de | cn | ru
  VS.    

FXTM

FXTM Review
Trader's rating 4.5
Editor's rating 5

Trading Accounts

 

Account type Minimum deposit   Minimum trade size Maximum leverage  Spreads (& Commission) Execution type
Cent  $10 0.01 1:500** from 1.5 pips  Instant
Standard  $100 0.01 1:500** from 1.3 pips Instant
ECN Zero.mt4 $200 0.01 1:500** from 1.5 pips  Market
ECN MT5 $500  0.01 1:500** from 0.2 pips + $2 / lot* Market
ECN $500  0.01 1:500** from 0.1 pips + $2 / lot* Market
PRO $25 000 0.01 1:500** from 0 pips Market

 

* Commission is calculated per standard lot of 100 000 currency base units (per side).
** Leverage depends on the country of residence, knowledge 
& 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 swap-free (Islamic) trading, 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 $10, 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 account. The typical spreads on these accounts amount to 0.4 pips on EUR/USD and if we include the commission (2 x $2), average trading costs for this pair are around 0.8 pips per lot, which is a very attractive offer.

 

Maximum leverage

High leverage levels are available with Exinity Limited – up to 1:1000. The broker utilizes a floating leverage system. 

 

However under Forextime Limited this is maximum up to 1:30.

 

As regards cryptocurrencies CFDs (available only in Exinity Limited), the maximum leverage available is 1:10, as they tend to be more volatile than traditional fiat currencies.

 

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, various CFDs, as well as ctyptocurrencies. Keep in mind that trading CFDs on cryptocurrencies is only available under Exinity Limited.

 

Furthermore, 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

Exinity Limited

Mauritius

FSC

ForexTime UK Limited

UK

FCA

 

ForexTime Limited, doing business as FXTM, is licensed and regulated by some of the most reliable financial watchdogs worldwide - the Cyprus Commodities and Exchange Commission (CySEC) and UK's Financial Conduct Authority (FCA). Bothe governmental agencies require licensed companies to hold at least €730 000 as a proof of financial stability and to keep client funds must be held in segregated accounts and regulated entities are required to report to the Commission on a regular basis.

 

Furthermore, CySEC and  UK’s FCA apply compensation schemes 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. Clients of FCA-regulated brokers, on the other hand, are insured up to 50 000 GBP each.

 

As both Cyprus and UK are (still) part of the EU, MiFID regulations apply, allowing companies licensed in those countries to operate in all EU Member States. In spite of this, FXTM is officially registered with a number of other EU regulators: 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. These are mainly held by Exinity Limited where Terms & Conditions Apply.

 

At the time of writing this review Exinity Limited offers Loyalty Cashback program, where traders can get $2 – $5 rebates per lot anyone who deposits $10 up to $10000, based on their deposit value. Meanwhile, new clients switching from another broker get $4 for every lot they trade. (T&Cs apply)

 

In addition, Exinity Limited offers a Refer-a-friend bonus of $50 ONCE a referral becomes active (T&Cs apply).

 

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. 

 

The above depends on your country of residence. 

 

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
Solid regulation (FCA, CySEC) No major disadvantages
Variety of tradable products (incl. cryptocurrencies in Exinity Limited only) and trading accounts offered  
Tight ECN spreads, low-cost trading
Low minimum initial deposit & commission fees  
Flexible 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 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. 

Bitstamp

Bitstamp Review
Trader's rating 1
Editor's rating 3.9

Our Experience

We registered an account at Bitstamp and after confirming the ID, we decided to make a credit card deposit. What first stroke us, was the fact you can only directly buy Bitcoin via credit card, instead of simply transferring funds to your account. The purchase went fine, after dealing with an external payment services provider. We immediately sold the coins, in order to have a USD trading balance. At that point we realized the 8% fee on credit card transfers (at the time, now the fee is 5%) truly applies.

 

Later on, we traded with the platform and everything felt fine. While the speed of execution was slightly lower than the one provided by most forex trading platforms, it was still pretty decent. The order book seemed to have some trading robots, which moved the best bids/asks constantly, but this didn’t hinder trading at all.


We also made a SEPA Bank transfer to this exchange. The funds arrived less than 24 hours later and the only fees we paid were the ones charged by our local bank.

 

We ended up having some Litecoin, which we transferred to Bittrex, in order to continue our journey in the world of altcoins. Additionally, we left some Ethereum, which we sent to a newly created wallet at MyEtherWallet – a wallet, which allows users to control their private keys. All of these blockchain transactions, which are external to Bitstamp happened in minutes. We are yet to test the speed of bank transfer withdrawals, from this exchange.

 

Trading Accounts

Account type Minimum deposit Leverage Fee
Standard Undisclosed N/A 0.25%*

*Fees can go lower for bigger traders

 

Bitstamp is one of the few cryptocurrency exchanges which accepts deposits directly from traditional payment methods. In essence this service can be used to obtain Bitcoin (via a bank transfer or credit card) which you are then free to send.

 

The company, security of funds

Company Country Regulation
Bitstamp Ltd. Luxembourg CSSF

 

Bitstamp Ltd. is the company behind this project. They have offices in Luxembourg, London and New York. More importantly, this is the first fully licensed cryptocurrency exchange in Europe. It is regulated by the (Luxembourg Financial Industry Supervisory Commission, known as the CSSF). As we often warn against the risks involved in dealing with unregulated or off-shore forex brokers, it is nice to see a company in the cryptoverse, which is registered with a watchdog.

 

The CSSF Licensing ensures the company periodically files reports with the appropriate agencies. Bitstamp is registered as a “Payment institution”, which implies you can be sure about the real-money transfers you send to (and receive from them). That being said we don’t know if mandatory policies on fairness of execution are in place. No matter the case, this is much more than, what most other crypto-exchanges provide in terms of regulation.

 

Bitstamp was hacked in early 2015. Afterwards the company rebuild its entire trading platform. Nowadays they claim to store 98% of their client’s cryptocurrencies on cold storage, while only 2% are directly available on the exchange. This is a major improvement in terms of security.

 

Bitstamp partnered with Swissquote, in July 2017.  The Swiss bank and broker, decided to trust this company, in order to provide Bitcoin trading to its clients. This speaks volumes in terms of Bitstamp’s credibility. At the time of writing of this review, there is no integration with the MetaTrader4 (MT4) platform. Trading is instead done on the Swissquote’s website, with limited functionality. This is bound to change in the future. 

 

The user reviews for Bitstamp are fairly mixed. There are lots of satisfied customers and people claiming dissatisfaction with the support. Similarly to Poloniex, the company may be experiencing more significant traffic than expecting, but the negative comments are not that harsh. 

 

Trading conditions

 

Trading instruments (cryptocurrencies)

Bitstamp allows trading cryptocurrencies against the old-fashioned EUR and USD. On the other hand few coins are supported, namely Bitcoin, Ethereum, Litecoin and Ripple. If you want to dive into more exotic altcoins, you can use Bitstamp as a way to convert your cash into one of these three and then transfer it to a different exchange which supports your preferred altcoin.

 

Minimum initial deposit

There is no information on the minimum deposit at Bitstamp. While this is not that unusual, when dealing with cryptocurrencies, the company does accept traditional payments. There may be a level below, which they would not accept your transfer. We are used to forex brokers disclosing their minimum entry levels beforehand, like easyMarkets, who require $100.

 

Leverage

Margin trading is not available at Bitstamp. For those of you who do not know what margin trading is – this is a mechanism by which you trade with more buying power than the money you have in your account. When it comes to froex brokers, they allow substantial leverage levels, like 1:500, meaning you can trade with positions worth 500 times more than your investment. The catch is your account serves as a guarantee, and if you start loosing, there will be a point at which your positions will be closed (this is known as receiving a margin call, followed by a margin stop-out).

 

Fees

The commissions, charged by Bitstamp go as high as 0.25% for cash to cryptocurrency trades (for the lowest volumes). As is the practice with most other exchanges, they go lower with bigger volumes. The unusual aspect of this offering is that there is no incentive for the market “makers” (people who place orders on the exchange, instead of aggressively buying from the ones which other traders have placed). Most cryptocurrency exchange provide an ever so slightly lower fee for traders who provide liquidity.

 

Comparing this to the spreads provided by forex brokers is rather hard, as we have mentioned in our general comparison of the two type of service providers. On the other hand, Bitstamp’s fees are in-line with what other cypto-exchanges are offering.

 

 

Trading platform

 

Bitstamp’s trading platform is web-based. This is the norm with most cryptocurrency exchanges, unlike the situation with forex brokers, where downloadable software (like MT4) is prevalent. At first glance Bitstamp’s trading platform looks solid. A big emphasis is placed on charting, with a nice package. It feels pretty similar to cTrader, although it lacks a lot of the functionality. Lots of technical indicators and tools are available, but most forex trading platforms still provide even more options. That being said Bitsatmp’s offer is better that what we have seen at a lot of other crupto-exchanges. Here is a preview of the charting (click to zoom-in):

 

 

The order book is located below the chart and is one of the best ones available (at such exchanges). Here is a screenshot (click to zoom-in):

 

 

It was clearly designed by someone with trading experience as the bid and ask price are next to each other, where the two tables meet (on the left). This allows for a quick and easy comparison of the market depth, although the size of the orders (outer columns) must also be taken into account.

 

Methods of payment

 

Bitstamp accepts payments via Bank Transfer, Credit/Debit Card and cryptocurrencies. There are some specifics regarding the bank transfers, with EU clients being more easily accepted via the SEPA System. While this system is relatively faster than traditional bank transfers, it may come at higher fees (depending on your bank). On the other hand Credit Card transfers, while instant, come with an 8% fee. That being said, virtually anybody can transfer fiat currencies to this exchange. This feature is probably their biggest advantage over others.

 

Conclusion

 

Bitstamp is the first regulated European cryptocurrency exchange. The company keeps 98% of customer’s coins on cold storage wallets, which is a pretty good security measure. Bitstamp is one of the relatively few exchanges who accept deposits by Credit Card and Bank Transfer. Three of the major coins are traded directly against EUR and USD. On the other hand the exchange offers few alternative coins. In essence this is a great gateway for those who are new to the world of cryptocurrencies. Here is a summary Bitstamp’s strong and weak sides:

 

Pros Cons
Luxembourg licensing Few altcoins available
Accepts Bank Transfers and Credit Cards Was hacked in 2015
Competitive commissions 5% fee on credit card purchases
Relatively nice trading platform  
98% of coins kept in cold storage  

 

Forex
de | cn | ru