CySEC, FCA, FSCA, FSC
Credit cards, Bank wire transfers, E-wallets (Neteller, Skrill, Alfa-Click, WebMoney, Western Union, Dotpay, Yandex money, Qiwi wallet, Bitcoin via Skrill, and counting)
ForexTime or FXTM is a Forex/CFD brokerage house that was established back in 2011. Since then, it has grown a great deal and now operates in the UK, Mauritius, and Cyprus. On FXTM, traders can trade up to 21 currency pairs. There are also crosses, precious metals, some exotics, natural gas, crude oil, equity indices, cryptocurrencies, and CFDs on 19 major US shares and stocks. This platform also allows users to trade directly in stocks where the trader has full legal ownership of the shares they purchase just like when using a stockbroker. There are six account options for both the MT5 and MT4 platforms on ForexTimes.
The fees charged by ForexTimes will depend on the account type. For instance, the average cost of trading the EU/USD currency pair is 2 pips when using the STP Standard Account. When using the Cent Account, FXTM will charge about 2.2 pips. The ECN accounts have the lowest fees, which can be as low as 0.8 pips.
There is also an inactivity fee on FXTM. The fee is set at $45 a month. For the fee to apply, the account must have been dormant for at least six months. There is also a withdrawal fee for withdrawals made using credit cards or via wire transfers. The fee will depend on the country of residence but is an average of $2 for credit card withdrawals and about €20 for a wire transfer.
Regulation and Fund security
FXTM is regulated internationally. In the UK, the FCA regulates it while in Cyprus the CySEC regulates it. AS a result, it offers a compensation fund that protects customer deposits. This brokerage house operates in various locations globally. It complies with the laws of various jurisdictions where it has an official presence.
In Cyprus and the EU, the FXTM brand operate as ForexTime Limited, where it is regulated by the CySEC and has been issued license number 185/12. It is also regulated in South African by the FSCA and it has received license number 46614. In the UK, FXTM operates as ForexTime UK Limited. The FCA under license number 777911 regulates it. In the UK, the regulated status comes with a compensation fund of up to £50,000 for customer deposits. FXTM operates in Mauritius under the brand name Exinity Limited, where it is regulated under license number C113012295.
The six types of accounts available of ForexTimes fall into two categories. There are the STP accounts and ECN accounts. The main difference between these two categories is the execution costs. Both of these categories have their pros and cons and they are suited to different types of traders.
- STP Accounts
These types of accounts utilize the STP execution model. It ensures that you will usually get a reasonable price almost all the time without having to worry about liquidity shortfalls. However, the trading cost is a bit higher. The Cent Account is the STP account with the least minimum deposit, which is set at just $10. The other two accounts in the STP category are the Standard Account and the Shares Account. With this account, you can trade in over 180 American shares, which are wrapped as CFDs.
- ECN Accounts
The other category is the ECN Accounts. They come with an ECN execution model, which ensures that the fees charged are quite low. All the accounts in this category are swap-free and there is no overnight swap charge for those using the MT4 platform. The ECN Zero Account comes with the lowest minimum deposit set at just $200. There is no commission and the lowest allowed floating spread is 1.5 pips. There is also the ECN Account that has a minimum deposit set at $500. Lastly, there is the FXTM Pro Account that comes with a minimum deposit of $25,000.
Investment Products/Trading instruments
FXTM offers a wide range of instruments. On this platform, you can trade over 50 currency pairs. If you wish to diversify your portfolio, you can trade in spot metals, CFDs, share CFDs, CFDs on Commodity Futures. There is also the option to trade CFDs on ETFs and Indices as well as CFDs on crypto. This will include over 180 American shares. You will be able to trade 5 spot metals, 59 exotic currency pairs 3 Commodities CFDs, 14 spot CFDs, and 4 crypto coins. The number of products you can trade depends on the account you are using as well as whether you are using MT4 or MT5. Being able to trade stocks as well as CFDs is something that many users of FXTM appreciate. If you are seeking to diversify your portfolio as a trader, FXTM is one of the best options out there.
FXTM allows clients of all types of accounts except the Cent Account and Shares Account to use either the MT4 or MT5 platform. When using a Cent Account, clients have to use the MT4 platform.When trading in the Forex market; it is preferable to use the MT4 platform while the MT5 platform is preferable for trading commodities and stocks. You can access both the MT4 and MT5 platforms on any OS or device.
Webinar, seminars, educational material
FXTM is committed to ensuring that as many people as possible can actively participate in the forex and stock markets and make a profit. As a result, the platform has an ongoing educational program. This program entails webinars, educational material such as articles and tutorials as well as a glossary list that explains all the complex terms used in the forex-trading world.
The customer support at FXTM is quite reliable. There is always someone available to deal with your issue since the customer support desk operates 24 hours during regular weekdays. Additionally, customer support is offered in a variety of languages. There is also the option to contact a company rep via email or phone in various locations globally. It runs a dedicated support service for Indonesia, China, Nigeria, Thailand, South Korea, India, and Malaysia.
Active Bonus and Promotions
FXTM has an active loyalty program. This program is called Loyalty Cashback. It gives you cash that you can withdraw instead of virtual points that offer limited usability. There are five levels to this program. As long as you are in the program and continue to trade, you will continuously get rewards for up to six months. These levels are determined by the amount that you deposit.
How to open an account
Opening an account on FXTM is quite easy. You only need to visit the platform’s website and click on the large orange button on the top right corner labeled “Open Account.” You have the option to open a live account or a demo account on this platform. Once you open an account, you will have to undergo KYC screening. Additionally, you will need to verify the payment method that you pick. However, traders in the US, Japan, and a few other countries cannot open an account at FXTM.
The team behind the FXTM online broker understands what it entails to please its clients. Thus far, the platform has received numerous accolades for offering quality and reliable services to its clients. Its willingness to be regulated in different jurisdictions shows that it is committed to protecting the investments of its clients.