What is FXTM? Latest 2023 Review of FXTM Forex Broker

It would be a significant omission if FXTM were not included in the list of reviews of the most reputable and high-quality forex brokers today. Throughout its 9 years of existence and development, FXTM has built a reputation and established itself in the market, earning the trust of over 2 million traders worldwide.

Almost every Vietnamese trader is familiar with this famous broker, and if you are a new trader, you have probably heard the name FXTM at least once.

If you are unsure about opening a trading account with FXTM or want to learn more about this forex broker, the detailed reviews of its credibility and trading conditions below will be an essential resource to help you make the most accurate decision.

FXTM, or ForexTime, is a renowned global forex broker brand owned by the ForexTime Group, founded in 2011. The founder and largest shareholder of FXTM is Mr. Andrey Dashin, a stalwart in the forex industry who also founded the online brokerage Alpari.

FXTM has a network of offices spanning across Europe, the Middle East, Africa, Asia, and Latin America. Currently, FXTM has attracted over 2 million investors who have opened accounts in more than 150 countries, with thousands of new accounts being opened each month.

The goal of FXTM is to provide the best possible service, from the account approval process to handling customer funds. Some impressive statistics from FXTM include: account approval in under 12 minutes, over 84% of customer funds processed within 5 minutes, over 90% positive feedback, and order execution speeds for all FXTM trading accounts under 0.2 seconds. These figures have been verified and confirmed to international standards by the renowned auditing company PwC.

Awards achieved by FXTM:

Although established in 2011, FXTM started receiving prestigious awards in 2013 and has continued to receive them up to the present day in 2020.

Some of the most recent awards include “Best ECN Broker 2020” as voted by Daytrading.com, “Best Trading Experience 2020” by World Finance, and “Best Trading Conditions 2019” by the World Finance Awards.

FXTM operates through four subsidiary companies in various regions around the world:

1. ForexTime Limited:
   • Licensed by CySEC (Cyprus Securities and Exchange Commission) with CIF license number 185/12.
   • Licensed by FSCA (Financial Sector Conduct Authority) in South Africa with license number FSP 46614.
   • Also authorized by the FCA (Financial Conduct Authority) in the United Kingdom with license number 600475.
2. ForexTime UK Limited:
   • Authorized and regulated by the FCA (Financial Conduct Authority) with license number 777911.
3. Exinity Limited:
   • Operates in compliance with the regulations of the Financial Services Commission of the Republic of Mauritius.
4. FT Global Services Ltd:
   • Registered in Cyprus and responsible for FXTM’s payment services.

Each of these subsidiary companies operates in accordance with the regulatory requirements of its respective region, ensuring that FXTM complies with the necessary financial regulations and standards.

With such a reputable legal profile, traders can trade with confidence at FXTM. Investor funds are kept separate from the company’s accounts and held in major European banks. In the event of disputes with FXTM or the broker’s insolvency, investors are compensated under the Financial Services Compensation Scheme, up to £85,000 (FCA) or the Investor Compensation Fund, up to €20,000 (CySEC).

Trading Products at FXTM

ForexTime offers investors a diverse product portfolio comprising over 250 instruments classified into six different groups, which represent commonly traded asset types in the market:

1. Forex: 63 currency pairs, including major, minor, and exotic pairs.
2. Precious Metals: Gold and Silver. Gold is quoted against three currencies: USD, EUR, and GBP, while Silver is quoted against USD and EUR.
3. Indices: 15 stock indices from major markets such as the US, UK, Australia, Japan, Hong Kong, France, Germany, and more. Some well-known indices include AUS200, GDAXIm (Germany 30 Mini), HSI50, JAP225, SP500m, UK100, and WSt30m (Wall Street 30 Mini).
4. Stocks: 125 US stock symbols and 50 European stock symbols. Stocks can be traded directly or through Contract for Difference (CFD) contracts at FXTM.
5. Commodities: Investors can trade natural gas and two popular crude oils, WTI and Brent.
6. Cryptocurrencies: FXTM offers trading in four leading cryptocurrencies by market capitalization: Bitcoin, Ethereum, Litecoin, and Ripple.

Types of Trading Accounts Offered at FXTM

To cater to various traders with different needs, investment goals, and financial capabilities, ForexTime provides six types of trading accounts, categorized into two groups: Standard Accounts and ECN Accounts. No matter which segment of traders you belong to, you can find an account type that suits your preferences.

Standard Account Group:

• Standard Account
• Cent Account
• CFD Shares Account

The Standard Account group is suitable for new traders with smaller capital. These accounts offer an opportunity to experience trading conditions at the broker. The minimum deposit requirement starts from $10 or $100, and there are no commissions involved. The Cent Account, in particular, is ideal for trading with minimal funds, starting from $10, making it an excellent alternative to a demo account.

The CFD Shares Account is specifically designed for stock trading. However, it allows you to trade stocks via CFDs, similar to other account types, rather than direct stock investments. This account offers competitive spreads starting from 0.1 pips and commission-free trading.

ECN Account Group:

• ECN Account
• ECN Zero Account
• FXTM Pro Account

The ECN Account group caters more to experienced traders with larger capital (minimum deposit starts from $200). The ECN Account offers spreads starting from 0.1 pips and a commission of $4 per lot round turn. It’s favored by many professional traders for its excellent market pricing and competitive commission structure, which can help traders save on trading costs.

The FXTM Pro Account is unique, as it allows traders to trade stocks directly online. It offers the best trading conditions with spreads starting from 0 pips and no commissions. However, FXTM reserves this account for high-capital traders, requiring a minimum deposit of $25,000.

Comparing the trading conditions across the six account types offered at FXTM:

Điều kiện giao dịch	Cent	Standard	CFD Cổ phiếu	ECN Zero	ECN	FXTM Pro
Nền tảng	MT4	MT4,MT5	MT4	MT4, MT5	MT4, MT5	MT4, MT5
Tiền nạp tối thiểu	10$	100$	100$	200$	500$	25,000$
Đòn bẩy tối đa	1:1000	1:2000	1:10	1:2000	1:2000	1:200
Spread từ (forex)	1.5 pips	1.3 pips	0.1 pips	1.5 pips	0.1 pips	0.0 pips
Commission	0$	0$	0$	0$	4$/lot/round turns	0$
Swap free	Có	Có (MT4)	Có	Có (MT4)	Có (MT4)	Có (MT4)
Margin call/Stop out	60%/40%	40%/20%	40%/20%	80%/50%	80%/50%	80%/50%
Khối lượng lệnh tối thiểu/tối đa (forex, lot)	0.01/1	0.01/30	0.01/10	0.01/100	0.01/100	0.01/250
Số lượng lệnh tối đa	300	100	100	Không giới hạn	Không giới hạn	Không giới hạn
Sản phẩm giao dịch	Forex (25), Kim loại	MT4: Forex (59), Kim loại, Chỉ số, hàng hóa (14), Tiền điện tử (4) MT5: Forex (33), Kim loại	120 cổ phiếu Mỹ, 40 cổ phiếu châu Âu	MT4: Forex (48), Kim loại, Hàng hóa, chỉ số (14) MT5: Forex (33), Kim loại	MT4: Forex (48), Kim loại, Hàng hóa, chỉ số (14) MT5: Forex (33), Kim loại	MT4: Forex (43), Kim loại MT5: Forex (33), Kim loại, Cổ phiếu trực tiếp (10)

FXTM Invest Account

FXTM Invest is an account type that allows investors to copy the trading strategies of professional and successful traders in the forex market. At FXTM, you can choose from a list of over 5,000 Strategy Managers provided by the platform.

FXTM Invest is a separate account from the other trading account types mentioned above, and any trader can open this account. Each FXTM Invest account can only be linked to one Strategy Manager. If you wish to copy the strategies of multiple Strategy Managers, you must open multiple FXTM Invest accounts.

The minimum deposit for this account type is $100. Each Strategy Manager may have a different profit-sharing percentage, which represents the commission you pay to the Strategy Manager if the trading results in a profit.

Leverage, Commissions, and Spreads at FXTM

Leverage

FXTM is among the top forex brokers offering high leverage, with a maximum ratio of up to 1:2000. However, this ratio does not apply to all account types and products.

Maximum leverage policies for different account types:

• Standard, ECN, and ECN Zero accounts have a maximum leverage of 1:2000.
• Cent accounts have a leverage of 1:1000.
• FXTM Pro accounts offer a maximum leverage of 1:200.
• CFD Shares accounts provide a leverage of 1:10.

Maximum leverage policies for different trading products:

• Forex: Major currency pairs have a maximum leverage of 1:2000, minor pairs have 1:500, and exotic pairs have 1:200.
• Metals have a leverage of 1:500.
• Stocks: US stocks offer a leverage of 1:10, while European stocks provide a leverage of 1:3.
• Cryptocurrencies have a leverage of 1:100, except for Ripple, which has a leverage of 1:10.

Additionally, FXTM has specified maximum leverage ratios based on the balance levels in trading accounts. For instance, the maximum leverage for trading Forex on Standard, ECN, and ECN Zero accounts may vary depending on the account balance.

Note: FXTM reserves the right to change the maximum leverage to a maximum of 1:100 one hour before the trading session closes on Fridays, for Cent and Standard account types.

Commissions

FXTM only charges commissions on ECN accounts. However, since ECN accounts are available on two different platforms, the commission fees can vary between platforms. Specifically:

• MT5 Platform: $4 per lot for round turns, applicable to both forex and metals trading.
• MT4 Platform: The commission fee for ECN MT4 accounts is determined based on two factors: the current equity on the account and the trading volume. Specifically, the fee structure is as follows:

Note: The commission fees in the table above are calculated for a single open or close order and are based on 1 million USD in trading volume. Therefore, each complete trade (open and close) will double the commission.

Formula for calculating commission: Commission = (Order Volume (number of lots) * Contract Size * Open Price) / 1,000,000 * Commission Rate * 2.

For example, let’s say your trading account has an equity of less than $2,999 and a trading volume of less than 100 million USD. The commission for trading 1 lot of EUR/USD would be calculated as follows:

Assuming the EUR/USD exchange rate is 1.20000.

Commission = (1 * 100,000 * 1.20000)/1,000,000 * 20 * 2 = $4.8. This is a relatively low commission fee compared to many other forex brokers in the market, which typically charge around $6-7 per lot.

Spread

The ECN account at FXTM offers the best trading conditions among all account types available, except for the FXTM Pro account, which is designed for high-net-worth traders. The ECN account is suitable for both intermediate and experienced traders who can handle market volatility. With a minimum spread of only 0.1 pips and competitive commission fees, this account type is favored by a large number of traders interested in FXTM.

Minimum spreads on some major forex pairs and gold for the ECN account:

Forex	Tài khoản ECN
EUR/USD	0.1
GBP/USD	0.3
AUD/USD	0.1
USD/CAD	02
USD/JPY	0.1
USD/CHF	0.1
NZD/USD	0.4
XAU/USD	9.0

For account types like Cent, Standard, or ECN Zero, a spread of 1.5 pips is considered a good, low spread, much lower than the industry average.

Trading Platforms Supported on FXTM

FXTM offers its clients access to two of the most popular and widely-used forex trading platforms available today: MetaTrader 4 (MT4) and MetaTrader 5 (MT5).

Both of these platforms are products of MetaQuotes, a company specializing in providing software and technology solutions for financial institutions and organizations.

MT4 was introduced first and is designed to provide nearly all the features required for trading, from basic to advanced, catering to both new and experienced traders. MT5 was developed later and includes some additional advanced trading support features, especially for direct stock trading.

MT4 Software Features:

• 3 types of price charts and 9 timeframes
• 4 types of pending orders
• 30 technical indicators and 31 chart analysis tools
• Allows the use of Expert Advisors (EAs) and testing of single-threaded strategies
• Supports the buying and selling of forex signals and the use of other forex-related services on the mql5.com web platform
• Allows hedging
• Supports desktop software, mobile applications, and web-based online platforms

MT5 Software Features:

• 3 types of price charts and 21 timeframes
• 6 types of pending orders
• 38 technical indicators and 44 chart analysis tools
• Allows the use of Expert Advisors (EAs) and testing of multi-threaded strategies
• Supports the buying and selling of forex signals and the use of other forex-related services on the mql5.com web platform. Integrated live chat feature with the trader community on MQL5
• Allows hedging
• Integrated Economic Calendar
• Market Depth
• Supports desktop software, mobile applications, and web-based online platforms

FXTM Invest – Copy Trading Platform

FXTM Invest operates directly within the client’s personal account management page. When selecting any Strategy Manager, it means that all trades taking place on their account will also be applied to the investor’s account.

With FXTM Invest, investors can set a protection level for their account, meaning that if the account balance falls to a certain percentage, trading will automatically stop, or FXTM will notify the investor via email.

Trading Support Tools and Chart Analysis

FXTM’s Pivot Points Strategy

FXTM’s Pivot Point Strategy is a trading strategy that incorporates several powerful indicators such as MACD, MA, and Momentum. It is used on 9 fundamental timeframes of MT4 (except for M1). In addition to forecasting price trends, FXTM’s Pivot Point Strategy is also used to determine market sentiment.

This strategy is updated with real-time price data and includes commentary from FXTM’s Chief Training Officer.

FXTM Trading Signals

FXTM’s trading signals are developed by the broker’s Chief Market Strategist and apply to 14 instruments, including 8 major currency pairs, 3 indices, gold, silver, and crude oil. FXTM’s trading signals provide two possible market scenarios, predicting the potential for an asset to rise or fall.

Furthermore, these signals are verified by three weighted MA indicators: Moving Averages with Weighted Moving Average, MACD, and Momentum. They provide entry price levels, protective stop-loss orders, and four potential take-profit levels.

It can be said that this tool is very useful for traders, helping them assess and adjust their trading strategies while not missing out on good trading opportunities.

Trading Indicators on MT4

In addition to the built-in technical indicators on the MT4 platform, FXTM also provides its customers with 6 additional indicators, including:

1. Trade Indicator: This indicator displays your trades on the chart, indicating the points at which a trade was opened and closed, and showing the profit or loss in either dollars or pips.
2. Pip Value Calculator: This tool helps you calculate the value of 1 pip for each movement of trading instruments and displays it directly on the chart.
3. Pivot Support and Resistance Indicator: It indicates daily, weekly, and monthly pivot points, as well as corresponding support and resistance levels.
4. Spread Indicator: With this indicator, you can see the spread in pips on the chart for any time frame.
5. Market Data as CSV: It allows you to automatically store all price history and even the smallest price movements as CSV files.
6. Intraday Data as Bars Indicator: This indicator draws a candlestick on various time frames from M1 to D1, displaying all price data for the trading day. The candlestick shape reflects the highest and lowest price levels and the price movements during the trading day.

Withdrawals at FXTM

FXTM offers various withdrawal methods for investors, including Bank Wire Transfer, Credit/Debit Cards, Local Bank Internet Banking, various e-wallets, and cryptocurrency deposits and withdrawals.

Deposits

• All deposit transactions are fee-free.
• Processing times are usually fast, often instant. However, for cryptocurrency deposits, processing times may take up to 24 hours.

 

Note: If you request a withdrawal without executing any trades, a 3% fee will be charged on the withdrawal amount.

Promotions at FXTM

Currently, FXTM has one promotion exclusively for its loyal customers. It’s a cashback program offering up to $5 per lot traded.

The cashback amount per lot traded depends on the total deposit amount in your account, as follows:

Customer Support at FXTM

FXTM supports 17 different languages, including Vietnamese. Moreover, for traders in Vietnam, you can get support through live chat 24/5 in your native language. We’ve tested contacting the platform via live chat, and the support staff are very enthusiastic. Even when you can’t connect with a Vietnamese representative, foreign staff members are also very willing to assist, making an effort to understand and provide quick responses to your inquiries.

Pros and Cons of FXTM – Is FXTM reputable?

Pros:

• Low commission fee of $4 per lot per round turn.
• Strong legal profile.
• Diverse trading accounts suitable for new traders with small capital.
• Many trading and analysis tools.
• Competitive spreads and commissions.
• Multiple deposit and withdrawal options.

Cons:

• Spreads can widen significantly during market volatility.
• Notifications of leverage changes via email may be challenging for some traders to keep up with.

FXTM is genuinely a broker worth considering. Its trading conditions are very favorable, making it one of the top reputable and good forex brokers today. Be sure to carefully consider your needs and financial capabilities to choose the most suitable account type.