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Overall Score
4.1 /5

Pros

  • Fast Execution
  • High leverage available
  • Low Trading Fees
  • Top Tier Regulations

Cons

  • Limited Product Portfolio
  • High Minimum Deposit
  • Inactivity Fee
  • Withdrawal Fee
Visit FXTM
  • Main Regulators: CySEC, FCA, FSCA, CMA, FSC Mauritius
  • Crypto: Yes
  • Minimum Deposit: $500
  • Average Trading Cost EUR/USD: 0.1 pips [+ commission]
  • Withdrawal Fee: $3
  • Account Opening: 1-2 Days
Year Established
2011
Headquarters
Cyprus
Traded Assets
1,000+
Options
Crypto
Trading Fees
Low [for the commission-based accounts]
Trading Platforms
MT4, MT5, Prop Platform
Islamic Account
Demo Account
Funding Methods
Bank wire, credit cards, e-wallets
Tiers 1 Regulators
Tiers 2 Regulators
Negative Balance Protection

Products

Overall Score
4.1 /5
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Pros

  • Good Trading Execution
  • High leverage
  • Copy Trading available
  • Crypto available
  • Competitive Spreads for high-frequency traders

Cons

  • Mainly CFDs
  • High Trading Fees for low volumes

Asset Selection and Leverage

FXTM's basic product selection includes forex and CFDs, with non-EU clients also having the option to trade real stocks.
However, the product lineup is limited, lacking ETFs, mutual funds, bonds, options, and futures.

 
Availability
Forex
Crypto
Stocks
Equity Indices
Precious Metals
Other Commodities
Bonds
ETFs
Real Stocks
Yes [for non-EU clients]
Real Bonds
Options
Thematic Indices
Synthetics


FXTM offers a maximum leverage of up to 1:2000, using a six-tier system that intelligently decreases as trading volume increases.
Most retail traders will experience leverage between 1:500 and 1:1000, while trading volumes above 60.0 lots will see a gradual reduction to 1:200, 1:100, and 1:25.
This tiered approach is another industry-leading feature available at FXTM.

Trading Fees

FXTM provides traders with both commission-free and commission-based Forex accounts.
While the commission-free account is relatively expensive, the commission-based account stands out as one of the best, particularly for high-frequency traders and scalpers.
FXTM offers commission-free equity CFD trading, catering to millennial and GenZ traders who prefer no commission fees. 

However, it's important to note that commission-free does not always mean lower trading costs, as spreads are typically higher, often double those of commission-based accounts, and FXTM is no exception.
Minimum Spread for non-commission based accounts is 1.5 pips.

Head
Head
Head
Data
Data
Data

Platforms

Overall Score
4.1 /5
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Pros

  • Good Mobile Trading app
  • MT4/MT5 available

Cons

  • Poor Design on the Desktop Platform

Various trading platforms are available for users, accessible via web, desktop, and mobile devices. These platforms include:

Popular External Platforms

The MT4 platform is one of the most popular trading platforms amongst new and established traders.
It offers a comprehensive set of features designed to empower traders with the tools they need to succeed in the dynamic world of financial markets.
From advanced analytical tools to smart trader features and community support, it caters to the diverse needs of traders while providing a seamless trading experience.

 

Key Features:
  • Analytical Tools: The platform boasts a wide array of analytical instruments, including advanced charting capabilities and a diverse range of technical indicators. These tools empower traders to conduct thorough market analysis and make informed trading decisions.
  • Smart Trader Tools: Enhancing functionality, the platform provides smart trader tools such as Expert Advisors (EAs) and a variety of indicators, allowing for automated trading strategies and advanced charting features.
  • Order Types and Execution Options: Traders benefit from the flexibility of various pending order types and execution options, enabling precise control over trade entry and exit points.
  • Community and Customization: Access to a vibrant trading community and thousands of online plug-in tools enriches the trading experience. Additionally, traders have the ability to create custom Expert Advisors using the platform's programming language.

 

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MetaTrader 5 (also known as MT5), is a versatile trading platform, that caters to advanced trading needs, providing access to automated trading systems, technical tools, and copy trading.
Among its notable features are:

  • Diverse Asset Classes: MT5 offers access to a wider range of asset classes, including stocks and commodities, compared to MT4.
  • Advanced Timeframes: MT5 provides additional timeframes for charting, offering more flexibility in analyzing price movements.
  • Enhanced Depth of Market (DOM): MT5 improves the Depth of Market feature, providing a more comprehensive view of market liquidity.
  • Built-in Economic Calendar: MT5 includes a built-in economic calendar, allowing traders to stay updated on key economic events directly from the platform.
  • Advanced Technical Analysis: MT5 introduces more built-in technical indicators and graphical objects for in-depth market analysis.
  • Hedging and Netting: MT5 supports both hedging and netting accounts, offering more flexibility in position management.
  • Improved Strategy Tester: MT5's Strategy Tester offers faster and more efficient backtesting of trading strategies compared to MT4.

 

Key Features
Analytical Tools:

The platform boasts a wide array of analytical instruments, including advanced charting capabilities and a diverse range of technical indicators. These tools empower traders to conduct thorough market analysis and make informed trading decisions.

Smart Trader Tools:

Enhancing functionality, the platform provides smart trader tools such as Expert Advisors (EAs) and a variety of indicators, allowing for automated trading strategies and advanced charting features.

Order Types and Execution Options:

Traders benefit from the flexibility of various pending order types and execution options, enabling precise control over trade entry and exit points.

Community and Customization:

Access to a vibrant trading community and thousands of online plug-in tools enriches the trading experience. Additionally, traders have the ability to create custom Expert Advisors using the platform's programming language.

 

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In-House Platform Offering

The FXTM Trader app offers a seamless trading experience with real-time market access and advanced charting tools. 
It is designed for both novice and experienced traders, providing a user-friendly interface and a wide range of trading instruments.

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Accounts

Overall Score
4.6 /5
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Pros

  • Smooth Account Opening Process
  • Competitive Pro Account
  • Islamic Account Available

Cons

  • Inactivity Fee

Account Types

FXTM provides multiple trading accounts, each designed to cater to the varying needs of different trader types.

Advantage Account
 The FXTM Advantage account offers traders tight spreads from 0.0 pips and competitive commission rates, designed for those seeking lower trading costs. With access to advanced trading platforms and various instruments, it provides a superior trading experience for both novice and experienced traders.
Advantage Plus Account
 The FXTM Advantage Plus account combines low spreads with zero commission trading, ideal for traders seeking cost-effective trading conditions. It offers access to advanced trading tools and platforms, enhancing the overall trading experience.
Pro Account
 The FXTM Pro Account is designed for professional traders, institutional traders, and hedge funds, requiring a minimum deposit of $25,000 or currency equivalent. Account holders benefit from commission-free raw spreads starting at 0 pips, with average trading costs for liquid currency pairs ranging between $0.00 and $2.00 per standard lot and maximum leverage of 1:200. This account type supports all trading strategies, uses the MT4/MT5 platforms, and has a minimum transaction size of 0.01 lots, offering industry-leading conditions.
Islamic Account
 Sharia-compliant swap-free account.
Demo Account
 Clients can test the platform with no expiry limit.

Account Opening Process

Opening an account at FXTM is quick and straightforward, with the initial step taking only a few seconds.
Traders need to provide their name, country, valid mobile phone number, email address, and desired password.
FXTM then sends a confirmation PIN to the provided mobile number to complete the process, which can be done within 24 hours, ensuring a speedy and satisfactory experience.

As a regulated broker, Forextime requires mandatory account verification.
Most traders can fulfill this requirement by submitting a copy of their ID and a proof of residency document.

The entire process is swift and hassle-free, without unnecessary steps or questionnaires.


Account Base Currencies

At FXTM, you can choose from the following 3 base currencies: EUR, GBP, USD.

Having the choice between multiple currencies is important for two main reasons:
1) If you deposit funds into your trading account using the same currency as your bank account, or if you trade assets denominated in your trading account's base currency, you can avoid paying any conversion fees.
2) To further reduce currency conversion costs, consider opening a multi-currency bank account with a digital bank.
These accounts typically support multiple currencies and offer favorable exchange rates, along with low-cost or free international bank transfers. Plus, you can open an account quickly and easily using just your phone.

Account Features

Minimum Deposit
$500
Inactivity Fee
Currency Conversion Fee
Broker commissions
Depending on the account
Hidden Fees
Negative Balance Protection

Deposit and Withdrawal

Overall Score
4.0 /5
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Pros

  • Good local Payment Methods
  • No Deposit Fee

Cons

  • High Minimum Deposit
  • Withdrawal Fee

FXTM offers circa 20 payment options, including bank wires and a variety of domestic banking solutions, as well as Skrill, GlobePay, Pay Redeem, Perfect Money, Neteller, FasaPay, and M-Pesa.
The platform caters to international traders from the UK, India, Malaysia, and the Philippines, but does not accept residents from Canada or the US.
This diverse range of payment methods ensures convenience for a wide range of traders.

Payment Methods

Bank Transfer
Credit/Debit Cards
Electronic Wallets
Crypto Payments

e-wallets

Neteller
Skrill
Perfect Money
GlobePay

Fees and Processing Time

Deposit Fee
Withdrawal Fee
Withdrawal Processing Time
Average

Trust

Overall Score
4.3 /5
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Pros

  • Top-tier regulations
  • Established since 2011

Cons

  • No Banking License
  • Low TrustPilot Score [3.4]

FXTM is regulated by multiple financial authorities, including the top-tier FCA.
Although it is a well-established brand, it is not listed on any exchange, does not disclose financial information, and does not have a bank parent company.

Global Regulations
Registration Country
CySEC
Cyprus
FCA
United Kingdom
FSCA
South Africa
CMA
Kenya
FSC Mauritius
Mauritius

Customer Xperience

Overall Score
3.1 /5
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Pros

  • Great Education Materials
  • Good Customer Support

Cons

  • No VPS offering
  • No Bonus available

Education and Research

Forextime's three-member research team delivers market commentary and analysis through written formats, YouTube videos, and podcasts, along with the FXTM Trading Signals service for actionable research.

Beginner traders benefit from a comprehensive educational offering, including a video library and written content, making it an excellent starting point.

First-time traders are advised to seek third-party education on trading psychology and avoid paid courses.

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Sweeteners

Bonus
Trading Competitions
Free VPS
No [Discount available though - Forex VPS/ NY City Servers]
EA

Customer Support

Traders have access to 24/5 multilingual customer support through phone, email, and an FAQ section. FXTM also offers live chat on its website and via WhatsApp, Telegram, or Messenger.
With a well-explained product and services portfolio, most traders may not need assistance, but FXTM ensures quick access to a representative if needed.

FAQs
Good
Support Methods
Web,
Live Chat,
Email,
Phone,
Support Hours
24/5
Multiple Languages
English,
Arabic,
French,
Spanish,
Russian,
Chinese