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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. 

FXOpen

FXOpen Review
Trader's rate 3
Editor's rate 3.5

Trading Accounts

 

Account type Minimum deposit Minimum trade size Maximum leverage Average Spreads (& Commission) Execution
Micro $1 0.001 1:500 2 pips Instant
STP $10 0.01 1:500 1.6 pips Market
ECN $100 0.01 1:500 0.5 pips + $5 - $2.5 / Lot* Market
Crypto  $10 0.01 1:500 From 0.0 pips + 0.5% of the transaction volume round turn Market

  

*Commission is calculated per standard lot of 100 000 units per side.

 

FxOpen offers 4 basic account types, all of which are accessible through the popular MetaTrader 4 platform and offer micro lots for trade. Clients of this broker are able to choose between market and instant execution, and commission-free trading or ECN execution with raw spreads with commission.

 

Personal multi account manager accounts, as well as swap-free (Islamic) and micro ones are also available with this broker. In fact, FxOpen claims to be the first forex broker to offer Micro accounts and swap-free Sharia compliant accounts. Now, FxOpen also offers Crypto accounts, where is available trading with Bitcoin, Litecoin, Namecoin and Peercoin.

 

The Company

 

Company  

Country 

Regulation

FXOpen Ltd. 

UK

FCA

FXOpen AU Pty Ltd.

Australia

ASIC

 

FXOpen is a global forex broker, regulated in United Kingdom and Australia. Unlike most brokers, it started as an educational center back in 2003, and ever since it launched brokerage services two years later, FxOpen focused on traders’ interests.

 

FxOpen is an international online trading broker, providing services for trading in financial markets to both retail and institutional investors.

 

FxOpen is a registered business name of FXOpen Ltd., a company authorised and regulated by the Financial Conduct Authority (FCA). It also has a sister company in Australlia - FXOpen AU Pty Ltd., which is duly licensed by the Australian Securities and Investments Commission (ASIC) The broker also had a New Zealand unit, but it was deregistered in 2015.

 

In addition, FXOpen also operates an offshore unit, FXOpen Markets Limited, which is registered in Nevis.

 

Security of Funds

 

The UK’s FCA and Australia’s ASIC are one of the most reputable financial watchdogs worldwide. Both UK and Australian regulated brokers must keep client funds in segregated accounts, separated from the companies operating funds. UK-based brokerages must maintain net tangible assets amounting to at least €730 000 as a proof of their financial stability, while Aussie forex brokers must hold a minimum of $ 1 million.

 

What is more, clients of UK brokers are covered the Financial Services Compensation Scheme (FSCS). In the event of a company insolvency, FSCS is able pay compensation up to a maximum of £50,000 per person per regulated entity. Unlike UK-based brokerages, Australian ones are not covered by any compensation scheme.

 

Trading Conditions

 

Minimum Initial Deposit

You may start trading with FxOpen with just $1, which is an attractive offer, especially when it comes from a reputable and well-regulated broker.  Nonetheless, we would advise you to invest $100 and take advantage of its ECN execution.

 

Average spreads & Commissions

FxOpen offers floating spreads, which vary by account category. The typical ones on the commission-free STP account are around 1.6 pips on EUR/USD, which is above average. Spreads on ECN account start from 0.2 pips on EUR/USD, the typical ones being around 0.5 pips, and a commission of $5 per lot (per side) applies. So, as it turns out average cost of trading per lot for the EUR/USD pair on these accounts is approximately 1.5 pips, which is on the upper end of average.  Besides, commission discounts are available to high volume-traders and such with equity above $1000.

 

 

In comparison, FxPro offers average spreads as low as 0.4 pips on the EUR/USD for its cTrader (ECN) accounts and charges $4.5 per lot. For further information, you may look up and compare real-time spreads of 15 leading brokers. http://www.forexbrokerz.com/forex-broker-comparison

 

Leverage

The maximum leverage rates at FxOpen are up to 1:500. Such leverage is considered comparatively high, although many other FCA-regulated brokers offer similar leverage rates. For instance, leading EU brokerage FxPro provides leverage up to 1:500. You may check out a list of forex brokers offering leverage equal to or exceeding 1:500  here.

 

Please, be advised that investing in over-the-counter derivatives with high leverage involves significant risks. 

 

Trading Platforms

 

Like most forex brokers, FxOpen supports the MetaTrader4 (MT4) platform. Since 2005 MetaTrader 4 has been holding the title of the most popular Forex trading terminal and continues to be preferred by most investors and brokerages. The MT4 has a user-friendly interface, and offers all a trader needs: advanced charting package, a number of technical indicators, extensive back-testing environment and a variety of Expert Advisors (EAs).  With this broker it comes as desktop, web and mobile versions.

 

FXOpen’s web MT4. Click to enlarge.

 

FXOpen claims to be the first broker to offer its clients direct access to Interbank liquidity and ECN trading via the MetaTrader 4 in 2009. Standard Forex MT4 capacities have been extended and supplemented by the broker's–Liquidity Aggregator solution. Now FXOpen ECN ensures instantaneous and error-free order execution at the best prices from more than 10 banks and other liquidity providers.

 

What is more, FxOpen has partnered with ZuluTrade and MyFXBook to offer its clients advanced automatic trading options.

 

VPS service is also available with this broker, so that traders can install their favorite EA applications and have them running 24/5 without requiring their PC to be on. MT4 VPS hosting with this broker is free of charge to new and existing clients that deposit a minimum amount of $5000 or or trade volumes of USD 10,000,000 (per calendar month).

 

Methods of Payment

 

Clients of FxOpen are able to choose from a wide range of payment methods: via credit/debit cards, (Visa, MasterCard, Maestro), bank wire, Skrill, Neteller, Payza, WebMoney, SorexPay, Yandex Money, FasaPay, IntellectMoney, OKPAY, ePayments, RBK Money, China Union Pay and Bitcoin and ETH.

 

Also, a number of Local Transfers are available, as well as FXOpen Prepaid Cards.

 

Deposit and withdrawal fees apply - for further information, you may refer to the broker’s website.

 

Conclusion

 

FxOpen is a reputable forex and CFD broker with strong regulation, more than 10 years of experience on the forex market, diversified product portfolio and attractive conditions. We especially like its ECN offerings on the renown MT4 platform. In a nutshell, here are the advantages and disadvantages with regards to this broker:

 

Pros Cons
Strong regulation No choice of trading platforms
MT4 available, as well as access to advanced auto trading  
ECN trading environment available with competitive pricing  
High leverage levels, low initial deposit  
Special cryptocurrency trading account available  

 

 

Regulation:

FXOpen Markets Limited, a company duly registered in Nevis under the company No. C 42235. FXOpen is a member of The Financial Commission.

 

FXOpen AU Pty Ltd., a company authorised and regulated by the Australian Securities & Investments Commission (ASIC). AFSL 412871 – ABN 61 143 678 719.

 

FXOpen Ltd. a company registered in England and Wales under company number 07273392 and is authorised and regulated by the Financial Conduct Authority (previously, the Financial Services Authority) under FCA firm reference number 579202.

 

Bonuses:

- No Deposit $10 Bonus for STP accounts

- $1 bonus - open micro account and deposit $1

- ForexCup Trading Contest Bonus  (% of profit made in the contest demo account)

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