FXTM – ForexTime Review
ForexTime (FXTM) was founded in 2011 by forex industry veteran Andrey Dashin, who is also a key shareholder of the online broker Alpari. Since FXTM’s launch, the broker has expanded its platforms to include the suite of trading applications developed by MetaQuotes Software Corporation, which includes MetaTrader 4 (MT4) and MetaTrader 5 (MT5).
FXTM is one of the fastest growing brokers in the industry. In order to support this rapid rise in global clients, the FXTM brand opened a number of offices around the globe, with main operations run from a five-story FXTM Tower in Cyprus. This year, a new office opened its doors under the FXTM brand in the financial heart of Europe and trading capital of the world – London, UK – which feels like a very natural move for a broker that has been growing so successfully.
A cursory review of corporate press releases reveals a story of continual achievements, all based on integrity, innovation, transparency and a drive to provide clients with a superior trading experience. Independent reviewers on the web also give high marks, so the experienced management team must be doing a lot of things right. Safety and security remain a top priority for FXTM.
In truth, it is still difficult to find any area of FXTM that’s lacking. They have shown tremendous progress over past couple of years and, if you reside in one of their covered markets, they are well worth your patronage.
** ForexTime Limited Does NOT accept Traders from US.
Unique Features of Trading with ForexTime
Why trade with ForexTime.com? The firm lists these reasons:
- A management team with a combined 30 years of experience, committed to quality service;
- ForexTime has currently reached over 1, 000,000 clients;
- Brand FXTM is regulated in multiple jurisdictions (ForexTime Ltd by CySEC 185/12 and FSCA 46614, FT Global by IFSC under numbers IFSC/60/345/TS, IFSC/60/345/APM, Forextime UK Limited by FCA 777911);
- Mobile trading applications are supported (including ForexTime App for iOS and Android devices);
- 250+ trading instruments including forex currency pairs, CFDs, Futures, Precious Metals and Commodities;
- 31+ payment options currently available with no deposit fees and minimum deposits as low as $5;
- Deep bank liquidity ensures tight trading spreads and superfast execution;
- Hedging, EAs, and scalping strategies permitted;
- No Dealing Desk standard adopted, with eight classifications built on full ECN/STP trading models for professional accounts. Swap-free option available for all account types;
- A direct connection to the products’ price listing on the NYSE and NASDAQ exchanges for the Shares Account;
- Customer service representatives are multi-lingual and may be accessed “24X7” by email, live chat, social media or direct telephone line to one of several satellite offices;
- 18+ languages are supported, and more are added to the site and MyFXTM, the trader’s gateway.
- Promotions and live and demo contests on a regular basis (applicable to clients of FT Global Limited – T&Cs apply);·
- Learning center support includes streaming news feeds, commentary, webinars, educational videos, free training courses and local seminars;
- Investment program offered: copy-trading solution, FXTM Invest;
- Social trading features, trading signal subscription option, charting tools, email and mobile alerts, and streaming news feeds are included in the basic package;
- Client funds segregated in Tier-One banks at all times for protection, in strict compliance with regulatory standards;
- ForexTime Limited Does NOT accept Traders from Third Countries (including US).
- 800K+ and include in the review that we offer a CFD for cryptocurrency trading with leverage 1:10.(*Trading CFDs on cryptocurrencies is only available under FT Global Limited)
Trading with a forex broker traders can trust is crucial to success. Unfortunately, forex fraud and scams are common in the industry.
Here at ForexBrokers.com, we maintain the largest independent regulatory database available on the web. Using 28 different variables, we have created a proprietary 1-100 score (the higher the better) of overall trustworthiness, which we call the Trust Score. Here is our trust summary of ForexTime (FXTM).
|Publicly-Traded Company (Listed)||No|
|Regulated in Major Hub||Yes|
|Regulated in Emerging Hub||Yes|
|Authorised in the European Union||Yes|
|CFTC Registered (USA)||No|
|FCA Regulated (UK)||Yes|
|IIROC Authorised (Canada)||No|
|FINMA Authorised (Switzerland)||No|
|ASIC Authorised (Australia)||No|
|SFC Authorised (Hong Kong)||No|
|MAS Authorised (Singapore)||No|
|FSA Authorised (Japan)||No|
|FMA Authorised (New Zealand)||No|
|CySEC Authorised (Cyprus)||Yes|
The software backbone for FXTM relies on the highly popular MetaTrader series of trading platforms, in both MT4 and MT5 varieties. Trading account classifications relate back to both types, with three categories offered in STP versions and five under the ECN service. All six come with a swap-free option, and a free demo account is offered with no expiration period. The ForexTime App puts minute-by-minute market updates and analysis in the palms of the on-the-go trader, while the very latest in SSL technology encrypts all sensitive data, keeping any hackers at bay.
Commissions & Fees
FXTM offers seven different accounts types where the execution method, range of markets, available platform, and commissions and fees may vary.
Behind the Pro account, spreads are lowest on the ECN account.
Three accounts are offered under the Standard category, in which the execution method is instant. These include the Cent account for forex and metals trading, the Standard account, which has lower comparable spreads for forex trading and less restrictions on max trade size, and the Shares account for single-stock CFDs.
However, FXTM’s most competitive offering in terms of trading costs is on its four other account types, including the commission-based ECN Account, the ECN MT5, the commission-free ECN Zero account, and finally the FXTM Pro account for traders who deposit at least $25,000.
On the commission-based (ECN) accounts, the Round Turn (RT) commission is $4 per 100,000 units (one standard lot) based on $2 per side per standard lot. After the Pro account, the next lowest spreads are on the ECN account.
For example, in the ECN Account, FXTM lists typical spreads of 0.6 pips on the EUR/USD pair, which means the all-in cost is 1 pip after factoring in the RT commission equivalent of 0.4 pips.
|Average Spread EUR/USD – Standard||0.80|
|All-in Cost EUR/USD – Active||1.00|
|Active Trader or Premium/VIP||Yes|
Few firms have entered the forex brokerage market with such a flourish as FXTM did. This management team understands what it takes to please a highly demanding global clientele. Prestigious awards and favorable testimonials are just the icing on the cake. As their website states, “We always strictly abide by the regulations, highly emphasizing our clients’ fund safety and security and the protection of our clients and their investment is our primary concern. We are committed to create a safe and reliable trading environment for all our clients.”
With so many things going for it, FXTM is very worthy of your time and consideration.