FXTM Review 2023 Trade with an award-winning forex broker

There are also regular seminars and workshops conducted across the world. There are numerous ways in which you can get in touch with a member of the fxtm forex broker review customer support team. You can choose from live chat, email, telephone and social media.

From the fast client approval to the general trading process, comprehensive learnings, and available features, FXTM proves its high ranking among the traders’ community with more than 90% of positive feedback. Unlike the deposit fee, FXTM charges a withdrawal fee for certain payment methods/funding methods. For instance, withdrawals made via credit cards may incur a withdrawal fee of 2 EUR/3 USD/2 GBP, and bank wire transfers may charge 25 GBP/20 EUR for making withdrawals. A registration field will appear on the screen for traders to fill in with their e-mail address, country of residence, name, phone number, and date of birth. While trading in a speedy market like Forex and CFD trading, choosing a broker that executes trades efficiently is important.

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. This is suitable for clients, who can’t receive interest due to their religion. The account types differ according to the countries they are available in, the pricing, the minimum deposit, the available trading platform, and the products you can trade with.

How to start your FXTM account?

We test the broker’s platforms and examine commissions, spreads, and overnight fees to ensure that you can determine if trading with this broker is worth your time and money. What’s more, FXTM offers an economic calendar and daily market analysis. Keep in mind that while still learning how to trade, it’s beneficial to see how various traders conduct market analysis. In addition, trusting trading signals blindly can damage your trading results. There are various trading styles, timeframes, and asset classes in the markets. In case you are short on funds, trading real shares might not be the option for you and you might prefer to switch to trading stock CFDs.

FXTM has a wide variety of deposit and withdrawal methods for British traders, but we were disappointed that its charges high withdrawal fees. FXTM offers three accounts, which is average compared to other brokers, but we were disappointed that FXTM’s trading fees are higher than other brokers on two of its three accounts. Of retail investor accounts lose money when trading CFDs with this provider. FXTM or Forex Time has been named as one of the world’s fastest-growing and best Forex and CFD brokers, with a large number of clients and quality offering overall. The broker establishes its core on reliable trading conditions and detailed education and brings trading across the world with its accessible trading globe, regardless of the trader’s knowledge.

FXTM Broker Review

When trading stock CFDs, traders have the ability to buy and sell assets and get revenue from markets moving up or down. Whereas in order to benefit from trading real stocks, investors buy when prices are down to acquire the assets and sell when the prices increase. Moreover, FXTM provides negative balance protection, which acts as insurance. Forex trading is a highly leveraged business that creates possible scenarios for losing more money than is on your trading balance. When you are trading with a broker who does not offer negative balance protection, in case your funds go negative due to high leverage and volatility, you will owe the outstanding money to your broker.

This website is using a security service to protect itself from online attacks. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. We tested it and collected the options and costs in How to withdraw money on FXTM. Check out the current account balance requirements at FXTM in our What is the minimum account balance at FXTM article. Is FXTM legit features all the key aspects you need to look at to see if a broker is safe and legit.

Maximum leverage

This selection is https://forexhero.info/ on objective factors such as products offered, client profile, fee structure, etc. Non-trading fees include charges not directly related to trading, like withdrawal fees or inactivity fees. Choose experienced traders, follow them, and sit back while they do all the work. Your investment portfolio will grow with every successful trade, while you save your time and effort. This market is worth over $6 trillion daily, with central and private banks, hedge funds, traders, and travelers worldwide open 24 hours a day, 5.5 days per week exchanging money at different prices. Sharpen your edge with the latest market updates, expert analysis, real-time prices, and innovative trading tools.

In design and functionality, FXTM’s MetaTrader 4 desktop platform is almost the same as the web trading platform. One major difference is that you can set price alerts on the desktop trading platform. You can’t set alerts and notificationson the FXTM web trading platform. This feature is available only on the desktop trading platform.

The information is easily accessible from the broker’s main page under the knowledge section. Let’s talk about the differences to make choosing easier for you. MetaTrader 4 was released in 2005 and is mostly used for trading currency pairs. MT5 is often referred to as an all-in-one platform due to its ability to offer different asset classes for trading. To better understand how the fees work, let’s compare the FXTM Standard account fees with other brokers. Verification is an important step as it gives you complete access to using your personal area.

• They cover a wide range of topics for all levels of traders including trading strategies, trading tools, technical analysis and more.
• Most derivative instruments are traded over-the-counter meaning trading bypasses a central exchange.
• Position traders don’t mind paying a little extra on opening positions when they know that there’s no commission per traded lot.
• MetaTrader is also popular due to its copy trading and automated trading features.

By contrast, a trader working with a broker entity regulated offshore would not necessarily have these benefits. Starting his career in finance on the floor of the Chicago Mercantile Exchange, Dan later gained insight into the forex industry during his time as a Series 3 licenced futures and forex broker. Dan also traded at a couple of different prop trading firms in Chicago. You can contact the customer support team via live chat, WhatsApp, Telegram, or Messenger. The customer support team is very responsive, professional, and friendly. FXTM gives traders access to two of the most widely used trading software, MetaTrader 4 and MetaTrader 5.

And success depends on a trader’s ability to be profitable over time. FXTM offers Negative Balance Protection for all clients, regardless of their categorization and jurisdiction. All client funds are fully segregated from the company’s own funds and kept in separate bank accounts in major European banks. This ensures that FXTM client funds cannot be used for any other purpose. FSCS protects customers when authorized financial services firms fail. FXTM is regulated by the Financial Sector Conduct Authority in South Africa and considered safe to use by forex traders in the country.

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Deposits are free, but fees are charged for withdrawals via bank transfer and credit card. This feature allows traders to be updated when an instrument reaches a specific price level. Alerts can be delivered via audio, an email, or push notification to a mobile device. For example, FXTM clients in the United Kingdom benefit from the oversight of the FCA. The FCA requires that clients have negative balance protection, which means they cannot lose more than their deposit.

The Micro account is a massive point of attraction for various traders, but it is accessible only on the MT4 trading platform. The currency pairs supported on the Micro account include EU cent/US cent/GBP Pence. Traders at FXTM can trade indices including AUS 200 , GDAX , ND 100m (US Tech 100– mini), UK 100, and SP500 (US SPX 500 – mini). Superior trading conditions at FXTM ensure that the traders can access the stock index trading market with suitable leverage appropriate for their trading style. This allows traders to amplify their positions and maximize profits on FXTM. Traders at FXTM can choose from prominent securities in Europe, Australia, Asia, and the US and trade on indices.

Portfolio and fee reports

For the purposes of the review, we tested the live chat service. We found the live chat agents were able to answer all our questions quickly and to our satisfaction. They also provided links and extra reading material where appropriate. We found that FXTM’s customer support is excellent compared to other similar brokers with weekend support.

• Placing a trade with a single click saves time and is especially useful for short-term traders.
• Watchlists, tracking of open, pending, and closed positions, 1-click trading, and trading from the chart are among the key features available via the app.
• Furthermore, trading real stocks are available from the MetaTrader 5 platform and US stocks are taxed in accordance with the US government rules and regulations, which is 30% of the dividend amount.
• Forex is short for foreign exchange the global marketplace to buy and sell foreign currencies.
• Traders can deposit funds into their trading account using credit/debit cards, bank wire transfers, e-wallets, and other online payment methods.
• Once you register with FXTM, you can trade in 250+ financial instruments comprising CFDs in FX, commodities, indices, futures and shares.

FXTM is a safe broker with sound financial conditions and a completely transparent website. Traders can also trade silver and gold with the FXTM platform, including XAGEUR, XAGUSD, XAUEUR, XAUGBP, and XAUUSD. Traders who exchange metals at FXTM can access price charts and use short-term and long-term charts to determine price movements.

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The live chat support staffed with real agents is the most responsive support channel, making this communication channel quick and efficient; they are available 24 hours (Mon- Fri). Check the FXTM support page to find email addresses and contact numbers for different locations. FXTM also offers the most versatile and latest technology and software, MetaTrader 5, which is the ultimate successor of MetaTrader 4. The platform is suitable for both new as well as more experienced traders.

MetaTrader is also popular due to its copy trading and automated trading features. This is an order to buy or sell an instrument that is triggered when the market price reaches a specified level. In our tests for the Trust category, we also cover factors relating to stability and transparency. Here, we focus on how long the broker has been in business, the size of the company, and how transparent they are in terms of readily available information. Most e-wallet options are free of charge and are processed in less than a day. In order to get started, go ahead and open the broker’s home page.

Both platforms are developed by MetaQuotes Software corp and have a lot of similarities. The account type is aimed at position traders that make fewer trades than intraday and high-frequency traders. Position traders don’t mind paying a little extra on opening positions when they know that there’s no commission per traded lot. Furthermore, trading real stocks are available from the MetaTrader 5 platform and US stocks are taxed in accordance with the US government rules and regulations, which is 30% of the dividend amount.

FXTM charges a monthly inactivity fee of 5 EUR/USD/GBP/NGN to accounts that have been dormant for six consecutive months. Spreads and commissions are outlined on the Account Comparison page. The Client Agreement can be found on the Account Opening Agreements page. The background and history of the company are broadly outlined on the About Us page. Overall, we rate FXTM as having a high level of transparency, better than average for the industry.

It features ultimate trading conditions like ultra-fast market execution, spreads from 0.1 pips, and deep interbank liquidity. We found the education section at FXTM is large, well-structured, in-depth, and more useful for beginners than the material available at other brokers. FXTM also provides traders with a free demo account to practice trading risk-free. It offers a low-deposit Micro Account and provides a variety of learning materials in both video and written formats. Its daily market analysis will also help beginners understand the real-world implications of news events on the Forex market and where trading opportunities lie.

Parties do not take ownership of the financial asset, they merely speculate on price changes. They have many different account types so you can find what suits your needs the best, they have competitive spread and a decent offering of instruments. The MetaTrader 4 platform is still the most popular trading platform in the forex industry and it is very user friendly, has a quality charting offering, supports many languages and is secure. One of the areas that FXTM has a lot of pride in is their diverse offering of account types.