was only founded in 2013
but has great origins. It was originally set up by a Russian entrepreneur and one of the brains behind the success of other brokers. They offer trading in a variety of products including ETFs and CFDs as well as over sixty currency pairs
Forex Time or FXTM was able to brand themselves perfectly, which guaranteed the good reputation. Headquartered in Limassol – Cyprus, they are one of the rising stars in the world of Forex and well placed to be licensed by the CySEC, one of the top Forex Authority Bodies in the world. Their website is slick and informative, easy to use and immediately puts the potential client at ease.
Compliance to Different Authorities
Speed and Ease of Procedures
Technology and Facilities
Client Support and Offers
Appears to be one of the strong companies in the FX industry, They are still new though.
How does it help me learn?
has a comprehensive program
for helping the novice and the experienced trader. The only negative point is that this program is available only to the demo and live account owners, and not to the public.
On the plus side, the introductory part of their ‘Beginners’ section is refreshingly light and very informative. They help the Forex trader by the following tools:
- Demo Accounts and Account Managers – FXTM offers a demo account for clients to start practicing how to trade. It also prides itself on the service it provides to its clients. One of the most valuable services is the one to one help from its account managers. Most FX companies will only help you technically and regarding their trading platforms, but FXTM supports the client through the trading process as well and in his own language. They offer help analyzing bad trades to guide the client away from expensive mistakes and direct him to training that will help his better understanding of Forex trading.
- Educational Articles – After registration you will have access to their online articles covering the subject of Forex trading comprehensively as well as many of the technical terms, all written in an easy to understand language.
- Analyst – FXTM offer an innovative product which is ideal for new traders and for some of the advanced ones too. If you trade a live account with them, they’ll track your trades and, if the trade goes wrong or if it could have been more profitable, they automatically advise you how to do better next time. This is an amazing way of learning to make the most of your Forex trading and one of the company’s key features.
- Forex News Timeline – The news section on the website keeps the trader up to date with what’s happening in the world of finance and how it affects trading, in a timeline view.
- Trading Central – One of the most valuable tools available online to the Forex Trading Community. FXTM offers their clients access to the Trading Central website. The Trading Central offers technical analysis reports on Forex, equities, market indices, futures and bond markets, providing a detailed look at each of them – invaluable to the trader.
How is the client support service in general?
FXTM is already at an advantage being established with good previous experience. Their website a is a network of information and the multilingual help desk are available 24/5 to be contacted for any clarifications or concerns. Account opening seems to work smoothly and an appointed account manager will guide you without being overbearing.
What does the industry say?
The company has won several awards despite being founded only in 2013. Awards include ‘Fastest Growing FX Broker‘ and ‘Most Innovative FX Product’. It’s still early days for the company but reviews from clients are also positive especially for its products and customer service.
How safe is my money?
FXTM is registered and regulated by CySEC which, in turn, is governed by EU regulations. The company is also a member of the Investor Compensation Fund so, in theory, your money is safe.
What platforms does FXTM offer?
The industry’s standard, MT4, is offered by FXTM, as well as the new version, MetaTrader5. But what’s surprising is, although other brokers usually offer their own platforms, FXTM decided not to. MT5 is still unproven to be reliable which makes MT4 number one. Both MT4 and MT5 are available in a variety of forms including mobile and tablet versions.
What about its trading conditions?
Leverage on FXTM accounts is flexible and can go up to 1:1000 depending on the account type. Their MetaTrader platform allows you to incorporate Expert Advisors into your trading as well as support MQL if you want to write your own. Swap is dealt with as an adjustment to your entry price making them a bit risky given the fact that they give themselves the right to alter the price you execute at, however no incidents had been reported to any regulatory authority nor complains were written on any review website. Offering ECN can avoid the pitfalls of re-quotes and slippage but, whilst the company promises to avoid re-quotes and slippage on MT4, it stresses that under certain trading conditions, re-quotes and slippage may occur, and have an impact on stop loss and take profit points as well.
How much will it cost me?
FXTM offers variable spreads only. Their spreads starts from 1.3 on the Standard account and from 0.1 on the ECN trading platforms. There is no information on their website about the average and maximum spread on any of their accounts. They charge a commission based on the account type and size of the ECN trade.
Any special deals?
FXTM have regular deals, however, not all of them are understandable or attractive. They offer two promotions at the moment, both of them is a form of paying a rebate back to the client. Conditions to qualify are not so hard, however, not all promotion structures are achievable.
The bottom line
The fact that they didn’t develop their own platform as well as a few points regarding their trading conditions shows that FXTM is a new broker. In spite of that, their multilingual team proves they are one of the best client support service in the industry. With them, you can trade over sixty currency pairs as well as, CFDs, commodities, ETFs, indices and shares. Getting started is quick and easy and you’ll get friendly guidance along the way. The website is extremely user friendly, easy to understand and gives a real impression of FXTM‘s commitment to the client.
Do you like this broker?
If you like this broker and want to open a live account, send us a request by filling the form below and we will reimburse you the full rebate generated from your trading.