Can You Trust FXTM With Your Money? Let’s Find Out Through Honest ForexTime Review
ForexTime, or FXTM, is a Forex broker that tries very hard to advertise itself as a leading service provider in the industry. The broker has adopted several marketing strategies and attractive promotional campaigns that are aimed to instill an enormous amount of trust among its customers. In its efforts, the company has managed to improve its brand visibility, making it one of the most popular FX brokers in the market. We have compiled this FXTM review to get to the core of the services provided by the company and attempt to find out whether they are indeed as reliable as they claim to be.
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Setting Up An FXTM Trading Account
- Website: www.forextime.com/eu
- Support: +357 2 555 8 777
- FXTM Tower
- 35 Lamprou Konstantara
- Kato Polemidia
- 4156, Limassol
ForexTime accounts are available in Standard and ECN account configurations, which are further subdivided into different categories according to the minimum deposit requirements and the type of financial instruments. FXTM leverages for the Standard accounts starts from 1:25 to a maximum of 1:1000, which is one of the highest leverages that are provided by any broker in the industry. The FXTM spreads also start from 1.5 pips, which may increase according to the currency pair and the market conditions. The Standard account option is further divided into three different categories, the Standard, the Cent, and the Shares accounts. The Standard account within the Standard account option is for traders that are looking for regular market maker conditions and is available for deposits greater than $100. The Cent account acts as a micro account that allows clients to start trading from as low as $5. The Shares account is designed for traders looking to trade shares and indices CFDs and is available from $100 deposit onwards. The Shares account also has different margin requirements and costs of trading, which are more in tune with the financial instruments offered by FXTM. The ECN accounts from ForexTime provide direct market access to traders, where orders are sent directly to top-tier liquidity providers. Traders get to choose from 5 different ECN account options, which may further confuse traders. The normal ECN account starts from $500 initial deposit, which grants a maximum ForexTime leverage of 1:1000. The ForexTime spreads on the ECN account start from 0.1 pips, while the commission starts at $2 per lot. The ECN Zero account offers a zero commission trading account, which has a markup spread starting from 0.5 pips. The Zero account is suited for traders that are not comfortable with the idea of paying a commission for every trade, thereby allowing them to keep a tab on their cost of trading. The ECN Zero account can also be opened with a lower initial deposit of $200, with all the other trading conditions remaining more or less the same. MT5 traders should opt for the FXTM ECN MT5 account, which is same as the regular ECN account, but traders can only access this account through the MT5 terminal. The MT5 platform has several differences to trading conditions when compared to the standard MT4 platform, which might not suit some traders and their trading strategies. All other conditions are similar to the regular ECN account. The fourth type of ECN account in the category is the Strategy account, which is aimed at money managers and traders looking for investors for their trading strategy. This account has a maximum leverage of 1:200, no commissions per trade, and spreads starting from 0.3 pips. The minimum deposit also starts from $100, and is one of the best account offerings from FXTM, especially due to the possibility of attracting investors in the long run. The Strategy account gets complete access to the entire range of financial instruments provided by the company. The final type of ECN account is known as the FXTM Pro, which is an account designed for institutional traders. The minimum deposit requirement is $25,000, which has no commission and spreads start from 0 pips. The FXTM Pro account is perfect for larger traders with higher capital, as this account has the best ECN condition in the entire market. The Pro account also gets a fair amount of leverage starting from 1:25 to a maximum of 1:200 according to the account equity.
Does The Broker Offer Proprietary ForexTime Platforms?
The MT4 and the MT5 are the only FXTM platforms that are made available for all types of Standard and ECN accounts. FXTM apps for both the MT4 and the MT5 can be downloaded for iOS and Android devices, which should satisfy a majority of ForexTime mobile traders that trade on the move. Unfortunately, there are no proprietary trading platforms, but the availability of both versions of the MetaTrader should satisfy a majority of the traders in the market.
What Is The Security Offered For My Trading Funds?
ForexTime has set up its headquarters in Belize, a popular tax haven in Central America that is chosen by many wealthy investors, entrepreneurs, retirees, and other wealthy financial companies. Tax havens have a notorious reputation of supporting companies, rather than their customers, which can have adverse effects on investor rights. The International Financial Services Commission (IFSC) acts as the principal regulatory authority for all financial companies in Belize, which also brings Forex brokers, asset management firms, and other allied financial firms under the IFSC regulatory framework. ForexTime is also listed as a CySEC regulated broker in the official Cyprus Securities and Exchange Commission (CySEC) website, which is mentioned in the European version of the official FXTM website. The broker also has a valid regulatory license from the Financial Services Board of South Africa, along with branches in other parts of the Asia, the Middle East, and Europe. CySEC is duly authorized by the European MiFID on broker regulation and licensing procedures, which ensures that FXTM can offer its services throughout Europe without setting up individual establishments in different European member nations. CySEC also falls under the strict European regulatory guidelines and has its own Investor Compensation Fund, which takes care of compensating clients if the broker is unable to reimburse its customers due to any legal or financial issues. Due to the supervision of the broker’s activities from multiple regulatory agencies, it is indeed safe to deposit funds at FXTM without worrying about broker scams. Although traders may be apprehensive about the regulatory status of the broker from the IFSC of Belize, it is safe to assume that brokers regulated in the European Union are supervised according to strict regulatory guidelines. FXTM is also one of the few brokers that offer the largest number of deposit and withdrawal options, which include traditional bank wires, credit cards, e-payment processors, and other electronic payment options. ForexTime offers an excellent array of services for traders, along with a good amount of security for funds and a customer-oriented approach. There are very few brokers that provide the kind of services and accounts offered by FXTM, which should stack the odds in the broker’s favor. We have yet to see any serious issues faced by existing FXTM customers, which support the fact that the company does stick to its promise of offering world-class Forex brokerage services through its numerous platforms.