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FXTM Review 2019

4.2 4 stars · Jul 2019
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90% of retail CFD accounts lose money
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FXTM or ForexTime was founded in 2011 and it is a global CFD and FX broker. It is regulated by more financial authorities, including the UK FCA and Cypriot CySEC.

FXTM is considered safe because it is regulated by the top-tier FCA.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 90% 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.

Recommended for forex traders familiar with MetaTrader 4 platform.

Pros
  • Superb customer service
  • Great educational tools
  • Digital and fast account opening
Cons
  • Inactivity and withdrawal fees
  • Higher and non-transparent financing costs
  • Limited product portfolio

FXTM pros and cons

FXTM customer service gives fast and relevant answer. They can also be contacted in many languages. From a demo account to live webinars, you can use a lot of educational tools. The account opening is fast and fully digital.

FXTM charges inactivity and withdrawal fees. The financing costs for overnight positions are not lowest and their calculation is non-transparent at all. The product portfolio is limited as it lacks asset classes, like ETFs, bonds, mutual funds, etc.

Compare to other brokers

FXTM review
Fees 3 stars

FXTM has low forex fees and average stock CFD fees. The costs for holding positions overnight are average too. On the negative side, there is an inactivity fee and a high fee for bank withdrawals.
Pros
  • Low forex fees
Cons
  • Inactivity fee
  • Financing rate calculation is non-transparent
  • High withdrawal fee for bank transfers
FXTM Fees snapshot
Assets Fee level Fee terms
US stock fee Average The fees are built into spread. 1.7 pips is the spread cost
EURUSD fee Average ECN account pricing: only opening a position is charged and the commission is based on your account balance and monthly trading volume. There is also 0.6 pips spread cost.
US tech fund fee - Not available
Inactivity fee Average $5 per month after 6 months of inactivity

We ranked FXTM's fee levels as low, average or high based on how they compare to those of all reviewed brokers.

To get things rolling, let's go over some lingo relating to broker fees. What you need to keep an eye on are trading fees, financing rates, and non-trading fees.

We also compared FXTM's fees with those of two similar brokers we selected, XM and XTB. This selection is based on factors like products offered, client profile, fee structure, etc.

Let's start with the trading fees.

Trading fees

FXTM trading fees are average.

FXTM offers more account types which differ also in fees. We tested the ECN account which charges low spread and a commission. The commission for ECN account is lower if you have a higher account balance or/and trade more. We calculated the commission for account balance between $0-$2,999 and trading less than $100 million.

It is super hard to compare trading fees for CFD brokers. What did we do at Brokerchooser? Instead of quoting long fee tables, we compare brokers by calculating all fees of a typical trade for three assets.

These are the assets we chose:

  • Apple, a large US stock
  • Vodafone, a large European stock
  • EURUSD, a popular currency pair

A typical trade means buying a position, holding it for one week and then selling. For the volume, we chose a $2,000 position for the stocks and $20,000 for the EURUSD transaction.

This super catch-all benchmark includes spreads, commissions and financing costs for all brokers.

Here is the verdict. FXTM has low forex fees and average stock CFD fees.

FXTM fees benchmarked
  FXTM XM XTB
EURUSD benchmark fee $20.3 $20.0 $17.1
EURGBP benchmark fee $9.9 $11.7 $9.0
Apple benchmark fee $17.0 $3.9 $18.1

You might want to dig deeper and check FXTM trading fee calculations in detail. Let's do so.

Forex fees

The forex fees are different based on the account type you choose:

  • Standard accounts: it charges a higher spread, but there is no commission.
  • ECN accounts: it charges a commission, but the spreads are lower. The commission is charged only for opening a position and can be lower if you trade more or/and hold a higher account balance. There is a formula for calculating the commission: (Volume * Contract Size * Open Price) / 1,000,000 * Commission * 2. The commission factor in this formula varies according to the table below: 
FXTM ECN commissions
Account balance Trading volume (in million USD)
  Less than 100 100 - 150 150 - 250 Over 250
$0 - 2,999 20 19 18 15
$3,000 - 4,999 19 18 17 14
$5,000 - 19,999 18 17 16 13
$20,000 - 49,999 17 15 13 11
$50,000 - 199,999 16 13 11 9
$200,000 - 499,999 14 12 10 8
$500,000 - 999,999 13 10 8 6
$1,000,000 - 4,999,999 12 9 6 4
Over $5,000,000 Determined on an individual basis

Stock CFD fees

For stock CFDs, FXTM doesn't charge a commission, there is only a spread cost. 

Real stock fees

Non-EU clients can also trade with real stocks from the NYSE and NASDAQ stock exchanges. FXTM has low stock fees. It's the same as at XTB. XM doesn't offer real stocks.

  FXTM XM XTB
USA $7.5 - $8.0

We calculated the stock fees for a trading scenario: a $2,000 trade for Apple with a $220 price which means ~9 shares.

The stock fees comprise a small spread and a commission. The commission is volume-tiered where one lot means 100 shares.

FXTM stock commission
Volume (lot) Commission (per lot)
0.01 - 5.00 $15
5.01 - 20.00 $25
20.01 - 100.00 $30
100.01 - 150.00 $55
150.01 - 250.00 $80
250.01 - 500.00 $135
Over 500.00 $190

Financing rates

FXTM financing rates are generally average. The financing cost calculation is non-transparent at all, there is no information about the calculation on the website.

Financing rates are charged when you hold your leveraged positions for more than a day. It can be a significant proportion of your trading costs.

FXTM annual financing rates
  FXTM XM XTB
EURUSD financing rate 4.9% 4.6% 4.1%
EURGBP financing rate 1.6% 1.9% 1.7%
Apple financing rate 4.9% 6.7% 6.0%

Non-trading fees

FXTM has high non-trading fees. It charges inactivity and withdrawal fees. As a plus, there is no account fee.

FXTM non-trading fees
  FXTM XM XTB
Account fee No No No
Inactivity fee Yes Yes No
Withdrawal fee $2 $0 $0

The inactivity fee is $5 per month after 6 months of inactivity.

The withdrawal fee varies based on your country of residence, the method you use, and the currency you make the withdrawal in.

FXTM withdrawal fees
Withdrawal method EU countries UK Other countries
Credit cards €2 / $3 / £2 €2 / $3 / £2 €2 / $3 / £2
Bank wire transfer €20 / £25 €10 / £5 €30
Deutsche Handelsbank transfer €20 / $40 / £25 NA NA
Neteller, Skrill Free Free Free
China Union Pay NA NA Free
Yandex.money, QIWI 1.5% NA NA
Crypto (BTC, ETH, LTC, DASH) 1% (only Bitcoin via Skrill) NA 1%
VLOAD NA NA 6%
Konnexona, WebMoney, Online Banking Malaysia / Indonesia / Vietnam / Thailand NA NA 2%
PerfectMoney, Fasapay, DixiPay NA NA 0.5% (max $5 for DixiPay)
DusuPay NA NA $1
Ngangluong NA NA 1.1% + $0.05
Nigerian Local Bank Wire Transfer NA NA 1.5%

China Online Banking

GlobePay

Algerian / Afghani / Bangladeshi / Egypt / Ghanan / Indonesian / Iraq / Kenyan / Laos / Malaysian / Pakistani / Palestinian / Tanzanian Local Transfer

TC Payment

Local Exchange House

NA NA Free

FXTM review
Account opening 5 stars

FXTM account is fully digital, easy, and fast. Your account will be ready within 1-2 business days. There is also a lot of account types you can choose from.
Pros
  • Fully digital account opening
  • Many account types
Cons
None

Can you open an account?

FXTM accepts clients all over the world. There are only a few exceptions, e.g. you can't open an account if you're from the USA, Japan, etc.

What is the minimum deposit at FXTM?

The required FXTM minimum deposit is different for the account types. We tested the ECN account type where the minimum deposit is $500.

Account types

There are a lot of account types you can choose from. The account types differ in the countries they are available in, the pricing, the minimum deposit, the available trading platform, and the products you can trade with.

FXTM account types
  Available countries Pricing Minimum deposit Trading platforms Available products
Standard Account All countries Higher spread, no commission $100 MT4 Forex, commodity / stock index CFD
Cent / Micro Account All countries Higher spread, no commission $5-10 MT4 Forex, commodity CFD
Shares Account EU countries, incl. UK Higher spread, no commission $100 MT4 Stock CFD
ECN Account All countries Commission and lower spread $500 MT4/MT5 Forex, commodity / stock index CFD
ECN Zero Account EU countries, incl. UK Higher spread, no commission $200 MT4/MT5 Forex, commodity / stock index CFD
FXTM Pro Account All countries Lower spread, no commission $25,000 MT4/MT5 Forex, commodity / stock index CFD
FXTM Pro MT5 Account Non-EU and non-UK clients Lower, spread, but there is a commission $250,000 MT5 Real stock

At each account, there is a possibility to convert the account to a swap-free account. This is suitable for clients who can't receive interests because of their religion.

FXTM offers corporate accounts as well. If you want to open a corporate account, you have to send an email to FXTM. 

How to open your account

The FXTM account opening is easy and fully digital.  The online application takes roughly 25-30 minutes and our account was approved within 1 business day.

The 7 steps of FXTM account opening:

  1. Add your e-mail address, name, and country of residence. You need to give your telephone number as well where FXTM sends a PIN code.
  2. Add more personal information, like date of birth or level of education
  3. Give your current address
  4. Answer some questions about your financial background and experience
  5. Fill out a questionnaire about your financial knowledge
  6. Select the account type you wish to open
  7. Verify your identity and residency by uploading a copy of your passport / ID / driver's license. and a bank statement / utility bill

FXTM review - Account opening

FXTM review
Deposit and withdrawal 4 stars

FXTM offers a great variety of deposit and withdrawal options. From credit card through bank transfer, till electronic wallets almost everything as available. The main disadvantage is that FXTM charges most of the means of withdrawal.
Pros
  • No deposit fee
  • User-friendly
  • Credit card deposit and withdrawal
Cons
  • Most of the withdrawal options charge some fee

Account base currencies

FXTM offers three account base currencies: EUR, USD, GBP. NGN is also available for Nigerian residents.

This offer is almost the same as XTB's but lags behind XM's.

Base currencies at FXTM vs similar brokers
  FXTM XM XTB
Number of base currencies 4 7 4

Why does this matter? Two things. First, if you fund your account in the same currency as your bank account, you won't be charged a currency conversion fee. Second, if you trade assets in the same currency as your account base currency, you will not have to pay a conversion fee.

A convenient way to save on the currency conversion fees can be to open a multi-currency bank account. Revolut or Transferwise both offer bank accounts in several currencies with great currency exchange rates as well as free or cheap international bank transfers. The account opening only takes a few minutes on your phone.

Compare digital banks

Deposit fees and options

FXTM charges no deposit fee. Besides bank transfer, you can use a credit card and electronic wallets. It's the same at the competitors.

FXTM deposit options
  FXTM XM XTB
Bank transfer Yes Yes Yes
Credit card Yes Yes Yes
Electronic wallets Yes Yes Yes

The availability of deposit methods other than bank and credit cards transfer is different among EU and non-EU clients.

Is this deposit method available? EU countries UK Non-EU clients
Neteller, Skrill Yes Yes Yes
Cryptocurrencies Yes (through Skrill) No Yes
Western Union Quick Pay Yes No No
Alfa-Click, Yandex.Money, QIWI Yes No Yes
VLOAD, WebMoney, Perfectmoney, Fasapay, TC Payment, GlobePay, Ngangluong, DixiPay, DusuPay, CashU, Konnexone No No Yes
Algerian / Afghani / Bangladeshi / Egypt / Ghanan / Indonesian / Iraq / Kenyan / Laos / Malaysian / Pakistani / Palestinian / Tanzanian Local Transfer No No Yes
Online Banking Malaysia / Indonesia / Vietnam / Thailand No No Yes

You can only deposit money from accounts which are in your name.

FXTM review - Deposit and withdrawal - Deposit

Withdrawal fees and options

FXTM charges a withdrawal fee for the most withdrawal options. 

You can choose from a bank transfer, credit card, and electronic wallets for withdrawal. You can use the same electronic wallets as for the deposit, except Alfa-Click, Western Union Quick Pay, Dotpay, and Cash U.

FXTM withdrawal fees and options
  FXTM XM XTB
Bank Transfer Yes Yes Yes
Credit card Yes Yes No
Electronic wallets Yes Yes No

The withdrawal fee varies based on your country of residence, the method you use, and the currency you make the withdrawal in.

FXTM withdrawal fees
Withdrawal method EU countries UK Other countries
Credit cards €2 / $3 / £2 €2 / $3 / £2 €2 / $3 / £2
Bank wire transfer €20 / £25 €10 / £5 €30
Deutsche Handelsbank transfer €20 / $40 / £25 NA NA
Neteller, Skrill Free Free Free
China Union Pay NA NA Free
Yandex.money, QIWI 1.5% NA NA
Crypto (BTC, ETH, LTC, DASH) 1% (only Bitcoin via Skrill) NA 1%
VLOAD NA NA 6%
Konnexona, WebMoney, Online Banking Malaysia / Indonesia / Vietnam / Thailand NA NA 2%
PerfectMoney, Fasapay, DixiPay NA NA 0.5% (max $5 for DixiPay)
DusuPay NA NA $1
Ngangluong NA NA 1.1% + $0.05
Nigerian Local Bank Wire Transfer NA NA 1.5%

China Online Banking

GlobePay

Algerian / Afghani / Bangladeshi / Egypt / Ghanan / Indonesian / Iraq / Kenyan / Laos / Malaysian / Pakistani / Palestinian / Tanzanian Local Transfer

TC Payment

Local Exchange House

NA NA Free

How long does it take to withdraw money from FXTM? We tested the credit card withdrawal and it took 1 business day.

You can only withdraw money to accounts in your name.

How do you withdraw money from FXTM? You can withdraw money from FXTM by following these steps:

  • Log into "MyFXTM"
  • Go to "My Money" and select "Withdraw Funds"
  • Select the withdrawal method
  • Add the amount you wish to withdraw and the reason for your withdrawal
  • Initiate the withdrawal
  • You'll get a 4 digit code on your phone which you have to verify

Compare to other brokers

FXTM review
Web trading platform 3 stars

The web trading platform of FXTM is provided by MetaTrader. It is highly customizable, available in a lot of languages, and has a clear fee report. On the negative side, it lacks a two-step login and the design is outdated.
Pros
  • Clear fee report
  • Good customizability (for charts, workspace)
  • Available in several languages
Cons
  • No two-step (safe) login
  • No price alerts
  • Does not look nice
FXTM Platforms to Choose From
Trading platform Score Available
Web 3 / 5 stars Yes
Mobile 4 / 5 stars Yes
Desktop 3 / 5 stars Yes

FXTM does not have an in-house developed trading platform, it uses third-party platforms: MetaTrader 4, and MetaTrader 5. These platforms are very similar to each other in functionalities and design.

In this review, We tested MetaTrader 4 as it is available for all account types and more used among the customers.

MetaTrader 4 is available in exceptionally lot languages.

FXTM web trading platform languages
Arabic Bulgarian Chinese Croatian Czech Danish
Dutch English Estonian Farsi French German
Greek Hebrew Hungarian Indonesian Italian Japanese
Korean Latvian Lithuanian Malay Mongolian Polish
Portuguese Romanian Russian Serbian Slovak Slovenian
Spanish Swedish Tajik Thai Turkish Uzbek
Vietnamese          

Look and feel

FXTM's web trading platform has great customizability. You can easily change the size and the position of the tabs.

However, the platform feels outdated and some features are hard to find. For example, it took time until we found how we can add an asset to the watchlist.

FXTM review - Web trading platform

Login and security

FXTM provides a one-step login. A two-step authentication would be more secure.

Search functions

The search functions are OK. You can find the assets in categories. We missed the classical magnifying search function when you can type the assets' name manually.

FXTM review - Web trading platform - Search

Placing orders

You can use the basic order types. You will not find very sophisticated orders like the "one cancels the other" order.

  • Market
  • Limit
  • Stop-loss

If you are not familiar with the order types, read this overview.

There are also order time limits you can use:

  • Good 'til canceled (GTC)
  • Good 'til time (GTT)

FXTM review - Web trading platform - Order panel

Alerts and notifications

You can't set alerts and notifications on the FXTM web trading platform. This feature is available only on the desktop trading platform.

Portfolio and fee reports

FXTM has clear portfolio and fee reports. You can easily see your profit-loss balance and the commissions you paid. These reports can be found at the History tab. We didn't find a way to download them. 

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FXTM review
Mobile trading platform 4 stars

FXTM has a great mobile trading platform, offered by MetaTrader 4. It is well-designed and user-friendly. On the flip side, it lacks the two-step login.
Pros
  • User-friendly
  • Good search function
  • Looks nice
Cons
  • No two-step (safe) login
  • No order confirmation

FXTM offers MetaTrader 4 and MetaTrader 5 mobile trading platforms. Similarly to the web trading platform, we tested the MetaTrader 4 mobile trading platform.

MetaTrader 4 is available for both iOS and Android. We tested it on Android. After you downloaded the MT4 mobile trading platform, you have to access the relevant FXTM server, e.g. ForexTime-ECN. 

The mobile trading platform supports 21 languages. You can't set the language in the application, but if you change your mobile language to one of the supported languages, the app will automatically use that.

FXTM mobile trading platform languages
Arabic Chinese Czech English French
German Greek Hindi Indonesian Italian
Japanese Korean Malay Polish Portuguese
Russian Spanish Thai Turkish Ukrainian
Vietnamese      

Look and feel

FXTM has a great mobile trading platform, we really liked its design and user-friendliness. You will easily find all the features.

FXTM review - Mobile trading platform

Login and security

Similarly to the web trading platform, FXTM provides a one-step login.

Search functions

The search functions are good. You can search by typing the name of the product or by navigating in the categorized folders.

FXTM review - Mobile trading platform - Search

Placing orders

You can use the same order types and order time limits than on the web trading platform.

FXTM review - Mobile trading platform - Order panel

Alerts and notifications

You can't set alerts and notifications on the FXTM mobile platform. However, you can set mobile push notifications on the desktop trading platform. It would be much easier if you could set these notifications on the mobile trading platform.

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FXTM review
Desktop trading platform 3 stars

FXTM's MetaTrader 4 has a desktop version. In design and functionalities, it is almost the same as the web trading platform. One major difference is that you can set price alerts on the desktop trading platform.
Pros
  • Clear fee report
  • Good customizability (for charts, workspace)
  • Price alerts
Cons
  • No two-step (safe) login
  • Does not look nice

You can use MetaTrader 4 and 5 desktop trading platforms. We tested the MetaTrader 4 desktop trading platform.

It has the same design, available in the same languages, offers the same order types, has the same search functions, and offers the same portfolio and fee reports.

The major difference is that you can set alerts and notifications in the form of e-mail / push notification on mobile / notification on the desktop trading platform. To set email or mobile notifications, you have to add your email address and your mobile MetaQuotes ID (it can be found in MT4 app's settings). You can add them if you go to the Tools and then the Options.

FXTM review - Desktop trading platform

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90% of retail CFD accounts lose money

FXTM review
Markets and products 2 stars

FXTM offers forex and CFDs for EU clients. Non-EU clients can also trade with cryptos and real stocks from NYSE and NASDAQ. On the negative side, it lacks ETFs, mutual funds, bonds, options, and futures.

FXTM has a good forex offer. The stock index and commodity CFD offers are average, while the number of stock CFDs is low in comparison with competitors. ETF CFDs and bond CFDs are missing.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 90% 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.

  FXTM XM XTB
Currency pairs (#) 57 57 48
Stock index CFDs (#) 11 18 34
Stock CFDs (#) 166 1,200 1,600
Commodity CFDs (#) 6 15 21

EU clients can't lower the default leverage level of the products. However, we think this is something you should be in control of.

Non-EU clients can change the level of leverage based on their risk appetite. The maximum level of leverage varies based on the product and volume you trade, and the account type you choose.

Real stocks

FXTM offers real stocks for non-EU clients. The real stock offer lags behind XTB, while XM doesn't offer real stocks.

  FXTM XM XTB
Stock markets (#) 2 - 17

The available stock markets are NYSE and NASDAQ.

Cryptos

Similarly to the real stocks, non-EU clients can trade with cryptocurrencies. The crypto offer is similar to FXTM, while lags behind XTB.

  FXTM XM XTB
Cryptos (#) 4 5 16

The available cryptocurrencies: Bitcoin, Ethereum, Litecoin, and Ripple. 

FXTM Invest

All clients, except the UK clients, can use FXTM Invest, a social trading service

You can choose if you want to be an Investor or a Strategy Manager. Investors who can copy Strategy Managers' trades. When you select a Strategy Manager, you have the options to filter based on risk level, success fee, all-time profit, etc. On the other hand, Strategy Managers can receive a commission on every winning trade.

FXTM review - FXTM Invest

FXTM review
Research 4 stars

From news flow to technical analysis-based trading ideas, FXTM offers a lot of research tools. On the negative side, fundamental data is not available.
Pros
  • Good quality news flow
  • Good set of analytical tools
  • Technical analysis-based trading ideas
Cons
  • No fundamental data available

FXTM's research tools have more sources:

  • MetaTrader trading platforms
  • "Market Analysis" section on the website
  • Trading Services section in the MyFXTM

Trading ideas

FXTM provides trading ideas which are based on technical tools. You can find them in MyFXTM, below the Trading Services > FXTM Trading Signals section.

FXTM review - Research - Recommendations

Fundamental data

FXTM does not offer fundamental data.

Charting

FXTM has OK charting tools. These charting tools can be found on the MetaTrader trading platforms.

You can use 31 technical indicators and other editor tools, like trendlines or Fibonacci retracement.

On the negative side, the design is outdated and some features are hard to use. For example, we hardly found how we could remove an indicator from the chart.

FXTM review - Research - Charting

News feed

FXTM offers great news feeds through MetaTrader platforms. The news includes charts and other visual elements. It's not usual that the broker supports news feed on the MetaTrader platforms.

FXTM review - Research - News

On the website, below the "Market Analysis" section, there are market updates provided by FXTM research tools.

You can also use a great economic calendar. We liked that the calendar has a filter function where you can filter for countries, data type, and volatility.

Other research tools you will enjoy

In MyFXTM, you can use more technical research tools. There is a tool, called FXTM Pivot Points Strategy which helps you to analyze the price direction and market sentiment.

Compare research pros and cons

FXTM review
Customer service 5 stars

FXTM has great customer support. You can contact them in a lot of ways and they give fast and relevant answers. However, customer service is 24/5 only.
Pros
  • Fast response time
  • Relevant answers
  • Available in local languages
Cons
  • No 24/7 availability

You can contact FXTM via:

  • live chat
  • telephone
  • email

It's great that FXTM supports multiple languages: Arabic, Czech, Chinese, English, Farsi, French, German, Hindi, Indonesian, Italian, Korean, Malaysian, Polish, Russian, Spanish, Urdu, and Vietnamese.

FXTM has a good live chat. We got clear answers even for more difficult questions, like how the financing costs are calculated. Besides live chat, you can chat with FXTM through Whatsapp, Viber, Telegram, and Facebook Messanger.

FXTM phone support works well. An agent was connected within a few seconds and we got helpful and professional answers.

On email, we got answers within a few hours and they were also relevant.

Only thing we missed is the 24/7 availability.

FXTM review - Customer Service

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90% of retail CFD accounts lose money

FXTM review
Education 5 stars

Having a demo account is always a great way to learn. Beyond that FXTM offers several ways to educate yourself, all packed with quality materials.
Pros
  • Demo account
  • Trading platform tutorial videos
  • Educational videos
Cons
None

At FXTM you can learn in a lot of ways:

  • Demo account
  • Platform tutorial videos
  • General educational videos
  • Webinars
  • Quality educational articles
  • Glossary

It was also great that FXTM offers seminars in some countries where clients can attend. It's not usual among the brokers.

The quality of the educational texts and videos were superb as well.

FXTM review - Education

 

 

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90% of retail CFD accounts lose money

FXTM review
Safety

FXTM is regulated by more financial authorities, including the top-tier FCA. It is a well-established brand but it is not listed on any exchange, does not disclose financial information and does not have a bank parent.
Pros
  • Negative balance protection
Cons
  • Does not hold a banking license
  • Not listed on stock exchange
  • Financial information is not publicly available

Is FXTM regulated? Yes, it is regulated by the UK FCA, the Cypriot CySEC, and the FSC in Mauritius.

Is FXTM safe? To be certain, it is best to check two things: how you are protected if something goes wrong and what the background of the broker is.

How you are protected

This is important for you because the investor protection amount and the regulator differ from entity to entity.

FXTM legal entities
Country of clients Protection amount Regulator Legal entity
EU countries, except UK €20000  Cyprus Securities and Exchange Commission (CySEC) ForexTime Limited
UK £85000 Financial Conduct Authority (FCA) ForexTime UK Ltd.
International clients  No protection Financial Services Commission of Mauritius Exinity Ltd.

FXTM provides negative balance protection for EU clients, including UK clients.

Background

FXTM was established in 2011. The longer the track record of a broker, the more proof we have that it has successfully survived previous financial crises.

Filter the brokers by investor protection

FXTM review
Bottom line

FXTM is regulated by more financial authorities globally, including the top-tier Financial Conduct Authority (FCA).

On the plus side, customer support gives fast and relevant answers. The educational tools cover tools from a demo account to webinars. The account opening is fully digital and fast.

FXTM has some drawbacks though. It charges inactivity and withdrawal fees. The financing rates are not the lowest and their calculation is not transparent at all. The product range is limited.

As your account will be ready within a short time, the customer support is helpful and reliable, feel free to try FXTM.

FXTM main features and highlights

🗺️ Country of regulation Cyprus, UK, South Africa
💰 Trading fees class Average
💰 Inactivity fee charged Yes
💰 Withdrawal fee amount $2
💰 Minimum deposit $500
🕖 Time to open an account 1-3 days
💳 Deposit with credit card Available
👛 Depositing with electronic wallet Available
💱 Number of base currencies supported 4
🎮 Demo account provided Yes
🛍️ Products offered Stock, Forex, CFD, Crypto

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90% of retail CFD accounts lose money

FXTM logo

FXTM or ForexTime was founded in 2011 and it is a global CFD and FX broker. It is regulated by more financial authorities, including the UK FCA and Cypriot CySEC.

FXTM is considered safe because it is regulated by the top-tier FCA.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 90% 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.

Recommended for forex traders familiar with MetaTrader 4 platform.

Compare to other brokers

Overall 4 stars

Pros
  • Superb customer service
  • Great educational tools
  • Digital and fast account opening
Cons
  • Inactivity and withdrawal fees
  • Higher and non-transparent financing costs
  • Limited product portfolio

Fees 3 stars

Pros
  • Low forex fees
Cons
  • Inactivity fee
  • Financing rate calculation is non-transparent
  • High withdrawal fee for bank transfers

Account opening 5 stars

Pros
  • Fully digital account opening
  • Many account types
Cons
None

Deposit and withdrawal 4 stars

Pros
  • No deposit fee
  • User-friendly
  • Credit card deposit and withdrawal
Cons
  • Most of the withdrawal options charge some fee

Web trading platform 3 stars

Pros
  • Clear fee report
  • Good customizability (for charts, workspace)
  • Available in several languages
Cons
  • No two-step (safe) login
  • No price alerts
  • Does not look nice

Mobile trading platform 4 stars

Pros
  • User-friendly
  • Good search function
  • Looks nice
Cons
  • No two-step (safe) login
  • No order confirmation

Desktop trading platform 3 stars

Pros
  • Clear fee report
  • Good customizability (for charts, workspace)
  • Price alerts
Cons
  • No two-step (safe) login
  • Does not look nice

Markets and products 2 stars

The available asset classes to trade:

  • Stock
  • Forex
  • CFD
  • Crypto

Research 4 stars

Pros
  • Good quality news flow
  • Good set of analytical tools
  • Technical analysis-based trading ideas
Cons
  • No fundamental data available

Customer service 5 stars

Pros
  • Fast response time
  • Relevant answers
  • Available in local languages
Cons
  • No 24/7 availability

Education 5 stars

Pros
  • Demo account
  • Trading platform tutorial videos
  • Educational videos
Cons
None

Safety

Pros
  • Negative balance protection
Cons
  • Does not hold a banking license
  • Not listed on stock exchange
  • Financial information is not publicly available

AUTHOR OF THIS REVIEW

Gergely Korpos
Gergely Korpos
Co-founder, CPO
Gergely's aim is to bring more clarity into personal investing. He has 10 years of experience in financial markets with GE Money, KPMG and MOL. He concluded thousands of trades as a commodity trader and financial portfolio manager

METHODOLOGY

Everything you find on Brokerchooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

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