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:
- The regulatory bodies that sanction all of FXTM’s trading activities
- The trading accounts that the firm provides its clients
- The trading platforms that come with the accounts
- 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.
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:
|S & P 500 CFD|
|Europe 50 CFD|
|Inactivity||$5/month after inactivity of 6 months|
The fees appear sound enough even to novice traders, especially with consideration to the provision of well known Stocks as sampled above.
FXTM offers 5 types of accounts. The particulars of it are detailed in the table below:
|Account Type||Country of Operations||Pricing||Minimum Deposit||Trading Platforms||Products|
|Standard Account||All||Spreads are higher|
|$/€/£ 100||MT4||Forex, commodity / stock index CFD|
|Cent Account||All||Spreads are higher|
|$/€/£ 10||MT4||Forex, commodity CFD|
|Stock CFDs Account||EU Countries w/ UK||Spreads are higher|
|$/€/£ 100||MT4||Stock CFD|
|ECN Account||All||Spreads lower|
|$/€/£ 500||MT4/MT5||Forex, commodity / stock index CFD|
|ECN Zero Account||EU Countries w/ UK||Spreads are higher|
|$/€/£ 200||MT4/MT5||Forex, commodity / stock index CFD|
|FXTM Pro Account||All||Spreads are lower|
|$/€/£ 25,000||MT4/MT5||Forex, 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.
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:
- The trustworthiness of the regulatory bodies that sanction FXTM namely, the UK Financial Conduct Authority (FCA) and the Cyprus Securities and Exchange Commission (CySEC)
- The notable offers that each FXTM trading account provides with consideration to Spreads and Commissions
- 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.