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).

 

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 and Qiwi.

 

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  
Promotions available  

 

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. 

FinanceYards

FinanceYards Review
Trader's rate 0
Editor's rate 3.0

 

Basic Information

Minimum deposit 

Min. bet size

Payout %

Bonus

Trading platform           

Regulation

$200

$5

Up to 87%

No

SpotOption

CySEC

 

FinanceYards is a newly-established binary options broker, offering trading wide range of assets on the popular Spot Option platform.

 

It also offers training in binary options trading and free educational materials and webinars on its website. Unlike most binary options brokers, however, this one does not provide bonuses to its clients.

 

Trading Accounts

 

FinanceYards offers its clients a choice of three basic account types, depending on the initial deposit: Micro, Premium, & VIP Gold. All account holders receive Financial News Report, and Premium and VIP clients are entitled to some extra services.

 

Account type

Min. initial deposit

Extras

Micro

$200

-

Premium

$500

Dedicated Account Manager

Market Data Report – Email

VIP Gold

$5 000

Dedicated Account Manager

Market Data Report – Email & SMS

Personalised Training

 

The Company. Security of Funds

 

Founded in 2016, FinanceYards offers trading in more than 200 financial assets across 20 international markets. The brand is owned by Spot Capital Markets Ltd., a company licensed by the Cyprus Securities and Exchange Commission (CySEC).

 

Cyprus has become an international focal point for the forex and binary options industry with its MiFID compliant regulatory framework that allows trans-European business activity.

 

CySEC applies certain rules and requirements to license holders and makes sure they are being observed. It requires Cyprus-based brokers to hold a minimum of €730 000 in order to prove their good financial standing. Moreover, all CySEC-regulated companies are members of the Investor Compensation Fund, which may cover an investment loss to a maximum of 20,000 EUR per person in the event that the broker becomes insolvent. Such compensation schemes serve as an additional guarantee to clients’ funds.  

 

Of course, regulated brokers are also required to keep client money in segregated accounts.

 

Trading Conditions

 

Trading Options: Call/Put, One touch, 60 seconds, Long Term, Ladder, Pairs

Assets:  Currencies, Stocks, Indices, and Commodities

Expiry Times: 60 seconds (Short term): 60s, 120s,180s, 300s

Binary: 10m, 20m, 2h, 4h, 8h, 12h

Long Term: 3d, 10d, end of month, one month

 

Minimum Initial Deposit

The minimum initial deposit for clients of FinanceYards is $200, which is average, yet other CySEC regulated brokers require less. HY Options, for instance, demands just $100 from its clients as a start.

 

Min bet size

The minimum bet size with this broker is just $5 (for 60 seconds options). The same minimum bet size is set by HY Options.

 

Payout amount

FinanceYards`s Return percentage varies from 60% to 87%, depending on the option type, asset and expiry time. Such percentage is average for the industry. For instance, Call/Put options on EUR/USD offer payout of 80%, while 71% return is offered on 60 seconds options for EUR/USD. In comparison, payout percentage offered by HY Options is up to 85%.

 


Trading Platform

 

FinanceYards is using the popular trading platform made by SpotOption. The platform is web-based and simple and easy to use. Mobile apps are also available with this broker.

 

The platform offers some useful functionalities, such as Double Up & Rollover.

 

When it’s close to expiry time of a binary option, the position is out-of-the-money, and the trader is convinced that the market will still move to his advantage, then he or she is able to delay the expiration time by activating the “Roll-Over” feature and modifying accordingly the time of expiry.

The specific binary option must be still open (and needs more than 3 seconds for closing time) and the initial invested amount will increase by 30%.

 

Be advised, that the Roll-Over option is only offered once per position and is not available for the last trade of the day

 

Double Up, on the other hand, gives you the opportunity to increase your investment and double your profits. If you are close to your expiry time, and you think that the direction you predicted is on a roll, you may use this feature.

 

In fact, by clicking on Double Up you create a new trade with the same conditions, for the current price of the asset.

 


Methods of Payment

 

There are several payment methods available to FinanceYards’ clients: Bank Wire, Credit/Debit cards and a number of popular e-payment systems like Skrill & Neteller.

 

Available currencies: EUR, USD, GBP.

 

Conclusion

 

FinanceYards is a binary options broker, offering a variety of assets and trading options on the SpotOption trading platform. To sum up the above, here are the advantages and drawbacks in relation to this broker:

 

Pros      Cons
CySEC regulation No bonuses available
Spot Option platform available No Signals trading
Wide range of trading options & assets