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Forex Time Company, also known as FXTM (https://www.forextime.com), was established in 2011 and is headquartered in Cyprus. In nine years, the company has become well-established and is famous for being one of the fastest-growing forex brokers. Here is my FXTM review.
Authorized by the Financial Conduct Authority, it has shown promising growth in Europe. It has also shown potential in Africa and Asia. It is known to have brought trading even to novice traders by making it accessible, even with beginner’s knowledge in the industry.
Forex Time (FXTM) Headquarters And Regulations
The main headquarters of Forex Time Company is in Cyprus. Also, they focus on South Africa, Africa, and Asia.
Several Forex authoritative entities regulate forex Time Company or FXTM. These authorities are Cyprus’ CySEC, the Financial Conduct Authority – known as a sharp regulator, which principals are built by European ICF and MiFID which allows cross broker activity, the FSCA of South Africa, and FSC Mauritius – an offshore authority.
How Many Customers Does Forex Time (FXTM) Have And From Where?
Only established in 2011, 2 Million people have already registered and used FXTM as their forex broker.
Although known to cater to customers globally, FXTM does not accept customers from Canada, Haiti, Suriname, USA, Puerto Rico, Japan, DPR Korea, Northern Cyrpus, and Mauritius.
What Are The Types Of Forex Time (FXTM) Accounts?
Forex Time had separate accounts for investing and Forex trading. This separation ensures convenience on the clients’ end. To make it simpler, these two were split into six specific account types that are based on the trading preference, trading size, and instrument.
- Standard Account – is a feature most balanced for all with floating spread from 1.3 pips
- Cent Account – an excellent choice for starters as the deposit starts at $5, with instant execution model or cent lots, and spreads from 1.5 pips.
- Shares Account – ideal for traders who prefers stock trading over 120 US shares, spreads as lows as 0.1 pips and allows hedging.
- FXTM ECN Zero – starting deposit is $200 and is non-commissionable. It allows hedging, also has scalping features and spreads starts at 1.5 pips.
- FXTM ECN – enjoy low spreads from 0.1 pips. Its Account encloses a commission of $2 per lot and includes unlimited orders.
- FXTM Pro Account – best for the more experienced or professional trader and starts at $25,000. It offers interbank spreads, which begins at 0, an incredible variety of assets, and floating leverage is provided.
What To Expect With Forex Time (FXTM)?
Novice and professional traders can expect the following when trading with FXTM:
- MetaTrader 4 and 5 are platforms available with Forex Time. FXTM does not have a platform of its own and uses MetaQuotes’ third-party platforms.
- Across five asset classes, traders have more than 250 financial instruments available for trading.
- FXTM will ask for personal details and identification documents like driver’s license, passport, or any government ID, and would need proof of address in the form of a utility bill or bank statement to open a standard account.
- Compared to other brokers, the FXTM standard spread is considerably higher.
- There is no charge for withdrawals when you choose to use your eWallet. However, if you are withdrawing to your credit or debit card, there will be a fixed price of 2 EUR, 2 GBP, or 3 USD – all depends on the currency of your account.
- FXTM does not charge an inactivity fee until the 6th month – $5, however, this lack of charge could put off some of the more casual traders.
- The MT5 platform is not available to traders worldwide, and this unavailability can limit the trading platform options to some customers.
- Considering that FXTM caters to professional and seasoned traders, and despite the efforts for research, their research section could still be a little lacking, which could come across as basic for the experienced trader.
- For a broker as globally known as FXTM, the assets they have available for their customers are limited.
- As they have a very limited number of base currencies, this could incur issues with conversion charges. Novice and professional traders can expect the following when trading with FXTM:
Is There A Fee To Transact At Forex Time (FXTM)?
Forex Time does not charge you for deposits. A minimum deposit of only $10 is required when opening a standard account and $200 for their ECN accounts. They support deposits and withdrawal channels such as Skrill, Western Union, Neteller, and Web Money. Traders can also use major credit cards and can also utilize transfers using their banks.
Sadly, there would be a fee for withdrawal for most of their withdrawal options. Costs average at $3 for credit card withdrawal and a whopping $20 for bank transfers.
What Are The Advantages and Disadvantages Of Transacting With Forex Time (FXTM)?
The following are the pros and cons when you trade using FXTM:
- Excellent reputation
- ECN-style accounts are made available to customers
- Extremely well-regulated
Some FXTM disadvantages to consider:
- Forex Time offers only MetaTrader platform
- Despite being regulated, they are still not accepted in some countries
- A limited number of assets made available to customers
- There is a withdrawal fee for most of their withdrawal options, compared to other regulated brokers.
- Commissions are possibly charged on withdrawals, which could be a negative point for some traders.
FXTM is a well-established and well-regulated broker who stays strong despite being in the industry for less than a decade. Despite being a world-known broker, trusted by many, the fact that they do not have a proprietary platform could put off some of the current customers and potential clients.
Not to mention, the charge they impose for withdrawals could also be a turn off as those do not exist with other brokers. Consider the pros and cons and weigh if this is the best broker for you.