Is FXTM Legit or Scam？

Overview of FXTM

ForexTime Limited (FXTM) started operations in 2011 and has become a leader in the online trading industry.

It has grown into a well-known brand that enables traders around the world to access the opportunities that the financial markets offer, no matter where they are located or what level of financial aspirations they have.

More than two million clients in more than 150 countries have come to take advantage of the services provided by FXTM, which has a global network of offices and regulatory offices in Europe, the Middle East, Africa, Asia and Latin America.

FXTM is licensed and regulated by various regulators, including the Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), the Financial Sector Conduct Authority (FSCA), and the Polish Financial Supervision Authority (PFSA). You can open an account with this platform and trade FX, indices, commodities and stocks.

FXTM Pros and Cons

FXTM has excellent commission-based foreign exchange pricing environment and transparency, upgraded MT4/MT5 trading platform and proprietary mobile trading application, high-quality market research and educational content suitable for beginners, proprietary documentary trading platform, and low minimum deposit , high leverage. FXTM customer service provides fast and relevant answers. They can be contacted in several languages. There are many educational tools at your disposal, including demo accounts and live webinars. Account opening is fast and fully digital. Top notch customer service. Stock index CFDs are cheap. Low fees for EUR CHF and EUR GBP. Credit/debit cards accepted. No deposit fee.

On the negative side, FXTM has average CFD fees. It also charges inactivity fees and, in most cases, withdrawal fees. The product portfolio is limited due to the lack of some asset classes like ETFs, bonds, mutual funds, no cryptocurrencies and limited selection of commodities. Brokers are closed on Saturday and Sunday. Stock CFDs are expensive. No price alert.

Fees and Commissions

FXTM's trading fees are low for forex, but average for CFDs. There is also a withdrawal fee.

Advantages: Low transaction costs, low foreign exchange fees, and low financing rates.

Cons: Withdrawal fees, average CFD fees.

FXTM has low trading fees for stock index CFDs, medium or low fees for forex trading, but higher fees for stock CFDs. Different account types have different fees. For example, ECN accounts have lower spreads, but commissions are charged. If you have a higher account balance or higher trading volume, the commission will be lower.

FXTM foreign exchange fees vary depending on the account type you choose: Standard accounts have higher spreads but no commissions; ECN accounts charge commissions but have lower spreads.

FXTM has high non-trading fees - after six months of inactivity you will be charged USD 5 / ZAR 80 per month and most withdrawal methods also have fees depending on your The country of residence, the method you use, and the currency in which you withdraw money are in production.

Deposits and Withdrawals

FXTM offers a variety of deposit and withdrawal methods. Available options include credit and debit cards, e-wallets, bank wire transfers and local payment solutions. And promise to develop as many ways as possible to provide customers with comfortable service. The company strives to make the process as fast and simple as possible, so as not to miss a deal or delay recovering funds. Deposits and withdrawals are straightforward and take hardly any time. Deposits are processed immediately if no additional verification is required. FXTM is not responsible for any delays in transfers due to service outages in payment processor systems. The main downside is that FXTM charges fees for most withdrawal types.

At FXTM you can choose from 3 base currencies: EUR, GBP, USD. FXTM does not charge deposit fees. Bank transfers can take several business days, whereas credit/debit card payments can be done instantly. You can only deposit money from accounts in your name.

FXTM charges withdrawal fees for most withdrawal options. You can choose bank transfer, credit card, e-wallet for withdrawal. You can use the same e-wallets as for deposits, except Alfa-Click, Western Union Quick Pay and Dotpay. You can only withdraw funds to accounts in your name. If you use a credit/debit card or e-wallet, you can only withdraw the amount deposited by the same method. Therefore, you must withdraw any profits via bank transfer. Withdrawal fees vary depending on your country of residence, the method you use, and the currency in which you withdraw money.

Trading Platform

To meet the unique needs of all traders, FXTM offers industry-leading trading platforms, namely MetaTrader 4 and MetaTrader 5 on PC, Mac, mobile phone or tablet. FXTM provides traders with the MT4/MT5 trading platform and has developed its proprietary mobile application FXTM Trader. It upgrades MT4 with six plugins and its pivot point strategy, with real-time updates and commentary from FXTM's educational executives, and the mobile app is user-friendly and easy to use. I love that FXTM invests in the MT4 upgrade. They ensure traders have an advantage over the out-of-the-box versions offered by most brokers.

FXTM's web trading platform is provided by MetaTrader. It's highly customizable, available in multiple languages, and has clear expense reports. On the other hand, it lacks two-step login and price alerts, and has a dated design. Pros: Clear expense reports, good customizability (charts, workspaces), order confirmation. Cons: No two-step (more secure) login, no price alerts, poor design.

Conclusion

FXTM is an award-winning broker for good reason. Regardless of the client's financial interests, they can provide suitable transaction solutions. They offer the widest selection of tools, platforms, account types and resources to make the trading experience as convenient and efficient as possible.

FXTM is regulated by several financial authorities around the world, including the top Financial Conduct Authority (FCA), and their customer support provides fast and relevant answers. Their educational tools, including demo accounts and webinars, provide efficient and targeted training, and the account opening process is fast and fully digital.

However, clients need to be prepared for high share CFD fees, inactivity and withdrawal fees, and a limited range of products. As account opening only takes a short time, and customer support is helpful and reliable, feel free to try FXTM.