Is FXTM Nigeria Scam or Safe? An Honest Review

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When you want to start trading Forex, one of the first things you’ll need to do is find the right broker based on your specific requirements and goals. Typically, when considering different brokers, you’ll consider the currency pairs and other trading instruments they offer, how easy their platform is to use, and what their minimum deposit requirements are.

Another aspect you should carefully consider is if the forex broker is a scam or whether it’s safe. After all, you don't want to lose your hard-earned money through a scam. And, in some cases, this could be quite challenging.

Fortunately, we’re here to help. In this post, we’ll look at FXTM Nigeria in more detail and we’ll show you whether it's a scam or if it's safe.

How to identify if a broker is a scam? An Experts Guide

To ensure that your invested money stays safe, it’s crucial that you determine if a broker is a possible scam before you pay funds into any trading account.

At Traders Union, we’ve developed a four-step system that you can use to do this. If the broker then passes all these steps, you can be reasonably sure that the broker is legit and that you can invest your money with peace of mind.

Based on our system, the four steps are:

Regulation. When regulated, forex brokers fall under the authority of regulatory bodies or governments. This, in turn, ensures proper management of the broker and that all clients’ money is safe. Also, when regulated brokers are subject to certain requirements and standards determined by regulators.


Reviews. Customer reviews are an excellent tool to use to find out whether a broker is reputable and whether your money will be safe if you invest in the platform. You can find tons of reviews on different brokers, including FXTM, on the Traders Union website.


Transparency. When it comes to the trustworthiness of a broker, transparency is also very important. For example, a broker should make you aware of the risk of losing your money when you trade Forex. The broker should also be open about its history, trading conditions, and other key information.


Expert review. As a final step to confirm whether a broker is safe or if it's a scam, you can look at the Traders Union expert review and rating. This is an excellent way to tell if the broker is reputable and trusted.


Now that you’ve seen the steps you’ll need to follow to ensure that a broker is safe, let’s look at each of these four steps in more detail.

Step 1: Is FXTM Legit? Is FXTM a Regulated Broker?

FXTM or Forextime is a recognized and reputable forex broker that operates globally. As such, it's authorized and regulated in various jurisdictions around the world, including:

The United Kingdom, where it's authorized and regulated by the Financial Conduct Authority.


Mauritius, where it's regulated by the Financial Services Commission of the Republic of Mauritius.


Cyprus where it’s regulated by the Cyprus Securities and Exchange Commission.


South Africa, where it’s licensed by the Financial Sector Conduct Authority of South Africa.


Apart from the regulations and licenses mentioned above, FXTM is also a member of the Financial Commission. As a result, FXTM's clients are protected by the Commission’s Compensation Fund. This fund acts as an insurance policy for these clients and will pay out up to a maximum of €20,000 on any judgments that have been made by the Financial Commission.

Step 2: Check out the Top 5 Reviews on FXTM

As mentioned earlier, your next step after you've established that a broker is properly regulated and/or licensed is to look at customer reviews. Here, you'll find many reviews relating to FXTM on the Traders Union website. When looking at these reviews, you’ll note from the top five reviews on our ratings, that the reviews of FXTM are generally neutral or positive with not many negative reviews.

Step 3: FXTM Background and Transparency

Established in 2011 and part of the Exinity Group, FXTM was specifically founded to offer its services to emerging markets. The Exinity group offers its services to traders worldwide and has attracted over 3 million clients in 180 countries. On its own, FXTM has served over 2 million customers worldwide since 2011 and the company has been awarded over 25 awards.

The company gives all the details of its history on its website and it also has a risk disclosure that points out that forex trading carries significant risk and can result in financial losses and discloses the commissions it charges. The company is thus transparent.

With that in mind, let’s look at some pros and cons of FXTM Nigeria.

👍 Pros:

A large variety of trading accounts.

Low minimum deposits on its micro accounts.

A large variety of trading instruments.

Training and educational materials.

The ability to use automated trading.

Protection of clients’ funds.

👎 Cons:

Withdrawal of funds periodically delayed.

Customer support could be better.

Step 4. FXTM Nigeria in expert rating

The final step in the process is to look at Trader’s Union’s expert rating. Here, FXTM also scores well. In fact, it's rated as our top broker in Nigeria. This is because it's properly regulated and it has low minimum deposits that allow traders to start out without risking too much of their money.

Also, FXTM has local Nigerian offices and a call center that Nigerian customers can call if they have any questions or issues.

Is FXTM a Scam? Is FXTM Legit? Expert’s Verdict

At Traders Union, we keep records of all scam brokers that we come across and those that are blacklisted. So, one of the easiest ways to find out whether a forex broker is a scam is to look at the Traders Union website. Here, you’ll find FXTM is, in fact, on our list of best brokers. The result is that, based on expert and customer reviews, we don’t suspect that FXTM is a scam.

FAQs

Apart from the information provided above, we've also compiled a list of frequently asked questions that traders often have when it comes to FXTM.

What’s the difference between FXTM and Exinity Limited?

Forextime Limited and Exinity Limited are different entities under the FXTM brand. These are properly licensed and regulated in multiple jurisdictions as mentioned earlier.

For how long has FXTM been operating for?

FXTM has been in operation since 2011.

Are my funds protected?

Yes, your funds are protected. As mentioned earlier, FXTM is properly regulated and all its clients’ funds or held in segregated accounts.

Where can I find FXTMs terms of service?

You'll be able to find the terms of service on FXTM’s website.

Team that worked on the article

Alamin Morshed
Contributor

Alamin Morshed is a contributor at Traders Union. He specializes in writing articles for businesses who want to improve their Google search rankings to compete with their competition.

Over the past four years, Alamin has been working independently and through online employment platforms such as Upwork and Fiverr, and also contributing to some reputable blogs. His goal is to balance informative content and provide an entertaining read to his readers.

His motto is: I can dream or I can do—I choose action.

Dwight Cass
Contributor

Dwight specializes in risk, corporate finance, alternatives, fintech, general business trends, and financial markets, and he has broad experience managing complex projects. Dwight is an author for the Traders Union website.

Dwight was a financial columnist for The Wall Street Journal and The New York Times during the Great Financial Crisis. He has served as Editor-in-Chief of Worth, a personal finance magazine for the wealthy, and as Editor of Risk, the premiere global publication about derivatives, risk management, and quantitative finance, based in London.

He has also served as Managing Editor at The Economist Group and ran the Americas operations of two British trade publications.

For the last 12 years, Dwight has worked as a freelance writer and editorial project manager, serving clients in the financial technology, banking, broker/dealer, consulting, asset management, and corporate sectors. This has given him considerable experience in idea generation and project management, working collaboratively to help clients meet their goals with little or no supervision.

Knows about
risk management, derivatives, capital markets, regulation, market data

Experience
Dwight is a journalist and editor with over 30 years of experience writing and editing sophisticated financial, economic, and business articles for leading magazines, newspapers, and web sites. He specializes in personal finance, risk management, capital markets, and wealth management. He served as editor of Risk magazine and editor-in-chief of Worth magazine. His financial commentary has appeared in The Wall Street Journal, The New York Times, The Daily Telegraph, and elsewhere. He has provided on-air commentary for CNN, CNBC, and the BBC.

As proprietor of Cass Editorial Services since 2010, Dwight has provided writing and editorial project management services to a range of financial services, government and corporate clients including Deutsche Asset & Wealth Management (now DWS), The International Swaps and Derivatives Association, Interactive Data, Euler Hermes, Ernst & Young, The Chicago Mercantile Exchange, The Project Management Institute, Reval, and The Financial Accounting Standards Board.

Education
Columbia University School of International and Public Affairs
Master of Arts (MA), International Political Economy
New York University
Bachelor of Arts (BA), Journalism and Politics

Mirjan Hipolito
Cryptocurrency and stock expert

Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO). Mirjan is a cryptocurrency and stock trader. This deep understanding of the finance sector allows her to create informative and engaging content that helps readers easily navigate the complexities of the crypto world.