your convenience, we’ve put together a detailed list of the available asset classes that you can trade with FXTM below.
- Currencies – There are over 50 different currency pairs that you can trade with FXTM ranging from the largest currencies in the world to several smaller exotic ones. In addition, leverage of 1:1000 is accessible to traders from certain regions of the world.
- Commodities as CFD – You can trade CFDs on the spot price for crude and brent oil as well as natural gas. The three most lucrative commodities offer a great opportunity and “spot” means you’re investing in the currency price (the opposite of futures). In addition, you can trade gold and silver with the same system.
- Indices – Indices are one of the most popular asset classes in the world and FXTM allows you to invest in them using CFDs. For example, you can trade GDAX (Dax 30), UK 100 (UK 100), SP500m (US SPX 500 – mini), and several more indices on the FXTM platform.
- Stocks – There are 180 company stocks available as CFDs on FXTM, and we guarantee that there are shares here that would interest you. The focus is one well-established blue-chip stocks, but you can also find a few more uncommon options.
- Cryptocurrencies – Compared to some brokers, FXTM’s selection of cryptocurrencies is a bit limited but there is still enough here to get started. At the time of writing, you can trade Bitcoin, Ethereum, Litecoin, and XRP against the US dollar, but we suspect that more assets are going to be added in the future.
What Platforms Does FXTM Offer?
We are always delighted when we come across a broker that offers the MetaTrader products. There are a few cases where brokers have managed to develop their own trading software but generally speaking, MetaTrader’s products are preferred.
Luckily, FXMT has decided not to develop their own software but instead provide traders access to the full collection of MetaTrader trading tools. That means you can sign up for
FXTM and trade using MetaTrader 4, MetaTrader 5, as well as the MetaTrader Webtrader version of MT4 and MT5, and the associated mobile versions. With FXTM you can conveniently trade anywhere on any platform at any time.
A Trading Account for Every Trading Style
ForexTime provides a few different account types depending on what you’re looking to trade, and we’ll give you a quick rundown of what they are and which platform they’re connected to.
- The Standard Account is the most basic forex trading account with floating leverage and access to MetaTrader 4.
- The Cent Account is similar to the Standard Account with a few perks and fixed leverage. It also provides access to MT4.
- The Shares Account can be used to trade more than 180 of the biggest American stocks with a 3% margin and other sweet perks on the MetaTrader 4 platform.
- ECN Zero is commission free with tight spreads and no re-quotes on MT4. This is perfectly suited for traders with average experience
- ECN Account gives you access to MT4 and MT5 and provides traders with many features that make the trading experience as easy as possible.
- ECN Pro is FXTM’s pro account that has been specifically designed to offer all the functions professional forex traders need, it offers access to MT4 and MT5.
There is an FXTM demo account that you can use to trade on the available platforms in a risk-free environment. It’s a great way to get some free experience and take the FXTM platform for a test drive.
License and Regulation
Over the years, FXTM has been authorized and licensed from several jurisdictions, and today they have all the licenses they need to offer CFD and forex trading in most parts of the world. The following licenses are the most important to European traders, but we want to clarify that there are even more organizations that have authorized FXTM.
FXTM’s main branch is operated under a license from the Cyprus Securities and Exchange Commission (CySEC), and FXTM is registered with the license number 185/12. In addition, FXTM’s UK branch has also registered with the Financial Conduct Authority (FCA) which is the leading regulatory body in the United Kingdom. On top of that, FXTM has also been approved by the Financial Services Board (FSB) in South Africa which gives FXTM access to a lot of the African market.
We can’t emphasize the importance of using a regulated broker enough. During our many years in the industry, we’ve heard countless stories about signing up with unregulated brokers and being completely ripped off. Unfortunately, if you’re ripped off by an unregulated broker, there is not much you can do and no one to hold accountable.
On the other hand, if you were to get ripped off or there would be any problems with a regulated broker you can always contact the regulatory bodies to see if they will support you. In most cases, CySEC and other agencies will take the customer’s side, and we really suggest that you never even consider using a broker that is not regulated.
Also, we would never recommend a broker that wasn’t regulated so you can always feel safe and calm with the brokers that we’ve reviewed on this site.
FXTM Payment Options
FXTM provides an impressive list of payment options for withdrawals and deposits with most payments being processed the same day as they’re initiated. Note that some options are location-based and not available to everyone.
- Credit and debit cards – Visa, Mastercard, and Maestro
- Internet Payments – Neteller, Skrill, WebMoney, Yandex, DotPay, Qiwi, etc.
- Cryptocurrencies – Bitcoin through Skrill
- Domestic Bank transfers
- FXTM Virtual Mastercard – FXTM’s own credit card available for withdrawals
In accordance with applied regulations, trading accounts have to be verified before withdrawals can be completed and generally withdrawals need to be done to the account used for the original deposit.
World Leading Customer Service
The two main offices that FXTM operates form are located in Cyprus and England, but they have several smaller offices that can be contacted as well, see a full list on ForexTime.com.
If you would run into a problem with the FXTM trading platforms or if you have any questions you have four options. You either go to the FXTM FAQ where many of the most common questions are answered. If you don’t find a solution there, you can either contact FXTM via email ([email protected]), live chat, or by calling one of their local hotlines.
Fees, Commission, and Spread
Like all profitable business, FXTM has to make some money. This is done through a system of different fees, commission, and spread. But don’t worry, FXTM doesn’t charge any more than other brokers although the system might differ a bit from other brokers.
There are a couple of fees that you have to pay with an FXTM account. First and foremost, certain local payment methods come with a smaller charge and FXTM will charge you $5 if your account is inactive for more than 6 months. All of this is industry standard, more or less.
Unlike some other brokers that we’ve reviewed, FXTM is not commission free but let us explain why. FXTM does not charge a commission for deposits and withdrawals and only charges commission for ECN trading. The commission is not fixed meaning the more you trade and the higher your daily volume is, the less you will have to pay. In fact, the terms for FXTM’s ECN MT4 trading fees are flexible. A $100,000 investment can cost as little as $1.50.
Instead of commission, FXTM uses spread for the currencies and some of the CFD trading. FXTM’s spread is super tight and highly competitive and drops down to 0.1 pips for most major currency pairs.
In the end, FXTM has a few more fees than some of their competitors, however, the amount charged is often less which means the amount you have to pay for each trade levels out in the end. Also, paying fees, spread or commission is unavoidable with any broker and something you need to accept.
One thing that really separates FXTM from many other brokers is their dedication to offering good and useful investment advice and education for traders of all levels.
In fact, there is way too much educational material on the FXTM website for us to even start covering all of it but we will try to give you a quick summary.
There is a comprehensive beginner’s guide, multiple recorded seminars and webinars, eBooks, videos, and articles. In addition, FXTM provides regular market updates, a detailed economic calendar, strategic advice, and one of the best forex glossaries on the market.
All in all, there is definitely material on the FXTM platform that can be beneficial for any and every trader regardless of your previous experience and goals.
As mentioned, FXTM is a highly rewarded and appreciated broker that has been recognized with several prestigious awards since they were first launched in 2011.
- In 2015, FXTM was awarded a total of 7 awards and was one of the best years for the broker. Among these awards, we find “Best Affiliate Program,” “Most Promising Forex Broker,” “Best Broker Eastern Asia, Including China,” and “Best Investor Trading Institution.”
- FXTM was awarded another 4 major awards in 2016. The most impressive of them all was the “Best FX Broker” at the European CEO Awards. In fact, very few brokers can brag about having been crowned the best FX broker and to us, it just emphasizes how good FXTM’s forex product is.
- The year 2017 ties with 2015 for the most awards and it was also the best year in terms of how important the awards were. FXTM received five awards in 2017 with “Forex Broker of the Year” from the Global Investor Mena Awards, and “Forex Broker Firm of the Year” from the European Magazine Award, topping the list as the most impressive.
Even though only half of 2018 had past when this was first written, FXTM has already managed to receive two awards – “Best Forex Broker Russia” and “Most Innovative Broker.”
It’s obvious that we aren’t the only ones that truly like ForexTime considering they have been rewarded with several of the industries finest awards such as Forex Broker of the Year (2017), Best FX Broker Asia (2017), and Best Customer Service Global (2017).
On top of the award-winning forex platform, FXTM provides practical stock and commodity trading features, and we consider them to be one of the best CFD brokers in the world.