It could not be ignored that the FXTM had gained quite a following over at Social Media. It had gained popularity over known advertising platforms such as Facebook Ads, Google AdSense, and YouTube Ads, making the firm one of the most advertised brokerages along the ranks of Oanda, FXPro, and probably the most popular among the bunch, Oanda.
Trading with FXTM is seen as safe by the online trading community. Online client testimonies cite a number of positive points alluding to a highly-responsive customer service, the educational tools that it provides, and fast account creation. These aspects of the service, alongside the more pertinent facet of FXTM’s service will factor into the building of a pointed assessment of the firm’s over-all capability.
This review is a result of months spent with FXTM. The team had performed an exhaustive examination of all the firm’s facets including:
- The regulatory bodies that sanction all of FXTM’s trading activities
- The assets that the firm allows access to its clients
- The trading accounts available to be opened under the firm
- The trading software the firm provides its clients to use
- The fees that are being charged for services used for specific transactions
These aspects are taken into great consideration in the building of a holistic assessment of FXTM’s service and image.
FXTM, or ForexTime, was founded back in 2011. Its niche lies in the trading of Contracts for Difference (CFD) and Foreign Exchange Currency pairs.
The firm is being regulated by two known and influential financial bodies:
- The UK Financial Conduct Authority (FCA)
- The Cyprus Securities and Exchange Commission (CySEC)
Being regulated by the FCA may already be considered a testament to the firm’s legitimacy and the security that comes with doing financial transactions through FXTM. Citing this alone would actually be enough for traders to be convinced to trade through the firm.
Offers and Services
FXTM’s number of offerings for Foreign Currency Pairs and CFDs are admittedly fewer compared to what its direct competitors actually offer. As of writing, the following figures stand:
|Foreign Currency Exchange Pairs||48|
|Stock Index CFDs||11|
Among these assets, the Stock CFDs is the most noteworthy due to its sheer number of offerings. It is actually the norm for FXTM’s other well-known competitors to offer over thousands of Stock CFDs.
The Commodity CFDs is not faring any better.
It is to the opinion of the review team that the number of trading instruments is a letdown for a broker that is already gaining Social Media mileage. While it does allow for more concentrated trades, the number of offerings does not figure well for traders wanting to build stronger and well-rounded portfolios.
Available Trading Accounts
Six (6) account types are offered through FXTM, the cheapest initial minimum deposit is at $100 for the Standard Account. The highest minimum deposit on the other hand costs $25,000 which is for opening an FXTM Pro Account. All the details pertinent to the account offerings are in the below:
|Account Type||Available Countries||Pricing||Required Minimum Deposit
|Trading Software||Accessible Assets|
||100||MT4||Commodity / Stock Index CFD and Forex|
||10||MT4||Commodity CFDs and
|Stock CFDs Account||The EU with the UK||
|Commodity / Stock Index CFDs and Forex|
|ECN Zero Account||The EU with the UK||
|Commodity / Stock Index CFDs and Forex|
|FXTM Pro Account||All||
|Commodity / Stock Index CFD and Forex
Spot metals or Real Stock (only available for non-EU and non-UK clients)
Furthering their reach, FXTM had permitted that these accounts be converted into Swap-Free accounts for Islamic clients.
Probably one of the pleasant things about FXTM’s service is its convenient account creation. For those wanting to open an account with the firm, he or she should follow the following steps:
- Go to FXTM’s website, input the complete name, email address, and country of residence. The phone number will also be asked for the company to send the PIN code.
- Personal information will also be required including date of birth and educational level.
- Current address will also be required.
- A questionnaire about financial background and experience should be answered.
- Another questionnaire would also be issued pertaining to financial knowledge.
- Choose an account type.
- Upload a copy of a passport, ID, Driver’s License, Bank Statement, or a sample of a Utility Bill.
A total of 30 minutes is the only runtime needed for the account opening process to be accomplished. The account would be approved and functional after 1 business day.
While the review team sees no issues with FXTM’s account costs the team thinks that the Standard Account is actually too cheap to cover for potential losses with initial trades.
Offered Trading Platform
FXTM partnered with MetaQuotes so as to offer the industry’s leading platforms, MetaTrader 4 (MT4) and MetaTrader 5 (MT5).
Both the MT4 and MT5 platforms allow for speedier transactions and come with a selection of add-ons and other technical aids that make for more convenient and sounder trading conditions. The review team is one with the popular opinion that MT4 and MT5 are the most optimal and wise choices for trading platforms in the industry.
Apart from what had already been said about the costs in creating an account, the fees charged by the firm are competitive. The firm’s CFD fees are relatively high. Sampled here are the long positions that could be held for $2,000
S&P 500 index CFD: $2.2
Europe 50 index CFD: $2.4
Apple CFD: $36.5
The Forex fees are low. Sampled here is a long position held for a week of $20,000 30:1.
Trade with FXTM Today!
With everything that had been discussed about FXTM, the firm is placed at an advantage.
The review team had recorded that the opening of trading accounts bears fair pricing with the over-all fee structures for trading competitive.
The only points of criticism that the review team has for FXTM are the minimum initial deposit for the Standard Account and the total number of asset offerings. The latter could be improved so that traders would be given more options to trade.
All in all, the trading conditions fostered within the firm may be seen as decent at best. As this is the case, should the firm address the areas for improvement that had been raised in this review, trading through FXTM might prove a good prospect for those looking into starting CFDs and Forex trading.