80% of retail investor accounts lose money when trading CFDs with this provider.
FXTM Review (ForexTime) 2024
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $10
- MetaTrader4
- MetaTrader5
- FXTM Trader
- FCA
- CySEC
- FSCA
- FSC
- 2011
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $10
- MetaTrader4
- MetaTrader5
- FXTM Trader
- FCA
- CySEC
- FSCA
- FSC
- 2011
Our Evaluation of FXTM
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
FXTM is a moderate-risk broker with the TU Overall Score of 5.9 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by FXTM clients on our website, Traders Union expert Anton Kharitonov recommends users to thoroughly analyze pros and cons before opening an account with this broker as not all clients are satisfied with the company, according to reviews.
ForexTime is a progressive broker that actively uses innovative technologies to provide the best trading terms for traders, regardless of their trading experience. ForexTime fits both novice and experienced traders. The company provides its services in 150 countries and ensures full safety and security of its clients' funds because they are kept in segregated accounts.
Brief Look at FXTM
Broker FXTM (pronounced "ForexTime") started in 2011. It provides an opportunity to make a profit through active trading or investment programs. The company is regulated by CySEC (Cyprus Securities and Exchange Commission, 185/12), South African FSCA (Financial Sector Supervision Authority, 46614), UK FCA (Financial Conduct Authority, 777911), and FSC (Mauritius Financial Supervisory Commission, C113012295). The broker has received many awards, including "Best Trading Conditions" (2018, 2019) and "Most Innovative Broker" (2018).
Over 2 million traders worldwide cooperate with ForexTime (FXTM). The minimum deposit on the Micro account is $10, which allows novice traders to master the basics of trading and study the operational principles of the Forex market with comfort and without large investments.
- a wide range of trading accounts;
- a large number of training materials;
- the ability to use automated programs in trading.
- the minimum deposit is $10;
- the most popular trading platforms are MT4 and MT5;
- proprietary application for mobile trading is the FXTM Trader;
- the ultra-low spreads are from 0.0 pips;
- a huge choice of trading instruments is present;
- supervision of the broker’s activities is by major financial regulators in four jurisdictions;
- professional support.
- for investment, only copy trading is offered;
- the broker is closed on Saturday and Sunday.
TU Expert Advice
Financial expert and analyst at Traders Union
The Traders Union has cooperated with FXTM for several years and during this time the broker has shown itself to be a partner who faithfully fulfills its obligations and Trading conditions in the company are optimal. Clients are presented with various trading accounts designed for both novice and professional traders. For investors, the broker rates its managers based on various factors including their risk levels.
ForexTime claims to cooperate with both newcomers to the foreign exchange market and professionals who create their own trading strategies. So far there have been no serious complaints about the company's work. All traders' questions are promptly answered by the FXTM support team.
The site’s interface allows traders to quickly assess all the broker's capabilities and its trading conditions are suitable for active trading and investment offers. The company has several advantages that make it competitive, however, some nuisances like delayed withdrawals and too few investment programs do not allow the broker to take a leading position in the Traders Union rating.
ForexTime is a reliable and proven broker and is popular among Traders Union clients. The broker provides transparent trading terms, qualified support to its clients and allows them to start working in Forex with minimal investments. Moreover, FXTM offers the copying trades service, FXTM Invest. With the help of this service, both novice and professional investors can get passive income by investing money in the trading strategies of experienced traders.
FXTM Summary
Your capital is at risk. 80% of retail investor accounts lose money when trading CFDs with this provider. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
| 💻 Trading platform: | MetaTrader 4, MetaTrader 5, FXTM Trader |
|---|---|
| 📊 Accounts: | Micro, Advantage, Advantage Plus |
| 💰 Account currency: | USD, EUR, GBP, NGN |
| 💵 Replenishment / Withdrawal: | Visa and MasterCard, electronic payment systems, bank transfers |
| 🚀 Minimum deposit: | $10 |
| ⚖️ Leverage: | Up to 1:2000 |
| 💼 PAMM-accounts: | No |
| 📈️ Min Order: | 0.01 |
| 💱 Spread: | From 0.0 pips |
| 🔧 Instruments: | Currency pairs, precious metals, CFD contracts on stocks, commodities, and indices |
| 💹 Margin Call / Stop Out: | 40-60%; 50/80% |
| 🏛 Liquidity provider: | - |
| 📱 Mobile trading: | Yes |
| ➕ Affiliate program: | Yes |
| 📋 Orders execution: | Instant execution, Market execution |
| ⭐ Trading features: | Stock trading; VPS server; Income and pips calculators; Currency converter; MT4 indicators. |
| 🎁 Contests and bonuses: | Yes |
ForexTime is actively working to create favorable trading conditions for traders. The company has $10 minimum deposit for novices on a cent account. All types of accounts can trade in micro lots, and the leverage varies from 1:3 to 1:2000, depending on the type of account and trading assets. Stop-outs start at 20% and ends at 50%.
The spread on the Advantage account starts at 0.0 pips. Micro and Advantage Plus accounts have spreads starting from 1.5 pips. Traders have Forex instruments and metals available on each type of account. The MT4 and MT5 trading terminals as well as the broker's proprietary software for mobile trading, FXTM Trader, are available for traders. Executions of transactions on the Micro account are instant, and on other account types, the transactions are subject to market execution.
FXTM Key Parameters Evaluation
Trading Account Opening
To start trading with FXTM and receive a spread rebate from Traders Union for completed trades, follow these steps:
Log in or create a personal account on the Traders Union website. Use the referral link and go to the main page of the broker's website and click on the "Open an account" button.
To sign up, provide your personal data in the appropriate fields, and enter a password. After filling out the questionnaire, a PIN code will be sent to your phone and/or email, which must be inserted to complete the registration.
Now you need to fill in the profile with your personal data including the source of the funds.
Upon completion of registration, you will be taken to your Personal account, where you can use the following functions:
Also in the Personal account there are other useful sections:
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Platforms. MT4, MT5, and FXTM Trader terminals are available for download as well as a link to the web terminal;
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FXTM Invest. Opening a trading account which offers manager statistics and investment management;
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My documents. This section is for downloading documents required for account verification and payment details;
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My profile. Contains profile management, manager subscriptions (transactions copying service), and passwords;
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Trade services. Access to trading signals, MT4 indicators, and strategy building based on FXTM pivot points;
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StocksTrading section. In this section, you can open an Advantage Plus account in 4 steps to access the world-famous stock exchanges such as Nasdaq, NYSE, and HKEX. Access to the global stock market is provided through the MT5 trading platform.
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Promotions and contests. Promotions, bonus programs, current contests, and coupons are available here.
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Education. Access to webinars, seminars, and e-books;
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Customer support. Contains information on how to contact support for various issues.
Regulation and Safety
ForexTime is registered with the UK Financial Conduct Authority (FCA) under the number 600475 and is regulated by the CySEC of Cyprus (under number 185/12) and the South African FSCA (number 46614). The broker is also regulated by the Financial Services Commission of the Republic of Mauritius, FSC (number C113012295).
A broker that is licensed demonstrates that it is reliable since the regulatory authorities closely monitor the broker’s conduct. Non-compliance with their requirements leads to the cancellation of their license(s). The safety of traders' capital is ensured thanks to mandatorily segregated accounts, and the international Financial Commission is in charge of protecting the rights of clients.
Advantages
- Client funds are held in segregated accounts
- The presence of four bodies regulating the activities of the broker
- All documents are publicly available on the broker's website
Disadvantages
- The regulator does not consider small claims by private traders
Commissions & Fees
| Account type | Spread (minimum value) | Withdrawal commission |
|---|---|---|
| Micro | From $15 | Depends on the payment system |
| Advantage | From $0,4 | Depends on the payment system |
| Advantage Plus | From $15 | Depends on the payment system |
There is a fixed swap commission for transferring orders to the next day. We have compared FXTM's trading commissions to those of competing companies and brokers were assigned low, medium, or high commission levels.
| Broker | Average commission | Level |
|---|---|---|
|
$10 | |
|
$1 | |
|
$8.5 |
Account Types
ForexTime offers three account types, each suitable for both professionals and novice traders in the foreign exchange market. However, each account also differs in terms of minimum deposit, leverage, trading assets, margin call, stop-out levels, and order execution.
Account types:
ForexTime also offers a demo account. The company's clients can use it to test the broker's terms and trading strategies. The broker offers a proprietary FXTM Trader terminal for mobile trading.
ForexTime is a company focused on cooperation with different traders, regardless of their experience in currency trading and preferred trading strategies.
Deposit and Withdrawal
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To withdraw funds, you must submit an application, which is processed by the financial department from 6 to 20 hours (GMT + 2, during the summer - GMT + 3). Withdrawal fees are charged depending on the payment system the trader uses.
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Bank cards (Maestro, Visa, MasterCard), e-systems (Skrill, Neteller, Dotpay), and bank transfer (Hellenic Bank) are available to withdraw money.
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Withdrawals are made within 24 hours with bank transfers and within several working days by cards and e-payment systems.
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The EUR, INR, USD, GBP, PLN, NGN, and CZK are among the currencies available for deposit and withdrawal.
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To withdraw earnings, a trader needs to verify his account, which may take a while and involve presenting various documents.
Investment Options
The broker is focused on cooperation with users who are engaged in both active and passive trading. For the latter, the company provides a service for copying transactions, which allows you to receive income without being a trading guru. The broker rates its managers based on their profitability, risk profile, and trading strategy.
FXTM (Forex Time) Invest
To get started and make profits investors need only to register, choose a trader, and copy his transactions. The user can make decisions based on the profitability of trading with a specific manager and, if necessary, select another manager. Investors pay a commission to managers only for successful transactions.
Features of the FXTM Invest trade copy service:
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the ability to choose a trader based on your goals, trading style, desired profitability, and risk level; there is a special filter included in the rating system;
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copying transactions of several managers to minimize risk and select an effective strategy;
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the managers' ratings are automatically updated and show statistics on several parameters.
The service enables passive earnings not only for investors but also for professional traders. In ForexTime, a trader can become a manager, whose trades can then be copied by investors, and thereby receive additional income for his work.
With FXTM Invest, investors have access to over 5,000 trading strategies to copy trades. You can start investing with $100. Moreover, the broker allows investors to pay a commission only for profitable trades.
Important!
If you are a large investor and plan on investments over $ 10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of the deal and all the steps from signing up to withdrawal of profits.
FXTM affiliate program
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Refer a friend. For each new invited client, the partner receives $50.
Any trader who has an account with FXTM can become a broker's partner. In the personal account of each user, there is an individual referral link, with the help of which you can attract new clients to the broker. If all conditions are met, the FXTM partner will receive a financial reward for the trading activity of each attracted client.
Customer Support
Contact the multi-lingual support service, which operates twenty-four/seven if you have any questions.
Advantages
- Providing customer support in various languages
- A large variety of communication methods
- Opportunity to request a callback
Disadvantages
- Customer support does not work on weekends
Communication with the support service is by:
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online-chat on the broker’s website;
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writing an email;
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calling to a phone number;
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message via Telegram, Messenger Facebook, WhatsApp;
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requesting a callback.
You can also contact the broker directly from your Personal account.
Contacts
| Foundation date | 2011 |
|---|---|
| Registration address | FXTM Tower, 35 Lamprou Konstantara, Kato Polemidia, 4156, Limassol, Cyprus |
| Regulation |
FCA, CySEC, FSCA, FSC
Licence number: 185/12, 46614, 600475 |
| Official site | https://www.forextime.com/ |
| Contacts |
+44 20 3734 2255, +357 25 55 8 777, +44 20 3514 1251, +44 20 3734 1025
|
Education
Information
This broker provides its clients with educational materials that will help novice traders to better understand foreign exchange trading and help professionals to improve their skills.
To combine the theories with practice, we recommend using a demo account.
Comparison of FXTM with other Brokers
| FXTM | RoboForex | Pocket Option | Exness | Eightcap | Deriv | |
| Trading platform |
MetaTrader4, MetaTrader5, FXTM Trader | MT4, MT5, R MobileTrader, R StocksTrader, R WebTrader | Pocket Option, MT5, MT4 | Exness Trade App (mobile), Exness Terminal (web), MetaTrader5, MetaTrader4 | MT4, MT5 | Deriv bot, Deriv MT5, Derivix, Deriv Trader, SmartTrader |
| Min deposit | $10 | $10 | $5 | $10 | $100 | $1 |
| Leverage |
From 1:1 to 1:2000 |
From 1:1 to 1:2000 |
From 1:1 to 1:1000 |
From 1:1 to 1:2000 |
From 1:30 to 1:500 |
From 1:1 to 1:1000 |
| Trust management | No | No | No | No | No | No |
| Accrual of % on the balance | No | No | No | No | No | 1.00% |
| Spread | From 0 points | From 0 points | From 1.2 point | From 1 point | From 0 points | From 0 points |
| Level of margin call / stop out |
50% / 80% | 60% / 40% | 30% / 50% | No / 60% | 80% / 50% | 100% / 50% |
| Execution of orders | Market Execution, Instant Execution | Market Execution, Instant Execution | Market Execution | Market Execution, Instant Execution | Market Execution | Market Execution |
| No deposit bonus | No | No | No | No | No | No |
| Cent accounts | Yes | Yes | No | No | No | No |
Detailed Review of FXTM (Forex Time)
ForexTime provides services in 150 countries. The use of innovative technologies that allow increasing the speed of order execution is among the broker's priorities. Here, you can trade currency pairs, precious metals, as well as CFDs on indices, and global and European stocks. It has operated more than 10 years in the Forex markets.
A few figures about FXTM that will be of interest to traders choosing a broker:
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more than 10 years of active work in the Forex market;
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provision of services in 150 countries of the world;
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has over 2 million customers;
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minimum deposit starting from $10;
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more than 25 international awards.
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84% of withdrawal requests are processed within 5 minutes.
FXTM is a broker for traders with different trading strategies and investors
ForexTime is striving to provide its clients with optimal trading terms and quality support. The company offers several types of accounts: Micro (for novice traders); Advantage, and Advantage Plus for professionals. Micro accounts offer instant execution and Advantage Plus accounts offer market execution speeds. The company's average execution speed is 0.1 seconds.
The broker offers classic MetaTrader 4 and MetaTrader 5 as trading terminals. Both platforms are available for mobile devices, which allows traders to trade using their most convenient device. The FXTM Trader app is available for mobile trading.
FXTM useful services:
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pip value calculator;
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income calculator;
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currency converter;
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MT4 indicators;
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Trading on Forex market with VPS.
Advantages:
optimal leverage;
auto trading is allowed;
clients’ funds are stored in segregated accounts;
multi-lingual personal managers;
the ability to use MT4 indicators;
the ability to trade using a VPS;
is licensed by a financial regulator.
The FXTM broker does not restrict traders in choosing a trading strategy, but standard account types have restrictions on the maximum number of open and pending transactions.