TTFB Admin
9.1/10
(Expert Score)
Product is rated as #6 in category Forex Brokers
PROS:
- Trade more than 250 instruments, including forex and stocks
- Pro Benefit from an intuitive copy trading platform
- Pro Licensed and regulated by the CySEC, FSCA, FCA, and FSC
- ProBest broker for its selection of trading tools
CONS:
- Does not accept clients from 8 countries
FXTM Review:Overview
FXTM Review: FXTM is a highly trustworthy and reputable forex broker. They have been running this service for almost a decade now, the company started in 2011 and has great customer feedback. And it assures a 100% safe & secure trading environment for traders because they are a company licensed by many top tier financial regulatory authorities.
Another big advantage is social trading, through their investment service, a trader can grow his/her portfolio without any trading knowledge by following and copying trades from expert traders. FXTM allows users to copy exactly the same trades from expert traders automatically. They have already won several awards for their excellent service.
FXTM Review overall scores:
In this review, you will find all the important information about FXTM, which will help you decide if the FXTM broker is right for you. Our experts have used this broker and made an assessment of them using our methodology and scoring system, we have discussed in this review the aspects that a trader expects the most from a broker.
Ratings will be placed here
FXTM fees & commissions
When it comes to FXTM trading fees and commissions, they charge much lower fees and commissions than other competitor brokers. FXTMÂ offers 6 different types of accounts and most account types offer no commission and very tight spreads. There is no charge for the deposit but they do charge small fees for withdrawal ($5), not to mention free withdrawal system also available.
Fees are generally of two types, Trading fees, and Non-trading fees.
Trading fee
Whenever a broker charges you a fee for opening a trade, this fee is charged for spreads, commissions, and overnight, and rule over fees, and currency conversion fees.
Non-trading fee
Non-trading fees include payment fees and inactivity fees.
The chart below based on standard trading account fees.
| Type of fee | Cost |
|---|---|
| Minimum Spread EURUSD (pips) | 1.2 |
| Commission (%) | 0% |
| Commission on Islamic Accounts (%) | 0% |
Based on a standard account.
| Type of fee | Yes/No |
|---|---|
| Account Fee | N |
| Inactivity Fees | Y |
| Deposit Fees | N |
| Withdrawal Fees | Y |
There is good reason to believe that this Forex broker is a multi-licensed company from the most powerful financial regulatory authority. These include CySEC, FSCA, and the UK’s FCA, which are very strict financial authorities, they are economically self-sufficient, FXTM also offers compensation via the Financial Commission’s Compensation Fund, and you’ll benefit from free negative balance protection no matter which account type you. choose. So you can rest assured about your financial assets.
Table $ – $ + $ + _
Creating a trading account FXTM
Opening an FXTM broker account is a very simple process that can only be done through a computer or mobile phone. It takes 10 to 12 minutes to approve an account with this broker, whereas it takes 24 to 72 hours for other competitor brokers to verify the documents. You will need to provide some basic information to complete the registration.
The broker offers their services in almost all countries of the world except a few. The banned countries are the United States, Canada, Japan, Hong Kong, Korea, Haiti, Mauritius, Cyprus, Puerto Rico, and Suriname.
Below are the steps to open an account:
- First, click on the Open Account button in the top right corner of the homepage of their website
- However, fill in your personal details (name, email address, phone number) and set a password.
- They will send an SMS to your phone number. Give the PIN number along with the PIN number and click on the register now button.
- Answer some basic questions about trading.
- Provide the documents they require (for verification and security of your account).
- Once your documents have been submitted, their verification team will look at your documents and approve you in a very short time and will notify you by email if there is a problem, and will invite you for a solution.
- Once the account is approved, your account will be verified for training. You can start trading by making a deposit.
Documents required to approve your account
First, you need your personal information.
And they will ask you for some personal information like what you do and whether you have any prior knowledge about your trading and what is the purpose of your trading and the amount of income. These are called KYC for short. This allows them to know the details of their customers and protects their users from any kind of on-ethical work.
The last thing you need is a picture of your National ID card, driving license, or passport. And any official document such as your current bill or a bank statement or any other document that has your address is written on it and the address of the place where you live and it matches the address of your identification document.
Demo account
How to create a demo account on FXTM Forex broker
If you are new to Forex, we encourage you to trade a demo account before trading Real Forex. And with FXTM Breaker you can easily open a demo account without verification. With the demo account, you can train through virtual currency. This will allow you to test your strategies and improve your trading skills. Many thanks to the FXTM team for providing such an opportunity for traders.
FXTM Review: Islamic account
If you want to use an Islamic account you don’t need to contact the support team, FXTM you can do it yourself. You need to enable swap-free mode from your account. If you do not have anything like that in your account, you can contact support. This has been done in accordance with the Sharia of Islam.
What is the minimum deposit amount in FXTMA?
Fxtm.com offers all types of accounts, if you use your standard cent account you can deposit a minimum of 10.
Standard and Shares Accounts – $ 100
ECN Zero Account – $ 200
ECN Account – $ 500
FXTM Pro Account – 25,000
FXTM broker offers 6 different types of tagging accounts, these include standard account, cent account, shares account, ECN account, ECN zero account, FXTM pro account. Depending on the type of account, it varies in minimum deposit, leverage, order size, spread commission instrument, trading platform, automated trading execution.
Trading Platforms
You can trade in MetaTrader 4, MetaTrader 5, and their own mobile application FXTM Trader using FXTM Trading account.
Their own mobile application FXTM Trader has some limitations. However, you can do most of the daily work through their mobile application. However, you will not be able to use Expert Advisors and Trailing Stop Orders here. For this, you need to use MetaTrader 4 or MetaTrader 5.
Social Trading
FXTM offering social trading and copy trading service call “FXTM invest”. Those who are interested in copy training can follow this service and benefit from copying their trades by following an expert trader. There is no need to be an expert on this. If you have a minimum of 100, you can follow an expert. With this, the friends of the expert will be automatically copied to the followers’ accounts. However, for this, a certain amount of dividend has to be paid to the expert trader.
FXTM a Experts are called Strategy Manager, before you select your Strategy Manager you will see some things like risk level drawdown monthly profit percentage and commission percentage for how long he has been trading.
FXTM Review: Research Tools
When we talk about research tools, FXTM offers daily analysis, an economic calendar, and even a free virtual private server (VPS) to help you trade 24/5 with Expert Advisors. Currency converter and the FXTM Invest profit calculator. Overall, FXTM provides everything you need to have the best trading experience.
Fundamental and technical analysis is important in Forex trading. Market news is a very important issue in the case of fundamental analysis.
FXTM publishes important new songs of the market together and publishes many current affairs articles.
Customers of FXTM Forex Expert team publish trading signals to make their trading easier, they focus on a few things behind this training signal, such as popular technical indicators, market updates before opening, stop-loss area, etc. You can find trading ideas from the monthly market Outlook area and trading signals section.
Educational Resources
They publish various educational content to increase the interest of traders in Forex trading and to skill up them. Their content includes videos, webinars, ebooks, compensation guides, etc.
FXTM Review: Customer Support
FXTM customer support team is very helpful and responsive. In order to contact customer support traders can use the live chat option, or direct call or email service.
Email is a slower process than a direct call or live chat. They provide customer service in a total of 18 languages, and one personal account manager for each. They are active 24 hours a day, 5 days a week (except Saturdays and Sundays). But if you have any common questions, be sure to check out their faq options.
Live chat
Phone: +44 20 3734 1025
Telegram: @UKFXTM_bot
Facebook Messenger: ForexTime
Viber: +447593612469
WhatsApp: +447440961025
FXTM Review: Conclusion
We can confidently recommend this broker using our broker’s review methodology and scoring system. Here both new and expert types of traders will be able to trade in a safe and secure environment with ease, as many of them are licensed by strong financial regulatory authorities. And it can be a perfect broker for everyone from beginners to experts for different types of accounts.
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