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ForexTime FXTM broker review and guide to accounts

fxtm broker review
fxtm broker review

The Micro account is the most accessible FXTM trading demo account type that offers tight spreads, commission-free, swap-free option, and low minimum deposits. WebWith a minimum deposit of only USD 10, our Cent Account provides quick and easy access to the markets and live trading. Traders can test their Expert Advisors without spending large sums of money to do so. Cent accounts are ideal for newbies – they give a taste of forex trading with real funds and insight to the psychology behind the experience …

Beginners can benefit from a dedicated account representative and demo accounts. Of course, you can use MT4 and MT5 mobile apps and login into your account. The app is available for both Android and iOS devices and is suitable for trading on-the-go.

Author of this review

As a result, beginner traders often experience the importance of discipline when they go live. In case you are short on funds, trading real shares might not be the option for you and you might prefer to switch to trading stock CFDs. The reason is simple, there are no leverage offers for trading real stocks. On the upside, spreads are tighter and there are no swaps charged for keeping positions overnight. Traders can also fund their accounts using Nigerian naira starting from 80,000 NGN.

fxtm broker review

You can use a lot of educational tools, including a demo account and live webinars. It also charges an inactivity fee and in most cases, a withdrawal fee. The product portfolio is limited, as it lacks some asset classes like ETFs, bonds, mutual funds, etc. BrokerChooser gave FXTM a 4.3/5 rating based on analyzing 500+ criteria and testing via opening a live account.

How can I open an FXTM account?

Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. FXTM has strong educational resources and reliable customer support, making it a suitable broker for traders new to the markets. FXTM has a useful section explaining trading strategy concepts and outlining the rules to nine different forex trading strategies, for example the ‘Bladerunner Trade’.

fxtm broker review

The company offers different methods for withdrawing and depositing funds. Traders can conduct their transactions via skrill, Western Union, Neteller, and FasaPay. Other small channels famous in developing countries can be used. • Tap on the wallet or FXTM account that you desire to add funds to then fills in the necessary fields. • After that, confirm the deposit made on the following page. Its parent company FT Global Limited functions under the license issued by the International Financial Services that aims at developing and promoting Belize as an international area for financial services.

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ForexTime prides itself on offering excellent trading terms. There is fast execution and the availability of micro and mini lots. With FXTM, traders are able to trade a nice range of instruments. Although ForexTime is one of the newer brokers, it has been growing at a fast pace and has earned numerous awards in it’s lifetime.

  • FXTM charges a monthly inactivity fee of 5 EUR/USD/GBP/NGN to accounts that have been dormant for six consecutive months.
  • Just make sure that the photos are clear, with no light reflections and shadows, and that your details are fully visible.
  • In order to actually receive the credit, you must finish your registration and make a minimum account deposit in the first six months.
  • They also get an extensive range of order types and trading signals with MQL5.
  • Cent Accounts have minimum deposits of $/€/£ 10 or ₦1,000, with no maximum deposit.

In addition, they must provide proof of residence using a bank statement, utility bill, tenancy contract, or residence certificate. Amount of trading experience with shares, bonds, and margined products. Traders can set up a list of their favourite instruments and follow live quotes in a market watch panel. FXTM charges a monthly inactivity fee of 5 EUR/USD/GBP/NGN to accounts that have been dormant for six consecutive months. This section will cover how the different entities of FXTM are regulated and how this impacts you as a trader. We rate regulators on a scale of 1 to 3, with 1 reflecting the highest level of trust.

Deposit and Withdrawal Methods FXTM

Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you can afford to take the high risk of losing your money. Only the NFA regulated brokers featured on this site are available to U.S. customers. FXTM is clearly one of the best brokers you can opt fxtm broker review for, no matter if you are an experienced trader or just making your first steps into the world of forex trading. One of the FXTM pros is that it is well-known, regulated, and licensed by top-tier regulators. Upgraded trading platforms, including MT4, MT5, and proprietary mobile trading FXTM app.

Additionally, there are statistics on the greatest win in pips, average daily trades, deals with stop loss, deals with take profits. It is a copy trading program that relies on cutting-edge technology. This lets you use your forex skills to earn additional capital. That way, you will earn a percentage of their profits, as much as 50 percent. You can view the specific floating commission rates under Trading Accounts on the Commissions page. You will also find commissions for stock trading via PRO MT5 here.

Which broker is better FXTM or XM?

XM has the edge in asset selection and overall cost structure, while FXTM allows higher leverage and a superior choice for high-frequency traders and/or those with more significant deposits. FXTM and XM both provide research and offer upgrades to the MT4 trading platform. XM grants a generous bonus structure.

The choice of commodities, and index CFDs are limited, but the overall choice of trading instruments is competitive. I also like that Forextime offers 452 stocks for direct investments, albeit only US-listed ones. In terms of tradable assets, FXTM will best suit Forex and US equity traders.

Fraudulent closing of trade high above stoploss

FXTM Fees are ranked average with an overall rating of 8.8 out of 10 based on our testing and compared to over 500 other brokers. Fees might be different based on entity offering, see our findings of fees and pricing in the table below, however, FXTM overall fees are considered good. We found that when you trade with FXTM you are able to operate with fixed or floating leverage. The numbers are actually confirmed by the large community of traders with about 750,000+ active accounts that growing, numerous attractive opportunities, and gained vast awards for excellence in trading. We are constantly improving our payment process so our clients enjoy hassle-free deposits & withdrawals. From news flow to technical analysis-based trading ideas, FXTM offers a lot of research tools.

Is FXTM a reliable broker?

Yes, FXTM is a regulated broker by several financial authorities in different jurisdictions, including by CySEC, FSB and IFSC.

I also have other brokers I work with, but Fxtm is more reliable. We have provided a detailed report on your declined withdrawal transaction as well. Clearing of funds to the amount of $10,000 without any controls and approval by myself. We thank you for your trust in FXTM and please be assured that we have no reason to keep your money with us and it is our highest priority to ensure you have a hassle-free experience with us. Other websites of this company include FXTM.com, ForexTimeChina.com.cn. FXTM offered a $30 welcome bonus but canceled the promotion.

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FXTM offers demo accounts for MetaTrader 4, MetaTrader 5, and the FXTM Trader App. Demo accounts are especially important for beginners as they allow them to practice their strategies and get comfortable with the trading platform without risking real money. The Micro account offers average spreads for the industry, while the Advantage account offers more competitive spreads but also charges commissions. Another popular program is the ongoing Loyalty program, which offers you actual cash, not points or virtual cash. You earn $5 in real cash that you can withdraw or use for future trades. There are no fees for this account type and you do not have to share your trading strategies – just your trades.

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For instance, the spreads on the Standard account start from 1.5 pips, which is higher than those offered by most Forex brokers. What’s more, the broker charges a $3 withdrawal fee when using the credit/debit card option. Furthermore, traders are charged 5 EUR/USD/GBP per month after 6 months of inactivity. The broker is well-regulated, offers MetaTrader 4 and MetaTrader 5 trading platforms, has a wide range of account types, and offers extensive educational material. What’s more, the broker supports its clients with a professional and friendly team of customer support representatives.

If a broker can’t pay a referral then it cant give you your money on withdrawals from trading accounts. On the negative side, it lacks ETFs, mutual funds, bonds, options, and futures. FXTM has a great mobile trading platform, we really liked its design and user-friendliness.

Most withdrawal methods guarantee processing the withdrawal request on the same day, except the Skrill withdrawal method may take 1-2 business days to complete. But overall, to withdraw money & the bank transfer process is smooth. However, on the downside, it’s not commission free this account type comes with a commission ranging from $0.40 to $2 per $100,000 notional value.

The exchange rate to local currency might change from time to time according to the local provider or local bank rates. The details you enter/select on the provider’s website should match the details entered/selected in your https://forexarena.net/ MyFXTM deposit page. Please note that in case these details differ, you may experience a payment processing delay. Choose from a wide variety of money transfer methods including via bank cards, e-wallets and bank wire.

What is the minimum deposit for FXTM?

It also has a minimum deposit of just $10, so if you're new to trading you can get started without worrying too much about jumping right in with a lot of capital.

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