Is FXTM a Scam?
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!