FXTM has established a reputation as a leading broker in emerging and frontier markets. Traders may take use of upgraded MT4/MT5 trading platforms, a proprietary copy trading service, and high-quality research and education. FXTM also has one of the most cost-effective commission-based Forex pricing strategies on the market. We looked into an award-winning broker to see if scalpers and high-frequency traders may benefit. Check out ForexTime review for 2021 in this article and get to know that is the environment and interface for trading at FXTM as good as it says?
Pros and Cons
- Excellent commission-based pricing and transparency in the Forex market.
- Trading platforms MT4/MT5 have been upgraded, as well as a customized mobile trading app.
- Beginner traders will benefit from high-quality market research and instructive information.
- Copy trading platform with a proprietary platform, minimal minimum investment, and high leverage.
- Limited commodities and cryptocurrencies choice for trading.
With superb learning material, Forex Time is a leader for emerging and frontier exchange.
- Forex Time’s headquarter is located in Mauritius.
- It is regulated by FSC, CySEC, FCA, FSCA.
- The company was established in 2011.
- It executes by leading market maker/ECN hybrid.
- It requires a minimum deposit of $50.
- Maximum leverage it offers is 1:2000.
- It offers FXTM Invest, MT4, and MT5 trading platforms.
To provide traders a competitive advantage, FXTM attempts to react to market and regulatory changes. Another benefit I’d like to mention is the degree of transparency. One of the Big Four accounting companies, PricewaterhouseCoopers Limited (PwC), audits public statistics in compliance with the International Standard on Assurance Engagements (ISAE) 3000.
FXTM Main Features
|Commission for CFDs/DMA||Commission-free|
|Inactivity Fee||$5 monthly after six months|
|Minimum Commission for Forex||$0.80 per 1.0 lot|
|Minimum Raw Spreads||0.0 pips|
|Minimum Standard Spreads||0.5 pips|
|Retail Loss Rate||77.00%|
Regulation and Security
The danger of fraud and malpractice is reduced when you use a registered broker. Traders should always seek for regulation and double-check it with the regulator by comparing the given license to their database. FXTM provides its clients with four well-regulated firms.
FXTM is gaining a regulatory license in Kenya as part of its development across Africa. On February 26th, 2021, FXTM’s retail activities from its CySEC-regulated business ceased. It made the conclusion because of the European Securities and Markets Authority’s (ESMA) anti-competitive regulatory framework. Any of the other subsidiaries can deal with clients from the European Economic Area (EEA).
Traders have access to favorable trading conditions as well as outstanding protection thanks to FXTM’s regulatory environment. FXTM is one of the known Hong Kong Financial Commission members, having a Compensation Fund payable up to $20,000 in compensation to traders against claims. It’s the same service as CySEC, but without the regulatory restrictions.
PricewaterhouseCoopers Limited (PwC) audits selected performance statistics, making FXTM one of the more transparent brokers. I love their focus on the trading environment, which provides a substantial benefit to clients.
Traders can choose between commission-free and commission-based Forex accounts at FXTM. The former is one of the more expensive alternatives, whilst the latter is one of the better ones. I can strongly recommend it to high-frequency traders and scalpers.
FXTM has joined the list of brokers that cater to millennial and Generation Z traders that wish to trade equities CFDs with no commissions. I’d like to reiterate that commission-free trading does not always mean cheaper trading costs. FXTM’s spreads on commission-based offers are sometimes twice as high as spreads on non-commission-based offers.
Available Account Types at FXTM
FXTM offers two commission-free trading accounts, Micro and Advantage Plus, as well as a commission-based account, Advantage. The Micro account only requires a $50 or similar deposit, but the other two account types require a $500 minimum deposit. Because trading expenses are still among the lowest in the market, and both commission-based accounts have very high fees, I strongly recommend the commission-based alternative.
ForexTime Demo Account
FXTM provides a demo account, and I didn’t see any time restrictions. As a consequence, it’s ideal for testing methodologies and seasoned consultants. Both MT4 and MT5 sample accounts are available, and traders may pick their demo account balance and leverage. While no sample account can completely match real-world trading conditions, the FXTM alternatives come close.