One of the many brokers active online is FXTM, and if you encountered it during your searches, you may be wondering if it’s a good choice for you or not. The platform has been around for only a decade, but it has a strong online presence, and it has a lot of active users. FXTM makes it possible for people to trade Forex currency crosses and pairs, such as different precious metals, natural gas, crude oil, and exotics. Besides, people also have the chance to trade CFDs, cryptocurrencies, and equity indices.
The offer may seem great so far if you are looking for these things, but it’s still as important as ever to ensure a platform is safe before using it. So, we will offer you the information you are looking for regarding the platform’s safety and services. Therefore, in this post, you will learn about FXTM, what it has to offer and how safe it is.
Who Is FXTM for?
FXTM is a good platform especially for beginners who want to learn more before they actually start getting more serious in the trading business. The broker provides a lot of educational opportunities for all its users, thanks to the many materials it has available and not only. Not to mention that it allows people from all over the world to trade. The account opening process is fast and easy as well, and there is even a demo account so people can try out the platform before deciding if it’s right for them or not.
But the broker is also a great option for people who do not want to spend a lot of money, and that is thanks to the low minimum deposit and the free deposit options. Experienced traders can also enjoy FXTM’s features. Taking a look at the offers, it is obvious that there are a lot of opportunities to create a diversified portfolio, which is exactly what both beginners and experts are looking for.
Things We Like
As we were looking at the things FXTM has to offer, we discovered several things that we liked a lot about the broker. First of all, we appreciate the amazing educational tools that they provide. They’re a great way to make the platform user-friendly, and also to teach newbies more things about trading.
Then, we also liked the fact that the account opening is digital, and it happens fast. After all, nobody likes spending ages trying to register or finding the steps to do so. Also, the customer service is great, and it is always open to helping people. It can offer fast and relevant answers.
Since not everyone wants to spend a lot of money, particularly when they are just getting started, we loved that FXTM has low minimum deposit requirements. The tight spreads were also pleasant to see.
Things We Don’t Like
Unfortunately, we also found some less pleasant things regarding FXTM. Even though there are a lot of products offered, the product portfolio is quite limited compared to other brokers. Also, while the minimum deposit is low, there are fees associated with withdrawals. Inactivity will also add some fees for the person owning the account, and that is pretty disappointing. The fees for CFDs are not exactly low either.
Pros / Cons
- Digital and fast account opening
- Excellent customer service
- Great educational tools
- Inactivity and withdrawal fees
- High CFD fees
- Limited product portfolio
Safety and Regulation
While it has its cons, FXTM may be a wonderful alternative for any trader. But first, before you create an account, you may want to know all the safety and legal matters.
Who Is FXTM?
FXTM is a global FX and CFD broker that was founded back in 2011. The broker has its headquarters in Cyprus, and it was considered one of the best and fastest-growing Forex brokers in the world. They managed to grow very fast as a company, and that is why it expanded in Europe, and then also in other regions like Asia and Africa. FXTM is also known under the name “ForexTime”.
With this broker, people have the chance to trade different Forex currency crosses and pairs. They can trade precious metals like gold and silver, as well as some exotics, natural gas, and crude oil. Besides, trading major cryptocurrencies, CFDs, and equity indices is also possible. It can all be done on major stocks and shares from America.
According to the broker, ever since it got launched, over 2 million people from all over the world decided to create an account.
Is FXTM Regulated?
FXTM is authorized by two regulators, which is one of the things that makes the platform reliable. The broker is regulated by the Cyprus Securities and Exchange Commission, as well as the UK Financial Conduct Authority. They are two top-tier authorities.
Is FXTM Safe?
As previously mentioned, FXTM is regulated by top-tier financial authorities, and this is one of the things that make it safe. But that is not all. The platform has been around for a decade, gaining lots of experience in the trading industry. Besides, there is negative balance protection offered for both CFD trading and Forex spot.
Still, there are also a few safety concerns. The platform does not have a banking license, and it is also not listed on the stock exchange. Furthermore, it doesn’t really have any transparency in terms of financial information, which is quite concerning.
Countries It Accepts Clients from
FXTM accepts clients from more than 135 countries in the entire world. The countries they do not accept users from are Japan, the U.S., Canada, Puerto Rico, Suriname, Haiti, Hong Kong, and Mauritius.
The broker has more than 90% positive ratings, which is great. They also won some awards due to their amazing services. In fact, since 2011, they have won more than 25 awards.
In 2021, they won the Best Trading Experience award, and the same thing happened in 2020. Last year, they also won the award for the Best Forex Broker in Nigeria, Best ECN Broker, and Best Education Provider.
Range of Offerings and Products
If you are looking for a wide array of financial instruments, then you can definitely find them on FXTM. The broker has more than 250 financial instruments available, as well as different Forex products that have more than 50 currency pairs. You even have various spot metal CFDs to choose from.
With FXTM, you will have a desktop, web, and mobile platform, each one of them having its unique features.
The web trading platform is pretty nice for beginners who do not want to download any app on their computer. It looks nice and feels professional. Overall, it is easy to navigate, and it has some great tools.
The desktop app must be downloaded on your computer, but the great thing about it is that it has plenty of tools, as well as better customization. FXTM brings the MetaTrader platform to the table, which is a popular one among traders. It has a clear fee report, and it comes with automated trading capabilities. The design is customer-friendly too, and there are a lot of educational materials for beginner traders and not only.
As for the mobile trading app, it is also great in terms of charting, price alerts, and control over the trading account. The design is also user-friendly. Unfortunately, there is no 2-step verification with this platform.
FXTM has a lot of account types available – they differ depending on the countries they are accessible in. The accounts provided are the standard account, stock CFDs account, cent account, ECN account, and ECN zero account, as well as an FXTM Pro account.
Deposits are available through bank transfers, cards, and e-wallets. Also, the good news is that there are no deposit fees.
The minimum deposit depends on the type of account you choose. The lowest one is $10, and it’s for the Cent accounts. Standard and Shares accounts charge $100, while Zero ECN accounts charge $200 and ECN accounts charge $500.
You can make withdrawals using the same methods as you used for deposits. However, in this case, a withdrawal fee will be charged.
FXTM has a demo account available as well. This allows you to test the waters before you settle for this platform.
There are some promotions available too, such as the 30% bonus, as well as the FXTM Loyalty program.
Client Support and Education
In terms of education, FXTM provides a great demo account that allows people to try the broker first. There are also many educational videos, webinars, educational articles, and a trading platform tutorial.
Verdict – Overall Rating
FXTM is a good platform for both beginners and experts because it has plenty of features to offer and it’s safe. There is a lot to learn from it, and people can also have access to numerous educational materials. On the downside, you will have to pay withdrawal fees, and the product selection is more limited compared to other platforms. If you don’t mind the cons, the platform could be a great option for you.
All brokers listed on our website are regulated by at least one financial regulator and have never been reported as a scam. Our reviews and overall scores are based on the key areas above, in a combination with our opinion and commentary.
The reviews are shared and discussed with the brokers, but the authors of our website always have the final word. Furthermore, we always strive to keep the information on our website updated and relevant for our readers.
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There is a very high degree of risk involved in trading securities.
With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection, and market volatility that may substantially affect the price or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more at Wikipedia.
All investments involve risks and are not suitable for every investor. The value of securities may fluctuate and as a result, clients may lose more than their original investment. The past performance of a security or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk it does not assure a profit, or protect against the loss, in a down market.
There is always the potential of losing money when you invest in securities or other financial products. Investors should consider their investment objectives and risks carefully before investing. More details here.
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