FXTM Market Review by BellsForex
This comprehensive review of FXTM is part of the Broker Reviews at BellsForex. It provides an extensive analysis of FXTM's services, regulatory status, trading platforms, pricing, and more, to help you decide if FXTM is the right broker for you.
Background and Overview of FXTM
FXTM, also known as ForexTime, is a globally recognized online forex and CFD broker. Founded in 2011, FXTM has grown rapidly to become a significant player in the trading industry, offering services to clients worldwide. The company is headquartered in Limassol, Cyprus, and operates under various international regulations, aiming to cater to both retail and institutional clients.
FXTM is known for its user-friendly trading platforms, competitive pricing, and comprehensive educational resources. The broker focuses on providing a diverse range of financial instruments and high-quality customer service, making it a popular choice among traders of all experience levels.
FXTM Regulatory Oversight
FXTM operates under multiple regulatory authorities, which ensures a high level of security and compliance for its clients. Key regulatory bodies overseeing FXTM include:
- The Cyprus Securities and Exchange Commission (CySEC)
- The Financial Conduct Authority (FCA) in the UK
- The Financial Sector Conduct Authority (FSCA) in South Africa
- The International Financial Services Commission (IFSC) in Belize
- The Dubai Financial Services Authority (DFSA) in the UAE
These regulatory licenses ensure that FXTM adheres to rigorous standards of financial conduct and client protection, providing a secure trading environment for its clients.
Platforms and Technology
Key Features
FXTM offers a range of advanced trading platforms and technological features designed to meet the needs of traders at all levels. Some of the key features include:
- Access to a wide array of financial markets, including forex, commodities, indices, and cryptocurrencies
- Competitive spreads and low trading costs
- Advanced charting tools and technical indicators
- Customizable trading interfaces to suit different trading styles
- High-speed order execution and real-time market data
- Mobile and web-based trading options for flexibility
- Algorithmic trading capabilities through Expert Advisors (EAs)
Trading Platforms
FXTM provides several trading platforms tailored to different trading needs and preferences:
- MetaTrader 4 (MT4): A widely-used platform known for its user-friendly interface, extensive range of technical indicators, and support for automated trading through Expert Advisors (EAs). MT4 is suitable for both novice and experienced traders.
- MetaTrader 5 (MT5): The next-generation platform offering additional features such as more timeframes, advanced charting tools, and an economic calendar. MT5 supports a broader range of financial instruments compared to MT4.
- FXTM Trader App: A mobile trading app providing access to trading features and account management on the go. The app is designed for ease of use and includes real-time market data, trading alerts, and order execution capabilities.
- Web Trader: A web-based platform allowing access to trading features directly from a browser without the need for software installation. It offers key trading functionalities and is ideal for traders who prefer a more lightweight solution.
Range of Financial Instruments and Product Offering
FXTM offers an extensive range of financial instruments, enabling traders to diversify their portfolios and implement various trading strategies. The available products include:
- Forex: Major, minor, and exotic currency pairs
- Commodities: Precious metals, energy products, and agricultural commodities
- Indices: Major global stock indices
- Cryptocurrencies: Popular digital currencies such as Bitcoin and Ethereum (via CFDs)
- Shares: Trading CFDs on individual stocks from major global markets
This broad product offering allows traders to access diverse markets and instruments, catering to a wide range of trading preferences and strategies.
Competitive Price and Fees
FXTM is known for its competitive pricing and transparent fee structure. The broker offers various account types with different trading conditions to suit different trader profiles:
- Standard Accounts: Competitive spreads starting from 1.5 pips, with no commission on trades.
- ECN Accounts: Tight spreads starting from 0.1 pips with a commission fee on trades. Suitable for high-frequency traders seeking lower spreads.
- Shares Accounts: Commission-based pricing for trading CFDs on individual stocks.
In addition to trading costs, FXTM offers various deposit and withdrawal options with generally low fees. However, some account types may incur inactivity fees if certain trading thresholds are not met.
Customer Service and Support
FXTM provides comprehensive customer support to assist clients with their trading needs. The broker offers:
- 24/5 customer support via phone, email, and live chat
- Multilingual support to cater to a global client base
- Extensive FAQ section and help center on their website
- Dedicated account managers for premium clients
While FXTM's customer service is generally well-regarded, response times may vary depending on the volume of inquiries and the complexity of the issues.
Educational Resources and Research
FXTM is committed to providing valuable educational resources and research tools to help traders improve their skills and make informed decisions:
- Forex Education: A comprehensive education section with webinars, trading guides, video tutorials, and articles covering various trading topics and strategies.
- Market Analysis: Daily market updates, technical analysis, and trading signals provided by FXTM's team of analysts.
- Trading Tools: Access to economic calendars, market news, and trading calculators to aid in market analysis and decision-making.
- Research Reports: Detailed research reports on market trends and economic events from leading financial institutions.
Deals for BellsForex Users
FXTM occasionally offers promotions and bonuses for new and existing clients. BellsForex users may benefit from exclusive deals or referral bonuses when signing up through the BellsForex platform. These promotions can include bonus credits, reduced trading fees, or enhanced trading conditions.
For the latest deals and promotions available for FXTM users, we recommend checking the BellsForex website regularly.
Drawbacks and Considerations
While FXTM offers numerous benefits, there are some drawbacks to consider:
- Limited Account Types: FXTM offers fewer account types compared to some other brokers, which may limit options for certain traders.
- Inactivity Fees: Some accounts may incur inactivity fees if specific trading activity thresholds are not met.
- Withdrawal Fees: Depending on the withdrawal method and currency, fees may apply.
- Regulatory Coverage: Although regulated in multiple jurisdictions, FXTM does not have coverage from all major regulatory bodies globally.
Case Study
To illustrate the practical benefits of FXTM’s offerings, consider a case study of a retail trader focusing on forex trading. This trader, based in Europe, chooses FXTM for its competitive spreads and advanced trading platforms.
The trader opts for an ECN account due to the lower spreads and is impressed by the high-speed execution and real-time data available through the MetaTrader 4 (MT4) platform. Using FXTM’s educational resources, the trader develops a comprehensive trading strategy and utilizes the broker’s research tools to stay informed about market trends.
As the trader becomes more experienced, they take advantage of FXTM’s algorithmic trading capabilities, employing Expert Advisors (EAs) to automate their trading strategies. Over time, the trader benefits from reduced trading costs, improved execution quality, and access to a wide range of financial instruments, enhancing their overall trading performance.
Final Remarks
FXTM (ForexTime) stands out as a versatile and well-regulated broker offering a broad range of financial instruments, competitive pricing, and advanced trading platforms. With strong regulatory oversight and a global presence, FXTM provides a secure and reliable trading environment for traders of all levels.
While some aspects, such as inactivity fees and account types, may present considerations for certain traders, the broker’s extensive educational resources, research tools, and responsive customer support make it a compelling choice for both new and experienced traders.
This review of FXTM is part of the Broker Reviews at BellsForex, aimed at helping traders make informed decisions when selecting a brokerage firm.
