Platform: Metatrader 4 & Metatrader 5
Payment Method: Visa, MasterCard, Maestro, China Union, Neteller, Skrill, Webmoney, Alfa-Click, Dotpay, Yandex Money, Payza, QIWI, Wire transfers
Does not accept US traders
FXTM or ForexTime was established in 2012 by Andrey Dashin, who is well known as the founder of online broker Alpari. In the relatively few years the firm has been in business, the company has established itself as a global broking contender, using Dashin’s formula quite successfully. FXTM is owned and managed by FT Global Limited and ForexTime Limited and has its headquarters located in Limassol, Cyprus.
FXTM’s official website address is www.forextime.com and a screenshot of the company’s home page appears below.
From a regulatory perspective, FT Global Limited is licensed in Belize by the International Financial Services Commission (IFSC) under license numbers IFSC/60/345/TS and IFSC/60/345/APM. FT Global Limited is licensed by the IFSC to provide the following services to customers: trading in financial and commodity based derivatives and other securities, and international asset protection and management. ForexTime Limited is regulated by the Cyprus Securities and Exchange Commission or CySEC under license number 185/12 and is a member of the Investor Compensation Fund or ICF.
FXTM has grown exponentially since its inception in 2012. To keep up with its developing business, the company has opened several branch offices in major cities like London and is run from FXTM’s five story tower located in Cyprus. In addition to the London office, FXTM has representative offices in Germany, Poland, France, Spain, Italy, Turkey, China, Thailand, South Korea, Malaysia, India and Nigeria.
Nevertheless, please note that ForexTime does not currently accept traders from the United States, Belize, Japan, Quebec, British Columbia and Saskatchewan.
FXTM offers a full service trading experience no matter whether you just started trading or are a seasoned veteran. A trader can easily find whatever they are looking for on the company’s easy to navigate website, which is available translated into 18 languages. ForexTime offers 24/5 trading support and also offers technical and educational support to help clients improve as traders by helping them analyze mistakes that can be avoided in the future.
In addition to providing access to competitive markets in the major forex currency pairs, FXTM offers their clients trading in a wide variety of financial products and derivatives, such as commodity futures, CFDs, spot metals and ETFs. Trading in the Chinese Yuan and spot metals paired with major currencies is also available.
FXTM allows their traders the ability to maximize the value of their time while optimizing their portfolio through their Percentage Allocation Money Management or PAMM program. PAMM was developed at Alpari in 2008 and offers investors professional portfolio management from the FXTM Portfolio Management Department. Portfolios are assigned through a selection of carefully screened traders with consistently successful track records.
One of FXTM’s chief selling points is their tight spreads. Dealing spreads at FXTM are as low as 0.1 pip for a standard account and 0 pips for ECN based trading accounts. Although spreads are typically very narrow, ECN accounts require traders to pay a $4 commission per lot when entering and when exiting a position.
FXTM offers three main types of Forex trading accounts with no minimum or maximum deposit on any of them and no commission charged. A Standard Spread Account allows the trader maximum leverage of 1,000:1 in EUR/USD, while the Fixed Spread Account permits leverage of 500:1. The Cent accounts offer a maximum leverage of 1,000:1 for currencies and 25:1 for spot metals.
Also, FXTM offers three types of ECN accounts: an ECN XTM account, an ECN Zero account and an ECN MT5 account, each with different spreads or commissions. In addition, FXTM offers an Amanah Account, which is a swap free account available for Islamic traders that are sharia law compliant.
FXTM’s newest account addition, which began in April of 2016, is an account specializing in CFDs on shares of stock. The new FXTM Shares Account offers trading in over 180 U.S. companies’ stocks with leverage of 33:1 and can be accessed through the MT4 platform, thereby ensuring virtually instant deal execution. Trading in shares of companies such as Microsoft, Twitter, Alibaba, Facebook and Apple, to name only a few, are now available through the new Shares Account type.
Supported Trading Platforms
In addition to offering the option of using MT4 or MT5 with your FXTM trading account, FXTM offers customers their proprietary FXTM MT4 WebTrader platform. This web based platform requires no download and can be accessed directly from any browser. The WebTrader platform supports all operating systems and has a simple to use interface available translated into 16 different languages.
In addition to one click trading, which allows a trader to make a transaction with a single mouse click, the web platform offers nine chart time frames with trading available directly from the charts. The web platform, which is based on MT4, has all the advanced analysis tools and can be used in both a live account and a demo account.
The screenshot below shows FXTM’s proprietary MT4 WebTrader page with real time market pricing, deal execution, and tools for technical and fundamental analysis.
FXTM now also provides clients with facilities to conduct copy trading on their series of MetaTrader trading platforms. With the copy trading service, FXTM traders can access a wide array of trading signals they can subscribe to. Once subscribed, every trade executed by the signal provider can be automatically copied. With the copy trading service, even novice traders can begin trading like pros.
Deposits and Withdrawals
ForexTime has a simple process for opening a trading account. With a few quick registration steps and some basic documents required, a trader could have their account approved the same day in some cases.
A wide variety of deposit and withdrawal options are available to FXTM customers including, Visa, MasterCard, Maestro and China Union Pay credit cards, in addition to Neteller, Skrill (formerly known as Moneybookers), Webmoney, Alfa-Click, Dotpay, Yandex Money, Payza, QIWI and Western Union’s QuickPay. Bank wire transfers are also available.
For withdrawals, the client fills out a standard request form that is generally processed within two business days. There is no minimum withdrawal amount, and the only limitation is that funds must be transferred to an account with the same name as the FXTM account holder.
FXTM’s customer support offers around the clock telephone support for traders looking to close out or modify existing positions with their trading desk between Monday and Friday. E-mail support service is available 24/7, and the company also has a hotline and a live chat feature with more restricted business hours of Monday through Friday 02:00 to 20:30 GMT+2.
In addition to its customer support features, FXTM offers a wide variety of educational support for new traders, which include videos, tutorials, articles, a forex glossary, an education center, webinars and seminars.
Overall, FXTM appears to give their clients an exceptional broking service. The management team at the company seems to have a good understanding of traders’ needs and has what it takes to keep a highly demanding global clientele pleased.
The company has also garnered an impressive list of awards and a long list of favorable testimonials. Considering all of the above, FXTX seems worthy of serious consideration as an online forex broker.