Is FXTM Brokerage Firm We Can Truly Rely On?
One of the things that the review team had noted about the brokerage firm, FXTM is its online presence and netizen’s impression of them.
Speaking about the former, Social Media is seen to have a hand in its online popularity. All of Google had opened its doors for the company to attempt virality. These efforts are seen through Facebook Ads, Google AdSense, and YouTube Ads, making FXTM one of the most advertised brokerages along the likes of Oanda, FXPro, and the most known among the bunch, eToro.
FXTM’s web popularity is given volume through the netizen’s impressions of it. The firm is seen to be a brokerage that is safe to do trades through. Much of the client testimony gives positive points for its customer service, its generated educational tools, and the speed of opening an account. These elements will also play a part in the building of this review.
This FXTM review is a result of months spent with the brokerage. The team had performed an exhaustive examination of all the firm’s facets with great concentration to:
1. FXTM’s regulatory status
2. The trading instruments that the firm allows access to its clients
3. The trading accounts available
4. The trading software that the firm offers its clients use
5. The firm’s fee structures
These aspects are looked into so as to build a profile of FXTM to help the readers of this review decide if they should indeed enlist its services.
FXTM, a shorthand for ForexTime, was established back in 2011. It specializes in trading global CFDs and Forex.
The firm finds regulation through two known financial authorities: the UK Financial Conduct Authority (FCA) and the Cyprus Securities and Exchange Commission (CySEC).
FXTM’s regulation under FCA is a testament of the firm’s legitimacy and the apparent security that comes when trading through it.
Offers and Services
As already mentioned, FXTM is a CFDs and Forex brokerage. Admittedly, the firm’s offerings are fewer compared to what its contemporaries have on offer. The following figures have been recorded:
Currency pairs 48
Stock index CFDs 11
Stock CFDs 200
Commodity CFDs 3
Among these offerings, it is the Stock CFDs that are the most noticeable when pit against what its competitors give access to. Other notable brokerages offer over a thousand Stock CFDs compared to FXTM’s number of only 200.
The Commodity CFDs are not faring better as opposed to other firms that provide over 15.
This could be seen as a letdown as clients are not given that much options when trading with the specific assets.
Available Trading Accounts
FXTM offers 6 types of accounts with the cheapest minimum deposit being $100 which is required to open the Standard Account. Meanwhile, the highest minimum deposit costs $25,000 for which is for an FXPro Account. The nature of pricing and the other offers that come with each account are detailed below:
|Account Type||Available Countries||Pricing||Required Minimum Deposit (in $/€/£)||Trading Software||Accessible Assets|
|Standard Account||All||High spreads, no commission||100||MT4||Commodity / Stock Index CFD and Forex|
|Cent Account||All||High spreads, no commission||10||MT4||Commodity CFDs and Forex|
|Stock CFDs Account||The EU with the UK||High spreads, no commission||100||MT4||Stock CFD|
|ECN Account||All||Low spreads, with commissions||500||MT4 and MT5||Commodity / Stock Index CFDs and Forex|
|ECN Zero Account||The EU with the UK||High spreads, no commission||200||MT4 and MT5||Commodity / Stock Index CFDs and Forex|
|FXTM Pro Account||All||Low spreads, with commissions||25,000||MT4 and MT5||Commodity / Stock Index CFD and Forex |
Spot metals or Real Stock (only available for non-EU and non-UK clients)
Furthering their reach, FXTM had also made it possible for these accounts to be turned into Swap-Free accounts.
The review team had noted that opening an account within FXTM is indeed convenient. For interested parties the following steps must be taken:
- Through FXTM’s website, the applicant would be asked to input their complete name, email address, and country of residence. The phone number will also be asked so that through this, the company’s system can send the PIN code.
- The registrant’s personal information will also be required which will include his or her date of birth and the educational level.
- The current address will also be required.
- A set of questions pertaining to the applicant’s financial background and experience would be asked
- A questionnaire would also be issued about the applicant’s financial knowledge
- The applicant would also be asked to choose the account type he or she wishes to open
- The applicant would also be asked to upload a copy of his or her passport, ID, Driver’s License, Bank Statement, or a sample of a Utility Bill.
The review team recorded a total runtime of only 30 minutes for the account process to be accomplished. After 1 business day had passed, the account had been officially approved.
The review team had seen seen no issues with the account costs. For what its worth, the members of the team thinks that the Standard Account is actually cheap and could actually be restructured to cover for potential losses with initial trades.
Offered Trading Platform
Having partnered with MetaQuotes to offer the industry’s leading platforms, the firm is able to administer transactions with good trading conditions.
Both MetaTrader 4 and MetaTrader 5 foster speedy transactions and offers a number of add-ons and other technical aids that make trading through the platforms intuitive. The review team assents to the popular opinion that MT4 and MT5 are the best trading software in the industry.
Apart from what had already been said about the costs to open a trading account through FXTM, the fees plotted by the firm are competitive. While seen as average, the firm’s CFD fees are quite high. Such are sampled here through long positions of $2,000
S&P 500 index CFD: $2.2
Europe 50 index CFD: $2.4
Apple CFD: $36.5
The Forex fees, on the other hand are low, as sampled here with a long position held for a week of $20,000 30:1.
– Trade with FXTM Today!
With everything that had been outlined in this review, the image that FXTM is painted with through the other online reviews is held valid and true.
The opening of trading accounts is priced fairly and the fee structures implemented for trading are competitive.
The only points for improvement that the review team had noted are the pricing for the Standard Account and the number of asset offerings. The latter could be improved for more trading options.
All in all, trading through the firm is worthwhile; it can be seen as decent to good. As this is the case, trading through FXTM might hold a good prospect for those looking into starting CFDs and Forex trading.