FXTM Overview

FXTM is a well-regulated and premium broker with excellent trading conditions and platforms, which are suitable for both beginners and professional traders.

FXTM Overview

FXTM is a well-regulated and premium broker with excellent trading conditions and platforms, which are suitable for both beginners and professional traders.
Min Deposit $/€/£ 5
Max Leverage 1:30
Trading Platform MT4, MT5, Webtrader
Year Founded 2011
Instruments FX, CFDs
Regulation FCA, FSCA, CySEC, IFSC
Open an Account
Min Deposit
$5
Max Leverage
1:30
Trading Platform
MT4, MT5
Year Founded
2011
Instruments
FX, CFDs
Regulation
CySEC, FSCA, FCA, IFSC
Open Account

Company background

FXTM is a Forex and CFD broker with headquarters in Cyprus. FXTM was founded in 2011 and offers 4 asset classes, including Forex pairs, Metals, Spot CFDs, and Share CFDs. They offer trading solutions to both individual and institutional traders, hedge funds, money managers, and introducing brokers. FXTM does not accept traders from the USA, Belize, Japan, British Columbia, Quebec and some other regions.

FXTM is an established industry leader with clear regulations and a segregation of clients’ funds. The firm holds and operates under multiple licenses including Cyprus (CySEC), the UK (FCA), South Africa (FSCA), and Belize (IFSC). 

As a plus

  • Regulated broker and established industry leader
  • Wide range of instruments, including 4 asset categories
  • Allows investors to connect with a strategy of their choice (for a fee)
  • Negative balance protection and deposit insurance for retail traders
  • Various accounts available such as ECN, STP, Market Maker
  • Low costs when trading
  • Segregation of clients’ funds
  • Wide range of methods (12x) for deposits and withdrawals

On the flip side

  • More instruments would be welcomed such as cryptocurrencies, crypto CFDs.
  • Some negative cases on forums that FXTM needs to address if it wants to reach out to a larger group of traders

Our verdict:

FXTM is a reliable online broker for traders of all skill levels but it’s always best to test a broker yourself with a small amount first. In our view, FXTM’s primary benefits are their ability to connect traders and investors, the high number of payment methods, and the negative balance protection. Of course, the mulitple regulation licenses is a strong plus, just as the competitive commissions and fees and special account for trading CFDs in shares.

Methodology

For this review we tested FXTM, premium account, plus we collected secondary information from reputable sources, as well as user generated reviews.

Regulation

FXTM is regulated in four (!) different locations which offers a wide range of protection. The licenses from from Cyprus (CySEC), the UK (FCA), South Africa (FSCA), and Belize (IFSC). Of course, the UK is the most prestigious one.

What Other Forex & CFD Websites and Customers Say about FXTM?

Nowadays there is plenty of information available on each and every brokers, but this does not make the decision process easier. The abundance of information can quickly become overwhelming and confuse traders rather than provide clear answers.

We’ve gone through, authoritative user-generated and broker listings/reviews websites to, hopefully, offer more clarity on the reception among its clients.

Most of the websites of this kind offer a raw stream of consciousness by angry and happy traders alike. It is, therefore, important to keep in mind that some of the reviews will be nothing more or less than such.

Given that a lot of traders lose funds, and may go to the websites like Forex Peace Army (FPA) to complain, we aim at distinguishing, well, more subjective from less subjective reviews and offer our limited view on the situation. The reviews on FXTM on FPA are not mild but the criticism is mixed with good reviews too. Most of the negative reviews however are quite short which does not increase the reliability. With an average rating of 2.7, FXTM actually beats many other brokers who have ratings between 1 and 2. Brokers usually score quite low on FPA and a score of 2.7 is from this perspective relatively quite good. 

Other review sites such as DailyForex give FXTM a review of 4.5 stars whereas Forexbrokers.com give a rating of 3.5 stars. FXTM received the best reviews from traders at Forex-ratings.com where FXTM managed to secure a second spot with 87% (number of traders giving a thumbsup).


Review from Forex-ratings.com

When analysing other review website, FXTM receives the highest scores in the areas of customer service and commissions & fees. No topic was weak but average rated categories were platforms & tools and research & analysis. This is exactly where Elite CurrenSea (ECS) of course can help you with our regular webinars, videos, and analysis. For those that want more info about ECS, you can find the feedback from Elite CurrenSea’s clients on our website and in FPA.

Please note that we do provide incentives to our clients to open an account with our trusted brokers, you can learn more about that in our ecs.TradersClub loyalty program.

Customer Service

Overall experience with FXTM customer service was very positive. FXTM offers live chat, email and the ability to call them directly. All of our contact requests were answered quickly and professionally. FXTM offers English, Italian, Spanish, Frenchm and 15 other world languages. 

Account Types and Execution

FXTM offers its clients 6 types of account which are split in 2 different categories. The two categories are:

  1. Standard accounts
  2. ECS accounts

The standard accounts offer these 3 options: Standard Account, Cent Account, and Shares Account with low spreads and negative balance protection. A demo account is always available as well, of course.

The CENT account allows you to operate with micro lots, lower level of risksand it has minimum initial deposit of $5. The STANDARD account allows you to operate with standard lots and it has minimum initial deposit of $100. 

The ECN accounts offer these 3 options: ECS Account, ECS Zero Account and FXTM Pro Account. The ECN Zero account can be opened with a deposit of only 200 EUR/USD/GBP, FXTM Pro Account requires 25,000 EUR/USD/GBP, whereas the ECN account needs a 500 EUR/USD/GBP deposit. As you can a wide range of options for all types of traders.

Keep in mind that for EU traders, the maximum leverage is limited by default to 1:30, because of ESMA regulations.

Forex

More than 50+ currency pairs are available, ranging from major to minor and some exotic pairs as well. Majors of course includes the usual EUR/USD, GBP/USD, USD/JPY but the list of exotic pairs had some interesting options including USD/HKD and USD/NOK and many more.

Indices

You can find around 14 indices to trade as CFDs. This includes the largest stock markets and indices.

Commodities

Traders are able to trade traditional commodities such as Metals (Gold, Silver).

Payment methods

There are a variety of ways of depositing and withdrawing cash from your FXTM account. FXTM accepts the most commonly used Local Payment Methods today including Credit/Debit Card, Neteller, Skrill, Wstern Union, Bank Wire Transfer, etc.

The account funding process is normally open for 24 hours a day and it is fully automatic.

Platforms

Both demo and real account FXTM clients can trade on as many as 3 trading platforms that support market, limit, stop and trailing orders, and directly accessible from 1 account.  This speeds up trading operations and gives traders great flexibility to trade from anywhere and at anytime with ease.

The available trading software are MT4 & MT5 Terminals plus Web Trader.

Traders should still be well-equipped to trade with Elite CurrenSea’s Wizz, Camarilla indicators and SWAT or CAMMACD tools.

Mobile Trading

FXTM also fulfils the needs of investors who prefer mobile trading on smartphones and tablets: the MT4/MT5 mobile applications for Apple and Android enable full trading account functionality and seamless trading from anywhere and at any time.

Research, Education & Analysis

The FXTM Research and Education Center was not as robust as other brokers bas the last market update dated from 31 July 2018, which was about 6 months old at the time of the review.

Other features from FXTM include:

  • Economic Calendar
  • Forex News Timeline
  • Quarterly Market Forecast

Fly or Frie Verdict

FXTM is a popular online broker for traders of all skill levels. Its primary benefits are their ability to connect traders and investors, the high number of payment methods, and the competitive commissions and fees. Of course, the mulitple regulation licenses are a strong plus too.

Traders looking for a well-regulated MetaTrader broker offering both MT4, MT5, and Webtrader would do well to choose or try FXTM for its competitive pricing and wide range of account types.

Research done by Chris Svorcik and Nenad Kerkez Co-founders of Elite CurrenSea, Nenad and Chris are award-winning traders with over 10 years of technical analysis and teaching experience. They also offer education and technical analysis on top industry websites and constantly works on his proprietary trading system based on wave analysis ecs.SWAT  and technical analysis ecs.CAMMACD.