FXTM Broker ReviewMinimum Spread : 1.3
Foundation Year : 2011
Min Deposit $ 10
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FXTM Broker Review – Showcasing Market Side Analysis Prism: FXTm witnessed its stepping stone in the world of the financial market in the year 2011. It complies mainly in complex financial derivatives and foreign currency exchange. Over the years, the company’s performance has gotten better. The elevation in services and features have earned the website galore of awards in recent times.
The brokerage company is also leading by example through its working style. It touts to have different account types, instruments and tools to attract traders. Let us analyze and verify their claims.
How Many Traders Using FXTM – FXTM Broker
The success of any business gets judged upon the number of customers. FXTM has its in abundance. As per the company, it has more than two million investors working with them. Ever since their launch, the rate of joining is increasing every day. They are adding thousands of users each month.
Who are the Founders & Significant Contributors to FXTM?
A company requires effort, time and resources from many people. Leaders make the presence felt global. They are the caretakers and key decision-makers, which scripts a conglomerate’s fate. It is their vision that is responsible for making the company better.
The main people behind the company are-
Andrey Dashin (Founder) and Olga Rybalkina (Managing Partner). They both are the shareholders. Besides, here are the most crucial employees running the FXTM:-
- Nicholas Defteras:- Global Chief Executive officer, Executive Director
- Lex Webster:- Global Chief Commercial Officer, Executive Director
- Valeriya Kolesnik:- Global Chief Operating Officer, Executive Director
- Sergey Chumarov:- Global Chief Technology Officer, Executive Director
- George Kyriakoudes:- Global Chief Financial Officer, Executive Director
- Charis Mountis:- Global Chief Dealer, Executive Director
Elucidate the Expertise of the Company.
The company holds expertise in leveraging various financial assets, including cryptocurrencies, stocks, metals, indices etc. Besides, Foreign currency exchange is always there. The broker states to assist traders in every type of investor; from newbie to an experienced one.
What are the trading platforms on FXTM?
Trading platforms are like engine oil to a car. The quality of the engine and performance of the vehicle gets better if the brand is good. Similarly, for a broker company, the support of a platform is optimum. The company is using MetaTrader4 and its successor MetaTrader5. Both have significant degrees of appreciation in their wallets.
The meta traders help in starting up and shutting down the system and bidding quickly. However, MetaTrader5 supports only big screens like desktops and laptops. So, for smaller screens, one will have to persist with its predecessor MetaTrader4. It can be useful while operating on a mobile phone.
Moreover, both versions assist in quick navigation and aids in shortcuts to save time. Smartphone users can download the MetaTrader4 app on ios and Google Play Store. One can also use the MT4 web trader for MAC and P.C. It is available for free, and clients need to log in without downloading it.
Benefits of trading on the latest Platforms
- MetaTrader5 offers better functionality like improved execution types and the edit option.
- MT5 has the feature to show an increased number of pending orders.
- The platform has twenty-one-time frames, 38 indicators and 44 graphical indicators.
- For communication, it has an integrated chat feature.
- It has an economic calendar to note events and necessary information.
On Mobile Apps
- Traders can start trading with one click. They can sell and buy assets easily.
- They can receive regular and real-time updates regarding the market.
- One can change positions swiftly and modify the bids.
- It is using updated charting tools to facilitate investors.
- The mobile app also comes with a trading dashboard with all the listings.
What are the Fees and Commissions Charged by FXTM Broker?
Money matters: Trading is a way to earn money and every penny saved is equivalent to earned. So, investors look forward to brokerage houses charging less fees.
The commission charges on the website are competitive for foreign currency exchanges. The spreads are as low as 0.1 with an ECN account. However, in the Standard account, the rate goes a little higher.
Also, spreads float, hence there may be variation and an upward trend in their pricing. The range may depend on the condition of the market.
FXTM has several small and big charges applied in the name of fees. It levies a fine on the inactivity of an account for a stipulated time. The rule makes the overall handling of the website expensive.
What are the Rates of Leveraging on FXTM?
There is different leveraging for every instrument. The way of tackling bidding and funding is different from each other. For the foreign currency exchange, it is generally in the ration 1:30. FXTM is for the major stakeholders and popular pairs like EURUSD. For others, it finds fixation at 1:20.
The leveraging for precious metals is as low as 1:10. It, in a way, averts risks but also trumps the desire of a trader to earn more money.
On indices, it is even lower. The leverages ranges from 1:05 to 1:10. On commodities, it finds a leveraging of 1:10.
Overall, the leveraging is pretty low compared to other companies. It can lead to disappointment in many traders.
Total Number of Assets
The company offers over 250 instruments for traders to invest and make money. It includes currency exchange, complex derivatives (Dax, Nasdaq, FTSE). Metals include Gold and Silver. Stocks through derivatives and cryptocurrencies like bitcoin, ethereum, ripple etc.
What are the Payment Methods by FXTM Broker?
A trader can withdraw or deposit money in British Pound Sterling (GBP), U.S. Dollar and Euro. Before withdrawing funds, one may need to provide some information.
A trader can use Neteller, Skrill, credit cards and banks for taking their bucks out. However, the bank may charge five GBP or ten Euros. So, it is better to utilize other options with zero commission fees.
However, all these options may take at least one working day to transfer the money.
For depositing, one can use all the wallet methods and bank procedures similar to the withdrawal. There is no application of commission on it while using Visa, Mastercard, Maestro card etc.
FXTM minimum deposit: 10 dollars.
Are There Any Deals Available on FXTM Broker?
There are several deals as well as promotions available through Exinitt limited. It has up to 30 per cent bonus and FXTM loyalty program. However, it is limited to selective users. Eligible Counterparty or Professional clients can apply for it. Also, all the deals are subject to the terms & conditions of the company. Hence, the final decisions remain in the hands of the owners.
Is There Teaching Material Available Teaching Trading?
For attracting a new user base as well as retaining the old ones through knowledge transfer, FXTM has also excellent educational material. They have beginner’s guides for trading, which strengthens the core in the financial market. The array of format as well as options include the following alternatives:-
- Timely webinars for offering the latest information
- Trading strategies for all traders
- Conducting seminars on financial trades
- There are several articles and columns by experts that provide essential tips for trading.
- A video library is there which educates everyone regarding different instruments of financial markets.
Is FXTM Broker a Scam or it has a License?
The company is a verified brokerage service provider with licensing from CYSEC (Cyprus) as well as FCA (the United Kingdom). The financial bodies have a reputation for regulating all such companies which are into the financial sector. Here are some other countries where the company is operating its business:-
- The CIF license number for CySEC is 185/12.
- In South Africa FSCA regulates it with the FSP number 46614.
- In Britain, it operates with license number 600475.
- The company (Exinity LImited) also has a foundation in the Republic of Mauritius. Here the license number is C113012295.
Types of Accounts offered by FXTM
The company is offering a plethora of accounts for customers for choosing also. Here is the difference between every account to open.
- Loaded with MetaTrader4.
- Traders can deal and bid by using USD / EUR / GBP / NGN currencies in the market.
- The leverage is static here; 1:3 for European Shares and 1:10 for the U.S. Shares.
- There is no maximum deposit bar.
- Minimum deposit $/€/£ 100, and for Nigeria ₦40,000.
- No commission charges normally.
- Execution of orders happens instantly.
- Spread starts from 0.1 (However, they are floating and are subject to change the dynamics anytime).
- The margin call here is 40 percent.
- It is swap-free.
- Stop out is 20 percent
- Limit and stop levels: 1 Spread.
- The pricing here is two decimals.
- Lots per trade (maximum volume) is 0.01
- Trading instruments:- It has more than forty European shares and a hundred and twenty U.S. shares.
- Step Lot:- 0.01
- Lots per trade (Maximum volume):10
- Maximum number of orders: 100
- Max lots of orders (volume): 20
- Maximum number of pending orders: 100
- Trading platform:- MetaTrader4
- Currency account:- NGN kobo/ US Cent / EU Cent / GBP Pence
- Leverage:- Fixed (Based on users’ experience and knowledge. One can change it through MyFXTM). For FX it is 1:1000 – 1:25 and Spot Metals: 1:500 -1:25
- No Maximum deposit required.
- Minimum deposit:-$/€/£ 10 / ₦2 000 ₦: Nigerian currency
- No commission
- The margin call is 60 percent.
- Spread is 1.5 (subject to change)
- Instant order execution.
- Stop levels & limit is one spread.
- Pricing- 3 decimals for XAGUSD; 5 decimals for F.X.; 2 decimals for spots metals with XAUUSD.
- Trading metals:- Major, minors:25; Spot metals: 2
- Lots per trade (minimum volume):- 0.01
- Step lot is 0.01
- Lots per trade (maximum volume):- 1
- Number of orders (maximum):- 300
- Lots of order (maximum volume): 10
- Pending orders (maximum):-100
- Trading platforms: MT4 and MT5
- Account currency:- USD / EUR / GBP / NGN
- Leveraging:- Floating from 1:2000
- No maximum deposit
- Minimum deposit:- $/€/£ 100, ₦40,000
- Commission:- None
- Execution order:- Swiftly
- Spread from:- 1.3
- The margin call is 40 percent
- Stop out is 20 percent
- MT4 is Swap-free while MT 5 is not.
- Limit and stop levels is Spread 1
- Pricing:- For MT5:-3 decimals for XAGUSD; In spot metals, two decimals for XAUUSD, five decimals for F.X.
- For MT4:- Similar to that of MT5.
- Instruments for trading:- For MT5- 2 Spot metals; Exotics, majors and minors are 33.
- For MT4- Crypto-Currencies – 4; Majors, Minors, Exotics- 59; Spot Metals – 5
- Lots per trade (minimum volume):- 0.01
- Lots per trader (maximum volume):- 30
- Number of orders (maximum):- 100
- Lots of orders (maximum volume):- 200
- Number of pending orders (maximum): 100
Demo Account: Before setting up an official registration, most of the companies are offering demo accounts. It gives practical information about the company’s product and its functioning. After working out on it, a trader can make-up his/her mind.
P.S.:- Likewise there ECN accounts.
FXTM Pro account: It comes with fixed spread, swap-free, instant execution in the market, no commission, and direct access to liquidity.
ECN Account: Re-quotes not permitted, low spreads 0.1, hedging and scalping allowed, Euro, Pound and Dollar are available for use.
ECN Zero Account: No commission, no maximum deposit, spread from 1.5, margin call 80 per cent.
Customer Support on FXTM Broker
There are several ways of contacting customer care; phone number, WhatsApp, live chat, telegram, email-id etc. However, for European companies, it is openned for only 12 hours, which is slightly disappointing. Many brokerage companies are also providing customer support for twenty-four hours.
Customers from Many Countries
Following traders from nations can operate through FXTM: United Kingdom, Thailand, South Africa, Saudi Arabia, Denmark, United Arab Emirates India are a few countries. Besides, Germany, Denmark, Italy, Norway, Qatar etc. are nations across the globe where investors can trade.
Similarly, traders from the United States, Japan, Mauritius, Suriname, Haiti, Canada, Puerto Rico etc. are not allowed to trade.
Top awards and achievements
All in all, the company has won 33 awards (as per the official website) since 2013 in various categories. It includes the best investment broker, best trading experience, innovative broker, best experience trader, best customer care global etc.
FXTM Broker Review : Conclusion
FXTM is one of the rarest brokerage firms that enjoy a plethora of felicitation. It is covering almost all the spheres of financial trades and keeping its customers happy. So many awards are a testimonial to their performance over the years. However, if it also increases the timings of customer care in European nations, things will look more optimistic.
There is no doubt that it is posing fierce competition to its peers and evolving every year. Here, several options in account types and trading platforms.
Although, people should also take a chance by trying their hands-on demo account and then decide their fate.
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