FXTM

FXTM Review
Trader's rate 4.5
Editor's rate 5.0

Trading Accounts

 

Account type Minimum deposit   Minimum trade size Maximum leverage  Average Spreads  Execution type
Cent  $5 0.01 1:1000 2.2 pips  Instant
Standard  $100 0.01 1:1000 1.8 pips Instant
ECN Zero.mt4 $200 0.01 1:1000 1.7 pips  Market
ECN MT5 $500  0.01 1:1000 1.9 pips + commission $2* Market
ECN $500  0.01 1:1000 0.7 pips + commission $2* Market
PRO $25 000 0.01 1:200 0.4 pips Market

 

*Commission is calculated per standard lot of 100 000 currency base units (per side).

 

FXTM offers a wide range of trading accounts, which may be categorized in two groups: Standard (Standard, CENT, and Shares accounts) and ECN (ECN MT4, ECN MT5, ECN ZERO and Pro).

 

In addition to the ones shown in the table above, 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.

 

Furthermore, FXTM offers PAMM and swap-free options. Swap-free (Islamic) services are available on all account types (except the MT5 one) and involve a fee of $ 1.7 per lot.

 

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

 

Trading Conditions

 

Minimum initial deposit

In order to open an account with FXTM, one has to invest just $5, which is a symbolically low minimum initial deposit.

 

Spreads & Commission

Most of FXTM’s accounts are commission-free: Standard ones, as well as the ECN Zero and Pro accounts. Only ECN MT4 & ECN MT5 accounts involve a small commission fee of $4 (per standard lot round trip).

 

The floating spreads offered by this broker vary by account type. The tightest spreads are available on the ECN and Pro accounts; however, the latter is intended for institutional clients (with minimum initial deposit of $25 000), so we would recommend the ECN (MT4). The typical ECN (MT4) spreads amount to 0.7 pips on EUR/USD and if we include the commission, average trading costs for this pair are around 1.1 pips per lot, which is a good offer.

 

Maximum leverage

High leverage levels are available with this broker – up to 1:1000. However, in order to control the risk associated with it, the broker utilizes a floating leverage system. For positions with notional value from $200 000 to $2 000 000, for instance, maximum leverage is 1:500.

 

The Company. Security of funds

 

FXTM is a broker that truly suits the needs of traders of all skill levels and preferences. Its offering covers more than 240 tradeable instruments, including a number of currency pairs and various CFDs. 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. Besides, this client-centric broker created an array of ways to provide its clients with effective trading knowledge and education. 

 

Forex Time (FXTM) was established in 2011 when one of the co-founders of Alpari separated from the Russia-based broker and launched one of his own under the FXTM brand. Since then, the company has opened a number of offices around the world, and is believed to be one of the fastest growing brokers in the industry. The latest of them is FXTM London office which opened its doors in April this year in order to better serve clients in the UK and Europe. Besides, the company is regulated in multiple jurisdictions:

 

Company

Country

Regulation

ForexTime Limited

Cyprus

CySEC

ForexTime Limited

South Africa

FSB

FT Global Limited

Belize 

IFSC

ForexTime UK Limited

UK

FCA-registered

 

ForexTime Limited, doing business as FXTM, is licensed and regulated by the Cyprus Commodities and Exchange Commission (CySEC) as a Cypriot Investment Firm. Cypriot Investment Firm are required 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).

 

Trading platforms

 

As we have already mentioned, FXTM supports both MetaQuutes platforms: MT4 and MT5. The broker offers both of them as desktop, web and mobile versions (for iOS & Android devices) and makes regular updates.

 

In spite of the number of enhancements made to MT5 lately (and the final introduction of hedging on both desktop and web versions), MetaTrader 4 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. Besides, MetaQuites has recently made many significant upgrades to it, such as adding a tool for analyzing exchange markets, news management improvement, and most importantly the hedging feature.

 

For clients who prefer automated trading strategies through Expert Advisors (EAs), FXTM offers a designated forex VPS service, and technical traders can take advantage of the Trading Central technical analysis tool – free of charge. Besides, FXTM offers advanced copy-trading solution, called FXTM Invest.

 

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. Meanwhile, new clients switching from another broker get $4 for every lot they trade.

 

In addition, the broker offers a Refer-a-friend bonus of $25 ONCE a referral becomes active.

 

Payment methods

 

FXTM offers various secure 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  

 

Country: Cyprus

Regulated by:  CySEC (Cyprus), IFSC (Belize)

Licensed by the Financial Services Board (FSB) of South Africa, with FSP No. 4661

Website: www.forextime.com 

Promotions: 

Loyalty cashback programme

Switch to ForexTime

 

WHY FXTM

✓ Regulated broker.

✓ Advanced risk management and segregation of client funds held in top-tier banks.

✓ SWAP-free option available. 

✓ Leverage up to 1:1000.

✓ Tight spreads starting from 0 pips.

✓ 120+ instruments including currency pairs, Spot Metals, CFDs on Commodity Futures, CFDs on ETF’s and Indices and Share CFDs.

✓  Variety of tailor-made account types to suit the needs of any type of trader. 

✓ Full feature trading platforms available on multiple desktop and mobile devices. 

✓ Various secure and trusted payment methods. Including credit/debit card payments, E-wallets and Bank Wire transfers. 

✓ Investment programs such as PAMM and FXTM Invest. 

✓ Regular Live and Demo Contests with amazing cash prizes (terms and conditions apply).

✓ Online forex courses and webinars for proper trader education.

✓ Local seminars held in different places around the world. 

✓ Daily in-depth fundamental analysis articles and videos.

✓ Customer Support team that speaks your language.

✓ Cutting edge mobile application to ensure you keep track of the markets at all times. 

PhillipCapital UK

PhillipCapital UK Review
Trader's rate 0
Editor's rate 3.6

 Trading Accounts

 

Account Type Minimum Deposit Minimum trade size Maximum leverage Min. Spreads 
Philip £500  0.1 1:400 0.8 pips EUR/USD
Philip Trader  £1,000   0.1 1:400 0.6 pips EUR/USD
Premium £10,000   0.1 1:400 0.0 pips EUR/USD +
0.6 pip commission charge 


There are three trading accounts available to clients of PhillipCapital UK: Phillip account, Phillip Trader account and Premium account. The Phillip account is intended for traders who wanted to try PhillipCapital UK Service, on the other hand Phillip Trader account is a standard one, suitable for regular traders as well as for newbies, while the Premium account is targeted at advanced traders and offers tighter spreads.

 

This broker, however, does not offer micro tradable lots for those unwillink to put much at stake.


The Company


PhillipCapital UK is the trading name of UK-Based King & Shaxson Capital ltd., part of the Phillip Capital Group. Another trading name of the group is PhillipCapital, operated by PhillipCapital Ltd., regulated by the Australian Securities and Investments Commission (ASIC).


The PhillipCapital network was established in Singapore in 1975 and is one of Asia’s leading financial organizations with a global presence extending to Europe, Australia and North America. The company services more than 1,000,000 clients worldwide, located in 16 countries and operates in the world’s major financial centres. In 2002, the PhillipCapital Group acquired King and Shaxson, one of London’s oldest and most reputable brokers.


PhillipCapital UK offers trading in forex, CFD indices, and commodities through the most popular platform MetaTrader4.


Regulation


PhillipCapital UK is a trading name of King & Shaxson Capital Limited. The company is regulated by Financial Conduct Authority (FCA). FCA is UK’s watchdog in the sphere of provision of financial services, applying strict requirements to brokerage companies. They have to adhere to certain rules and regulations covering client funds, order execution and minimum capital requirement. UK-based brokers are obliged to possess at least €730 000 in order to prove their reliability. Regulatory authorities in most jurisdictions set minimum capital requirements to providers of financial services: Cyprus-based ones are required to hold at least €1,000,000 in order to conduct their business legitimately; likewise, Australian brokers must have a minimum of $1,000,000; US-based brokers are required to possess as much as $20 million as a minimum.


As regards the security of client funds, we would also like to mention that FCA-regulated companies fall under the umbrella of the Financial Services Compensation Scheme (FSCS), which protects consumers up to £50,000 per person. Here is a list of more FCA regulated forex brokers.


Trading Conditions


Minimum initial deposit

The minimum initial deposit, required by PhillipCapital UK is £5000 (or equivalent. i.e. $650). Other UK-based forex brokers, like FxPro, require $500 as an initial deposit, while FXopen and Price Markets and some demand just $1 from traders to start with. So, the minimum initial deposit, required by PhillipCapital UK is comparatively high.


Spreads & Commissions

This broker offers comparatively low average spreads amounting to 0.8 pips on EUR/USD (on Phillip Trader accounts). The spreads on the standard Philip account are higher, since they include the broker’s markup, but on the other hand, this account is commission-free. PhillipCapital UK’s Premium account offers lower spreads (starting from 0.0 pips on EUR/USD), however it involves a commission fee of 0.6 pip per round turn.


For purposes of comparison, FxPro offers average spread of 1.4 pips on the EUR/USD for its commission-free MT4 accounts and average spreads as low as 0.4 pips on the EUR/USD for its cTrader accounts, charged $4.5 per standard lot.


Leverage

The maximum leverage level offered by PhillipCapital UK is 1:400, which is considered a high ratio. FXCM, for instance, also provides leverage up to 1:200 and FxPro - up to 1:500. Other brokers, such as XM offer maximum leverage level as high as to 1:888. Traders, however, should be careful, for high leverage may both multiply their profits and lead to heavy losses. That is why limitations on leverage rates are set in several jurisdictions: 1:50 in the USA, 1:25 in Japan, 1:100 in Poland.


Trading Platform


Unlike PhillipCapital Ltd, the UK-based subsidiary does not offer any in-hose platforms, just the industry’s standard MetaTrader 4. The MT4 offers basically all a trader needs: an extensive back-testing environment, advanced charting, a number if build-in technical analysis tools, and also automated strategies.


Methods of Payment


Unlike most forex brokers, PhillipCapital UK does not offer e-payment system options like Neteller, Skrill, PayPal, etc. The payment methods available with this broker are:
- Debit card (Visa, MasterCard, Maestro)
- Bank transfer
- Cheque (UK Only)


Conclusion


PhillipCapital UK, the London-based subsidiary of the PhillipCapital group, offers fairly good conditions for trading currency pairs, CFDs and commodities. To sum things up, here are the Pros & Cons in relation to this broker:

    

Pros  Cons 
Low spreads Comparatively high initial deposit
MT4 available No choice of trading platforms
Well-regulated (FCA)  No e-wallet payment options