FXTM or ForexTime was established in 2011 and is a worldwide broker for CFD and FX. It is regulated by many financial institutions, including the FCA and Cyprus Securities and Exchange Commission (CySEC). FXTM is regarded safe since the top-level FCA is controlled.
CFDs are complicated tools and have a significant danger of losing money quickly because of leverage. 77% of retail investor accounts lose money when CFDs are traded with the company. You should consider understanding how CFDs operate and if you can accept the high risk of losing your money. Fortunately, you can easily get help on the CFD from the traders union and this is one of the biggest Benefits of Working with the Traders Union you can get.
Advantage of FXTM Trading
Customer service FXTM provides quick and appropriate responses. You may contact them in many languages. Many training methods may be used, including a sample account and live webinars. The opening of accounts is quick and completely digital.
Disadvantage of FXTM Trading
In the latest FXTM Review, I have found one negative point. FXTM features high CFD rates on the negative side. It also imposes a charge for inactivity and a withdrawal fee in most instances. The product selection is restricted because some asset types such as ETFs, bonds, mutual funds, etc. are missing.
Trading fees for FXTM are normal. FXTM provides various kinds of accounts with varying fees. We tried the ECN account with minimal spreads however a fee is charged. The ECN commission is reduced when you have a larger balance and/or more transactions. For an account balance between $0-$2,999 and a trading volume of under $100 million, we computed our commission.
We realize it’s difficult to compare CFD broker trading costs. So how did we deal with the issue of clarifying and comparing fees? We evaluate brokers by calculating all the charges for chosen goods for a typical transaction.
FXTM Trading Account
There are 3 types of FXTM trading accounts to select from. Account kinds vary by country, price, minimum deposit, accessible trading platform, and goods you are allowed to trade with.
You may turn it into a swap-free account for each account. This is appropriate for customers who cannot accept interest because of their faith.
FXTM also provides business accounts. You must write an e-mail to FXTM if you wish to establish a company account.
In the evaluation, the ECN and Stock CFDs MT4 accounts were examined. These systems have been renamed Advantage Account after our testing.
How to Open FXTM Trading Account
Opening the FXTM account is simple and completely digital. The online application takes about 25-30 minutes and our account has been authorized within one hour.
The 7 stages of opening the FXTM account:
- Please enter your email address, name, and residence country. You must also provide the telephone number to which FXTM sends a PIN code.
- Select the kind of account you want to open
- Add additional personal information, such as date of birth and education level.
- Give your address now
- Answer several questions about your financial history and experience
- Complete a financial knowledge questionnaire
- Check your identity and residence using a copy of your passport/identification/license driver’s and bank statement or bill of services.
FXTM is controlled worldwide by various financial agencies, including the main financial management authority (FCA). Customer service provides rapid and appropriate responses on the positive side. There are many instructional resources, including webinars and demo accounts. The opening of the account is completely digital and quick.
However, FXTM does have a few inconveniences: it charges hefty CFD costs, inactivity, and withdrawal penalties and limits the choice of products. As it is just a short time to create an account, and customer service is friendly and trustworthy, test FXTM.