FXTM Review: Financial Trading Online Services Review 2023
As you can see by the multiple business divisions, FXTM is a truly global forex broker. As a result, their customer support is diverse and wide-reaching to match each client’s needs depending on the region. FXTM offers clients the opportunity to trade over 250 financial instruments, all from MT4/MT5.
- Demo accounts can also be invaluable to traders developing and testing a trading strategy.
- FXTM (trading under ForexTime Limited) is a multi-award-winning, leading Forex and CFD broker.
- There will be no account maintenance fees and deposit fees at both brokers.
- At the same time, FXTM doesn’t keep its focus only on the FX niche but offers the ability to trade on numerous shares.
FXTM Broker Review 2024
The UK’s Financial Conduct Authority (FCA) recently changed regulation, banning retail traders from accessing crypto markets. Along with MT4, FXTM https://forexhero.info/ has also included MetaTrader 5 in its list of available platforms. This account is the most popular account among traders on the FXTM platform.
FXTM Education
Finally, you will be required to pay or earn swap fees while trading. Generally, FXTM considers this swap fee to be the interest that you earn or pay for a trade that you keep open overnight. fxtm forex broker review FXTM’s customer service is easy to access and provides adequate support for all queries. Users can get access to customer care services via phone, email, or live chat features.
Why choose FXTM?
No commission account spread propiety testing data and published wesbite spread information, centralised on our standard account spread page.. There will be no account maintenance fees and deposit fees at both brokers. When it comes to withdrawal options, FXCM will not charge any withdrawal fees for Debit/Credit Cards and E-wallets. However, it will apply a fee of up to $40 for withdrawals via bank wire transfer. The fees will depend on the base account currency and the location of the target bank account.
FXTM Has The Best Education For New Traders
Yes, FXTM is authorized by Financial Sector Conduct Authority (FSCA) since 2016 under FSP number 46614, under Category I for offering Derivative instruments. FXTM use a local payment gateway which you can use to deposit funds in ZAR (R20 minimum). You can request withdrawal via bank, but it can take upto 3 days for the withdraw to be processed. You can download their ‘FXTM Trader’ app or the MetaTrader App from the Play Store or your App store.
That’s because ForexTime FXT is registered in countries with strict deposit protection schemes and has built up a solid reputation since opening for business in 2011. You can choose between six different types of FXTM trading account. Three of these are Standard Accounts and three are Electronic Communications Network (ECN) Accounts. After that, you can finish the account-opening process in your browser or on a mobile device by installing the FXTM Trader app. In total, there are five steps to complete before you can begin trading.
On the other hand, FXTM’s MT4 platform is praised for its speed and reliability. For traders looking for the best MT4 experience, this list of top MT4 brokers might be helpful. Overall, both forex brokers offer account types that are suitable for beginners and active traders. However, FXTM’s offering includes a more diverse list of account types that cater to every conceivable need. Overall, FXCM delivers the ultimate trading package with an impressive selection of proprietary trading platforms and third-party platforms.
It has zero spreads on some of the most popular FX pairs and as low as zero on gold/US dollar (XAUUSD). A spread is seen on FXTM as the difference between the ask price and the bid price on each trade you make. However, just like the commission, FXTM forex tries to offer low spreads. At the moment, some FX Majors have zero spreads on the Advantage account.
If you are located in a country that they do not accept users from, please feel free to peruse our broker reviews for an alternative option. But their typical fees (Spread + Swap charges) at MT5 Advantage account for trading CFDs on stocks is very high. For example, below the the screenshot of their contract specification for Apple CFD. So, if the Apple stock is trading at $150, and you buy 1 Contract of Apple CFD (worth value of 1 Share), then the fees is $3. ECN, stands for Electronic Communications Network, where the broker gives direct you access to the live forex markets.