FXTM account opening

Account opening at FXTM is fully online and user-friendly.

This means that you can go through the registration process easily in front of your device.

Check out this comparison table to compare the rating and duration of FXTM's account opening process to its main competitors:

FXTM account opening vs. similar brokers
FXTM XM XTB
Rating 5.0 stars 5.0 stars 5.0 stars
Account opening time 1 day 1 day 1 day

An account with an online broker is pretty much like a regular bank account and opening one is at least partly an online process. At some brokers it's as quick as opening a new Gmail account, at other brokers it takes a couple of days until they do some background check on you. Rather than storing just money on it, you will hold your financial assets, such as shares or forex positions, on your account. Opening an account is always free of charge. To learn more about trading accounts, read our article on the topic.

There are a couple of other factors to consider when you are about to open an account at FXTM. Here are the main pros and cons when it comes to registering at FXTM:

Pros Cons
User-friendly None
Fast

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FXTM account opening
Countries where FXTM accounts can be opened

Fortunately, almost anyone can open an account at FXTM. The few exceptions are typically residents of countries with unstable economic or political backgrounds.

Check out this table to see whether FXTM is available for residents of the listed countries:

Availability of FXTM accounts in 15 countries
Country Availability
Australia Yes
Canada No
China Yes
Germany Yes
Hong Kong Yes
India Yes
Ireland Yes
Japan No
Malaysia Yes
Netherlands Yes
Singapore Yes
South Africa Yes
United Arab Emirates Yes
United Kingdom Yes
United States No

Your country is not on this list? Don’t worry, here is a smart geochecker tool for you:

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FXTM account opening
FXTM account opening requirements

To be able to open an account with an online broker, you are generally required to provide proof of identity and proof of residency. Ideally, this process is completely digital. The difficulty is that some brokers eventually require physical copies of your documents.

FXTM accepts the following documents for identification purposes:

Proof of identity: passport / national ID card / driver's license
Proof of residency: bank statement / utility bill

Account opening at FXTM is fully digital, so you can go through the entire identification process on the company's web platform.

Once registration and the account opening process are done, you will first need to transfer the minimum deposit to your brokerage account from your bank account to be able to start trading.

The minimum deposit at FXTM is $10.

Check the following comparison table to see how FXTM stacks up against similar brokers when it comes to minimum deposits:

FXTM minimum deposit vs. similar brokers
FXTM XM XTB
Minimum deposit $10 $5 $0

The minimum deposit varies according to account types. Among ECN accounts, the minimum deposit is $500 for the ECN Account, $200 for the ECN Zero Account and $25,000 for the ECN Pro Account. If you choose one of the standard accounts, the minimum deposit is $100 for Standard, $10 for Cent and $100 for Shares accounts.

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FXTM account opening
Account types at FXTM

One important choice to make when you open a new account is the “type” of account to create. Each of these has specific requirements and features. Most online brokers offer accounts varying based on your identity or experience, the nature of traded products, available currencies, and included features such as personal investment advice. Of course, each broker company will offer slightly different packages.

You can trade at FXTM in 4 different base currencies. This is convenient because if your bank account's currency is the same as any of the base currencies, you won't have to pay a conversion fee.

But even if your account's currency is not offered by FXTM, you can save on conversion fees by opening 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. Opening an account only takes a few minutes on your phone. You can read more about brokerage fees in this article.

See the following table on how FXTM's base currency selection compares to its main competitors

FXTM base currencies vs. similar brokers
FXTM XM XTB
Base currencies 4 11 5

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FXTM account opening
The steps of account opening

The specific process of opening an account at FXTM might differ slightly from the one detailed here, but generally the process involves the following steps:

1. Choose your account

Before you would submit any of your personal information, make sure you have selected the right type of brokerage account for you. Make your choice on the registration page and then proceed to the next step.

2. Add personal info

The next step is to go through the basic information questionnaire. You will have to provide your name, birth date, address, nationality, employment and other similar info. The complexity of this step depends on the broker you chose. You will also have to answer some security questions to make sure you are legally allowed to trade, as well as some questions on your trading experience.

3. Identify yourself

In this part of the process, the broker website will ask you to scan and upload your proof of identity. This can be a passport, an ID card or a bank statement; exact requirements vary by broker. Some online brokers will ask you to mail them physical copies of your documents. This can drag out the account opening process a lot.

4. Seal the deal

Once you've made it through basic registration and identification, you will have a chance to review the information you provided, and then sign a virtual contract after agreeing to the terms and conditions of the broker you chose.

5. Fund your account

Once your account is confirmed and opened, you can start trading. Transfer the minimum deposit, or if there is none, any amount of money to your broker account and let's roll! You are now an investor!

The steps of opening an account at an online broker

For specific instructions on account opening with FXTM, visit their website or see our own review:

Open account
80% of retail CFD accounts lose money

If you want to learn more about the next steps, such as investing in and trading with different types of financial assets, take a look at these articles:

Author of this article

Bence András Rózsa

Author of this article

Bence’s purpose is to help you to understand the logic behind financial services. In his master’s studies, he specialised in business economy and finance to be able to give you a clear picture of the brokerage world. Having reviewed multiple brokers and robo-advisor services, his goal will always be to guide you in the world of investing as it is.

Bence András Rózsa

Broker Analyst

Bence’s purpose is to help you to understand the logic behind financial services. In his master’s studies, he specialised in business economy and finance to be able to give you a clear picture of the brokerage world. Having reviewed multiple brokers and robo-advisor services, his goal will always be to guide you in the world of investing as it is.

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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