Forex

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 1:500 2.2 pips  Instant
Standard  $100 0.01 1:500 1.8 pips Instant
ECN Zero.mt4 $200 0.01 1:500 1.7 pips  Market
ECN MT5 $500  0.01 1:500 1.9 pips + commission $2* Market
ECN $500  0.01 1:500 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).
** Leverage depends on the knowledge and experience of each Client

 

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 1:500. However, in order to control the risk associated with it, the broker utilizes a floating leverage system. 

 

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).

 

In line with CySEC proposiotions and ESMA guidelines introduced in 2016, FXTM announced it ensures that losses will never exceed the total available funds in client accounts. Actually, this means that the broker’s clients cannot lose more than they have deposited - a policy also known as negative balance protection.

 

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, Qiwi,and Baidu Pay.

 

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  
Negative Balance Protection  

 

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. 

AAAfx

AAAfx Review
Trader's rate 3.7
Editor's rate 3.5

Trading Accounts

 

Account type  Minimum deposit Minimum trade size Maximum leverage Spreads (& commission)
Standard $300 0.01 1:500 0.2 pips + $10 per lot per side

 

AAAFx offers its clients a single account with leverage up to 1:500, variable and the option to trade in micro lots on the popular Metatrader 4, that is fully integrated with the largest Social Trading Network, Zulutrade. Therefore, no commission is charged for trading signals.

 

Besides, anyone of Islamic faith can apply for a swap-free (Islamic) account with AAAFx.

 

The Company. Security of Funds

 

Company

Country

Regulation

Triple A Experts Investment Services S.A.

Greece

HCMC

 

AAAFx offers online trading in over 50 currency pairs, indices, oil, metals and binary options. If you are copy-trader using ZuluTrade, then AAAFx is an excellent choice for you as AAAFx is, in fact, ZuluTrade's own brokerage, operating out of Athens, Greece.  Being a Greek broker licensed by the Hellenic Capital Market Commission (HCMC), Triple A Experts Investment Services S.A. falls under European Union regulations so investors are better protected. 

 

In accordance with EU financial regulations, client funds are segregated from the company’s operational funds.  Besides, the compensation payment to investors for liabilities arising from the provision of investment services is governed by the provisions on the Investor Compensation Fund. The coverage amount for the investment services offered to the Client comes up to thirty thousand (30,000) EUROS per person.

 

The companies licensed by HCMC are also required to abide by ESMA guidelines on the sale of complex products where online forex is specifically mentioned as such. As a EU-regulated broker, AAAFx is entitled to offer cross-border services within the Union under the MiFID Passporting Regime.

 

Trading Conditions

 

Minimum Initial Deposit

In order to open a live account with AAAFx you have to deposit $300, which is average for the market.

 

Spreads & Commissions

AAAFx`s sole account provides tight variable spreads, averaged 0.2 pips on EUR/USD, however salty commission of $10 per standard lot applies. So, average cost of trading for this pair is around 2.2 pips per lot, while most brokers provide spreads within the range of 1.0 – 1.5 pips.

 

Leverage

The maximum leverage level offered by AAAFx is 1:500, which is a high ratio. Yet, many brokers provide leverage equal to or exceeding 1:500. Keep in mind, however, that high leverage levels involve greater risk. That is why both CySEC and FCA undertook measures to restrict leverage levels provided by regulated brokerages.

 

Trading Platform

 

Platform-wise, there are no surprises with AAAFx here: you can trade with Metatrader 4 (MT4) and take advantage of all its goodness, such as for example Expert Advisors (EAs). The platform is available as desktop and mobile versions for Android and iPhone, which is a bummer for Mac and Linux users with Windows Mobile phones as they won't be able to trade with AAAFx.

 

AAAFx also offers the web-based ZuluTrade Platform, equipped with technical analysis indicators (Trend, Oscillators, volatility, volumes, Bill Williams etc.) and charts (Candlesticks, OHLC, lines) you can tailor according to your trading requirements. In addition, ZuluScripts™ allows trading robots to be used or developed via your own algorithms to run your trading strategies.

 

Whether you are a manual trader or choose to trade signals, you would be happy to know that with this broker you can use pretty much any trading strategy, including scalping and hedging. 

 

Promotion

AAAFx is a generous broker that offers a number of promotions:

 

- up to 30% BONUS on all deposits (of at least $500);

- $100 Refer-A-Friend Bonus;

- $25 Welcome bonus.

 

Methods of Payment

 

Unlike most brokers, AAAFx does not offer a variety of deposit and withdrawal methods: bank wire transfer, credit/debit cards and e-wallet Skrill, Neteller, Sofort, giroPay, iDEAL, QIWI, Przelewy24, EPS, and Teleingreso.

 

Conclusion

 

AAAFX, owned by Zulutrade, is a reputable, Greek-registered forex and binary options broker that has been active in the Forex industry since 2008. Our may concern with AAAFX is that it charges salty commission fees. To sum up the above, here are the advantages and drawbacks with regards to this broker:

 

Pros Cons
EU regulated broker Salty commission fees
Tight spreads  
STP execution available  
Bonuses offered  

                                                                                                

Headquarters:
14 Akti Kondyli Str, Piraeus, 18545

 
Country: Greece 
 
 
Regulated as an FCM in Europe