The former ranks among the more expensive ones, but the latter account is one of the best ones available. I can highly recommend it for high-frequency traders and scalpers. Trading with a regulated broker will limit the potential for fraud and malpractice. I always recommend traders check for regulation and verify it with the regulator by checking the provided license with their database.
- As a regulated broker, FXTM must comply with strict regulatory and reporting requirements and maintain proper liquidity levels at all times.
- You can still lose money in forex trading, even if you are trading through a legit broker like ForexTime.
- FXTM Trading Signals are available in MyFXTM via a technical analysis tool that provides data and assessments of market movements across a range of trading instruments.
- Several other deposit methods are also accepted, including Global Pay, Perfect Money and more.
- This means that traders know the fees a broker will charge over time adding certainty when training.
- While the interface may seem old fashion, the platform is light and powerful, allowing for fast execution speeds.
What Can I Trade
The low average spreads combined with fast, no dealing desk (NDD) execution is well-suited to algorithmic traders and scalpers. If you are new to trading and looking for a user-friendly and simple account type, Pepperstone’s standard account will provide spreads from 0.6 pips with no commission fees. The no-commission account type is one of the most competitive worldwide for retail traders. For more experienced traders, an FXTM Pro account is also available on the ECN side with a minimum deposit of $25,000 with no commission and spreads as tight as 0 pips. FXTM offers 1000+ tradable instruments spanning CFDs and real stocks. Among CFDs, traders can access diverse markets, including forex, indices, commodities, shares, and crypto.
Customer Reviews
When testing phone support, I experienced short wait times and received helpful responses. I asked a range of questions, from easy to difficult, and had a positive experience overall. I tested FXTM support via live chat and phone with dozens of inquiries over a two-week period. Watchlists, tracking of open, pending, and closed positions, and trading from the chart are among the key features.
years experiences partners with
These fees are typically presented on FXTM’s website for clients’ informed decision-making concerning their financial transaction options. With just $500 required to open an account, it presents features that suit those wanting spread-based and commission-based elements. Their FXTM Trader software increased accessibility by providing customers with a full analytical toolkit for flexible trade execution. FXTM’s concept is dedicated to integrity, accessibility, and affordability. They began by getting regulatory licenses from reputable bodies like the FCA in the United Kingdom and CySEC in Cyprus, which ensured trader security and financial transparency. To its credit, FXTM has over a decade of experience, and entities are regulated by three agencies, including the top-tier UK FCA.
General educational videos – There are various educational videos on Forex and CFD trading, that would appeal to both beginner and intermediate-level traders. You will be charged $5 per month after six months of inactivity and most withdrawal methods also have a fee. For the ECN account the minimum is a far more competitive 0.1 pips with typical 0.3 pips, but there is also a $2 per lot commission to factor in as well. They offer 63 forex currency pairs, but only 8 commodities pairs, which actually number only two precious metals versus different currencies, Brent and Crude Oil plus Natural Gas.
FXTM Desktop and Web Platforms
Due to their deep product offering, competitive dealing spreads via their ECN/STP model, and ultra-fast execution capabilities, FXTM has rapidly risen to among the top brokers in the FX industry. A second major area outside the forex market where FXTM performs https://traderoom.info/fxtm-what-a-trader-is-in-for/ very well in terms of investment products offered, is in stocks. Through the broker, you can trade in more than 170 stocks in companies from both the NYSE, and NASDAQ. Many of these stocks are not only offered as CFDs, but also for real trading.
Another is cTrader automate, which allows traders to create their own automated robots. Unlike MetaTrader 4 this is based on C# API to write the code with a test environment provided to simulate trades with the robot. It’s widely accepted that the analytical functions with the strength of MT4. There are nine interactive charts allowing traders to review quotes and react to price movements within currency markets.
FXTM offers clients the opportunity to trade over 250 financial instruments, all from MT4/MT5. Trading on an ECN account ensures that you get the absolute best price in the market at any given time. FXTM use tiered commissions which mean commission costs will are lower if you hold more equity in your FXTM trading account and the more volume you trade.
He has a Masters and Commerce degree and has an active role in the fintech community. He has also published a book in 2023 on on investing and trading. Alongside FXTM’s top 5 strengths we’ve reviewed above, we’re going to finish this FXTM review with some final points about the broker and then frequently asked questions (FAQs).
As a regulated broker, account verification at Forextime is a mandatory final step. Most traders will satisfy this by sending a copy of their ID and one proof of residency document. I like that FXTM does not incorporate unnecessary steps or questionnaires. Beginner traders have access to one of the most comprehensive educational offerings, consisting of a video library featuring dozens of videos and written content. I find it well-structured and an excellent starting point for new traders.
Forex demo account is available for MT4 and MT5 and allows traders to select the demo account balance and leverage. While no demo account can simulate live trading conditions, the options available at FXTM come as close as possible to doing so. FP Markets has twice won the Investment Trends award for best educational material. Their best feature is their video tutorial with approximately 100 lessons to build up traders’ knowledge from beginner to expert.
The range of deposit methods is better than average for the industry, and processing times are fast. In relation to any transaction, FXTM will either be on the other side of it as a principal or act as an intermediary. Both Advantage and Advantage Plus accounts use Market Execution, meaning that there are no requotes, and execution is assured.
You can also see your balances immediately on the MT4&5 platforms and can even make trading account deposits and withdrawals via the platform. I want to point out that only verified trading accounts may request a withdrawal and that FXTM enforces a withdrawal hierarchy. FXTM will return funds to the payment processors used for deposits, and it appears that traders must withdraw profits exceeding them via bank wire only, which is expensive. The MyFXTM back office is where traders make all their deposits and withdrawals.
The broker also offers reliable support and solid educational materials. FXTM stood out as a versatile broker with a wide variety of tradable instruments, competitive trading costs via its Advantage raw spreads account, and robust research materials and tools. While this broker can accommodate beginners, I rate it most suitable for experienced, active traders. The broker also offers a range of ECN accounts which are available starting from a much lower spread, in some cases from 0 pips, though a commission starting at $2 per lot traded is applied. If you are a more experienced, or high volume trader, then an ECN account type may be the right choice for you.
The FXTM minimum deposit starts from just $10 depending on your account type. This means trading is high accessible through FXTM for all level of trader. Added to this, they are an extremely well-regulated broker with the support of multiple respected bodies including CySEC in Europe, and the FCA in the UK. They are currently https://traderoom.info/ headquartered in Cyprus but offer services in forex trading and many other assets to traders around the world. They have fast become one of the top forex brokers in the entire sector. In addition to MetaTrader, the broker also has their own in house FXTM Trader App, available for download on both Android and iOS.