Is FXTM a Brokerage Firm That we Can Easily Rely On?

This review is a result of months spent with the broker. The review team had focused on the following facets of FXTM’s service to render a pointed and informed assessment of the firm’s capabilities:

 

  1. The regulatory bodies that sanction all of FXTM’s trading activities
  2. The trading accounts that the firm provides its clients
  3. The trading platforms that come with the accounts
  4. The fees that the brokerage charges its clients

 

The methodology employed within this review had been exhaustive and had involved the utility of all offers and functions seen through FXTM’s services.

Is FXTM a Brokerage Firm That we Can Easily Rely On?

About FXTM

 

Established back in 2011, FXTM, shorthand for ForexTime, specializes in trading Foreign Currency Pairs and CFDs.

 

Being regulated by notable financial authorities, the UK Financial Conduct Authority (FCA) and the Cyprus Securities and Exchange Commission (CySEC), trading with FXTM is deemed safe, with client data and funds altogether secured. 

 

Preliminary findings see FXTM as a viable brokerage option in light of its outstanding customer service, comprehensive educational materials, and speedy account creation through digital means.

 

Despite these noteworthy positive points, other opinions see FXTM in a not-so pleasant light given the steep fees imposed on Stock CFDs, fees on Inactivity and withdrawals, and a product portfolio seen by some to be too limited. The trading fees are at an average despite the fact that it only requires $10 to open an account, a figure considerably low when compared to what the industry imposes. 

 

Offers and Services

 

Save for the aforementioned costly Stock CFD fees, the Stock index fees for FXTM are actually at a low. The same could be said of the fees for the currency pairs, EUR/CHF and the EUR/GBP. 

 

The other fees that FXTM Charges its clients may be found in the table below:

 

AssetsFee Terms
S & P 500 CFD
  • The fees are built into the spread
  • Average spread cost is at 1 point within peak hours
Europe 50 CFD
  • The fees are built into the spread
  • Average spread cost is at 3 point within peak hours
EUR/USD
  • The opening of a position is charged
  • Commission is based on a trader’s balance and monthly volume
  • Average Spread cost at 0.5 pips within peak hours
Inactivity                 $5/month after inactivity of 6 months

 

The fees appear sound enough even to novice traders, especially with consideration to the provision of well known Stocks as sampled above. 

 

FXTM offers 5 types of accounts. The particulars of it are detailed in the table below:

 

Account TypeCountry of OperationsPricingMinimum DepositTrading  PlatformsProducts
Standard AccountAllSpreads are higher

No commission

$/€/£ 100MT4Forex, commodity / stock index CFD
Cent AccountAllSpreads are higher

No commission

$/€/£ 10MT4Forex, commodity CFD
Stock CFDs AccountEU Countries w/ UKSpreads are higher

No commission

$/€/£ 100MT4Stock CFD
ECN AccountAllSpreads lower

w/ commission

$/€/£ 500MT4/MT5Forex, commodity / stock index CFD
ECN Zero AccountEU Countries w/ UKSpreads are higher

No commission

$/€/£ 200MT4/MT5Forex, commodity / stock index CFD
FXTM Pro AccountAllSpreads are lower

No commissions

$/€/£ 25,000MT4/MT5Forex, commodity / stock index CFD 

Spot metals / real stock (only available for non-EU and non-UK clients)

 

What immediately jumps out of the frame for the review team is the low cost for account opening, the offering of inverse relationship with spreads and commissions, and the provision of MetaTrader platforms 4 and 5. These platforms offer a number of trading tools, customizable charts, and a number of technical indicators. 

 

The provision of the trading software is noteworthy in that these are two highly efficient platforms and open to a myriad of trading instruments. With consideration to the initial minimum deposit, the traders are already given much even if they are just to open a Cent Account. Although, there is quite a jump with consideration to price with the ECN Account to the FXTM Pro Account. 

 

The relationship between Spread levels and commissions are not spectacular but are nevertheless decent. 

Is FXTM a Brokerage Firm That we Can Easily Rely On?

Trade with FXTM Today!

 

Trading with FXTM appears to be a viable option for those wanting to enlist with a brokerage. This had been affirmed through the following facets:

 

  1. The trustworthiness of the regulatory bodies that sanction FXTM namely, the UK Financial Conduct Authority (FCA) and the Cyprus Securities and Exchange Commission (CySEC)
  2. The notable offers that each FXTM trading account provides with consideration to Spreads and Commissions
  3. The efficiency of the trading platforms that come with each trading account.

 

These factors configure into rendering a positive image for FXTM. It is to the opinion of the review team that trading with the firm is highly recommendable.