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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. 

Dukascopy Europe

Dukascopy Europe Review
Trader's rate 2.7
Editor's rate 3

 Trading Accounts

  

Account type Minimum Initial deposit Minimum trade size Maximum leverage Average Spreads & Commission
Standard $100 0.01 1:300 0.2 pip +$3.5/lot*

 

*Commission is calculated per standard lot of 100 000 currency base units (per side). Commission discounts offered to clients with higher Equity or Net deposits (details provided below).

 

Dukascopy Europe provides a single account type with leverage up to 1:300, tight variable spreads and a reasonable commission. Micro lots are available for trade and all transactions are executed automatically on its ECN, whatever their size.

 

PAMM (Percent Allocation Management Module) services are also available with this broker. 

 

The Company. Security of Funds

 

Company  

Country 

Regulation

Dukascopy Europe Europe IBS AS

Latvia

FCMC

 

Dukascopy Europe is the EU subsidiary of Dukascopy Bank – a well-respected Swiss forex broker. Obviously, Dukascopy Europe comes with most of the perks offered by its parent company: ECN trading through the Swiss Forex Marketplace (SWFX) ECN dealing model, which is extremely transparent; streamlined and flawless operations; secure payments to and from the trading account; seminars and webinars, various trading and other forex-related contests, and so on. There are, however, quite a few differences between the two companies. 

 

For starters, Dukascopy Europe does not hold a banking license like Dukascopy Bank; it is very well regulated, though, so there is nothing to be concerned about. The broker is located in Latvia and falls under the jurisdiction of the Financial and Capital Market Commission there. Furthermore, it complies with EU regulation (MiFID) and offers additional investor protection. 

 

FCMC Forex brokers are required to hold client funds in segregated accounts, protect investors through investor protection funds, offer insurance against broker insolvency, and provide detailed information about their financial transactions to the FCMC through independent audit reports generated by certified experts. 

 

In addition, Dukascopy Bank, which is regulated by the Swiss Financial Market Supervisory Authority (FINMA) both as a bank and a securities dealer, exercises consolidated supervision over its Group entities, ensures adequate liquidity, risk diversification and capital adequacy at a group level. The Group also has a Japan-based unit (as a result of acquisition of Alpari Japan in the beginning of 2015.

 

Trading Conditions

 

Minimum initial deposit

Clients of Dukascopy Europe’s European subsidiary can open accounts with just $100, which is average for the forex market. In comparison, Dukascopy’s clients are required to invest $5000.

 

Average Spreads & Commissions

The spreads offered by Dukascopy Europe are variable and pretty tight, averaged 0.2 pips for the EUR/USD pair, but traders also need to pay a commission of $7 per lot round trip. Nonetheless, the cost of trading with this broker is around 0.9 pips per lot for this pair, which is really low and competitive pricing. Most brokers offer spreads within the range of 1.0 – 1.5 pips on EUR/USD.

 

In comparison, Swissquote Europe (EU subsidiary of Swissquote Bank), offers variable spreads starting from 0.9 pips on EUR/USD (and charges no commission fees).

 

Besides, discounts on commission fees are available to clients with higher net deposits or equity in their accounts:

 

Net Deposit/Equity Commission (per standard lot per side)
≥ $5 000 $3.3
≥ $10 000 $3.0
≥ $25 000 $2.5
 
≥ 10 000 000 $1

 

Maximum Leverage

Dukascopy Europe provides its clients with maximum leverage of 1:300, which is considered average for the market.  In comparison, Swissquote Europe and Dukascopy both over leverage up to 1:100.

 

Keep in mind, however that higher leverage involves greater risk of losses.

 

Trading Platforms

 

Ducascopy offers its proprietary Forex trading platform JForex, which provides access to Swiss Forex Marketplace (SWFX). It is available as desktop, web and mobile versions.

 

JForex platform is designed for traders interested in automated trading and/or developing and testing trading strategies based on the JAVA programming language. Here are some of the tools and features the platform offers:

 

- 250 indicators and chart studies

- Calendar of economic events, news

- Automated trading on user's machine or Strategy Server

- Automated trading historical tester

- Renko, Range bars, Point&Figure and Line break charts

- Mql4 expert advisor converter to JAVA

 

Unlike most brokers, Dukascopy Europe does not support the popular MetaTrader 4 (MT4) platform. However, customers are able to use a third-party provider's MT4 bridge.

 

Besides, this broker also offers the possibility of API integration for professional traders (who deposit a minimum of USD 100.000). The Dukascopy Europe API is based on FIX4.4 protocol. The API is used to receive real-time data feed, submit orders, set / modify / cancel orders, and receive automated notifications of trading activities.

  

Methods of Payment

 

Clients of Dukascopy Europe can make deposits to and withdrawals from their accounts via bank wire, debit cards (Maestro, Visa Electron), and credit cards (MasterCard, Visa). Unlike most brokers, Dukascopy Europe does not support e-wallets, such as Skrill & Neteller.

 

Conclusion

 

With a minimum initial investment requirement of $100 and leverage of up to 1:300, Dukascopy Europe is a lot more suitable for beginning traders (compared to the Swiss broker). Its clients are able to make their first steps in forex, get in touch with other traders on the designated community page of the broker, benefit from the various educational resources available, and trade with a true ECN via the broker's own platforms. To sum up the above, here are the advantages and disadvantages with regards to this broker.

    

Pros Cons
Well-regulated, member of Swiss Banking Group None                                                   
Tight spreads and low cost of trading  
ECN environment with deep liquidity   
Low minimum initial deposit   

                              

Headquarters: Lacplesa iela 20a-1, Riga, LV-1011

Country: Latvia

Regulated by: Financial and Capital Market Commission

 

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