Is FXTM Good?: The Review of FXTM Pros and Cons [Summary of Overview Information from Real Trading Experiences]

Important Details of FXTM Broker
Broker Name FXTM
Website forextime.com
Year of Establishment 2011
Regulatory Organization CySec, FSCA, FCA, FSA
Minimum Deposit $10
Deposit and Withdrawal Speed Deposit: 1 Minute interval, Withdrawal: 6 Minutes interval
Deposit and Withdrawal Rate  -9.69%
Leverage Maximum 1:2000
Spread EURUSD 7, USDJPY 10, GBPUSD 14
Platform MT4, MT5, WebTrader, FXTM Trader

FXTM is not listed in The Best Forex Broker Ranking 2022

FXTM Information

Year of Establishment : 2008

Head Office

ForexTime (FXTM)’s Head Office is located in Cyprus.

Address: FXTM Tower, Lamprou Konstantara 35, Kato Polemidia 4156, Cyprus

Trading Products

  • Forex:
  • Gold:
  • Petroleum:
  • Index:
  • Cryptocurrency:
  • Stock:
  • Other Commodities: –
  • Bond: –

Broker type

FXTM is a No Dealing Desk (NDD) broker.

Bonuses and Promotions

  • FXTM Loyalty Cash back promotion (click to see details) : The more you trade, the more cash back you get. If an order of 1 Standard lot is opened for a minimum of 5 minutes, you will receive $2-5 every time you trade. (Depending on tier) with up to $10,000 cash back
  • End date: Jun 30, 2021

Contact Details

    

Trading Platform

  • MT4 : Windows, Android, iOS and Linux
  • MT5 : Windows, Android, iOS and Linux
  • WebTrader
  • FXTM Trader (Mobile)

FXTM Review

FXTM is a very standard Forex broker, nothing is outstanding, and service is of average level.

The trading server is quite stable, fast in trading, and send orders smoothly.

The main disadvantage is that the withdrawal system is very difficult, you must submit proof of deposit to be able to withdraw money.

Advantages

Can open unlimited number of accounts

Unlimited number of account opening.

Leverage up to 1:2000

Only Standard, ECN and ECN Zero accounts.

There is a notification SMS

As for the record and reference of any transactions, there will always be SMS notifications such as account transfers, withdrawals, deposits, etc.

Stable Trading Server

Fast, uninterrupted, not delayed order execution.

Free VPS

Able to send request to Account Manager or to FXTM’s Support.

Disadvantages

Very difficult to withdraw money

Proof of deposit must be submitted in order to withdraw.

Normally, in case that trading has been passed for a long time, it would be almost impossible to find evidence of old deposits.

Commission fee for ECN account is not as stated

ECN Account commission fee on the website that says 2$ per lot is not as stated within the account.

It will be free floating as in the link. https://www.forextime.com/en/trading-accounts/commissions and does not specify a currency pair, have to ask first.

Having no Copy Trade system

FXTM does not support Copy Trade system.

Is FXTM service fee high or low ? (SPREAD, COMMISSION, SWAP)

Recommended ECN account, minimum deposit is only 500 USD, it is the account with the lowest spread fee.

Sample Spread of FXTM – Standard, Cent, ECN, ECN Zero and Pro

(Pro is a VIP account with a minimum deposit of $25,000)

Average spreads over 7 major currency pairs of FXTM

fxtm avg spread

Swap fee ​​over major currency pairs of FXTM

Details of each account type

  • Standard, minimum deposit 100 USD: No Commission Fee
  • Cent, minimum deposit 10 USD: No Commission Fee
  • (Recommend) ECN Minimum Deposit 500 USD: Commission fee of 4 USD/ lot (Open and Close)
  • ECN Zero: Minimum deposit 200 USD: No Commission Fee

Is FXTM reliable and reputable ?

FXTM has a parent company called Exinity Limited which is the same owner of Alpari.

Year of Establishment : 2011

License Certificate (Regulator)

1. Cyprus Securities and Exchange Commission (CySec)

cysec 20000 Euro

2. Financial Sector Conduct Authority (FSCA)

  • License Certificate No : 46614
  • ForexTime UK Limited (www.forextime.com/uk)

3. Financial Conduct Authority (FCA)

4. Financial Services Commission of the Republic of Mauritius

Head Office

ForexTime (FXTM)’s Head Office is located in Cyprus.

Address: FXTM Tower, Lamprou Konstantara 35, Kato Polemidia 4156, Cyprus

Other branches of Forextime

  • Nigeria: 3rd Floor, 5, Allen Avenue, Ikeja, Lagos, Nigeria
  • United Kingdom: 88 Wood Street, 9th Floor, London, EC2V 7QR, ​​​​​​​United Kingdom

Employee Number : 51-200 persons

(A total of 807 employees are active on LinkedIn)

Customer capital protection

FXTM separates customer’s funds from company funds.

Exinity Limited (FXTM) is also a member of The Financial Commission, a neutral body for dispute resolution, specialized in the field of the Forex market

Traders are protected in the form of a compensation fund in the amount of €20,000 per claim. (Read more about The Financial Commission here.)

fxtm the financial commission

To what extent is FXTM popular with traders all over the world ?

FXTM’s popularity is moderate in both Social Media and Forex website reviews, with a relatively high rating on Trustpilot. The number of reviews is over 669, with a score of 3.9.

FXTM Services

There are quite a number of communication channels for this broker. Able to contact via Live chat, WhatsApp, Viber, Telegram, Messenger (Facebook) or even leave a number for support staff to contact back.

On FXTM’s website, there are over 18 languages.

In the live chat system, there will be a total of 6 languages :

  1. Chinese
  2. English
  3. Farsi
  4. Erdu
  5. Thai
  6. Malay

Other than that, it will be an automatic translation system.

Contact Channel

  • WhatsApp : Click
  • Viber : +447593612469
  • Telegram : Click
  • Messenger : Click

Tel

  • International : +44 20 3734 1025
  • Cyprus : +357 25 55 8 777
  • India : 000800-100-4352
  • Indonesia : 007 803 321 8183
  • Nigeria, Lagos : +234 1 460 1586
  • South Korea : 003-0813-2643
  • United Kingdom : +44 20 3514 1251

 

FXTM Trading Experience

Recommend ECN account, service fee is considered low, trading is not delayed. Open-close orders quickly.

Apichart T.

Recommend an ECN Account, overall, Commission + Spread fee is quite low. Trading is not delayed, open and close orders quickly.
(I want to say that this broker is good for trading, but is difficult to withdraw.)

Yoya Yoshida

Fast trading, recommended ECN account, lowest service fee.

Attawat Rx

Speed ​​of opening and closing orders, server stability are good. ECN account is recommended. Even the minimum deposit is as high as 500$, but it is worth it in the long run, as the total service fee is the lowest.

Parichat B.

ECN Account commission fee on the website that says 2$ per lot is not as stated within the account. It will be free floating as in the link. https://www.forextime.com/en/trading-accounts/commissions and does not specify a currency pair, you have to ask first.

Sila T.

This broker has been marketing in Thailand for a while. But how much is stuck in service quality problems that still don’t meet the needs of Thai people?

Uaiporn R.

Fast trading server, but the drawback is on the withdrawal that withdrawal is very difficult. You have to attach a slip or previous transaction page in internet banking or e-bank statement showing the deposit list.

FXTM Conclusion

FXTM is not listed in The Best Forex Broker Ranking 2022

References

Writer : Yoda Yoshida

  • Position : Editor
  • Biography : Former waiter to professional traders
  • Experience : 20 years in the Forex industry
  • Goal : To select the best broker for traders.
  • Short greetings : Some things take time to grow.
  • Full biography of the writer, Click >

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