With over 250+ products to trade, the FXTM Trader App keeps the markets at your fingertips. Moreover, the product portfolio of the broker is limited to a few asset classes. The broker is not listed on any stock exchange, and its financial information is not publicly available. Equity CFD trading is commission-free fxtm review as Forextime joined the group of brokers catering to millennial and GenZ traders favoring no commissions. I want to stress once again that commission-free does not necessarily equal cheaper trading costs. Spreads are generally higher, often twice as high, than commission-based offers, and FXTM is no exception.
Trading Tools
Alongside FXTM’s top 5 strengths we’ve reviewed above, we’re going to finish this FXTM review with some final points about the broker and then frequently asked questions (FAQs). 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. If you’re a new client to FXTM, it might be worth considering choosing the MetaTrader 5 (MT5) platform from the start. There are many reasons to start using FXTM’s MT5 platform or make the switch from your current MT4 broker.
Opening an Account
Moreover, the platform accepts a broader range of order types with an integrated economic calendar feature. For algorithmic traders seeking to improve their automated trading systems, MT5’s multi-threaded strategy tester is perfectly suited. This approach guarantees that customer capital is exclusively utilized for trading activities, promoting additional financial security.
Exceptional Customer Support
- Cent AccountThe Cent Account is designed to give new traders a taste of the psychology required to succeed.
- ForexTime (FXTM), located in Cyprus, was founded in 2011 to revolutionize online brokerage and make trading accessible internationally.
- FXTM provides bite-sized and easily digestible instructional films to help you understand more about trading, covering many related topics.
- Our experts found you can access unlimited virtual funds with flexible leverage in a simulated environment.
I want to point out that only verified trading accounts may request a withdrawal and that FXTM enforces a withdrawal hierarchy. FXTM will return funds to the payment processors used for deposits, and it appears that traders must withdraw profits https://forexhero.info/ exceeding them via bank wire only, which is expensive. The MyFXTM back office is where traders make all their deposits and withdrawals. Forextime does not levy internal deposit fees but charges for withdrawals, which is unfortunate.
Islamic Swap-free Accounts
Also, all deposit fees are covered by the company which is great for your smart money management. We learned that FXTM fees are mainly built into a spread also defined by the account type you use. In addition, you should always consider other fees like non-trading fees like, and withdrawal fees which we will see in detail further. This question is indeed the most crucial one, as investor accounts lose money and if you trade with an unregulated entity the high risk to lose funds is dramatically high.
Trading financial products carries a high risk to your capital, particularly when engaging in leveraged transactions such as CFDs. It is important to note that between 74-89% of retail investors lose money when trading CFDs. These products may not be suitable for everyone, and it is crucial that you fully comprehend the risks involved. Prior to making any decisions, carefully assess your financial situation and determine whether you can afford the potential risk of losing your money. However, Standard and Cent accounts are not designed for scalping since instant execution account types may not be best to carry out this kind of strategy.
The FXTM website is very user friendly and the company also has a top notch customer service. FXTM, also known as ForexTime, is a legitimate brokerage with multiple industry awards and accolades. The firm is also regulated by tier-one financial bodies, including the FCA in the UK.
The sheer popularity of the MT4 platform has meant that FXTM will never close MT4 accounts and force clients to change to MT5. If you want to stick to MT4 and the massive back-library of custom indicators and EAs that have been developed for it, then you won’t have to worry about being forced to change by FXTM. For all of our broker reviews, we research, validate, analyse and compare what we deem to be the most important factors to consider when choosing a broker. This includes pros, cons and an overall rating based on our findings. We aim to help you find the best broker according to your own needs.
On the other hand, the advanced pro account does not charge a commission yet still manages to maintain a very low spread starting from 0.5 pips. I think these are some of the lowest overall fees that I have seen. Therefore, this broker can be suitable for all types of trading strategies, including scalping. RoboForex also provide zero pip spreads and charge a similar commission fee.
Crucially, the broker has regulatory oversight across all jurisdictions where it operates. This should provide customers with plenty of protection and demonstrates that the company is run in a transparent and accountable manner. If you are trading in real stocks and ETFs as is possible with FXTM, then a very minimal commission will also be charged. Similar to the majority of brokers, you can expect a swap-fee to be charged when trading CFDs based on the interest rates for that particular day.
You can also get access to the news calendar in the MT5 platform which I find more convenient as it saves you from switching between windows. Asktraders is a free website that is supported by our advertising partners. As such we may earn a commision when you make a purchase after following a link from our website. A glossary – There is an extremely comprehensive glossary of financial markets and trading terminology covering hundreds of different terms and concepts. The overall offering of CFDs is not particularly impressive for a broker of FXTM’s stature. There are only 8 commodities to choose from; Silver quoted in two currencies, Gold in three currencies, Brent and Crude Oil and Natural Gas.
