It is crucial to read the broker review before trading with the broker. You can find the FXTM review in detail below. FXTM is a multi-asset brokerage firm and a trading platform that was created in 2011. After more than a decade in the business, FXTM offers assets classes such as; FX, crypto, stock, commodities, indices, ETF, and CFDs.
FXTM is not a worldwide broker because they are not permitted to trade in certain important locations. FXTM’s headquarters is in London, UK.
It can take quite a long time to select a brokerage that suits one’s demands when investing in the financial markets. Virtual investing can be as dangerous as every other type of conventional investment. Like any investment, it is critical to understand and investigate the firm with whom you are engaging. Traders can trust FXTM and remember that their financial assets on the platform are always in safe hands.
Login and Security
FXTM, like the web trading platform, has a one-step login process. It would’ve been more secure to use a two-step login. Face ID or fingerprint verification is not available. It would have been more practical if this functionality was available.
When selecting a broker, such as FXTM, the administrative body and regulatory status of the broker are critical considerations. Brokerage firms who operate without the oversight of a regulating organization do this at their own risk. Any fund invested by the trader is in danger.
FXTM was founded in 2011 and has been in business for ten years. Its headquarters are in London, United Kingdom.
FXTM is a regulated broker. This indicates that FXTM is inspected, authorized, and supervised by the FCA (Financial Conduct Authority), CySEC (The Cyprus Securities and Exchange Commission), and the FSCA (South African Financial Sector Conduct Authority).
Licensed brokers such as FXTM do not alter the market prices. Traders that submit a withdrawal request to this broker will have their request fulfilled. Brokers’ regulated position may be revoked if they disobey any regulation rules.
Customers’ payments to FXTM accounts are stored in a separate bank account. For enhanced safety, the broker uses tier-1 banks. This is the formal rating for a bank’s financial strength and stability.
FXTM Review – Fees
The initial deposit needed by FXTM varies depending on the type of account the trader chooses. The cost for a Micro account is 50 USD, Advantage is 500 USD, and Advantage Plus is 500 USD.
Traders mustn’t be put off by the fact that certain brokers, such as FXTM, require a minimum deposit to start trading. Brokers with greater minimum deposits frequently provide extra premium options that aren’t available free of charge on different platforms.
Brokers with smaller minimum deposits cater to a more general clientele who aren’t interested in more technical services and research instruments.
Withdrawal costs at FXTM vary based on the form of payment the trader chooses.
Every broker has its own set of withdrawal restrictions that govern how traders may get money out of their accounts.
This is due to the fact that every broker has various withdrawal options, so each payment processor may charge different processing costs, have varying processing durations, and may charge a currency exchange fee.
Non-active accounts at FXTM are not charged any fees.
In order to compensate for the absence of commission revenues from traders, certain brokers may levy inactivity fees as payment for retaining their accounts on their pricey trading platforms.
On CFD assets, FXTM charges a service fee.
Notifications and alerts
On the broker’s web trading platform, traders cannot configure alerts or notifications. This functionality is solely accessible on the desktop version.
Fee and Portfolio Information
The broker provides easy-to-understand fee and portfolio information. Traders’ profit-loss ratio, as well as the commissions they pay, are plainly visible. Underneath the ‘History’ section, you’ll see these reports.
FXTM Review – Platforms
After logging into their FXTM accounts, traders can observe the trading platform choices shown below.
MT4 (MetaTrader 4)
MT5 (MetaTrader 5)
MetaTrader provides FXTM with its web trading platform. It’s very configurable, comes in a variety of languages, and includes a straightforward fee report. However, it appears to lack two-factor authentication and price notifications, and the look is outdated.
The broker doesn’t have its in-house trading platform; instead, it employs MT4, a third-party platform. Although ForexTime will be introducing MetaTrader 5 soon, the performance and style of these platforms are extremely comparable.
The broker’s web trading platform is extremely customizable. The size and position of the tabs may be effortlessly changed.
Unfortunately, the platform appears seems a bit old, and several functions are difficult to discover.
The broker’s MT4 desktop platform is nearly identical to the web platform in terms of style and performance. On the desktop interface, traders may create price alerts, which is a significant distinction.
Both platforms have identical layouts, are accessible in the same languages, have the same order types, including Trailing Stop, have identical search tools, and provide the same portfolio and price data.
The main distinction is that on the desktop version, traders may configure alerts and notifications as mobile and e-mail notifications. Traders must provide their e-mails and mobile MetaQuotes ID to receive email and phone alerts.
FXTM Review – Investment Options
The broker’s FX product offering falls short of that of several of its rivals. This is also evident for the stock index and commodities CFD product offerings, despite the fact that the number of stock CFDs is relatively limited in comparison to their rivals.
In January 2021, the FCA prohibited the marketing of crypto-derivatives to United Kingdom retail customers.
The broker allows traders to modify their leverage degrees, which is fantastic.
When traders wish to reduce the risk of their transaction, adjusting the leverage is a really handy function. When dealing with FX and CFDs, be wary of predefined leverage levels, since they could be too high.
To non-European users, the broker provides real stocks without commission. commission-free real stocks. This asset class’ selection falls below that of XTB but is comparable to that of XM.
There’s also the option for copy/social trading.
FXTM Invest, a copy trading service, is available to all users except for those in the United Kingdom and the European Union.
Traders have the option of becoming an investor or strategy managers. The first can mimic the trades of Strategy Managers. When traders choose to become Strategy Manager, they may sort the trades by risk level, successfulness fee, complete profit, and so on. Each profitable transaction can earn the manager a commission.
Here is our last comment on FXTM Review. The broker provides excellent customer service. Traders may reach them in a variety of ways, and they respond quickly and accurately. Unfortunately, it is only available throughout the weekdays.