FXTM Review 2021
For this FXTM review, we have opened a standard and a stock CFDs account and deposited over €6,000 in total.
We traded the popular instrument in each market to get the real spreads and placed a total of 12 trades.
We also reached out to customer support to solve issues that we had faced.
Finally, we withdrew our funds to see if there are any issues with the withdrawal process.
What is FXTM?
ForexTime, known as FXTM, was founded in 2011 and is headquartered in Cyprus. The broker is regulated in several jurisdictions, including the United Kingdom, Cyprus, South Africa, and Mauritius.
FXTM offers trading services with forex pairs, indices, commodities, stocks, cryptocurrencies, spot metals, and also real stocks.
Some of the key highlights of FXTM are:
|🗺️ Authorised & Regulated in||UK, Cyprus, South Africa, Mauritius|
|🛡️ Is FXTM safe||Yes|
|💰 EUR/USD Spread||1.9|
|💳 Minimum deposit||US$10|
|💰 Withdrawal fee||US$0 (with exceptions)|
|🖥️ Trading Platform||MT4, MT5, FXTM Trader|
|📈 Markets offered||Forex, Indices, Stocks, Commodities, Cryptocurrencies|
|📉 Number of Products||258|
Licenses and Regulations
FXTM holds 4 regulatory licenses from several top regulators, like the United Kingdom’s FCA.
The full list of all FXTM licenses is below:
|Legal entity||Registered in||Regulator||License Number||Accepting clients from||Compensation Scheme Amount|
|ForexTime UK Limited||United Kingdom||Financial Conduct Authority (FCA)||777911||United Kingdom||£85,000|
|ForexTime Limited||Cyprus||Cyprus Securities and Exchange Commission (CySEC)||185/12||EU||€20,000|
|ForexTime Limited||South Africa||Financial Sector Conduct Authority (FSCA)||46614||South Africa||No compensation scheme|
|Exinity Limited||Mauritius||Financial Services Commission (FSC)||C113012295||Globally many countries||No compensation scheme|
The same FXTM entity holds licenses from the regulators in Cyprus and South Africa.
Is FXTM Safe?
Yes, FXTM is safe to trade.
Under the UK regulator, FXTM clients’ funds are protected with an £85,000 compensation scheme. FXTM clients’ funds under the CySEC-regulated entity are also protected with a €20,000 compensation scheme.
For this review, we opened a standard account and a stock CFD account with ForexTime Limited, which is regulated by CySEC in Cyprus. For our tests, we deposited money, placed trades, and withdrew deposits.
We recommend you to register your account with the United Kingdom or Cypriot entity because of their compensation schemes.
Fees and Commissions
FXTM fees are built into the spreads but varies with the account types. Spreads on its standard and stock CFDs account types are higher than the average industry benchmark.
The spreads, however, are lower on ECN and Pro accounts.
Spread Charged in Our Trades
For our tests, we have chosen popular instruments in each market offered by FXTM. We placed 3 trades for each instrument to get a picture of the average spread. Though spreads for most of the asset classes did not fluctuate much, swings in commodities spreads were prominent.
Details of our trades are shown below the table.
|Markets||Instruments||1st trade||2nd trade||3rd trade||Avg. spread|
Our testing with standard account finds that FXTM spreads for forex are above the industry average. Spreads on indices and commodities are significantly higher than the average industry benchmark.
Stock spreads are, however, are closer to the average industry benchmark but still a bit on the higher side.
|Markets||Instruments||Avg. spread charged in our trades||Industry avg. spread|
FXTM does not have any deposit fee but charges withdrawal fees for some payment modes. The broker, however, charges a $5 monthly inactivity fee after any account is inactive for 6 months.
FXTM offers both standard and ECN accounts.
There are 3 FXTM account types under standard accounts: Standard Account, Cent Account, and Stock CFDs Account. Under ECN, there are 4 types of FXTM accounts: Stocks Account, ECN Account, ECN Zero Account, and FXTM Pro Account.
Details of each account type are in the below table:
|Standard Account||Cent Account||Stock CFDs Account||Stocks Account||ECN Account||ECN Zero Account||FXTM Pro Account|
|Account currency||USD / EUR / GBP||US Cent / EU Cent / GBP Pence||USD / EUR / GBP||USD / EUR / GBP||USD / EUR / GBP||USD / EUR / GBP||USD / EUR / GBP|
|Minimum deposit||$/€/£ 100||$/€/£ 10||$/€/£ 100||$/€/£ 100||$/€/£ 500||$/€/£ 200||$/€/£ 25,000|
|Commission||–||–||–||–||$2 per lot||–||–|
|Order execution||Instant Execution||Instant Execution||Instant Execution||Market Execution||Market Execution||Market Execution||Market Execution|
|Spread||From 1.3||From 1.5||From 0.1||Tight||From 0.1||From 1.5||From 0|
FXTM offers real stock trading under its Stocks account, but this account type is only available with Exinity Limited, that is outside the European Union.
FXTM Pro account holders need to maintain a minimum balance of $/€/£25,000 always. If the balance comes below the threshold, the broker will offer higher spreads.
The broker also offers NGN base currency accounts for Nigerian traders.
Opening a new account with FXTM is simple and fast.
Steps to create an FXTM account:
- Enter the first name, last name, country of residence, mobile phone number, email, and password on the initial registration page.
- Complete your profile with personal and professional information: gender, date of birth, citizenship status, education level, profession, business operation, taxation country, tax identification number, political exposure, and address.
- Select account type, account currency, account leverage, “swap-free” status, and trading account password.
- Click on “upload documents” under the user profile to submit identification proofs.
We have submitted the following documents to verify our FXTM account:
- Copy of national identification (both front and back)
- Copy of utility bill as address proof
A minimum deposit is required to activate the account.
The registration process took merely 20 minutes. Our standard account was verified after 1 business day.
We registered our account on October 11, 2020, and it was verified on October 12, 2020.
Overall, our account opening experience was quick, smooth, and without any issues.
Deposit and Withdrawal
Both deposits and withdrawals on FXTM are fast, easy, and without any fees. All our funding and withdrawal requests were smooth.
The minimum deposit amount on FXTM depends on the account type and varies from $/€/£10, for a Cent account, to $/€/£25,000, in the case of a Pro account.
For a Standard and a Stock CFDs account, the minimum deposit is $/€/£100.
Please note that the traders only need to deposit the minimum amount the first time they are funding the account and maintain at least that balance. For consecutive fundings, traders can deposit any amount.
FXTM allows client deposits through international wire transfers, credit cards, several local bank transfers, and popular e-wallets like Skrill, Neteller, and Paypal. It also takes deposits in popular cryptocurrencies.
The broker also allows internal fund transfers from one account type to another.
We have tested the deposit process on FXTM using multiple payment modes.
There was no deposit fee and the fundings were quick.
Details of our fund deposits are shown in the below table.
|Payment Method||Submitted Date||Funded Account Date||Funding Time||Fee|
Internal Transfer (Standard Account to Stock CFD Account)
We tried to make the first deposit using a credit/debit card. Once the amount was deducted from the card, FXTM asked us to provide a copy of both sides of the card for verification.
We did not proceed to verify our card, and the received the deducted deposit in our card after 7 working days.
FXTM has broad withdrawal method options similar to its deposits. Traders can withdraw their funds with international wire transfers, on credit/debit cards, by local bank transfers, on popular e-wallets, and in cryptocurrencies.
Though many popular withdrawal methods do not have any fee, FXTM charges a commission for several withdrawal modes. For cryptocurrency withdrawals, this withdrawal fee is 1%, and for wire transfers, it’s €30.
Details of our withdrawal requests are in the table below.
|Payment Method||Submitted Date||Fund Released Date||Fund Arrived Date||Withdrawal Time||Fee|
|NETELLER||2020-11-25||2020-11-26||2020-11-26||1 working day||zero|
FXTM charges a 2% fee on all withdrawals via PayPal. So this mode is not recommended.
Withdrawals on FXTM were fast. We received funds from 2 of our withdrawal requests on the same day, whereas on most of the other brokers, it takes at least a day.
Markets and Products
FXTM offers CFDs trading services in various popular markets, including forex, indices, commodities, stocks, and cryptocurrencies. It also offers real US stock trading outside the European Union.
It offers a fair number of forex pairs, but the number of instruments lacks in the other markets.
The complete list of FXTM offerings are:
Cryptocurrency trading services are only available with Exinity Limited.
FXTM also offers copy-trading services under FXTM Invest.
Novice traders can copy the trading strategies of any Strategy Managers, investing as low as $100.
Expert traders can become FXTM Strategy Manager only with an ECN or ECN Zero trading account. They can earn up to 40% in trading commission.
FXTM offers good trading conditions, allowing both hedging and scalping.
However, hedging is not available on Strategy accounts, which are used by the experts sharing their trading strategies on FXTM’s copy-trading platform.
The broker also allows traders to change the leverage levels.
We recommend traders to run scalping strategies only on ECN accounts and not on Standard and Cent accounts.
FXTM allows traders to change the offered leverage levels.
|Markets||ForexTime UK Limited||ForexTime Limited||Exinity Limited|
|Major Currency Pairs||30:1||30:1||2000:1|
|Non-major Currency Pairs||20:1||20:1||500:1|
|Other Commodities (except Gold)||10:1||10:1||200:1|
Exinity Limited has divided its FXTM leverages into further tiers. The full details of leverage can be found here.
FXTM offers a 30% bonus on deposits up to $250 to Standard, ECN, Cent, and ECN Zero account holders.
The broker also runs a loyalty program to reward traders. The structure of the loyalty program is detailed below.
|Level 1||Level 2||Level 3||Level 4||Level 5|
|Net Deposit(s)||$1 to $15,000||$15,001 to $30,000||$30,001 to $60,000||$60,001 to $120,000||Above $ 120,001|
|Rebate (cashback) per full completed lot||$2||$3||$4||$5||$5|
|Frequency of the Rebate transfer(s) to Client’s Account||Monday(s) following the Lots Calculation Period||Monday(s) following the Lots Calculation Period||Monday(s) following the Lots Calculation Period||Monday(s) following the Lots Calculation Period||Monday(s) following the Lots Calculation Period|
|Upgrade or Downgrade by FXTM|
The loyalty program is only available on Exinity Limited for all clients. However, only professional clients from UK and EU under ForexTime Limited and ForexTime UK Limited can access this program.
FXTM offers 3 trading platforms:
- MetaTrader 4 (MT4 platform)
- MetaTrader 5 (MT5 platform)
- FXTM Trader (propriotary mobile trading platform)
FXTM Trader is available on both Android and iOS devices.
For our tests, we placed the orders on the MetaTrader 4 mobile platform.
Research and Tools
FXTM offers excellent market research tools.
Some key research tools on FXTM are:
- Trading signals
- Trading indicators and charting tools
- Pivot points strategy
- Economic calendar
- Excellent news feed
FXTM also has an in-house team of experts who provide market research and analysis reports.
On the downside, the broker does not offer fundamental market data.
FXTM offers many learning resources to educate new traders.
The educational resources of the broker include:
- eBooks and trading guides
- Seminars and workshops
- A forex industry glossary
- Video tutorials on trading
The broker also offers a demo trading account.
FXTM has excellent customer support.
Traders can contact the broker via:
- Live chat (on the platform and also on popular social media)
- Enquiry form
|Question||Response Time||Quality of reply|
|Live Chat||Querries on hedging and scalping||1 min||Clear and direct|
|Querries in debit card verification after funding||1 hour||Clear and direct|
Live chat is only available around the clock and in multiple languages.
We asked several questions on multiple live chat sessions, and the customer representative was fast to respond, clear, and accurate every time.
The broker also has a detailed Q&A section for frequently faced issues.
Our overall experience with FXTM was smooth: from account opening to trading and from deposit to withdrawal.
However, the spreads offered by the brokerage on standard accounts are much higher than the industry average.
We did not face any issues during our testing process, and the customer support was also responsive and accurate with our queries.
We recommend FXTM ECN accounts to traders who use scalping strategies and focus on expert advisory (EA) trading.
Author of this review
By George Rossi
Author of this review
I am a well-rounded financial services professional experienced in fundamental and technical analysis, global macroeconomic research, foreign exchange and commodity markets and an independent trader.
Now I am passionate about reviewing and comparing forex brokers.
Everything you find on BrokerTested is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology