FXTM Review 2020 Complaints, Bonus, Scam or Legit! Expert Reviews

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FXTM Review 2020: Complaints, Bonus, Scam or Legit! Expert Reviews

FXTM Reviews: This is a forex broker that has it location in Cyprus and began operation in 2020. For more information about ForexTime (FXTM), to know whether it is a scam or legit broker and also what to expect. Then, read our review on this company.

One of the most vital part of our review is uncovering whether a company is licensed or not. To do this, we first establish the location or region where it claims to be based then we check the commission or authority regulating trade there whether it s listed among the regulated companies or not.

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FXTM Trading Platform

FXTM login offers Metatrader 4 and Metatrader 5 platforms. These platforms are very good signs as they have become some of the most widely used by experienced traders. Tools that come with these trading platforms have been found to be useful to traders. It has proven to be user-friendly as well and helps traders in analyzing the market easily. Mobile trading platform is also available using FXTM trader app and it offers over 250 financial instruments and can be downloaded on Google play and IOS stores.

A wide range of instruments are available on FXTM. This includes 50 currency pairs, 180 US shares, 5 spot metals, 14 spot CDFs, 3 commodities and 3 cryptocurrencies depending on the account type and trading platform.

The maximum leverage offered by FXTM is 1:1000 for exinity ltd but for EU and UK brand, it is 1:30

Forex Time FXTM also offers a tight spread of 0.1pips on EUR/USD for standard and 0 pips for ECN account while the spread for shares starts at 2pips.

FXTM has two main account types: Standard account and ECN account. Standard account is subdivided into standard, cent and shares account types. ECN account has the following sub-types which are: ECN zero account, FXTM pro account and the ECN account.

One important feature of FXTM is the FXTM Invest which is a social trading program which gives inexperienced trader thee opportunity of getting sound trading alerts by following expert traders.

Bonus, promotions and contests are also available to those under Exinity ltd. A deposit bonus of 10-30% for those in Africa, China, Asia and MENA. A bonus of $25 is also available for referring a friend.

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FXTM also offers a free demo account, step by step tutorial and articles as well as online webinars and local seminars which are all geared toward educating inexperienced traders on how to trade.

Advantages of FXTM

The advantages listed in their website are: wide range of instrument, Unparalleled trading condition, globally licensed and regulated, Protection of funds, Commitment to forex education, Regular contests and promotions.

FXTM Withdrawal and Deposit Methods

FXTM broker has numerous deposit and withdrawal methods. This includes bank wires, e-wallet, credit and debit cards and cryptocurrencies. No amount is charged for deposit but withdrawals through credit and debit card attracts a fee of 2 EUR/3USD/2GBP. The minimum and maximum deposit depends on the type of account. The minimum deposit for standard account, shares account, ECN account and ECN zero account is $/€/£10 while the minimum deposit for cent account and FXTM pro account are $/€/£5 and $/€/£25,000. No maximum deposit is required for all the account types.

Support

FXTM customer service support is available in different languages. There is also a live help service available at FXTM. For more information, visit their website using the link below.

Conclusion

FXTM is a globally recognized forex broker with high level of security of funds. It has proven to be worthy of trust

FXTM Review

Introduction

Launched in 2020, Forextime.com (FXTM) quickly became a well-known name in the world of Forex trading. Their commitment to technology and the platform that they provided was only superseded by their focus on time! In a world where time is a precious commodity, their mission is to save as much as they can for their clients.

With an extremely efficient platform and several trading requirements met, they are licensed and regulated by both CySEC (Cyprus) and the FSB (South Africa). They offer several benefits to their clients and cater for the whole spectrum of experience and knowledge from beginners to high-value investors.

If you think FXTM might be the right broker for you but are unsure as to whether or not you should choose them, you may need some help to decide. Our job is to provide a detailed review of each broker to help you choose the best one for you. From the types of accounts that they offer to their licensing and regulation, we examine every aspect of trading so that you can make the right decision.

In this review, you will learn:

    What trading features FXTM offer clients The different accounts and live platforms Why FXTM is a safe and reliable broker

Risk Warning: The products offered by the companies listed on this website carry a high level of risk and can result in the loss of all your funds. You should never risk money that you cannot afford to lose.

Ad Disclosure: Some of the links that you will find on this website are advertisements for which we do receive financial gain from referring new customers.

Account Types

If you were expecting to find two or three accounts to choose from, then you are in for a big surprise. FXTM has a diverse list of 7 accounts. They fall into 2 categories; standard accounts, of which there are three and ECN accounts, of which there are 4. Then there is a demo version of every account so that you get the chance to familiarise yourself with the platform first.

Standard Account

The Standard Account is pretty much what you would expect from most standard Forex accounts. You can open the account with a minimum deposit of $100 and enjoy spreads from 1.5 pips. There is 57 major, minor and exotic currency pairs available to trade.

Cent Account

The Cent Account is like a mini Forex account for mini traders. The account currency operates in cents rather than dollars and pence rather than pounds. You deposit $5 rather than $100, and the spreads start from 1.3 pips. You can get all of the benefits of a Standard Account with 25 major and minor pairs available to trade in.

Shares Account

The Shares Account still requires the same deposit as a Standard Account, but you trade in share CFDs rather than currency pairs.

ECN Account

A deposit of $500, spreads from 0.1 and 45 major, minor and exotic pairs are just some of the features of the ECN Account.

ECN Zero Account

$200 deposit is required to open the Zero Account, and the spreads on offer are from 0.5 pips. There are 47 currency pairs available.

ECN MT5 Account

For a $500 deposit, you can open an FXTM ECN MT5 Account and enjoy spreads from 0.2 pips. The maximum volume per trade, like the ECN Account and ECN Zero Account, is 100.

Pro Account

The FXTM Pro Account is for serious traders with serious trading volumes. To open this account, a minimum deposit of $25,000 is required and, as you would expect, the benefits are increased.

Trade Features And Payouts

In addition to account types, promotions and other benefits of the Forex trading platform, there are also the actual trading features that should be considered:

Leverage

The leverage offered depends on the type of account that you choose. With the Standard and Cent Account, the leverage offered ranges from 1:500 to 1:25. It is the same with the ECN Accounts apart from the FXTM Pro which is 1:200. There are other criteria for determining the leverage achievable. If you are a resident of Poland, for example, the maximum leverage is 1:100.

Spreads

The spreads that can mainly be achieved depend on the type of account that you open. They range from as little as 0-0.5 pips with the FXTM Pro Account to 1.3-1.5 pips with the Standard and Cent Accounts.

Stop Loss

When it comes to Stop Loss, there are some conditions attached. If you refer to their website, you can see that you cannot execute a trade with an SL/TP position with several accounts unless you modify the position after the order is open.

Platform Types

FXTM believes in giving you a choice to decide how you want to trade. They offer several industry-leading trading platforms depending on the trading experience you are looking for. These include:

    MetaTrader4 (MT4) for PC MT4 for iOS MT4 for Android MT4 for Mac MT4 WebTrader

In addition to MT4, you can also download MT5 in all of the above formats.

If you were expecting one or two accounts on offer, then you’ll have a big surprise.

Bonuses And Promotions

FXTM offer a loyalty scheme for clients in the Promotions section of their website. This loyalty scheme is designed to save you cash on your future trades. Every time you make a trade, you are awarded points. As the points accumulate you will save money on trades.

There are also other opportunities to earn rewards as FXTM offer trading contests. The top contestants will receive cash prizes from the overall cash prize fund. There are a couple of contests available that you can enter on the website under the Promotions section.

Mobile Trading

If you want an excellent mobile trading experience then you will undoubtedly get it from FXTM. Not only do they offer a range of apps to download in MT4, they also provide the same in MT5. You can choose either platform for iPhone, iPad, Android or Mac for those who prefer to trade from a Macbook.

With so much focus on time, the broker wants to make the trading process as efficient as possible, so trading on the go is paramount. If you prefer to take your trading with you then all you need is a mobile device and an internet connection.

Deposits And Withdrawals

To fund your account, you will need one of many accepted payment methods, including major credit cards, payment wallets and wire transfer. With most forms of payment, the funds take up to two hours to process and then you can start trading. In the case of wire transfer it can take much longer; three to five business days.

Withdrawals are simple and don’t take long. With most payment methods, you get same-day withdrawals, not something that every broker offers. There is a $3 processing fee for a credit card withdrawal, with percentage fees for payment wallets and a more substantial fixed fee for wire transfers.

Special Features

While you will find most brokers offer very similar features and benefits, there are those special features that set them apart from the competition. In the case of FXTM, these include:

    A demo account for every different type of account so that you can simulate your trading experience before you invest Lots of useful trading tools like market analysis, videos, apps and live rate information to help you trade A strategy manager that you can follow to copy their trading or use their expert advice to aid your decisions

Customer Support

At the top of the site, in a clearly labelled position, you will find a “get in touch” tab. If you click this you are given the option to check the FAQ section, open up a live chatbox or “contact us”. If you click the contact us tab you will find several ways to get in touch with someone. There is a list of country numbers along with email addresses and office addresses. There are also several email addresses for specific departments like “Account Opening” and “Disputes/Complaints”.

In addition to the usual contact methods you can also see the links to all of their social media accounts; Facebook and Twitter always a good fall back if you have no joy getting the answers you need through the traditional methods.

Here are the contact details for FXTM:

    Email – [email protected] Phone – +44 20 3514 1251 Address – ForexTime UK Ltd, 88 Wood Street, 9th Floor, London, EC2V 7QR, UK

Conclusion

FXTM is a well-established name in the world of Forex trading with respect for different cultures and preferred methods of trading. They do not offer their services to those countries that prohibit Forex trading and display their licensing and regulation. They are a highly visible broker with all the answers to your questions displayed on their website.

When it comes to technology, they are very advanced with a dynamic range of platforms and accounts all designed to give you precisely what you want. Their mission is to save time and make the process as easy as possible. With competitive spreads, leverage and other features like Stop loss, they offer everything you would expect from a good broker.

Risk Warning: The products offered by the companies listed on this website carry a high level of risk and can result in the loss of all your funds. You should never risk money that you cannot afford to lose.

Ad Disclosure: Some of the links that you will find on this website are advertisements for which we do receive financial gain from referring new customers.

Frequently Asked Questions

Is FXTM legit, will they scam me?

Being established since 2020, in this time, FXTM has earned an excellent reputation as a reliable and safe broker. Their licensing and regulation should further instil confidence that this is a broker that won’t scam you.

Do they have a decent mobile or tablet app?

Not only do they have a decent mobile and tablet app, but they also have more than one of each. Depending on what you prefer, MT4 or MT5, you can choose your experience.

What bonus do they offer for new traders?

There isn’t a specific bonus on offer at the time of publishing this review; however, there is a loyalty scheme. The scheme is on five levels of trading and gives you savings on your trades.

Can I start trading on a free demo account?

Yes, and not just one demo account. Depending on the main account you choose, you will have access to a demo version of the live account.

What’s the min. deposit and ideal trade amount?

The minimum deposit required depends on the type of account you open. The Cent Account requires a deposit of $5. The Pro Account needs $25,000. The minimum trade size is 1% of your account balance.

Contributing to the website since 2020 we are one of many consultancy projects Samuel works on. With 38 years of experience in finance, insurance and foreign exchange his combined knowledge makes him an effective operator.

FXTM Review 2020: Complaints, Bonus, Scam or Legit! Expert Reviews

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