FXTM Review: UK Edition 2023

Note that MetaTrader 4 trading app is also available, which has revolutionized the trading experience as traders can now react to trade movements at lightning speed on any mobile device, including iPhone or Android. You can trade forex with major, minor and exotic currency pairs to take advantage of a currency’s increasing or decreasing value. FXTM provides forex traders with award https://forexhero.info/ winning trading services, strict regulation, deep liquidity for fast trade execution, flexible accounts/leverage, tight spreads and low minimum deposit requirements. I like the trading environment at Forextime, as the trading costs in the commission-based trading account remain among the best industry-wide. FXTM is an ideal broker for high-frequency traders and scalpers.

In this review we tested MetaTrader 4, as it is available for all account types and is more used by customers. Traders can also trade silver and gold with the FXTM platform, including XAGEUR, XAGUSD, XAUEUR, XAUGBP, and XAUUSD. Traders who exchange metals at FXTM can access price charts and use short-term and long-term charts to determine price movements. After placing a trade, traders can choose to go for short-term volatility or a long-term buy/sell position.

We calculated the commission for an account balance between $0-$2,999 and trading volume of less than $100 million. According to these FXTM broker reviews, FXTM offers great customer support and assistance in multiple languages via different channels. Both existing and new clients can reach the customer support team via live chat, phone support, and email support. FXTM offices are situated in different locations, including Cyprus, Malaysia, Thailand, India, Nigeria, the United Kingdom, Indonesia, and South Korea. FXTM Group aims to give the tightest spreads at the best prices. The FXTM web trading platform spread starts at 0 pips on forex currency pairs such as GBPUSD and EURUSD.

You can also use its own mobile application, which has a basic functionality for comfortable trading (live currency exchange rates, minute trade news). A high quality informative website ForexTime deserves special attention. Traders can use the news feed, the economic calendar, calculators, trading signals as well as SMS notifications about important events on the market. The company provides all the necessary conditions for work, including training materials and programs. Every user can pick a convenient strategy, implement it in practice and achieve the desired result.

We ranked FXTM’s fee levels as low, average or high based on how they compare to those of all reviewed brokers. 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. This provides flexibility to CFD commodity traders and more opportunities to profit from movements. If you want to avoid any problems with the broker, ask your personal manager about the terms of account verification, rules for using bonuses and withdrawal pitfalls.

Their customized MetaTrader platforms (4, 5) earn high marks from traders – more than 2 million to date have used the platform. FXTM periodically hosts trading contests that are open to traders of all skill and experience levels. Just for signing up and opening a live account, you can receive a $30 (or equivalent) trading credit. In order to actually receive the credit, you must finish your registration and make a minimum account deposit in the first six months. It requires a minimum initial account deposit of £25,000 or equivalent. For account holders who maintain balances of £250,000 or equivalent or greater, you become eligible to receive institution-level spreads.

What is the minimum deposit for FXTM?

FXTM is a well-known broker that offers a range of trading services to its clients, including forex, commodities, and CFDs. While there are many benefits to trading with FXTM, there are also some drawbacks to consider. In this table, we’ll take a closer look at the pros and cons of trading with FXTM, so you can make the right choice about whether this broker is right for you. Forextime offers two commission-free trading accounts, Micro and Advantage Plus, and one commission-based alternative, Advantage. Micro requires a minimum deposit of only $10 or a currency equivalent, while the other two account types require a minimum deposit of $500. I highly recommend the commission-based option as trading costs remain among the best industry-wide, while both commission-based accounts charge relatively expensive fees.

One of the most ignored trading costs is swap rates on leveraged overnight positions. Depending on the trading strategy, it may become the most significant fee per trade. I always recommend that traders check them before evaluating the total trading costs. FXTM offers traders a commission-free and commission-based Forex account. The former ranks among the more expensive ones, but the latter account is one of the best ones available.

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FXTM also has deep interbank liquidity and allows for Expert Advisors as well as Logarithmic Trading. With forex brokers mushrooming throughout the globe at an overwhelming rate, would you like to know which are the most popular FX brokers based on WikiFX’s database? After the loss of 4,683 US dollars, the platform deleted the RMB deposit link, resulting in the inability to deposit funds through online banking. The amount of loss in transaction record data is changed to withdrawal. Background management lacks realistic results, resulting in inability to correctly count the specific circumstances of losses. I was induced to pay $6,300, and we started trading for more than a month, until the amount reached 36,893.

It also offers a world-class selection of educational and market analysis materials. Additionally, its customer support is available 24/7, which is exceptional in an industry where the norm is 24/5. I want to point out that only verified trading accounts may request a withdrawal and that FXTM enforces a withdrawal hierarchy. FXTM will return funds to the payment processors used for deposits, and it appears that traders must withdraw profits exceeding them via bank wire only, which is expensive. Based on our Expert findings, FXTM is considered a good broker with safe and very favorable trading conditions.

Replenishment and withdrawal of funds

The spreads offered by FXTM are typically lower than those offered by many other brokers in the industry, particularly on the Advantage and Advantage Plus accounts. The Micro account, however, has slightly higher spreads, which is to be expected due to the smaller minimum deposit requirement. The MyFXTM back office is where traders make all their deposits and withdrawals. Forextime does not levy internal fees, but traders may face third-party processing costs.

This is important since not all asset classes can be traded through every account type. Alpari launched back in 1998, at a time when online forex brokers were more of a curiosity than an industry staple. The customer support team provides multilingual service, as do the personal account managers.

Looking for commission and fees data for FXTM?

In 2018, positive slippage got as high as 85.82 percent in March. Negative slippage got as low as 14.18 percent in the same month. This lets you access the markets on a PC or Mac without the need to download any software. Those who prefer to trade on the go will also appreciate the support for applications for tablets and mobile devices. For each of these, you can find the notional value for USD, EUR, GBP, or NGN, as well as the leverage offered and floating margin as a percent.

This website is using a security service to protect itself from online attacks. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. We tested it and collected the options and costs in How to withdraw money on FXTM.

FXTM’s own pivot point strategy helps traders identify profitable trades based on market sentiment and market analysis is segmented by topic to help you find what you need quickly. One of the coolest tools is called the FXTM Periodic Table, which helps you learn forex terminology in a highly visual format. FXTM spreads and commissions are available as floating spreads only. The lowest spread is 0 pips, but it is only on the FXTM ECN Pro account, which requires a minimum deposit of $25,000. Other than that, the minimum spread on non-ECN accounts is 1.3 pips, for the standard account. FXTM also offers Islamic trading accounts, although they are only available with MT4 and not with MT5.

FXTM analysis and news are available, so traders can stay on top of the markets while on the move. Clients can also top up funds and make withdrawals through the app. Overall we rate the FXTM Trader App as well designed and especially good for beginners. However, it lacks some popular features such as price alerts and trailing stop-loss orders.

However, educational materials and the quality of customer service are better than average. With the different available account types, we rate this broker as suitable for both beginners and experienced traders. All clients of FXTM have the choice of two MetaTrader platforms- the MT4, MT5. While the MT5 is a common platform for all the account types offered by the CFD broker, the MT4 is not accessible only if you sign-up for the Stock Account. FXTM offers ultra-fast order execution with deep liquidity, and the choice of manual, automated, social, and copy trading features.

• This method takes longer to process compared to other deposit methods and may incur charges from the bank.
• If tools are important to you, Markets.com have a great selection.
• If you are a fan of market analysis then you will enjoy the abundance of trading tools that can assist with your trading strategies.
• Spreads are generally higher, often twice as high, than commission-based offers, and FXTM is no exception.

Like other well-regulated brokers, FXTM does not allow funding to or from third parties. No matter your deposit method, the withdrawal of all profits must be made by bank transfer to a bank account in your name. In our review of FXTM, we found that it offers a disappointing range of financial assets compared to other similar brokers. It also lacks other popular products such as futures, bonds, and ETFs.

Most brokers only provide the out-of-the-box version, which does not provide all the necessary functionality. FXTM has a wide variety of deposit and withdrawal methods for British traders, but we were disappointed that its charges high withdrawal fees. You should consider whether you understand how CFDs and leveraged trading work and if you can afford the high risk of losing your money. We may receive compensation when you click on links to products we review. Additionally, FXTM offers a quarterly market outlook so traders can stay ahead of the markets. This market outlook includes the potential movements within the forex and commodity markets in the coming months.

You can view every single one of the margin and leverage requirements for ForexTime trades on the appropriate page on the broker’s website. With FXTM, traders are able to trade a nice range of instruments. Although ForexTime is one of the newer brokers, fxtm review it has been growing at a fast pace and has earned numerous awards in it’s lifetime. FXTM caters to most international traders, including the UK, India, Malaysia, and the Philippines. A $5 monthly inactivity fee applies after six months of dormancy.