SJFX REVIEW

General Company Information

The FXTM brand was initially launched in 2011 and since then the company has firmly established itself as a global forex broker. It is, in fact, one of the fastest growing brokers in the industry.

ForexTime, a.k.a. FXTM, has opened a number of rep offices around the world, with main operations run from a five-story Tower in Cyprus. The latest of them is FXTM London office which opened its doors earlier this year in order to better serve clients in the UK and Europe.

FXTM’s product and service offering is all-encompassing. There are more than 240 instruments to trade in, including a number of currency pairs and various CFDs (plus shares CFDs reinforced by a direct connection to the NYSE and NASDAQ). Besides, clients of this broker may choose from market and instant execution, MetaTrader 4 and MetaTrader 5 trading platforms, and a wide range of trading accounts. The truth is, FTM is able to suit the needs of traders of all skill levels and preferences.

In addition, the company brags about having a helpful and highly-skilled, multi-lingual support team that is always ready to help in multiple languages (more than 18).

Regulation & Safety

ForexTime Limited, doing business as FXTM, is licensed and regulated by the Cyprus Commodities and Exchange Commission (CySEC) as a Cypriot Investment Firm. CySEC applies a set of rules and requirements to license holders, which are not as stringent as in US or Switzerland, for instance, yet they provide a certain level of security.

The Commission requires Cyprus-based forex brokers to hold at least €730 000 as a proof of financial stability. Client funds must be held in segregated accounts and regulated entities are required to report to the Commission on a regular basis.

Furthermore, CySEC applies a compensation scheme as an additional guarantee to clients’ funds. All CySEC-regulated companies are members of the Investor Compensation Fund, able to provide compensations to a maximum of 20,000 EUR per person in the event of broker insolvency.

As Cyprus is part of the European MiFID regulations, all CySEC regulated are free to operate in all EU Member States. In spite of this, FXTM is officially registered with a number of EU regulators: UK’s FCA, Germany’s BaFin, Italy’s CONSOB, France’s AMF, Spain’s CNMV and Norway’s FSAN.

What is more, FXTM (ForexTime Limited) is licensed by the Financial Services Board (FSB) of South Africa as a Financial Services Provider. The broker holds a category 1 license to act as an Intermediary in Securities and Instruments (Shares, Money market instruments, Bonds, Derivative instruments).

The Financial Services Board of South Africa oversees the non-banking financial services industry and supervises such providers on an on-going basis to ensure that they comply with the duties imposed by the Act.

Trading Conditions

– Symbolically low minimum initial deposit ($5);

– High leverage levels available – up to 1:1000. However, in order to control the risk associated with it, the broker has established a floating leverage system;

– Tight spreads; at ForexTime (FXTM) spreads start from 1.3 on the Standard account and from 0.1 and 0.2 pips on the ECN MT4 and ECN MT5 accounts (see Average spreads & Commissions below);

– Micro, mini and standard lots are available on all account types;

– Hedging, EAs, and scalping strategies are permitted.

Average spreads & Commissions

The most common costs associated with trading are the spread and commission charged by brokers for each trade.

Most of FXTM’s accounts are commission-free: the Standard ones, as well as the ECN Zero and Pro accounts. ECN MT4 & ECN MT5 accounts, on the other hand, involve a small commission fee of $2 per standard lot.

The spreads offered by this broker vary by account type. The tightest spreads are available on the ECN and Pro accounts; however, the latter is designed for institutional clients (minimum initial deposit is $25 000), that is why we would recommend the ECN (MT4) account with average spreads of 0.5 pips on EUR/USD. I we include the commission of $4 per standard lot round-turn, average trading costs per lot for this pair are around 0.9 pips. This is a good offer, since most brokers’ spreads range from 1.0 to 1.5 pips.

Trading Accounts

FXTM offers a myriad of trading accounts to choose from, which may be categorized in two large groups: Standard (Standard, CENT, and Shares accounts) and ECN (ECN MT4, ECN MT5, ECN ZERO and Pro).

In addition, there is a special account for trading in CFDs on shares, called Shares account, which is directly connected to NYSE and NASDAQ’s product price listings.

As most Cyprus based brokers, FXTM offers SWAP-free options available on all account types, except the MT5 one. It involves a fee of $ 1.7 per lot.

Trading Platforms

As we have already mentioned, FXTM supports the MT4 and MT5 – two of the most popular forex trading platforms. The broker also offers mobile versions for both of them (for iOS & Android devices) and makes regular updates.

In spite of recent enhancements made to MT5 (and the final introduction of hedging on it), MT4 is still preferred by most brokers and experienced traders. It provides an advanced charting package, lots of technical indicators, extensive back-testing environment and a variety of Expert Advisors (EAs). Thanks to its ease of use, MT4 is also suitable for beginner traders, for they can also find their way around it quite easily.

MT4’s successor, MetaTrader 5, allows the execution of orders in several financial markets and stock exchanges through a single trading account. The platform features advanced charting package, trading and analysis tools, alerts, signals, and customizable indicators. What is more, Its developer, MetaQuites has recently made a number of significant upgrades to it – adding of a tool for analyzing exchange markets, news management improvement, and most importantly – including a hedging option.

FXTM was among the first brokers who updated the MT5 trading platform to its most recent version, featuring hedging. The latest version of the cutting-edge MT5 trading platform provides users with extra flexibility and control over their trades, enhancing their trading experience to the max.

What is more, FXTM offers a traditional PAMM program, as well as a copy-trading solution, called FXTM Invest. Besides, trading signals is available through MQL5 subscription.

Execution

Come to think of execution, the one offered by this broker is really great: fast speed, little requotes and positive slippage.

According to FXTM’s June statistics for a period of six months, orders on the ECN and ECN Zero servers were executed on average within 150 milliseconds, its average requotes amounted to a low 3.8%, and slippage figures show the majority of its clients receiving outstanding improvement in asset pricing through positive slippage.

Promotions

FXTM regularly organizes various promotions and trading contests, as it strives to offer its clients the best trading opportunities and to empower their skills and knowledge.

At the time of writing this review FXTM offers Loyalty Cashback program, where traders can get $2 – $5 rebates per lot anyone who deposits $5 up to $10000, based on their deposit value.

In June this year the broker conducted a demo forex contest with $6000 prize pool and earlier in March it launched a live forex contest with $100 000 prize pool.

Methods of Payment

Various secure and trusted payment methods. Including credit/debit card payments, Bank Wire transfers, and numerous E-wallets, such as Skrill, Neteller, Alsfa-Ckick, WebMoney, Western Union, Payza, dotpay, Yandex and Qiwi.

Conclusion

ForexTime is a global and award-winning broker with clients from over 180 countries. It offers a wide array of almost everything: tradable products, trading accounts & platforms, payment methods, execution types, you name it.

Pros                                                                                                                 Cons

Well-regulated                                                                                              No major disadvantages

Variety of tradable products and trading accounts offered

Tight ECN spreads

Low minimum initial deposit & commission fees

High leverage levels offered

Promotions available

Rich Snippet Data

Reviewer

 

TheForexReview

Review Date

2016-07-29

Reviewed Broker

FXTM

Broker Rating

Company Information

Dispatched in 2009 by a group of ex-interbank sellers, XM (Some time ago XEMarkets) is an all around the world famous honor winning forex and CFD merchant. 

Having its inception in the radiant island of Cyprus, in Limassol, XM offers extraordinary conditions for exchanging wide scope of instruments, including forex sets, CFDs on items, files, valuable metals and energies. In addition, XM gives super quick execution, uphold for well more than 30 dialects, just as great rewards and advancements. 

Guideline & Security 

XM is a business with strong guideline, fulfilling the most noteworthy administrative guidelines. The XM Gathering is a gathering of controlled online intermediaries. It involves Exchanging Purpose of Money related Instruments Ltd is controlled by the Cyprus Protections and Trade Commission (CySEC 120/10), Exchanging Purpose of Monetary Instruments Pty Ltd was set up in 2015 and it is directed by the Australian Protections and Speculations Commission (ASIC 443670). 

CySEC and ASIC are top-level budgetary controllers and all financiers authorized by one of those, need to meet certain set prerequisites, and are exposed to severe management. This implies that customers of any such representatives can exchange without any difficulty of psyche that their assets are sheltered and their inclinations secured by the individual laws. 

The XM family incorporates Trading.com just as XM Worldwide. Trading.com is worked by Exchanging Purpose of Budgetary Instruments UK Ltd and it controlled by the UK's Money related Lead Authority (FCA 705428). The merchant is additionally effectively getting ready to dispatch its Trading.com image in the USA and has applied for a permit with the Public Prospects Affiliation (NFA). 

XM Worldwide, a brand possessed and worked by XM Worldwide Restricted, is authorized and managed by the Global Budgetary Administrations Commission of Belize (IFSC, No 60/354/TS/18). It works through the site www.xmglobal.com. 

Negative Balance Protection (NBP)

Additionally, each one of the XM companies listed above provides its clients with Negative Balance Protection. This means that if a client’s account balance goes into negative as a result of the fast-pacing volatile market, it still will be brought to a zero by the broker. We recommend that you choose among brokers who provide NBP, so that you may trade with the certainty that you can’t lose more money than you have invested.

Trading Conditions

Overall, the conditions offered by XM are really attractive. Here are some of the highlights:

• the minimum initial deposit is just $5, a symbolically low amount to start with;
• competitive variable spreads;
• flexible leverage with maximum levels in line with the regulations applicable in each country the broker operates;
• you cannot lose more than you have deposited because of the Negative Balance Protection provided;
• low-risk trading in micro lots available on all account types.

Keep in mind that the trading conditions vary a bit, depending on the actual entity and the jurisdiction it operates in. This is due to XM’s commitment to complying with the laws applicable in each country.

XM Group trading accounts

* Note that Trading Point of Financial Instruments Pty Ltd offers Ultra Low Account instead of ZERO Account with spread as low as 0.6 Pips and leverage up to 1:500.

XM Global trading accounts

What is more, both XM Group and XM Global offer swap-free (Islamic) accounts, designated for clients who are not willing to earn interest for religious reasons.

Trading Platforms

XM offers its clients two of the most popular platforms in the trading world: the industry’s standard Metatrader 4 (MT4), and its most recent version, the MetaTrader 5 (MT5).  Both platforms are developed by the Russian software company MetaQuotes Software Corp, and come in all forms and shapes: desktop, web, and mobile (for iOS and Android devices).

MT4 is an internationally acclaimed trading software, offering a full array of trading tools and features: more than 50 built-in technical indicators, advanced charting package, a wide range of Expert Advisors (EAs) and extensive back-testing options for them. Traders can download ready-made or create their own EAs and let the program do all the work, no human emotions involved. Also, this saves up a considerable amount of time from the routine of market watch as well as trade execution.

What is more, XM provides MT4 MultiTerminal – a practical and convenient way to manage multiple accounts simultaneously from a single interface.

The MetaTrader 5, on the other hand, has kept most of the highly praised features of the MT4, and has one outstanding advantage. MT5 users can trade in derivatives such as forex and CFDs, and exchange-traded stocks, from one and the same account.

Also, free Virtual Private Server (VPS) hosting is offered to both new and existing clients who deposit a minimum of $5,000 and trade at least 5 round turn lots per month. VPS hosting allows the execution of orders 24 hours, 5 days a week.

Signals trading is also available for XM clients. All live account holders are entitled to free and unlimited access to the trading signals hub, where they can get daily forex signals for some of the most popular financial instruments.

Promotions

By the time of writing this review, XM runs the following promotions:

• Free VPS for clients who maintain a balance (Equity-Credit) USD 5,000 or currency equivalent. No end date for this promotion;
• $30 Non-Deposit Trading Bonus for new clients only. No end date for this promotion;
• The two-tier deposit bonus offers 50% deposit bonus up to $500 and 20% deposit bonus up to $5,000. No end date for this promotion;
• The XM Loyalty Program offers the clients XM Points (XMP) per lot traded. These XMP can be redeemed at any time for credit bonus which can be used for trading purposes only. No end date for this promotion;

Keep in mind that Trading bonus and Loyalty Program are not eligible for clients registered under Trading Point of Financial Instruments Ltd and Trading Point of Financial Instruments UK Ltd.

Methods of Payment

XM supports wide range of account currencies and payment methods. XM Group is accepting the most commonly used Local Payment methods today including Credit/Debit Card, Neteller, Skrill, WebMoney, Bank Wire Transfer, etc.

What is more, the broker covers all deposit and withdrawal transfer fees for payments made via Neteller, Skrill and all major credit cards (including VISA, VISA Electron, MasterCard, Maestro and China UnionPay).

Conclusion

XM is a reliable award-winning FX and CFDs broker that offers pretty good trading conditions. To sum up the above, here are the advantages and drawbacks with regards to this broker:

Pros                                                                                                       Cons

Solid regulation                                                       No significant disadvantages

Negative Balance Protection

Competitive spreads, low initial deposit

MT4 & MT5 both available

Attractive Bonuses & Promotions

Fast execution speed