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Forex
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FXTM

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

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 1:1000 0.4 pips Market

 

* Commission is calculated per standard lot of 100 000 currency base units (per side).
** Leverage depends on the country of residence & knowledge 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, various CFDs, as well as ctyptocurrencies. 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. 

City Index

City Index Review
Trader's rate 1.5
Editor's rate 3.7

Trading Accounts

 

Account type   Minimum deposit  Maximum leverage Average Spreads Trading platform
Forex £100 1:200 1.6 pips MT4
CFD £100 1:200 0.7 pips AT Pro, Advantage Web

 

Basically, City Index offers its clients two account types: CFD and Forex trading one. There is also a spread-betting account available to UK clients (with no Stamp Duty applicable). All accounts are commission-free (apart from trading in CFDs on shares), offer leverage up to 1:200 and variable spreads.

 

The Company. Security of funds

 

Company

Country

Regulation

Gain Capital UK Limited

UK

FCA

 

City Index is a UK broker that offers trading in 84 FX pairs, and various CFDs: 21 global Indices, more than 4500 global shares, over 25 global commodities bonds, options and more on several trading platforms

 

Founded in 1983, City Index was one of the first companies to offer spread-betting and CFD trading in the UK. In 2015, it was acquired by US forex giant Gain Capital for approximately US$148 million. So, the City Index brand is currently operated by Gain Capital UK Ltd. – a company authorized and regulated by the Financial Conduct Authority (FCA).

 

FCA is one of the most reliable regulators worldwide, as licensed companies must meet a number of requirements and comply with strict rules: capital adequacy (730 000 EUR), positions reporting, keeping clients` money in segregated accounts, etc.

 

Besides, FCA regulation includes Financial Services Compensation Scheme (FSCS), which protects consumers up to £50,000 per person.

 

Set up in 1999, GAIN Capital Group is now a global provider of online trading services, active in North America, Europe and the Asia Pacific regions, serving both retail and institutional. The parent company, GAIN Capital Holdings, Inc. (NYSE:GCAP), is a New Jersey-based forex and CFD broker. As a global publicly traded company, regulated in 7 jurisdictions, Gain Capital meets high standards of corporate governance, financial reporting and disclosure.

 

Except City Index, Gain Capital Group is operating the brands Forex.com, GTX, and Gain Capital, FinSpreads, as well as the advisory CFD business Galvan and futures provider, Daniels Trading. It also offers white-label solutions for online forex trading companies.

 

Trading Conditions

 

Minimum initial deposit

In order to open an account with City Index, one has to invest £100, which is average. However, other UK CFD and spread-betting providers require none at all – IG and CMC Markets, for example.

 

Spreads & Commission

City Index is that it offers commission-free trading and competitive spreads, especially on the CFD account, where the average spread amounts to 0.73 pips on EUR/USD pair. Spreads on the Forex account on the MT4, on the other hand, are slightly above the average, as typical ones are around 1.6 pips for this pair.

 

In comparison, IG offers variable spreads, averaged 0.8 pips on EUR/USD and alos does not charge commission fees. For further information, you may check out and compare real-time spreads of 15 leading brokers here

 

Maximum leverage

The maximum leverage levels offered by City Index is up to 1:200, which is considered average.

If you need higher leverage ratios, many FX brokers still provide such. FXCM, for example, offers leverage up to 1:400 and you may also check out a list of brokerages providing leverage up to 1:500 or higher here. Keep in mind, however, that higher leverage involves greater risk of losses.

 

Trading platforms

 

City Index prides itself with the variety of trading platforms it offers. The list includes its clients its in-house desktop AT Pro, Advantage Web, as well as the popular MetaTrader 4.

 

Advantage Web is highly customizable, browser based platform with powerful trading tools and features, such as one-click dealing, 12 chart types with 80+ indicators to help you perform technical analysis. It is also equipped with real-time news from Reuters, economic calendar, and technical and fundamental analysis portal. Besides, users can create and amend multiple watch lists, set up price alerts, etc.

 

 

The AT Pro platform is basically designed for advanced. Apart from the powerful charts, numerous technical indicators and customizable layout, it offers automated trading strategies. Users can code their own unique trading strategies, there is a back-testing excel tool available, and also trade signals.

 

 

In addition, the most popular forex trading platform - MetaTrader4 - is also supported by City Index.

 

Payment methods

 

Clients of City Index may use solely bank wire transfer, as well as debit/credit cards as payment methods.

 

It is free to make deposits from a debit card, but there is a 1.5% charge if you use a credit card.

 

Conclusion

 

City Index is a part of the Gain Capital group – leading forex brokerage with a global presence. It offers competitive conditions for trading in forex, CFDs , as well as spread-betting on a wide range of platforms. Here are, in a nutshell, the advantages and disadvantages with regards to City Index:

 

Pros

Cons

Strong regulation

Market Maker model

Tight spreads, no commission fees

Limited payment methods

Several trading platforms offered, including MT4

 

Part of a global major brokerage group

 

Extensive product portfolio offered

 

 

Headquarters: Park House, 16 Finsbury Circus, London, EC2M 7EB

Country: United Kingdom

Regulated by: FSA

Website: www.cityindex.co.uk

Forex
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