FXTM was launched in 2011 with the vision to supply their clients with far superior trading conditions and with an education system second to none and trading tools that would give the trader the best experience. The company has grown to a world leader in a very short time due to the fact that FXTM is focused on localising their products and have experienced teams globally. They concentrate on their clients and teams to make the best use of their time and to keep up with the ever and rapidly changing financial markets. FXTM are committed to empowering traders with the knowledge they require to be successful.
Types of Accounts
FXTM has a Standard account and an ECN account. Traders who have a Standard account have full control on this account and there are no commissions paid. The choice the traders have are to have a standard account, a fixed spread account or a cent account. With the ECN account it allows ForexTime to support its traders with a tool that will automatically choose which is the best option for when trading in currency pairs. On this account ForexTime charges commission every time a trader opens a position. With ECN accounts the trader has the option to have ECN Zero, ECN Account, ECN Strategy, FXTM ECN MT5 account and FXTM Pro. All these accounts have different benefits and it is up to the trader how they like to trade. FXTM also has the facility where traders that prefer automated trading strategies through expert advisers can take advantage of the designated forex VP’s service. Technical traders can also take advantage of the Trading Central Analysis Tool absolutely free. They like to offer their clients the best trading opportunities and in order to do this, they often run promotions to empower the skills and knowledge of the traders. FXTM also offers a $25,00 payment for any trader that has referred a new trader that has become an active member and sometimes they also run promotions on traders that have switched from other brokers.
There are two platforms that FXTM use and the traders have the option which one they would prefer. They can choose MetaTrader4 or MetaTrader 5 depending which one they prefer to managing their trading account. Both the platforms are compatible with all the operating systems available such as Windows and the app can be downloaded onto Android Smartphones and apples iPhone. The difference between the two Platforms is that the MT5 will have extra features such as allowing fund transfers between two accounts, chat directly to other traders using the platform, and an economic calendar that delivers macroeconomic news around the world that might affect trading prices. For Novices, it is recommended to try out both platforms and then they can make up their minds which platform they prefer. With FXTM demo accounts a novice is able to do this without losing any investments. FXTM are still supporting the MT4 trader because a lot of traders are still using this platform and they have no plans to stop the support in the near future.
FXTM are regulated by CySEC and are also subscribed to the ICF. These regulations stretch to Europe, the Middle East and Africa They are also regulated by the South Africa financial Services FSP No 46614 and in the UK by the Financial Conduct Authority No 60047. Outside the European Union regulated by FT Global Limited license IFSC/60/345/TS & IFSC/60/345/APM FXTM are very well regulated and are covered in every country they operate in by the respective regulatory bodies.
FXTM realise the fact that with Forex Trading it is all about accurate judgment and making the right decisions bearing this in mind they have developed and made available to their client’s articles and tutorials so that the trader gains the necessary knowledge. Added to that FXTM also has a series of Webinars overseen by the head of education Professor Andreas Thalassinos and are tailored to suit novices as well as professional traders. Part of being a trader is to understand all the definitions that are related to the industry and therefore they supply a free glossary on the website with an explaining key.
Opening an account is a very simple and straightforward process and if you would like to start trading then you will be required to fill the necessary forms that are required by the regulatory bodies. This process does not take long and is generally approved within 24 hours. FXTM covers all the needs of all skills levels from the novice to the highly skilled with it offering over 240 tradeable instruments which include a number of currency pair options and some CFDs.
Deposits and Withdrawal
There is a wide variety of paying methods covering all the major payment methods such as credit cards, such as visa, Maestro, Master card and others. They also have a facility for electronic payments through Netteller, Skrill and more. Bank wires are made to Barclays Bank, Rietumu Banka and a few others. For the traders that are based in Nigeria and Indonesia, money is transferred to FXTM offices in those countries. The deposit levels are dependent on the type of account that the trader has and as an example for a standard account, the minimum deposit is $1,00. Withdrawal is not limited but they do have to factor in the fees that incurred to transfer money.
ForexTime has a sound reputation and is well regulated. Even though they have only been established in 2011 they are already one of the leaders in the industry. They have achieved this by being an innovative company and focused on the success and the experience of their clients. Having an excellent trader platform with MT4 and MT5 being supported gives the trader the flexibility to choose a system that will suit their individual trading needs. They have a good customer education program which suits both the novice and the expert which assists in making sure that all their clients have free access to all the knowledge they need. With all the infrastructure that is offered and trading platforms, ForexTime would be a good broker to consider.