FXTM (also known as ForexTime) is one of the most popular brokerage companies in the world. They were founded in 2011 and they’ve been providing their services to traders from all over the world ever since. They are also an award-winning company with many famous partners in different branches. For example, during 2016 ForexTime partnered with BASE jumping legend Valery Rozov from Red Bull. Since they’re quite popular among traders, we decided to see for ourselves how their security system works. We checked out the trading terms the company offers and the level of safety in trading they provide. Is FXTM a Scam? Read on and find out all you need to know!
Is FXTM a Scam? | Trading Terms
We’ll start our Is FXTM a Scam? article by presenting some general trading terms. First of all, we’d like to mention the broker’s flexible leverage system. Leverage enables you to trade large volumes without investing a lot of money. Calculation of every trader’s leverage is based on trader’s knowledge and trading experience, so it’ll be different for different traders. This might seem strange, but it’s actually quite fair. We’d like to mention, though, that some leverage may be defined by regulations in a trader’s country of residence (for example, in Poland the maximum leverage is set to 1:100). Apart from that, the spreads are quite tight and you will see no attempts at fraud from ForexTime in this respect. Since the cost of trading depends on the spreads that are offered by broker, tight spreads definitely put you in advantage.
In the next part of our Is FXTM a Scam? analysis you can check out if the broker is regulated and if it uses encryption, so keep on reading!
Is FXTM a Scam? | Encryption and Regulation
If you want to see if a broker takes care of traders’ data, you have to know if they use any encryption systems. Encryption keeps your entire personal information safe, and the industry’s standard is Secure Sockets Layer (SSL), that’s also used by Forextime. Besides keeping your information safe, it also secures the safety of data required for monetary transactions. More details on the money transactions can be found in our FXTM Review 2017, but suffice to say that we never experienced any problems.
As for the regulations, ForexTime is regulated by various regulatory bodies in various countries. First of all, it’s regulated by CySEC, Cyprus Securities and Exchange Commission and in South Africa they’re regulated by the Financial Services Board. The company also complies with Market in Financial Instruments Directive (MiFID), so you can be completely sure that nothing bad can happen to your investments.
Is FXTM a Scam? | Conclusion
We can conclude our Is FXTM a Scam? by repeating the most important things we’ve previously underlined. First of all, the broker offers excellent trading terms and will honor them in every trade you make. They’ll provide you with best terms in the entire industry: flexible leverages and tight spreads. In addition, they’re completely safe to trade with and there is no way ForexTime will commit any frauds. All in all, if you’re looking for a reliable trading partner, we think you should definitely open an account with FXTM!
FXTM was founded in 2011 and is today one of the most important forex brokers in the world. They are also known as ForexTime and have many faithful traders and partners from every corner of the globe and they received some pretty big awards for their achievements in the field of trading recently: Best FX Broker 2016 (European CEO Awards), Top Customer Service Provider 2016 (The 9th Saudi Money EXPO), Best Sell-Side Analysis Contributor 2016 (FXStreet Awards) and so on. In their offer they have some of the hottest features currently on the market, such us brand new MetaTrader trading platform, for example. They’re regulated by various regulatory bodies and their website is available in 18 languages.
Since they have such a good reputation, we decided to check them out in order to see what exactly they offer on their website. We tested out all their most important aspects: their trading platform, mechanisms of monetary transactions, demo account, mobile application and many other. Read our in-depth FXTM review and check out the results!
FXTM Review | Login and Deposit
At the very beginning of our FXTM review, we have to explain the login process. As you all know, you have to create an account in order to trade. With ForexTime, the process is very simple with and won’t take you more than a couple of minutes. First, you’ll have to enter some of your basic information: your name, country of residence, mobile phone and email address. After that you’ll have to choose a currency you’d like to use in your trading. You can choose between USD, EUR, GPB, RUR, NGN, PLN, CZK, IRN and CNY. Keep in mind that, once chosen, your currency can’t be changed.
Also, you can choose between many ways to fund your account. You can choose credit cards (Visa, MasterCard, Maestro and China Union Pay), e-wallets (Neteller, Skrill, WebMoney, Payza etc.), bank wire and local deposit methods if you’re from Nigeria (Nigeria Local Bank Wire Transfer). The FXTM minimum deposit is (believe it or not) only $5, so literally anyone can participate in trading. The method you used for deposit will also be used for withdrawal. FXTM withdrawal will be done within the same business day if you use credit cards or e-wallets, and it can take up to several business days if you choose bank wire.
But before you deposit, you have to choose the account type you’d like to use in trading. Stay with us and find out which accounts are available!
FXTM Review | Choose Your Account
We can divide FXTM account types into two groups: Standard accounts and ECN accounts. There are three Standard accounts: Standard, Cent and Shares. Standard account is just what you’d expect, but it offers many interesting trading features. It requires a minimum deposit of $100. With Standard account you can have a maximum of 100 orders and they will all be executed instantly. It’s available in USD, EUR, GPB and NGN. Cent account, on the other hand, has to do with cents. It can be yours for only 5 dollars (your account will have a balance of 500 cents). It’s available with the same currencies as Standard, and it’s a great way of practicing and exploring the market. Share account is designed to trade shares. You can choose between 180 of them and the account has zero commissions plus you’ll receive real-time information on every share you’re interested in. This account is available on the MetaTrader 4 trading platform.
As already mentioned, apart from standard accounts, there are also ECN accounts. ECN stands for electronic communications network, so an ECN broker provides its clients direct access to other participants in the currency market. Some advantages of ECN trading are full transparency, low spreads during high market volatility and best bid and ask prices. You can choose between 5 ECN accounts: ECN Zero, ECN Account, Strategy account, FXTM ECN MT5 and FXTM Pro. If you’re into ECN trading, here you will definitely find something that suits you perfectly!
FXTM Review | Trading Platform
Trading platforms are among the most important elements of trading. If you’re trading on a good platform that provides you with accurate information and powerful trading tools, you’ll have better chances to win. Besides that, you should always trade on a trading platform that’s quick, so that all of your demands and actions can be process in a flash. FXTM chose MetaTrader 4 (MT4) as their trading platform and this is the most popular trading platform in the field of forex trading.
Everyone who has ever traded on MT4 can confirm that it’s very user friendly, which is excellent if you’re a beginner. It has many useful trading tools and charts that’ll help you in your analysis, multilingual technical support and the option of automated trading. In other words, you have all you need to become a successful trader right here. Besides MT4, with ForexTime you can also trade on the latest version of MetaTrader – MT5. With MT5 you can open up to 100 charts and choose between more than 80 tools and indicators. There is also some other cool stuff there, such as highlighted entry and exit points, additional pending order types and the option of fundamental analysis. With these two FXTM trading platforms, you definitely can’t fail! The following part of FXTM review will show you some interesting platform possibilities, so don’t go away!
Everybody knows that it’s very important to have a decent toolbox when trading. Your chances increase if you can use sophisticated technical tools, especially if you know how to use them in a proper manner. In this paragraph of our FXTM review, we’ll mention only the most important ones.
First of all, you can use FXTM Trading Signals. They are designed to interpret the fluctuations of prices and take into account 14 financial instruments (8 currency pairs, 3 commodities and 3 market indices). Also, several popular technical indicators will provide you with an additional outlook on price movements. You will get two most probable outcomes, so you will be able to choose between them (because there’s no such a thing as trade that’d be 100% certain). Furthermore, you’ll get two daily updates with new information that is released before opening trading sessions in the EU and the States.
On top of all that, we’d like to underline some interesting trading indicators you can use if you choose MT4 as your FXTM trading platform. For example, there’s the order indicator that enables you to monitor trades and analyze other activities. Your trades are shown on the chart so that you know where your trade was opened and closed. Then there’s also the pip value calculator which can help you find out the value of a 1 pip/point move on any instrument.
FXTM Review | Demo and the app
When it comes to trading, there’s never a wrong time to do it. In other words, there’s always something you can invest in on the market. ForexTime app can help you with that, as it’s available both for iOS and Android. We tested it thoroughly and are happy to say that it works absolutely flawlessly. It is designed very intuitively so that you don’t lose much time figuring out where all the important things are, but is also very quick and has no glitches, meaning it’s completely reliable, which is very important in trading. On your FXTM mobile app you’ll have all of the features available on the desktop platform: you’ll be provided with all important trading tools, but you’ll also receive live currency rates and forex news. In short, with this product you can trade anytime you want – FXTM app will definitely make your trading experience much more dynamic and interesting.
We’d also like to underline the possibility of trying the broker’s trading platforms for free! That’s right; with FXTM you can practice your trading skills, adapt to the trading environment and even develop your own trading strategies before investing any real money! All you have to do is to open an FXTM demo account and you will be able to start trading without any risks. We think that’s an opportunity worthy of everyone’s attention. You can’t lose a thing, but you can get a valuable experience, especially if you’re a newcomer in the field of trading forex and binaries. But we have to move our FXTM review on to allow you to check out other cool educational options for new traders. Keep reading!
When you’re entering a new business, you have to inform yourself and get some basic knowledge about the things you’ll have to be doing. ForexTime provides you with many ways to learn the basics of trading and to upgrade your skills efficiently. First of all, we’d like to mention their articles and tutorials. These materials cover basically everything you need to know about trading forex, from fundamental analysis and risk management to automated trading. Also, you can find in-depth tutorials about both FXTM trading platforms, which will definitely help you adapt faster to the trading environment. You also have to know that video tutorials are simply excellent: they’re created by trading experts who also use many examples in their lectures to help even complete beginners to get a firm grasp on how this type of trading works.
If you’re more interested in webinars, you’ll get an opportunity to be taught by professor Thalassions, ForexTime’s head of education. With him, you can get access to the most important trading strategies, learn how minimize trading risk, read charts and many other important things. Let’s also mention that FXTM webinars are completely free for all registered clients.
The last thing we’d like to mention in this paragraph of our FXTM review is the Forex Glossary, where you can find all the most important terms in one place. With all these features in mind, we can say that literally anyone can become professional with FXTM and count on fair treatment every time. The proof for that is just below.
FXTM Review | Safety and Support
We won’t talk too much about the broker’s safety here in our FXTM review, but we will mention the most important features. However, if you’re interested in a more detailed analysis, please read our Is FXTM a Scam? article.
In this paragraph we’ll just mention that the company is regulated by more than one regulatory body (CySEC and the FSB), which basically means that they’re super safe. All of the monetary transactions have to comply with strict laws, so you can be sure no one will take your money. The same goes for the safety of data that you’ll share with your broker.
We also have to say that we tested the broker’s support team more than once and that they really know how to do their job. They answered every question we had and you can talk to them in 18 different languages, which is something that cannot easily be found on other similar websites. A special paragraph is coming up, so stick around just a bit more.
The first thing we’d like to present in this paragraph of our FXTM review is the FXTM WebTrader. This feature enables you to access the trading platform straight from your browser and is available both for MT4 and MT5. In other words, you can start trading instantly by launching the WebTrader and logging into your MyFXTM account. We’d like to highlight that WebTrader is supported on all important browsers: Mozilla Firefox, Google Chrome, Safari, Opera, Microsoft Edge and Internet Explorer. WebTrader comes with many helpful features, such as advanced strategy tester, professional technical and fundamental analysis and hedging option and is available in 16 languages, so don’t hesitate to check it out.
Another thing we’ll talk about here is the MT4 Multi Account Manager (MAM). MAM is designed mostly for professional traders who want to manage multiple accounts at once. It connects to several accounts, which makes managing them quite easy. In every moment you can see a detailed trading statistics and you always have full control over your transactions on each account. Let’s also add that the volume of position is always calculated automatically and the calculation is based on a set of given rules. All in all, we think this is a great option for more experienced traders who are leaning towards professional waters. But with that it’s time to wrap things up here.
FXTM Review | Conclusion
At the end of our FXMT review we’ll emphasize the most important things you should be aware of when it comes to this remarkable broker. First of all, you can become their trader in just a couple of clicks. The login procedure is quite simple and anyone can do it, and the same goes for your first deposit. There are several currencies and methods you can choose between, and the minimum deposit is set to only $5.
Their trading platforms offer many interesting trading options and useful trading tools, charts, indicators, etc. On top of that, they have an excellent mobile application which allows you to trade anytime you want! If you’re a newcomer in the field, you can always open a demo account in order to practice before entering the real game. Also, there’s an excellent education center that’ll definitely help you improve your forex knowledge.
All in all, FXTM really is one of the best brokers you can currently find. If you want to enjoy everything this type of trading has to offer, you simply must open an account with them.