FXTM is a leading global financial services provider in forex and CFDs trading. This broker offers a wide range of features and services, which will be discussed and highlighted in this in-depth review.
FXTM Regulation and Security
FXTM was created ten years ago as Forextime, offering foreign exchange and CFDs services. It was originally based in Cyprus and the Cypriot SEC was regulating it. The broker’s regulatory status from highly respected bodies support the idea that FXTM is a safe, low risk broker. Aside from its Cyprus office, FXTM has also cultivated a major presence in Great Britain. FXTM’s London office abides by the regulatory agency of the FCA UK. FCA and CySEC enforce the strictest regulatory rules and standards globally. That is known to many traders.
Furthermore, FXTM operates its brokerage services in South Africa under a watchdog, the FSCA of South Africa. It is also obedient with the FSC in Mauritius, and FXTM’s affiliate, Exinity Limited is under that regulator, too. FXTM’s services reach most countries worldwide, but it can’t reach specific countries. This broker is unavailable to traders based in the following countries: United States, Japan, Hong Kong, Korea, Canada, and more.
FXTM Platform Services
FXTM provides a decent set of platforms to choose from. For desktop traders, they can opt for MetaTrader4&5. On the other hand, FXTM offers MT4 Webtrader in both PC and Mac, and MT4 app for mobile traders. Below are their specifications:
Both of these MetaTrader platforms are the industry-standard of trading platforms. They are the first choice of many traders when trading in any financial market. MT4 is compatible with any PC, but MT5 is best run on wide-screen computers and laptops. This is because the latter has a bigger interface and a more extensive feature. Still both MT4 and MT5 provide shortcuts that make executing trades faster.
Similar to its desktop versions, both MT4&5 offer an extensive range of features. The two provide hundreds of tools, indicators, and charting tools, and can execute strategies of any complexity. The main difference between the two is that MT5 is a multi-asset platform, allowing traders to trade in up to five markets at the same time. Moreover, MT5 provides up to four execution types, while MT4 offers only three. The former also offers more pending orders and a glaringly higher number of indicators, drawing tools, and time frames.
The mobile version of these two platforms still offer the same high-level functionality as its two previous versions, but in a bite-size. The mobile app for MT4 and MT5 can manage accounts, execute trades, and check trading history, but of course, it cannot provide the same extensive and feature-rich interface. Still, both are the go-to platforms for trading on-the-go, especially for busy traders.
FXTM Trading Conditions
FXTM offers great trading conditions that help investors maximize trading opportunities and create profitable trades. Below are short detailings of these conditions:
Spreads & Commission
FXTM offers floating spreads that could rise or drop in consideration of market circumstances. In terms of commissions, FXTM offers industry averages that are slightly cheaper for fx traders. These trading conditions may also be dependent on the account type chosen by the trader. To note, the ECN account offers spreads that go as low as 0 pip and commissions of $0.2 per lot. Meanwhile, the Standard account uses higher spreads.
The Leverage rates provided by FXTM generally depend on the asset traded. For major FX pairs, the leverage is at 1:30, this is of course in consideration of EU laws, including the ESMA regulation. This is uniform with all brokers regulated in Europe. For minor FX pairs, the leverage would be 1:20, which would include EUR/AUD and AUD/CAD.
The leverage for precious metals would range from 1:10 to 1:20, while for U.S. crude it would be 1:10. For indices, leverage would be from 1:5 to 1:10, and for U.S. CFD shares would be 1:5. Furthermore, leverage would also be reliant on each trader’s trading experience, career, expertise, and even loyalty to FXTM.
FXTM is a secure and reliable broker that has created a name for itself in the industry. It provides great trading conditions for all types of traders, from novices to experts. This broker also provides great platform services, with 3 different versions of the classic MetaTrader4&5 platforms. The spreads and leverage levels used for various instruments are also decent, and will help traders maximize opportunities as well as minimize risks. FXTM also has a solid regulatory background, with several reputable EU regulatory bodies overseeing its operations. Overall, this broker is highly recommended to trade with for all traders worldwide.