FXTM Review 2024 Pros, Cons & Key Features Revealed
Traders may also use Skrill, GlobePay, Pay Redeem, Perfect Money, Neteller, FasaPay, and M-Pesa. Forextime is also acquiring a regulatory license in Kenya as it expands across the African continent. On February 26th, 2021, FXTM ceased its retail operations from its CySEC regulated entity. It cited the uncompetitive regulatory framework introduced by the European Securities and Markets Authority (ESMA) for its reason. EEA clients can trade with any of the other subsidiaries. FXTM is a legitimate, safe, and secure broker, as it is highly regulated, holding licenses in several jurisdictions, including the tier 1 financial center of London.
Low quality service/products. Bad customers support
- Most traders will satisfy this by sending a copy of their ID and one proof of residency document.
- A very good listener who understands concerns/requirements and makes every effort to alleviate the same on phone and/or follow up with a response on mail.
- This will give you the amount paid to the manager based on the profit share and the net withdrawal.
- With an inability to seamlessly transfer indicators from MT4 to MT5, many traders prefer to stick to MT4 to continue trading their proven strategy.
Justin has published over 100 finance articles from Forbes, Kiplinger to Finance Magnates. He has a Masters and Commerce degree and has an active role in the fintech community. He has also published a book in 2023 on on investing and trading. Your level of regulatory protection depends on your country of residence when you open an account. FXTM have multiple business entities, regulated by multiple financial authorities.
Summary of the FXTM commissions
It is important to note that to access crypto financial instruments, you will need to sign up for an FXTM subsidiary outside of the UK. The UK’s financial authority, the FCA, recently changed regulation banning retail traders from trading cryptocurrencies. Professional traders still have access to crypto markets. Trading on an ECN account ensures that you get the absolute best price in the market at any given time. FXTM use tiered commissions which mean commission costs will are lower if you hold more equity in your FXTM trading account and the more volume you trade.
Is FXTM Regulated?
Also, the site make easy for me to have many option when deposit or withdrawal. With the help of Customer Support Representative (Ngo Duc) I am doing just fine. I just finished an experience with my FXTM Investment account. They advertise Strategy Managers which I used one because I didn’t have time to trade. xcritical reviews I used the Strategy Manager because I didn’t have time at all.
If the swap is negative, a certain number of points are written off the account in case of a rollover, if it is positive – they are deposited on the account. Some brokers also charge a commission on top of the swap, which is why their value may differ. In order to establish the account with the best conditions, we will compare them between each other. Also, in the course of this review we will compare FXTM commissions with those of its competitors – OctaFX and XM. FXTM does not have their own propriety trading platform, instead choosing to provide MetaTrader 4 & 5 as options.
Automated Trading
In particular, there are no analytical insights, infographics, stocks screener, etc. Then, the broker will offer you to choose one of the available accounts. The main types of the account are available here – Standard, ECN or a Demo account.
They also get an extensive range of order types and trading signals with MQL5. Finally, info on sell, buy, consecutive losses, greatest losses, and maximum simultaneous orders. Underneath this, you can find additional information such as statistics per instruments like profitability, pip, average pip, SL/TP, average SL/TP, duration, and type. Also, the trades by hour and trades for specific days of the week. The last two of these figures include profitable and unprofitable trades separately.
FXTM withdrawals can be made via the same payment methods as deposits. All transfers are processed during standard business hours, Monday to Friday, although the time to receive funds back to the original account will vary. FXTM allows traders to expand their forex trading knowledge thanks to a plethora of educational content. The market analysis and education sections of their website are some of the most in-depth that we’ve come across. This means that they have a massive customer support team that is ready to answer your questions, in whatever language you ask them in. Their client focus ensures that they are there to make your trading experience as seamless as possible.
There is also a section where the Strategy Manager tells you about the Strategy and any other additional relevant information. Below this, you will find charts and graphs detailing returns and monthly statistics by trades. To become a Strategy Manager, you register for an ECN Zero Account and verify your profile. Then, you get your own Manager page to display trading statistics and start sharing your trading results via social media.
Through ForexTime FXTM, you can access numerous currency pairs, commodities, single-stock shares, and contracts for difference (CFDs). The broker does not have a big selection of courses, there are not in-depth courses, no materials for advanced traders. In addition, the broker does not have educational articles, strategy reviews, or other texts that could be useful both to the beginners and experienced traders.
There is a free demo account you can take advantage of before committing your money to the broker so you can get a feel for how it works. The minimum deposit is just $100 when you want to start trading for real money. That mobile application includes unlimited access to MyFXTM as well as cross-platform trading, 250+ financial instruments, no need for extra downloads. With the MT4 mobile application, you get real-time quotes, 9 timeframes, 24 analytical objects, 30 technical indicators, trading history.
Our experts are confident that the broker offers adequate protection regardless of your country of residency. When trading at FXTM, traders should be assured of the suite of IT security measures and customer protections. The website uses encryption software to ensure users’ privacy and security. FXTM traders are well-protected against theft of funds or data, xcritical courses scam though always be cautious when it comes to sharing personal information on the internet. Once registered with the FXTM Group, customers can benefit from daily market analysis.