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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. 

PipIndex

PipIndex Review
Trader's rate 0
Editor's rate 3.6

PipIndex is no longer providing trading services.

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Trading Accounts

 

Account type Minimum deposit  Minimum trade size Maximum leverage  Spreads   Trading platform 
Standard  $100 0.01 lot (micro lot)  1:400 (1:200 by dafault) From 0.8 pips on EUR/USD MT4 


Unlike most forex brokers, who provide their clients with several different account types, PipIndex offers a single Straight-Through-Processing (STP) account on the world renown MT4 platform with variable spreads starting from 0.8 pips on EUR/USD. Micro lots are available for trade and the broker says it doesn`t charge any commission.


Traders who deposit funds in excess of $100,000 get Platinum status and are entitled to dedicated senior market analyst additional markets, additional trading instruments as well as lucrative rebates.


This broker, however, does not provide managed account solutions, such as PAMM/MAM accounts, nor Islamic (swap-free) service to Muslim clients, who would not earn or pay interest for religious reasons.


Also, we should warn traders that unlike many other FX brokers, PipIndex does not tolerate scalping strategies.


The Company. Security of Funds


PipIndex Capital Markets (PipIndex) is a relatively young London-based brokerage offering trading in a wide range of instruments, including numerous currency pairs, CFDs on major indices, bonds, commodities and precious metals, as well as major ETFs on the industry’s standard MetaTrader 4 (MT4). Apart from London, PipIndex runs offices in several other key European cities: Paris, Madrid and Frankfurt.


PipIndex is the trading name of PipIndex Capital Markets Limited, an appointed representative of Finsa Europe Ltd., which is authorised and regulated by the UK`s Financial Conduct Authority (FCA).


FCA regulation its famous for being among the strictest in the EU. To acquire a license from the UK financial watchdog, UK-based brokerages must prove their financial stability and to meet various requirements. For example, clients` funds shall be kept in segregated bank accounts, separated from the company operating funds. Moreover, brokers must hold a minimum of €730 000 net tangible assets in order to operate legitimately.


Probably the most important thing in relation to FCA regulation is the fact that it involves a compensation scheme in the event that a licensed broker becomes insolvent or ceases trading. The Financial Services Compensation Scheme (FSCS) provides a maximum compensation cover of £50,000 per person.


Trading Conditions


Minimum Initial deposit

The minimum initial deposit with PipIndex is $100, which is a reasonable to start with. In comparison, Trading 212, another FCA-regulated brokerage, also requires $100 from clients in order to start trading, and leading EU broker FxPro - $500.


Spreads & Commissions

As a STP broker, PipIndex offers variable spreads, starting from 0.8 pips on EUR/USD. Its clients also benefit from commission-free trading, as the broker gets remuneration for its services through the spread, the typical one for the EUR/USD pair amounting around 1.0 pips. Such spread is on the lower end of average, so we can conclude that the pricing of PipIndex is pretty competitive.


In comparison, Trading212, offers variable spreads averaged 0.9 pips on EUR/USD on its commission-free accounts. For further information, you may look up real-time spreads of 15 leading brokers here.


Maximum Leverage
The default leverage with PipIndex is 1:200, however it may be changed upon client request to a maximum of 1:400. A leverage ratio of 1:400 is considered comparatively high, nonetheless many other UK-based brokers offer similar or higher levels. FxPro, for example, provides leverage up to 1:500. More forex brokers offering leverage equal to or exceeding 1:500 can be viewed here.


We would like to remind traders that high leverage levels involve greater risk, not only the probability of multiplied profits earned on a small deposit.


Trading Platform


Clients of PipIndex are offered access to the most commonly used forex trading platform, Metatrader 4 (MT4). It is available for Windows, Mac, iOS and Android devices.


MT4 is globally popular due to it being incredibly reliable, adaptive, and quite easy to use. It is equipped with advanced charting package, a wide range with built-in technical indicators, automated trade options with Expert Advisor strategies (EA) and extensive back-testing environment. Here is a list of more forex brokers offering MT4 platform.


Promotions
At the time of writing the present review PipIndex offers the following promotions:


- Welcome on-deposit bonus from $100 to $7.500, depending on the deposit amount. It is available for deposits over $300 and may be withdrawn after certain trading volume is reached.
- Rebates amounting to 20% of the total transactional costs – available only to Platinum status account holders.
- £50 Referral bonus for both the referral and the referred person.


Methods of Payment


Clients of PipIndex can make deposits to and withdrawals from their accounts via bank wire and credit/debit card. The accepted currencies are: USD, GBP, EUR.


Conclusion


PipIndex is a relatively young broker with strong regulation, whose offerings under the STP model seem quite decent. Yet there aren`t many options in respect of trading accounts, platforms, payment methods, etc. To sum up the above, here are the Pros and Cons with regards to this broker:

 

Pros  Cons
FCA-regulated No choice of trading platforms & accounts, no web-based platform available
MT4 available Scalping is not allowed
STP model No managed account solutions
Attractive promotions available  

 

 

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