|Account type||Minimum deposit||Minimum trade size||Maximum leverage||Average Spreads||Execution type|
|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.
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.
In comparison, another Cypriot broker, XM offers typical spreads of 0.1 pips on EUR/USD + commission $5 per standard lot (per side) on its Zero accounts. For further information, you can check out the real-time spreads of 15 leading brokers here.
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.
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:
FT Global Limited
ForexTime UK Limited
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).
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.
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.
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.
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.
|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|
Regulated by: CySEC (Cyprus), IFSC (Belize)
Licensed by the Financial Services Board (FSB) of South Africa, with FSP No. 4661
✓ 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.