FXTM Review 2022 | Impartial Forex Review for Traders
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ForexTime (FXTM) Broker Review

Review By: Alan Little
Review Updated: 2021-01-18
FXTM Broker Review
4.3
Rating
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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% 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.

Bottom Line Summary

FXTM is an award-winning, global leader in online trading, with a speciality in trading CFDs across multiple asset classes. The group serves more than four million clients across 180 countries, catering to traders at all levels. The broker is particularly good for beginner traders as it offers plenty of educational resources and the opportunity to open a risk-free demo account, which is always a great idea if you are a less experienced trader trying to find the perfect broker for you. The broker also offers a few different types of accounts, so newer traders can open a micro account, which is very accessible, with a minimum deposit of just $50.

 

Overall Ratings
4.3
ForexTime (FXTM) Fees
4
Accounts/Membership Levels
4.5
Deposit and Withdrawal
4
Trading Platforms
4
Mobile Trading App
4
Markets and Products
4.5
Market Research
4.5
Customer Service
4.5

ForexTime (FXTM) broker features

Feature ForexTime (FXTM)
Minimum deposit: $50
Withdrawal fee amount: €2 (credit cards) or €10 (bank transfers)
Inactivity fee charged (Y/N): Y
Max leverage: 30:1
Spread from: 0 pips
Number of instruments:
Year founded: 2011
Time to open account: 3 minutes
Demo account provided (Y/N): Y
Countries of regulation: UK
Products offered: Forex Indices, Forex Pairs, Stocks, CFDs, Commodities, Indices, Metals

ForexTime (FXTM) pros and cons

Pros
  • Fully regulated
  • Good choice of accounts
  • Risk-free demo account

 

Cons
  • No cryptocurrencies
  • Limited language options
  • Customer service is not 24/7

 

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Review Sections:

Who are FXTM?

Founded in 2011, FXTM, also known as ForexTime, is based in London, UK and regulated by the Financial Conduct Authority (FCA). The firm facilitates trading in forex indices and currency pairs, CFDs, stocks and various other instruments. Catering to traders at all levels, FXTM has a range of account types, a great suite of trading tools, and a comprehensive education section.

One reason why traders should trust the firm is that it is highly respected within the forex industry, and has won various international industry awards, including the ‘Best Trading Experience’ award from World Finance in 2021, and the award for ‘Best Online Leveraged Trading Specialists’ from Global Business Awards that same year. This shows that industry experts really do think that the firm offers a better service than many of its competitors.

The broker has also won awards such as ‘Most Trusted Broker Nigeria’ and ‘Best Online Trading Platform Nigeria’. As you may be aware, forex trading is increasingly popular in Africa, with Nigeria second only to South Africa as the country with the highest number of retail forex traders on the continent. This broker is considered a good option for Nigerian forex traders who are generally in need of a respected international broker that caters to their specific needs.

FXTM is suitable for traders at all levels, and has a lot to offer beginner traders, Islamic traders and international traders.

ForexTime (FXTM) Fees

4
Rating

Trading fees

FXTM trading fees depend on your account type and the instrument you are trading, as well as the platform you use. With the Advantage MT4 account, clients are offered a floating commission. The higher your equity and the larger your trading volume, the lower your commissions will be. Remember that with the Advantage Plus, you won’t have to worry about commissions at all, but you will, of course, have to keep an eye on those spreads.

Forex fees

Forex fees are calculated according to the standard commission model for your account. For the most popular account, the Advantage MT4 account, the formula is:

(Volume * Contract Size * Open Price) / 1,000,000 * Commission * 2

For example, if you are trading EURUSD with an opening price of 1.21892, the calculation is (1 * 100,000 * 1.21892) / 1,000,000 * 20 * 2, resulting in a commission per lot of $4.88.

FXTM CFD fees

FXTM offers trading via CFDs with competitive spreads and generous leverage. Spreads are as low as 0.1 pips when trading stock CFDs with the Advantage trading account. Minimum spreads are a little higher with the Micro and Advantage Plus accounts, but a zero-commission model is offered. Traders should take a close look at the features of the different account types to see what will work best for them.

While many of us prefer to trade commission-free – and we certainly found the experience at this broker to be a positive one – it will not suit every forex trader. Remember, you can try out both types of accounts as a demo account if you’re not sure which one will work best for you, and we would certainly recommend this, especially for less experienced traders.

FXTM Inactivity Fees

The FXTM inactivity fee is applied after six months of inactivity, and is $5 per month. While this is a low fee compared to many similar brokers, it is still something that you want to avoid, so make sure that you do not go more than six months without trading once you have opened an account.

FXTM Rollover Fees

As with most brokers, there is usually a ‘swap’ or rollover fee at FXTM when clients keep a position open overnight. It is, however, possible for traders with FXTM to avoid these fees altogether by requesting a swap-free account.

FXTM has reasonable trading fees and a choice of accounts with different pricing models, including commission-free and swap-free trading. However, its commission structure is a little complicated.

Accounts/Membership Levels

4.5
Rating

Account types

FXTM offers three different account types and all three are available in demo mode, so traders can try them out for free, using virtual funds, under real market conditions. The accounts on offer are Micro, Advantage and Advantage Plus, and each comes with different features and benefits. The minimum deposit on the Micro account is just $50, making it a great choice for less experienced traders who want to gently get their feet wet in the world of trading, or even for more experienced traders who are, nevertheless, trading on a tight budget.

Having the choice of the Advantage or Advantage Plus is also good for more advanced traders. The Advantage account offers spreads from 0 pips on major forex pairs, with the broker profits coming from one competitively priced commission on each trade, which will suit some traders who like to know exactly what their trading costs are up front. The Advantage Plus account offers commission-free trading, with all the broker profits coming from the spreads, which are still fairly competitive. This will suit traders who are willing to closely monitor those spreads and trade accordingly.

Obviously, traders who trade commission-free accept that the broker will profit from the spreads and are often concerned about slippage and requotes due to dynamic spreads. However, FXTM has pretty fast execution speeds, which should minimise the risk. The broker stats show that 99.81% of trades are executed in less than a second, with the average time between order receipt and execution recorded as 0.082 seconds. This is not the fastest execution speed on the market, but is pretty decent, and less than some of the broker’s competitors.

It should also be noted that FXTM offers an Islamic account that is swap-free, making this broker a suitable choice for Islamic traders as well as others who want to trade swap-free, as the option is available by request on all FXTM accounts. This is certainly not the case with some of FXTM’s competitors.

How to open your broker account

We found that opening an account at FXTM is more straightforward than at many brokers, and takes just a few minutes. Perhaps the hardest part is deciding which account type you want, and this could be quite time-consuming if you decide to try out all the different demo accounts. Once you are sure, however, simply select the type of account you want, along with your preferred trading platform, and then fill in your details and verify the account.

 

Deposit and Withdrawal

4
Rating

How long does it take to deposit?

Most deposit methods take up to two hours, but bank transfers can take three to five business days. There’s a good range of payment methods, but international traders will want to check that their preferred payment method is available in their country.

Withdrawal fees and options

There is a small withdrawal fee levied on credit card and bank transfers. You can also withdraw for free using Skrill or Neteller. We prefer a broker that offers free withdrawals, regardless of method, and there are some available. However, this alone is not a deal breaker, especially as there are fee-free options available.

How long does it take to withdraw money?

Most withdrawals are processed on the same business day, as long as your account is fully verified. Bank transfers can take 24 hours to process and funds should be posted to your bank account within three to five business days of being processed. In our opinion, these withdrawal times are reasonable. Many brokers take two or three business days to process a withdrawal.

How do you withdraw money?

Withdrawing money from FXTM is simple enough. Withdrawal requests can be made at any time, in the MyFXTM section of your account.

Depositing and withdrawing is generally very straightforward with FXTM, but some methods do incur a small withdrawal fee.

Trading Platforms

4
Rating

FXTM offers the ever-popular option of MT4 trading platform, along with the FXTM Trading app for mobile users.

Usability

FXTM offers a good user experience, along with some useful trading tools such as a pip calculator, currency converter, profit calculator, MT4 indicators and forex VPS trading. We found the website particularly well laid out, and it’s really easy to find all the information you need to get started. There are lots of useful links in the footer of the homepage, and a handy help section (including a fairly comprehensive FAQ page) in the main menu.

Platform languages

The platform is available in English and Chinese.

Placing orders

FXTM allows clients to place a range of pending orders, including buy and sell limit orders and stop loss orders. As we have touched on already, execution speed is quite fast – less than a second on almost every order.

The education section includes useful videos on how and when to place different types of orders. This is another reason why we feel that the platform is good for beginners. Some brokers have a range of educational resources but still manage to overlook basic information such as which type of order to place to meet your trading aims.

FXTM trading platforms allow for the use of a range of trading tools that traders will find highly useful, and the education section, FAQ page and help section make life easy for less experienced traders.

Mobile Trading App

4
Rating

Mobile trading is available via MT4 and also via the broker’s own trading app, FXTM Trader, which is compatible with iPhone, iPad and Android. The apps are free to download, easy to install, and intuitive to use, making this broker a good choice for mobile forex traders and young international traders who often trade exclusively from a mobile device.

The FXTM Trader app is available for free download from the App Store and Google Play.

Markets and Products

4.5
Rating

CFDs

FXTM offers more than 250 instruments, including the ability to trade stocks, commodities and spot indices as CFDs. Leverage of up to 1:30 is offered, dependent on the trader’s knowledge and experience. While we are happy to see such generous leverage, we urge new traders to start with low leverage in order to protect themselves from sudden losses.

Forex

Clients can trade major, minor and exotic currency pairs with FXTM, as well as forex indices such as the USD index or the EUR index. Forex indices generally consist of six different currency pairs measured against the main currency of the index. This is another nice touch that you do not often see at other forex brokers, many of which only offer trading in currency pairs, not in forex indices. While many currency pairs are available, there’s no option to trade crypto with this broker.

Copytrader

At FXTM, you can copy trade across all markets, including forex, indices, stocks and commodities. This allows you to trade without having to learn advanced technical skills – yet another reason why this broker should appeal to less experienced forex traders.

The number of tradeable instruments available at FXTM is fairly substantial, but the platform does not currently offer trading in cryptocurrencies.

Market Research

4.5
Rating

FXTM provides an excellent research section, including Market Analysis Videos, a Forex News Timeline and an Economic Calendar. FXTM also has an online education section offering forex guides and tutorials, eBooks, educational videos and articles, and a forex glossary.

We were impressed with the research and education sections at FXTM, which are useful to traders at all levels.

Customer Service

4.5
Rating

The broker offers customer support via email on support@forextime.co.uk, and you can also call on +44 20 3514 1251. You can expect a response promptly during FXTM business hours, which are Monday to Friday from 06:00 to 16:00 UTC+1.

Customer support can be contacted by both new and existing clients.

Address: 88 Wood Street, 9th Floor London EC2V 7QR ​​​​​​​United Kingdom

Safety

FXTM has a good reputation for safety within the industry. It is regulated by the FCA and segregates client funds in Tier-1 banks for your protection.

Is Webull regulated?

FXTM is fully licensed and regulated by the FCA.

Verdict: Is FXTM right for you?

So, is FXTM good? And, more importantly, is it the right broker for you? As our FXTM broker review has shown, this is a reliable broker with some attractive features and important benefits. As always, we urge you to carefully study each broker to see if its offerings are right for you, but we certainly believe that FXTM is a broker worth considering.

Alternatives to ForexTime (FXTM)

FAQ

Is FXTM regulated?

Yes, FXTM complies with the FCA in the UK.

How to sign up to FXTM?

Simply go to the broker site, choose the account you want, and click on ‘Open account’. The initial process takes just a few minutes. You will then need to verify and fund your account.

Does FXTM offer any bonuses?

No, there is no sign-up bonus at FXTM.

Is FXTM good for beginners?

Yes, FXTM is user-friendly and has good resources for beginners.

Risk Disclaimer

Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading CFDs with this provider.

Compare ForexTime (FXTM) to other brokers

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