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How is the FXTM broker (Forextime)? Are it a legit broker?
FXTM is one of the most popular CFD and Forex brokers in the world.
Many are interested in it when they want to open an account to operate the financial markets.
Hence there is much interest in seeking information on Reviews and comments on it.
This is normal.
After all, we want to know if our money is safe in the brokers in which we are going to invest our money.
We also want to know if it is a good broker.
Let’s examine the case of FXTM and see what Reviews there are on the market.
Also I will give you my personal Reviews about this well-known broker, but before we will see the review of the broker.
What is FXTM?
Well, as Adelante is a CFD and Forex broker with global reach.
One of the keys to understanding that it is a broker is seeing in which countries it has a presence and is regulated:
ForexTime Limited (Europe):
- CIF registration 185/12 in the CySEC of Cyprus
- FCA authorized with registration 600475
- FSCA (South Africa) licensed with FSP registration 46614
- Forextime UK Limited: FCA registered licensed 777911
- Exinity Limited: Registered in Mauritius with license C113012295
- It is also registered in:
- CNMV – Spain; a: 3429
- BaFIN – Germany: 141282
- CONSOB – Italy: 3674
- AMF – France: 74495
As we can see, this is a broker with several subsidiaries and with registrations in various regulations worldwide.
Of all these we highlight that of the English FCA , one of the most important in the world. This alone is enough to give credit to the seriousness of the broker.
Furthermore, being a regulated broker in Europe makes it under the MiFID umbrella.
It is also subject to compensation funds in case of problems in the UK and Cyprus.
Client funds are segregated, adding another layer of security.
A detail to highlight is that it has several prizes awarded by other entities of the forex market. To highlight the award for best broker in Asia awarded by World Finance in 2017 and 2018. Obviously, we are facing one of the most important brokers on that continent.
FXTM has a section on its website in which it explains its great efforts to improve its trading conditions.
For this, it offers us data on your requests, slips and speed of execution, among other things.
For example, in the account opening statistics we have that today:
Customer approval takes less than 12 minutes on average.
Funds are processed in 5 minutes or less in 84% of cases
It has 90% positive ratings.
In the slippage data, they show us that they offer both positive on limit order and negative on stop.
They also comment that their requotes are the lowest possible and that they are audited by PWC.
Training and education with FXTM
FXTM has several training resources, such as:
- Lots of articles and tutorials on Forex .
- Educational Forex Trading Videos
- Various webinars
- About the FXTM Pivot Points strategy
- Face-to-face seminars, although they are usually in South Africa
FXTM has various market and trading information services. Between them we have:
- Daily market analysis
- Market analysis videos
- Market Time Podcast
- Forex News Tracking
- Market Analysis Team
- Market forecasts
- Trading Central
- Economic calendar
Open account with FXTM
Open a free practice account with FXTM and test your trading
Risk Warning: CFDs are complex instruments and have a high risk that capital may be lost quickly due to leverage. 74-89% of retail account investors lose money when trading CFDs
The account opening process is simple, as usual in the CFD and Forex broker sector.
On your registration page we have to put our main data.
Then they will send us a confirmation email and they will also ask us to verify our personal data, which we can do by sending an image of our identity document and an invoice that proves our residence.
This process usually takes very little and the account should be operational in a very short time.
Once these data are confirmed, we would be able to deposit the money and start negotiating.
The minimum deposit to open an account is 100 euros, dollars or pounds. The same can be done through: credit cards, Neteller, Skrill, Western Union and Deutsche Handelsbank.
None of these deposit methods have commissions and take between two hours and a few business days in the case of the Deutsche bank.
Likewise, for withdrawals there are no commissions either . This is one of the strengths of this broker.
In an effort to try to attract more clients, Forextime offers a loyalty program to its most loyal clients.
To access it we must open an ECN Zero or Standard account.
It is a five-level program and a higher level of balance in the account will apply a refund of commissions depending on the volume of trading.
Another type of promotion that you often use often is through trading contests.
FXTM uses two platforms: Metatrader 4 and Metatrader 5.
This broker bets on the Metaquotes platforms, true dominator of the world Forex and CFD market.
Both platforms are available on all possible channels: PC, iPhone, iPad, Android, Mac, WebTrader, Multi-Terminal.
These two platforms are well known and with them you can do things like:
- Algorithmic trading
- Algorithmic strategies test
- Economic agenda on the same platform
- MQL5 chat to talk to other community traders
- Large number of technical indicators (38 on MT5 and 30 on MT4)
Other trading tools
- Trading signals
- Currency converter
- VPS, necessary to apply the advantages of algorithmic trading with the Metatrader platform
- Forextime App with which you can make all kinds of movements with the account, such as deposits or withdrawals, open real accounts or demos, etc.
FXTM trading accounts
This broker offers us 6 different account types .
Let’s see the main characteristics of them:
Metatrader 4 Standard Account
Cent Metatrader 4 Account
ECN Zero account
FXTM Pro account
The leverage that will be applied to traders who operate with the European subsidiaries are the following:
|Main Forex pairs||30: 1 or 3.33% margin|
|Main indices, gold and minor Forex pairs||20: 1 or 5% margin|
|Lower indices, commodities and exotic Forex pairs||10: 1 or 10% margin|
|Actions||5: 1 or 20% margin|
|Cryptocurrencies||2: 1 or 50% margin|
For traders from outside the EU there is no problem to operate with greater leverage.
A new FXTM service is to use gold possession as collateral for trading.
This is done by opening an account with Bullion Vault , one of the world’s leading London gold custody companies.
In this way we can buy gold and deposit it in BullionVault cameras and use these ounces of gold to be able to use it as a margin in our trading account.
FXTM markets and assets
This broker provides trading in CFDs in the most important markets in the world such as: Forex, stocks, indices, raw materials, metals.
In total the number of instruments is more than 250 .
- We have the majority of major pairs in Forex , plus a large part of the minor and exotic pairs.
- In raw materials we have: WTI oil, Brent oil, natural gas.
- The indices : DAX 30 , CAC 40, Nikkei 225, Nasdaq 100, SP500, IBEX 35 , FTSE 100, Dow jones.
- In metals : gold and silver with respect to the dollar, euro and pound.
- In stocks, we trade over 100 of the top stocks in the United States.
What is FXTM Invest?
The FXTM broker has decided to join the fascinating and dynamic world of social trading with its new FXTM Invest service.
Previously, they offered more basic PAMM account and copy trading services, but with the new FXTM program it catches up with the other major global copy trading market dominators, such as Zulutrade, eToro or Darwinex.
How does it work?
Well, very simple.
Like most social trading programs, we can search among the best strategists who use this broker, called “Strategy Managers”, who are the most talented traders in the broker.
The program is very easy to use, especially as an investor or participant of the best strategies, since it will only take 100 EUR or USD to enter.
Once the investor account is open, we will be able to investigate among more than 600 strategies, among the best performing so far, and we will be able to choose the ones that we like the most.
The operation is simple.
If, for example, we put $ 1,000 in an X strategy and this trader gets a 20% profit, we will have earned up to $ 1,180, since the strategy manager will keep 10% of the profit he has generated, although normally we will be more using 30%, which is not bad.
In the investor ranking, a number of things must be taken into account, such as:
- The level of risk
Something you always have to look at, because sometimes those who are winning the most are because they are taking more risks, and in the end sometimes we can incur large losses.
- Drawdown percentage
Another very important measure when choosing funds to invest, because nobody likes to buy something and it falls a lot, although later they can go back up and win.
In this sense, in FXTM Invest as well as in the world of funds or hedge funds, the one with the lowest drawdown will have the best valuation
- Open time
This is another quite important field, as we will always have to take into account that many of those who earn a lot of money in a short time may be incurring many risks. That is why most of those who do this disappear from the map a few years later, and this is why it is difficult to find people who are earning in the long term considerably.
- Aggression and volatility
These two concepts are associated, because we will have more conservative managers and more daring ones.
Normally if you want to earn more you will have to be aggressive and accept quite high volatility.
FXTM Deposits and Withdrawals
FXTM requires a minimum deposit of at least $ 10.
FXTM does not impose additional fees on any deposit beyond what the deposit mechanism may charge.
FXTM supports a wide range of deposit and withdrawal methods. The most notable channels are Neteller, Skrill, Western Union and WebMoney. Major credit cards are also accepted, and bank transfers can also be used.
Withdrawals can be made using the same methods. In practice, withdrawals must be made through the same channels through which deposits are made, which is a common practice applied by almost all retail Forex / CFD brokers.
Unfortunately, FXTM charges a withdrawal fee for most withdrawal options. The most notable fees average around $ 3 for credit card withdrawals and around $ 20 for bank transfers.
Become an FXTM strategy manager
Well, for this the first thing to have is a good strategy and after opening the account, expect that it will behave well over time, so that investors look at us and we can make an extra profit.
The minimum today to have the possibility of becoming a successful strategy manager is 200 euros or dollars, which is the requirement to open an ECN account, since the standard ones cannot participate in the program, at least from the side ” manager”.
Better investment strategies with FXTM
At the time of writing this review there are quite a few promising strategies.
For example, the first one has a profit of 4.171%, with a maximum drawdown of 40.16%.
As we can see, it is taking enormous risks, but it is also true that the profit is exaggerated.
However, we must always see that in this case, this strategy has only been active for 83 days, so it does not seem to have a very long history.
You may continue to win for a while, but eventually you will eventually lose.
The commission in this case is 30%.
I think the interesting thing here will be to find strategies of more than one or two years with good profits, in order to see which ones have better possibilities of withstanding the onslaught of time.
One thing to note is that with the FXTM invest service we cannot trade all instruments. For example, we will have cryptocurrencies and equity CFDs excluded. This is so because for this type of service FXTM prefers the instruments with more liquidity and efficiency, which are indices, forex and metals.
FXTM copy trading
We should not confuse this from FXTM Invest with the copy trading service provided by the MQL5 community of Metaquotes through the Metatrader.
For more information about this service, better visit the MQL5 website.
One of the ways to earn money with these signals is through a monthly subscription that the provider will charge us.
In this sense, and unlike FXTM Invest, the provider can earn money even if his strategy does not work for us and we lose, because we will be paying that monthly subscription.
As a positive point, if we have a large account, the% we will pay to use those signals will be less than if we use FXTM Invest, which is around 30%.
However, there are many signs that are provided free of charge.
As usual, we find all kinds of Reviews about FXTM, both positive and negative.
In Forexpeacearmy , for example, it does not go too well, with a 2.5 out of 5, but it must be said that this in Forex is almost normal, since we should already know how difficult this market is and the number of problems that arise, especially newbies.
In this sense the most typical criticisms are about “stop hunts” and the like.
One good thing we found at Forexpeacearmy is that FXTM reps respond to almost every complaint, even giving the ticket numbers. This, without a doubt, is a point in favor of the broker.
In Trustpilot the total score is 4 out of 5, in general quite good and commenting, among other things, on how good customer service is.
The Reviews in FXTM are more than 400. They are distributed as follows:
- Excellent: 58%
- Good: 24%
- On average: 7%
- Poor: 2%
- Bad: 8%
As we see most of the Reviews about Forextime are positive but it would be good if you could improve the data of bad Reviews a little, although in truth, most other brokers have worse scores here.
One of the places where we can find more threads about this broker is ForexFactory , although we are not going to find threads with problems and strange things. This, in principle, is a good sign. You can go to ForexFactor and search for fxtm in the web search engine.
We can also find threads of this broker in Babypips, one of the world reference websites in Forex trading and education.
In 2019 we can find a client asked by the broker but there are no very useful answers. In fact there are people who confuse it with FXCM .
We can even find Reviews in the forum par excellence of the United States, Elitetrader .
In a thread about “who was the best Forex broker”, a forero said that FXTM was one of the best brokers. Check the thread here .
We can also find the odd thread on trade2win , the forum of the English sphere. Although there has been no new one for a long time.
I repeat, the fact that there are no threads lately is good news because basically it is indicative that there are no problems with the operation and withdrawals.
My Review for FXTM (Forextime)
Forextime broker with a good reputation to this day and quite interesting in terms of its social trading modality, especially copy trading, with its innovative follower system with Invest FXTM.
Without a doubt we see that it is a fairly strong broker in the Forex market , where it focuses most of its effort.
Regarding this it is supposed to be an ECN broker , but I think you should not focus so much on this point but on whether the broker has good conditions and reputation.
A pity that it does not offer cryptocurrency trading, which possibly means that it does not get many potential clients who in recent years prefer to operate those assets, although in truth, they are not holy of my devotion.
The topic of trading signals is one of love-hate with traders as many traders do not like brokers to give these signals, due to possible conflict of interest.
However, FXTM can defend itself by saying that it is an ECN and that it does not have that type of conflict, in addition to offering a wide variety of possibilities when using them, such as the different levels of profit taking.
In my Reviews this is a service that we should leave aside or rather just try it on “paper” before using it for real money; Let’s see if it really works with the criteria we create best.
In other words, even if they offer you signals, I think you should put them aside and trade by making your own decisions, be it FXTM or another broker.
For the rest, to say that it offers good trading conditions although the spreads in some instruments, such as CFDs and more exotic currencies are still below the leaders of the sector.
As a very positive point, we really like the fact that stocks can be traded with a minimum lot of 1 share and with very good spreads, one of the best on the market.
This is something that very few brokers offer and that allows trading with great flexibility in the dynamic and interesting stock market.
Without a doubt, one of the strengths of FXTM.
However, it could improve the offer of CFDs of shares a little and include Spanish and European ones, making a broader offer. Although I think the broker is more focused on its growth in the Asian market.
Another positive point is that it does not charge commissions for deposits or withdrawals, something that I really like.
Hopefully it will continue like this in the future.
Risk Warning: CFDs are complex instruments and have a high risk that capital may be lost quickly due to leverage. 74-89% of retail account investors lose money when trading CFDs
FXTM Broker FAQ
Where is the FXTM headquarters?
The United Kingdom, Cyprus, South Africa, and Mauritius.
How does FXTM make money?
FXTM gets its money from margins and commissions charged on trades, an overnight financing margin, and its clients’ business losses on their STP account types.
How can I deposit into an FXTM account?
FXTM provides various methods for depositing and withdrawing funds. Transactions can be made through Western Union, Skrill, FasaPay, and Neteller, as well as credit cards and bank transfers. Several popular minor channels are also accepted in developing countries.
Is FXTM regulated? Are your clients protected by regulatory deposit insurance?
FXTM is regulated by the FCA in the United Kingdom and by CySEC in Cyprus and by the FSCA in South Africa and by the FSC in Mauritius. The FCA offers deposit insurance of up to £ 85,000 and CySEC offers an investor protection fund of up to € 20,000, but eligibility is not automatic, even if a depositor’s funds become inaccessible due to self-fault.
What is the maximum leverage that FXTM offers?
The maximum leverage offered is 1000 to 1 very high, but if the accounts are maintained across the EU. or the UK, a regulation applies that imposes a legal maximum of 30 to 1.
How do I open an account with FXTM?
The easiest way to open an account with FXTM is to click the open account buttons in this review and fill out the form. Registration takes only a few minutes and you are on your way to operate.
Does FXTM offer the MetaTrader trading platform?
Yes, FXTM offers the MT4 and MT5 trading platforms.