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Is FXTM one of the best Australian Forex Brokers? We conducted an in-depth review in October 2019 to find out the answer and bring it to you!
The FXTM (ForexTime) brand was initially launched in 2011 and has since earned a large amount of respect and trust within the industry and from its clients.
ForexTime Limited is headquartered in Nigeria and is regulated by the Cyprus Securities and Exchange Commission (CySEC). It is also registered with the Financial Conduct Authority (FCA) of the UK and the Financial Services Commission (FSC) of Mauritius.
FXTM offers superior trading conditions, comprehensive education, and the option to trade a variety of Forex pairs, indices, commodities, and three prominent cryptocurrencies (Bitcoin, Ethereum and Litecoin). Clients from over 180 countries throughout the world currently enjoy FXTM's services.
|💻 Trading Platform||MetaTrader|
|🏢 Head Office||Nigeria|
|⭐ Reviews||7.88 - 299 Reviews Trust Pilot|
|↔ Maximum Leverage||1000:1|
|🖥 Execution Servers||Amsterdam, Frankfurt, Hong Kong|
|📡 Broker Type||ECN|
|💰 Negative Protection||No|
|📊 Trading Options||Forex, CFDs, Crypto|
|OUR RATING: 8.0|
|The overall raiting is based on review by our experts
|👌 Reliability: 8 / 10||📈 Spread: 8 / 10|
|🞧 Offers: 6 / 10||🚅 Speed of Execution: 9 / 10|
|📧 Customer Service: 8 / 10||👍 Uptime: 9 / 10|
|Spread:||From 0.1 Pips|
|Cuts out Dealing Desk:||Yes|
|Methods of deposit and offers|
|Deposit / Withdraw:|
|Rebates Engine Forex:||Coming soon!|
SECURITY, MARGINS AND TECHNOLOGY
SECURITY AT FXTM
- CySEC, FCA & FSC regulated
- True ECN broker
- No dealing-desk intervention
The FXTM brand is authorized and regulated in various jurisdictions. You can find the various brands and authorizing agencies below:
ForexTime Limited is regulated by the Cyprus Securities and Exchange Commission (CySEC) and licensed by the Sector Conduct Authority (FSCA) of South Africa.
ForexTime UK Limited is regulated and authorized by the Financial Conduct Authority (FCA) of the UK.
Exinity Limited is regulated by the Financial Services Commission (FSC) of the Republic of Mauritius.
The company guarantees the safety of client funds by placing them in segregated accounts with top-tier banks and ensuring they are never used for operational or investment purposes.
CHARGES AND MARGINS AT FXTM
- Spread mark-up or
- Commissions per standard lot round-turn
- Up to 1000:1 leverage
FXTM offers the choice between three unique standard trading account types as well as four different ECN account options that have a range of general advantages and features.
Standard account options include the ‘classic' Standard, the Cent and the Shares account with which, as the name suggests, clients use to trade shares exclusively.
Here's a detailed comparison of the standard accounts FXTM offers:
FXTM’s ECN account options also vary in terms of features, pros and cons. The table below presents a comparison of all the FXTM ECN account options:
Overall, with the multitude of account type options to choose from, every trader, no matter if you’re just getting started or have been in the game for a while, will find a suitable entry point to the spread betting market.
Minimum deposits range from $10-$25,000 and customers can choose between USD, EUR, GBP and NGN as account currencies.
Leverage is floating and varies according to the financial instrument traded, up to 1000:1. Cryptocurrency CFDs can only be leveraged up to 10:1 as of January 2018.
- Reliable trade execution
- True ECN broker
- MT4 & 5
- Vast selection of trading tools
ForexTime provides excellent execution speeds and an overall reliable and stable trading environment.
The trading platforms that are available to FXTM clients are the popular MT4 and its younger brother MT5.
Both platforms can be used on desktop computers, as mobile applications (Android and iOS) and web platforms that are compatible with major operating systems such as Windows, Mac OS and Linux.
The classic MT4 platform comes with all the basic tools that millions of users have come to appreciate. The younger MT5 platform features more technical indicators, additional order types and promises a higher performance; however, it was not specifically created to serve the same purpose as MT4. Its focus was/is on trading markets other than Forex – stocks and commodities for example – to allow investors to connect to a centralised trading exchange.
ForexTime further offers a vast selection of trading tools for technical analysis and risk management purposes such as ‘Daily Market Analysis', ‘FXTM Trading Signals', ‘FXTM Pivot Point Strategy', ‘Economic Calendar', and many more.
A VPS service can also be implemented for the dedicated trader.
Execution of Speed Comparison
CUSTOMER SERVICE, TRADING OPTIONS AND SPECIAL FEATURES
AN OVERVIEW OF FXTM’s CUSTOMER SERVICE AND CLIENTS
- 24/5 customer support
- Global presence with large client base
- 7 account types to choose from
ForexTime’s customers can contact the multilingual support team from Monday through to Friday between 24/5 via phone, Skype, email and live chat. They offer one-to-one support in 16 languages in addition to individual account managers.
Many clients from more than 180 countries around the globe have already chosen FXTM’s services and registered a trading account with the company. Both retail and institutional (corporate) clients are welcome to join.
On top of its excellent customer service, the company also provides extensive educational support. Through local seminars, online webinars, tutorials, articles and daily market updates, ForexTime ensures traders are kept well informed. Beginners can take further advantage of FXTM’s ‘Beginners Guide to Forex Trading’.
With FXTM Invest, which works on a percentage allocation money management (PAMM) basis, ForexTime offers an investment programme that is well suited for any type of investor. The investor can choose to let their invested capital be handled by various Portfolio Managers, which basically works by copying the trades of top preforming traders in FXTM's investment programme. At the end of each investment cycle, which is usually a one month cycle, the investor pays a percentage fee on the profits gained during the cycle. Most Strategy Managers charge a management fee of around 30%.
On the other hand, traders that wish to put their skills into action and increase their capital from successful trades, they can become Strategy Managers themselves and take a percentage of their investors’ profits (up to 50%).
All customers can choose between seven distinct account types that vary in terms of leverage, minimum deposit amounts, starting spread levels, available financial instruments, and other features. FXTM offers accounts to suit a variety of trading styles, backgrounds, and experiences.
The trading products that are available include over 50 currency pairs, 2 spot metals, 3 commodity CFDs, 14 stock index CFDs, over 180 stocks and 3 cryptocurrency CFDs.
Promotions and trading contests are available, and new clients receive a $30 bonus if they place a minimum deposit within 30 days of their initial registration.
FOREX AND OTHER TRADING OPTIONS AT FXTM
- 50+ currency pairs
- 3 cryptocurrency CFDs
- 2 metals + 3 commodities
- 14 indices CFDs & 180+ stocks
ForexTime offers over 50 currency pairs, 2 spot metals, 3 commodity CFDs, 14 stock index CFDs, over 180 stocks and 3 cryptocurrency CFDs (Bitcoin, Ethereum and Litecoin).
Apart from standard Forex pairs that are offered by the majority of online brokers, clients at FXTM can trade over 50 currency pairs including major, minor and exotic pairs.
Traders can choose to trade on some of the world’s top markets through 14 stock index CFDs such as the Australian S&P 200 Index, UK FTSE 100 Index, US E-mini S&P 500, Germany’s DAX 30, Japan's Nikkei 225 and Hong Kong's Hang Seng 50.
Three cryptocurrencies, Bitcoin, Ethereum and Litecoin, can also be traded as CFDs against the US Dollar.
FXTM offers leverage of up to 1000:1, four different funding currencies (USD, EUR, GBP and NGN), micro-lot trading starting from 0.01 lots, and ultra-low spreads of 0.0 Pips (with an FXTM Pro account). The minimum deposit requirements on offer to account holders start from $5 on the Cent account. Please refer to the account comparison in the above Charges & Margins section for a detailed overview.
SWAP-free account options are available.
SPECIAL FEATURES OF FXTM
- True ECN broker
- MT4 & 5
- Tight spreads & leverage up to 1000:1
- Promotions & Trading Contests
ForexTime offers an excellent trading environment with superior execution speeds, ultra-low spreads from 0.0 pips and high leverage of up to 1000:1.
Most trading types, such as expert advisors (EAs), scalping and hedging are allowed.
Metatrader 4 and 5 are available as trading platforms.
Seven account types to suit the needs of all types of traders.
Both retail and institutional traders are welcome to join.
A true ECN environment is offered with the ECN Zero, ECN Account, FXTM ECN MT5, and FXTM Pro account options.
Low commissions, starting from $4, on those account types for which a commission fee applies.
Excellent (PAMM) investment programme.
Clients have access to a vast selection of trading tools for technical analysis and risk management purposes such as ‘Daily Market Analysis’, ‘FXTM Trading Signals’, ‘FXTM Pivot Point Strategy’, ‘Economic Calendar’, etc.
Excellent client support is offered in 16 languages.
Promotions and trading contests are available, including a $30 bonus after a deposit has been made within 30 days of registration.
Three cryptocurrency CFDs can be traded against the US Dollar: Bitcoin, Ethereum and Litecoin.
Max Leverage Comparison
FXTM is one of the world's leading online Forex brokers with a large client base across over 180 countries worldwide. ForexTime offers a massive maximum leverage of up to 1000:1 and a great selection of tradable instruments. Their overall trading environment, execution speeds and spreads are at a highly competitive level as is their low commission structure. Our verdict is that FXTM is a great choice for both novice and experienced traders as well as investors that wish to have their funds handled by Strategy Managers.