Forex

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).

 

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. 

Hot Forex

Hot Forex Review
Trader's rate 4.2
Editor's rate 3.5

Trading Accounts

 

Account type Minimum deposit  Minimum trade size Maximum leverage  Average Spreads 
Micro  $50  0.01 1:1000  1.2 pip on EUR/USD
Premium $500 0.01 1:400 1.2 on EUR/USD
Fixed $500 0.01 1:400 1.8 pip on EUR/USD
Zero $100  0.01 1:200  0.1 pips on EUR/USD + commission $4 per lot traded (per side)
Currenex $500 0.01 1:400 0.2 pips on EUR/USD + commission $5.00 per lot traded (per side)
VIP $20,000  0.01 1:300 0.2 pips on EUR/USD + commission $6.00 per lot traded round turn

 

In order to suit the needs of traders of all preferences and levels of experience, HotForex offers its clients a variety of account types to choose from. You may choose from fixed and floating spreads, commission-free trading (in Micro, Premium and Fixed accounts) or tighter spreads, involving commission fees. Beginners can sign up for Micro accounts with as little as $50, and micro lots are available for trade on all accounts.


Apart from the above mentioned account types, HotForex offers 2 more copy trading ones: an Auto Account, enabling traders to subscribe to free and paid Trading Signals from the MQL5 Community, (built-in to the MT4 trading terminal); and HF Social, which provides trading powered by FxStat.


What is more, swap-free (Islamic) accounts are available with minimum initial deposit $150, designated for clients who are not willing to earn interest for religious reasons.


The Company. Security of Funds


HotForex is a retail forex broker, offering attractive conditions for trading in a wide range of instruments, including Forex, Spot Metals and CFDs on commodities, indices and popular shares such as Google, Apple and Facebook.


HOTFOREX is the trading name of HF Markets (Europe) Ltd., a Cypriot Investment Firm (CIF), registered in the European Union and licensed by Cyprus Securities and Exchange Commission (CySEC).


Cyprus is currently one of the most attractive forex broker destinations and probably the main reason for this is its well-balanced regulation. Tough regulation with high entry capital requirements and low maximum leverage has reduced competition in the United States and Japan, while light touch regulation affects credibility and safety.


CySEC applies certain rules and requirements to Cyprus Investment Firms, which are not as stringent as those in the US, for instance, however they provide a certain level of credibility. Cypriot Investment Firms must hold at least €1,000,000 in order to prove their good financial standing. Besides, they are required to keep customer funds in segregated accounts, separated from the company’s operating funds.


As a further guarantee to clients’ funds, all CySEC-regulated companies are members of the Investor Compensation Fund, which is able to pay compensation up to 20,000 EUR, If the company is in default.


Additionally, every CySEC- regulated investment company is also MiFID compliant and therefore entitled to offer cross-border services within the EU under the MiFID Passporting Regime. What is more, the broker is also registered with a number of EU regulators, including UK’ FCA, Germany’s BaFin and others.


Trading Conditions


Minimum Initial Deposit

In order to open an account with HotForex, traders have to invest a minimum of $50. Such minimum initial amount comparatively low, however, many Cyprus-based brokers require even less. For instance, FXTM and XM demand just $5 from their clients as a start.


Spreads & Commissions
This broker offers both floating and fixed spreads. Fixed ones are comparatively low, amounting to 1.8 pips on EUR/USD. In comparison, Easy-forex offers fixed spreads amounting to 1.8 pips on VIP accounts only.


As regards floating spreads with HotForex, typical ones on commission-free accounts amount to 1.2 pips on EUR/USD, which is average. According to us, the conditions on the Zero account are the most attractive ones: spreads averaged 0.1 pips on EUR/USD and commission $4 per 1.00 lot traded (per side), so basically trading costs amount to around 0.9 pips, commission included. And you can open a Zero account with just $100.


For purposes of comparison, average variable spreads on Exness’ commission-free accounts amount to 0.9 pips on EUR/USD, while ECN account holders are offered average spreads of 0.4 pips on EUR/USD with $5 commission per standard lot.


Leverage
The maximum leverage with HotForex is high, reaching 1:1000. Some jurisdictions cap leverage ratios at considerably lower levels (1:50 in the USA, 1:100 in Poland).


The reason for such leverage limitations is that the higher leverage, the higher the risk of losses, which may even exceed initial investments. However, many Cyprus-based brokers offer leverage levels, similar to the ones provided by HotForex (XM – up to 1:888), or even higher – Exness offers leverage up to 1:2000. More FX brokers offering leverage equal to or exceeding 1:500 may be vewed here.


Trading Platforms


This broker supports the standard forex market trading platform MetaTrader4 (MT4). MT4 is an internationally acclaimed trading terminal, offering a full spectrum of trading tools and resources: built-in technical indicators, advanced charting package, a wide range of Expert Advisors (EAs) and extensive back-testing options for them. Traders can download ready-made or create their own EAs and let the program do all the work, no human emotions involved.


MetaTrader 4 is available to clients of HotForex as desktop, web and mobile versions. More brokers using the MT4 can be viewed here


What is more, HotForex provides MT4 MultiTerminal, which offers a practical and convenient way to manage multiple accounts simultaneously from a single interface.


Besides, free VPS hosting is offered to both new and existing customers who deposit a minimum of $5,000 and maintain this amount for the subsequent months. VPS hosting allows the execution of orders 24 hours, 5 days a week.


Promotions
By the time of writing this review, HotForex runs the following promotions:


- 100% SuperCharged Bonus – applies to each deposit of $250 by FIX, Premium, Currenex and Islamic account holders up to $50,000;
- 30% Rescue Bonus - to a maximum of $7,000 which cannot be withdrawn under any circumstances;
- 100% Credit Bonus - applies on new deposits or internal transfers to trading accounts of at least $100 (available on Micro, Premium, Islamic, FIX and Currenex account types), which can be withdrawn as soon as trading volume requirements are met.
- Performance based competitions: demo contest with $3500 pool prize;
- Other ongoing promotions: HTA award and a $1000 cash prize as a showcase to the superb skills that lead to an excellent performance.


Methods of Payment


HotForex supports a wide range of payment methods: credit/debit cards (Visa, Visa Electron, MasterCard, Maestro, American Express), bank wire transfer and e-wallet payment systems Skrill, Neteller, WebMoney, TrustPay, iDeal, Sofort, Western Union, Przelewy24.


Conclusion


HotForex is a EU award-winning broker that offers wide range of trading products and account types under competitive conditions. To sum up the above, here are the advantages and drawbacks with regards to this broker:

 

Pros  Cons
Well-regulated  No choice of trading platforms
Low competitive spreads  
MT4 available  
Attractive Bonuses & Promotions  

 

Headquarters:
HF Markets Europe Ltd

Spirou Kyprianou 50, Irida 3 Tower, 10th Floor, Larnaca 6057
 
 
Country: Cyprus
 
Regulated by: CySec
 
Promotions:
100% SuperCharged Bonus  
100% Credit Bonus
30%   Rescue Bonus  
 

Dealing:
Straight Through Processing (STP

Spread:
Variable, from 1 pip  (no commision)
Variable, from 0.02 pips  ($6 or $10 commision)

Deposit/Withdraw
Bank Wire, Credit card,  Skrill (MoneyBookers), WebMoney, Neteller, Perfect Money, CashU

Platform:
Metatrader, Currenex, Web Trader, iPhone Trader, druidTrader, PAMM, FIX/API

Extra Services:
Technical anaysis from TradingCentral.com
MYFX platform for deposits over $2000