|FXTM Pros||FXTM Cons|
|Service is tailored to fit individual needs||Leverage and order size restrictions on some instruments|
|Tight spreads and super-fast execution||No crypto|
|Superb learning resources to help traders|
|Extensive risk management tools|
- ForexTime (FXTM) was founded in 2011 by a team led by industry veteran Andrey Dashin, and the award-winning platform has the feeling of being set up by people who know what they are doing. The firm demonstrates a deep understanding of trader needs and its success can be measured by the fact that in recent years it’s doubled the number of clients and now supports over two million accounts.
- The FXTM service benefits from being tailored to fit individual investor needs whilst offering tight spreads and fast execution, backed by strong learning resources and extensive risk management tools. It does not, however, offer cryptocurrencies.
- FXTM specialises in forex trading and offers 59 currency markets. A collection of other asset groups are also available, including more than 160 CFD equity markets, 11 equity index CFDs five spot metal markets and Brent Crude, US Crude and Natural Gas.
- The platform also ticks the right boxes in terms of trading platform. All clients have access to the popular MT4 platform and the FXTM Trader App.
- Educational resources on offer are of a high quality, a particular highlight is the selection of trade-orientated analytical tools. Resources such as the FXTM Pivot Point Strategy are offered to help traders find actual trading ideas and entry points.
- The understanding of what traders want and need is rounded off by the firm operating a strong compliance framework. The groups different entities are regulated in four jurisdictions – United Kingdom, Cyprus and Mauritius.
- FXTM support is offered in various languages allowing contact via a number of mediums including Live Chat, Telegram, Messenger and Call Back. The customer support team is available Monday to Friday, 08:00 to 18:00 GMT.
FXTM offers a number of different account opening options, like many of its peers. There are essentially six to choose from, and they are classed as Standard Accounts or ECN Accounts. The standard accounts come with instant execution. The ECN accounts all operate on market execution. The ECN MT4 account charges approximately USD4 per lot, whereas the ECN Zero MT4 charges no commission on open positions. An important differentiator for FXTM is the refreshing transparency of fees and charges. All clients of FXTM have the option of trading and seamlessly moving between mobile and tablet devices, with Android, IOS versions and the Webtrader service being enabled via an app.
FXTM does not support Social trading, but clients can take advantage of the FXTM INVEST copy trading programme to enable them to ‘follow’ the trading signals of other ‘lead’ traders. The pricing is transparent, with the lead trader keeping a share of the profits made for the following account. However, it is important to note that UK clients are not eligible to use the FXTM INVEST service.
When opening an account, the minimum deposit amount is USD10 and leverage is variable but capped at 1:30. It is worth noting that payment processing times are slightly better than the market average. Withdrawals, for example, are quoted as being the same business day.
In its eight years of trading, the FXTM has picked up over one million clients, but the package may not suit everyone, especially if cryptocurrency trading is your focus. What the FXTM does do though, it does to a very high standard. Factors like tight trading spreads, transparent fees, super-fast connectivity, choice of account, secure regulation and clients being able to trade their own algorithmic models as well as copy trade from experienced traders are all major positives for this online platform.
ABOUT TRADING WITH FOREXTIME
FXTM has grown rapidly since it first entered the market in 2011. It has maintained its appetite for innovation but now has an established track record which offers the firm some gravitas. Offering a mixture of best-in-class processes and some new and unique features, the firm has carved out a niche that has proved popular with over a million traders.
Focusing on providing a service for clients in the UK, Europe and South Africa has worked well for the firm, which continues to pick up industry awards by pushing boundaries in terms of what brokers can offer their clients.
WHO DOES FOREXTIME APPEAL TO?
FXTM specialises in providing fast, reliable and cost-effective execution using popular trading platforms MetaTrader 4 (MT4) and MetaTrader 5 (MT5).
It is strongest in the forex markets though does offer the same level of service in other asset classes such as equities and commodities. The broker’s popularity largely comes down to them offering a high quality, low-cost service which can be adapted to each individual trader’s neds.
- It offers more account types than most other brokers which means that clients can set themselves up with a best-fit T&Cs for trading the markets.
- The ECN-type accounts on offer ensure that all strategy types have super-fast and reliable access to the markets.
- One underlying theme is client protection, and the regulators with which they hold licenses are top grade.
- The educational resources on offer are also of a high quality, and having been generated in-house, they are tailored to specifically suit FXTM clients and the FXTM platform.
FXTM has recently seen the number of supported accounts double from 1m to 2m which tells its own story and makes the broker a candidate for any selection short-list.
FOREXTIME ACCOUNT TYPES
There are essentially six different accounts from which to choose. Three are classed as ‘Standard Accounts’, and three are ‘ECN Accounts’.
This means that traders can find an account to suit their trading strategy. However, they will need to carry out some research and cross-reference the terms and conditions.
The standard accounts come with instant execution and are called Standard account, Cent account and Stock CFDs account.
The ECN-grade accounts are called ECN, ECN Zero and FXTM Pro.
The terms and conditions across the accounts vary and are constantly updated, so traders need to take care when selecting which type to use (source: Forextime). The decision-making process will for many be streamlined to only two options as the FXTM Pro account is aimed at more experienced traders. It also requires significant capital to be held at the broker, but in return features even faster execution speed, tighter spreads and improved market liquidity. Markets and territories
FOREXTIME MARKETS AND TERRITORIES
While FXTM has the feel of a global broker, it doesn’t cover all markets, and traders in some countries are ineligible to use the service. Specifically speaking, ForexTime Limited specialises in providing services only for clients from countries in the European Economic Area (EEA) and South Africa.
In terms of the actual trading experience, FXTM supports trading in a wide range of global markets but specialises in forex. The actual markets offered vary across account types and domicile of the account holder. The maximum range of markets available is 19 major currency pairs, 22 minors and 19 exotics. Spreads on these range from EURUSD with a minimum spread of 0.1, down to USDTRY and GBPPLN, which have minimum spreads of 20.0 and 3.1 respectively.”
The platform supports over 160 CFD equity markets and 11 equity index CFDs. There are also five spot metal markets and spot markets in Brent Crude, US Crude and Natural Gas. Something that stands out from the crowd is the option to hold gold bullion.
The increasing popularity of the platform has been achieved despite it not offering trading in the crypto markets. This historical disadvantage will be less of an issue as regulators such as the FCA (Financial Conduct Authority) introduce measures to prohibit retail investors from trading cryptos using CFD instruments.
Other brokers offer a greater total number of instruments and a better range and depth of markets. For most traders, the FXTM offering is certainly adequate and if forex is your target market it’s definitely worth visiting the platform for a free trial of the FXTM Demo account.
FOREXTIME INSTRUMENTS AND SPREADS
Different instruments and markets are supported by the MT4 and MT5 versions of the MetaTrader platform. MT4 supports 48 forex pairs, three metals and 14 spot CFDs. The MT5 version supports 33 forex pairs and two spot metals.
Traders can execute using fixed and variable spreads. Both are among the lowest in the industry, starting from just 0.1 on ECN accounts and 0.5 on Standard accounts. We found the spreads to be relatively tight for the peer group across both STP and ECN accounts. The FXTM Pro account was a step up and offers the tightest possible spread, though this account requires a minimum deposit of $25,000.
Leverage is offered based on client knowledge and experience and may change from country to country. With six different accounts to choose from, clients are advised to closely check the Trading Account Comparison section of the FXTM site (https://www.forextime.com/uk/trading-accounts/trading-account-comparison). This page provides a full and detailed breakdown of the different terms and conditions on offer, and in line with the rest of the site, it manages to share a lot of information without overcomplicating things.
ECN ACCOUNTS AT FOREXTIME
There are three types of ECN account from which to choose: ECN MT4, ECN Zero and FXTM Pro accounts – and all operate market execution. The range of accounts on offer allows clients to select what works best for them.
Differences between the accounts include things such as ECN MT4 operating with commission charged on open positions (approximately US$4 per lot), whereas in ECN Zero MT4, there is no commission charged on open positions. The devil is in the detail, which requires some attention, but it is refreshing to see a broker offering clients a choice.
Another feature of the FXTM operation that will appeal to traders is the option to trade using a virtual private server (VPS). The use of an independent server means increased stability and flexibility, which in turn leads to a more secure trade execution process.
VPS services are particularly popular with traders applying their own models into the market as they ensure a more reliable link to the market and reduce the risks associated with a model not being able to connect at any time. There is often some additional benefit from operating models using low-latency.
FOREXTIME FEES AND COMMISSIONS
FXTM takes transparency of fees and charges to a new level. The information is clearly laid out, and as is often the case with brokers, the ones that are most transparent tend to be the ones with the most to shout about.
FXTM offers flexible commission on ECN MT4 trading. Its ‘table-accordion’ commissions are based on a customer’s account equity and trading volume – the higher a client’s equity and trading volume, the lower the commissions.
To ensure that the simulated trading matches the reality, margin requirements on demo accounts are equivalent to those on the corresponding live account. There is also a very full breakdown of terms and conditions provided (source: https://www.forextime.com/eu/trading-accounts/leverage-margin-requirements).
IN DEPTH FOREXTIME PLATFORM REVIEW
All clients have access to the MT4 platform, and non-UK clients can also take advantage of MT5. The MetaTrader platforms are the world’s most popular retail trading platforms. A combination of reliability, powerful software tools, and an extensive range of indicators means that they still maintain a certain finesse and agility.
Navigating the platforms is very easy. Their popularity with beginners and advanced traders alike comes down to them being so effective at supporting trading activity. They give traders everything they need to work their strategies in the markets.
There is also a breakdown of some of the most commonly used indicators. These indicators are designed to help traders shift the win/loss ratio in their favour and manage risk better. The pip value indicator, for example, is useful for measuring the risk/reward ratio of a trade in the account holder’s base currency.
Having the MetaTrader indicators to hand is one thing, but having the host platform provide learning resources to support their use is another. Not all brokers take the trouble that FXTM does to help their clients maximise the benefits of the powerful software that is to hand.
The execution GUI is a pleasure to use. It has a simple industrial aesthetic, but the most noticeable feature is the speed of execution. Building orders to set in the market takes a little more time but is straightforward enough and allows traders to take advantage of the stop loss and take profit parameters, which are made available to help mitigate risk.
FXTM MOBILE TRADING
The MetaTrader platforms, MT4 and MT5, which form the base of the FXTM desktop trading service, are available for free download to mobile and tablet devices. They come in Android and iOS versions, and the WebTrader service can be used on tablet devices.
Having a seamless crossover between desktop and mobile trading always helps. The MetaTrader apps come with nearly all the same functionality as the desktop service, which means that traders are able to carry around in their pockets some incredibly powerful trading tools. While on the go, they are able to draw charts, make trades, set up alerts and carry out account management.
In addition to the MetaTrader apps, FXTM also provides a standalone mobile app, which relates more to account administration. The FXTM app has an attractive layout and is uncluttered. Clients can use it to access market updates, carry out account administration, and even check in on live trading.
FXTM SOCIAL TRADING
FXTM does not specifically support social trading, though users of the MetaTrader platforms can share ideas with other members of the MetaTrader community.
FXTM COPY TRADING
Clients who are EU domiciled can take advantage of the FXTM INVEST copy trading program.
FXTM Invest covers forex markets and allows clients to ‘follow’ the trading signals of other ‘lead’ traders. To some extent, this takes the heavy lifting out of having to build and run a trading strategy, but the risks to capital are the same as if the account holder was self-trading.
There is some work involved in the selection process, but FXTM does provide a range of standard metrics that fill in some of the gaps. Portfolio construction, win/loss data and performance charts are all useful tools for those looking to copy trade.
The pricing is transparent, with the lead trader keeping a share of the profits made for the following account. The profit split varies, and some that we reviewed during the testing process ranged from 10% to 50% of profits being retained by the lead trader.
UK clients are not eligible to use the FXTM INVEST service.
MetaTrader MT4 and MT5 facilitate various types of automated trading. The Expert Advisors platform supports copy trading, and the MT5 platform comes with an MQL5 Wizard, which allows traders to develop, program and test their own trading algorithms before setting them to automatically trade the markets.
FXTM CRYPTO TRADING
Forextime Limited and Forextime UK Limited do not currently support the trading of cryptocurrencies.
FOREXTIME CHARTING AND TOOLS
Charting is the FXTM/MetaTrader sweet spot. Both MT4 and MT5 offer a range of tools and indicators that would take a trader a long time to get a full understanding of, let alone exhaust.
FXTM has a separate section relating to the indicators, where each piece of software is explained and considered. Such guidance is particularly valuable to beginners, but even seasoned traders will benefit from covering their previous notes on the subject.
The Market Data to CSV function demonstrates the usefulness of the service to even the most experienced traders. This tool automatically records all historical bar data on your chart and every new tick to a csv file. Data transfer is a key part of testing, back-testing, strategy assessment and keeping on top of the markets.
LEARN TRADING WITH FOREXTIME
In terms of educational and learning resources, FXTM punches above its weight. Technical and fundamental analysis are both covered by a range of in-house materials distributed in the forms of blog posts, videos, eBooks and written reports.
The Quarterly Market Outlook reports provide in-depth analysis that allows traders to take the opportunity to reassess and recalibrate strategies (the latest version can be accessed here: https://www.forextime.com/eu/market-analysis/market-outlook).
FXTM’s dedication to providing clients with useful learning resources is demonstrated by the Periodic Table of Investment. This innovative tool incorporates some of the nuts and bolts of investment terminology into an attractive format.
The provision of webinars relating to the basics of forex trading is particularly useful for entry-level traders. Both MetaTrader platforms come packed with powerful software tools that can take a bit of getting used to, and FXTM scores points for supporting its clients in this way.
Overall, the research and learning materials provided by FXTM are well thought out, effective, wide-ranging, and come with an innovative edge. The amount on offer is by no means industry-leading, but FXTM is not pitching itself as a multi-asset global broker.
Instead, the broker has effectively built a suite of educational resources that are well tailored to the users of the platform. Its approach has earned the broker a strong reputation in the trading community and in 2020 it picked up the FXDAILYINFO.COM award for Best Education Provider.
IS FOREXTIME A REGULATED FOREX BROKER
Companies in the FXTM Group are regulated in three jurisdictions. ForexTime Limited is regulated by the Cyprus Securities and Exchange Commission (CySEC). ForexTime UK Limited has been authorised by the Financial Conduct Authority (FCA) to operate in the UK. Exinity Limited is regulated by the Financial Services
Commission (FSC) of the Republic of Mauritius.
The CySEC and FCA authorities are regarded as Tier 1 regulators by the investment community and require FXTM to comply with regulations covering subjects such as the segregation of client funds, Investor Compensation Funds and broker liquidity.
The Safety of Funds section on the FXTM site specifies that “Investor funds are safely deposited in separate accounts from the company’s own funds and always with top-tier banks”, which is good news for clients.
Operational security is also considered. FXTM has adopted the Secure Sockets Layer (SSL) network security protocol for all communications. This protects customers during their transactions with the company and keeps all customer information private. The firm has offices in the UK, Mauritius and Cyprus.
HOW TO OPEN A FOREXTIME ACCOUNT
Those who are eligible to open an account can open a demo account in a matter of minutes. This offers an insight to the functionality of the platform and provides access to virtual funds with which to practice trading.
The full live account takes longer to open due to the need to comply with regulatory terms and conditions.
Leverage is variable but capped at 1:30, the minimum deposit amount is US$10, and funds can be paid in using Visa, Mastercard, Maestro, Neteller, Skrill/Moneybookers, Alfa Click, Western Union, Dotpay, Yandex Money, QIWI and wire transfer.
Payment processing times are slightly better than the market average. Withdrawals, for example, are quoted as being “same business day”. While conducting their due diligence, the keen-eyed will note that there are more ways to deposit than withdraw funds.
Customer Support Offered by ForexTime
The customer support team is available Monday to Friday, 08:00 to 18:00 GMT. This level of support is some way off the pace, considering that other brokers offer 24/5 or even 24/7 support and can lead to messages such as the one below:
The FXTM support is, however, offered in various languages, and contacting the team there can be done via a range of different methods, including live chat, Whatsapp, Viber, Telegram, Messenger and Call Back. It’s also possible to call one of the helpdesk lines and resolve any issues over the phone, which is very nice to have, considering that delays in response times can cost traders money.
Support via the live chat service is generally very effective. The staff dealing with our queries came over as well informed, and we achieved a satisfactory first-time resolution to queries in 95% of chats. The response times were satisfactory, if not great. The lag time between message iterations was a little slower than the market average, but the main benefit came from having our questions answered accurately.
One system glitch that we noticed was that any open live chat window disappeared when we navigated away from the page on which it was started. This was quite frustrating to deal with and meant that our testers had to restart a few chats until they got the hang of staying on one page, which in itself isn’t ideal.
A very neat feature of the FXTM service is its use of metrics to monitor its support levels. It has even asked global consultancy firm PricewaterhouseCoopers Limited (PwC) to verify the findings, which cover such things as feedback and fund processing time statistics.
FOREXTIME REVIEW CONCLUSION
In its nine years of trading, FXTM has picked up over two million clients and a trophy cabinet full of industry awards. The package that it offers might not fit absolutely everybody. There is, for example, the issue of the broker not supporting crypto markets. What the platform does do well is focus on delivering certain core elements of the trading experience and delivering them to a very high standard.
Starting with execution, the FXTM experience revolves around tight spreads and super-fast connectivity. Trading is carried out using the MetaTrader platforms, so users are offered a market-leading range of indicators and charting tools. There is also the option for clients to trade their own algorithmic models or even copy trade from Expert Advisors or indeed the proprietary copy trading service FXTM Invest .
The regulatory framework is top-tier, and FXTM really does give the impression of trying to be as transparent as possible. Information ranging from the regulatory cover through to the minor detail of the financing charges on accounts is well laid out and easily accessed.
FXTM is definitely worth considering as a home for your forex trading.
How can I open an account with ForexTime?
The process of opening an account is quite simple and takes no more than three minutes.
To open an account, you must visit the site ForexTime and fill out your details in the account registration form provided.
Is ForexTime a regulated broker?
Yes, FXTM is permitted and regulated in various jurisdictions.
- ForexTime is regulated by the Cyprus Securities and Exchange Commission with CIF license No. 185/12, licensed by the Financial Sector Conduct Authority (FSCA) of South Africa, with FSP No. 46614. The company is also registered with the UK Financial Conduct Authority under number 600475.
- ForexTime UK is authorised and regulated by the Financial Conduct Authority with license number 777911.
- Exinity Limited is regulated by the Financial Services Commission of the Republic of Mauritius, licensed as an investment dealer with license number C113012295.
Exinity Limited is a member of the Finance Commission, an international financial services dispute resolution organisation in the Forex market.
What fees does ForexTime charge?
For replenishment of the trading account, the broker does not charge a commission. However, for the withdrawal of funds, the commission does not exceed 2%, just as if the client replenishes the trading account through a bank transfer, the commission is 30 Euro.
EURUSD: (1 * 100,000 * 1.21892) / 1,000,000 * 20 * 2 = USD 4.88
AUDCAD: (1 * 100,000 * 0.97969) / 1,000,000 * 20 * 2 = 3.92 CAD / 1.30311 = 3.01 USD
XAUUSD: (1 * 100 * 1,332.25) / 1,000,000 * 20 * 2 = 5.29 USD
WSt30m: (1 * 10 * 24 182) / 1,000,000 * 20 * 2 = 9.67 USD
STOX50: (1 * 10 * 3443.4) / 1,000,000 * 20 * 2 = 1.38 euros * 1.15786 = 1.60 US dollars
The commission depends on the client’s capital and monthly turnover, it should be noted that the higher the capital and turnover, the lower the commission.
How do I withdraw money from ForexTime?
A client can withdraw their money using: Visa, Mastercard, Neteller, FasaPay, VLOAD, WebMoney, Yandex. Money, QIWI, Bitcoin, bank transfer and other payment systems. The broker tries to execute withdrawal orders as quickly as possible, usually this happens during the working day.
– Leverage is offered based on your country of residence, knowledge and experience.
– Bonuses and promotions are offered based on your country of residence while terms and conditions apply.
– Please be advised that certain products and/or multiplier levels may not be available for traders from EEA countries due to legal restrictions.