de | cn | ru
Forex
  VS.    

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. 

Saxo Bank

Saxo Bank Review
Trader's rate 2.1
Editor's rate 3.5

Trading Accounts

 

Account type Minimum deposit  Minimum trade size Maximum leverage

Spreads

All-Inclusive Price Plan $10 000 0.05 1:100 2.0 pips on EUR/USD, fixed
Volume Price Plan $10 000 0.05 1:100 average 0.5pips + $2 – $6/lot*

 

*Commission is calculated per standard lot of 100 000 base units (per side), depending on the trading volume. The commission is $6/lot per side by default, however if a Saxo Bank’s client trades a minimum of $600 monthly, the commission is reduced by 50% to $3/lot per side; and if a client trades $ 2000 monthly and more, the commission applied amounts to just $2/lot per side.

 

There are two basic account types with this broker: a commission-free one with fixed spreads and an account with tight variable spreads that involves a commission. The broker refers to the different accounts as “price plans”. Otherwise, both price plans are accessible with an investment of $10 000/£ 6,500 and offer leverage up to 1:100, and micro tradeable lots on the broker’s proprietary platform.

 

Besides, Managed account services are also available with Saxo Bank – with Saxo Select.

 

The Company

 

Established in Copenhagen in 1992, Saxo Bank serves both retail and institutional clients, offering trading in more than 30 000 instruments, including currency pairs, binary options, contracts for difference (CFDs), stocks, futures, and bonds through its in-house SaxoTrader platforms. It is one of the biggest and most reputable forex brokerages, and one of the few major ones (except OANDA), that is privately held.

 

Apart from doing business as a brokerage firm (and a market maker), Saxo Bank is also a bank, duly licensed in Denmark and other jurisdictions. 

 

The Saxo Bank group operates 25 offices and has subsidiary companies across Europe, Asia and the Middle East, Australia, South America, and South Africa.

 

Company

Country 

Regulation

Saxo Bank A/S

Denmark

FSA

Saxo Capital Markets UK Limited

UK

FCA

Saxo Capital Markets (Australia) Pty. Ltd.

Australia 

ASIC 

Saxo Bank FX K.K.

Japan

Japanese Financial Services Agency

Saxo Bank (Dubai) Limited

UAE

Dubai Financial Services Authority

Saxo Capital Markets HK Limited

Hong Kong

Securities and Futures Commission

Saxo Capital Markets South Africa (Pty) Ltd.

South Africa

FSB

Saxo Capital Markets Menkul Değerler A/Ş

Turkey 

CMBT

Saxo Capital Markets Pte. Ltd.

Singapore 

Monetary Authority of Singapore

Saxo Bank AG

Switzerland

Swiss Federal Banking Commission

Saxo Banque SAS

France

Bank of France

 

Security of Funds

 

Saxo Banks’s clients are probably one of the few traders who need not worry about the security of their funds. Apart from being a privately-owned company and bank regulated by the Danish Financial Supervisory Authority (FSA), Saxo bank is duly licensed and authorized to provide its services by one of the most reputable authorities in the world, including UK’s FCA, Australia’s ASIC, and Japan’s FSA.

 

Saxo Bank is also a member of the Danish Guarantee Fund for Depositors and Investors. In the event that a Danish bank (including Saxo Bank) should suspend its payments or go into bankruptcy, client deposits are guaranteed by the Fund up to EUR 100 000 for cash deposits.

 

Besides, as a EU-regulated bank and investment firm, Saxo Bank falls under the MiFID's (the Market in Financial Instruments Directive) jurisdiction and has as such implemented all necessary legal requirements, and is entitled to offer its services in all EU countries.

 

Trading Conditions

 

Minimum Initial Deposit

In order to open an account with Saxo Bank, one has to deposit at least $10 000 (/£ 6,500 for UK residents), which is a comparatively high minimum initial deposit. In comparison, Swissquote (a Swiss brokerage that also operates as a bank), has set no minimum initial deposit and one may open an account with just $1.

 

Average spreads & Commissions

Saxo Bank offers both fixed and variable spreads. Its fixed spread is average, amounting to 2 pips on EUR/USD, while variable ones are tight, the typical ones being around 0.5 pips. However, variable spreads are offered within the Volume Price Plan, where a volume-based commission is applied. If a trader doesn’t want to be bound by a minimum trading volume, the commission is salty, amounting to $12 per lot round turn. This means that the trading costs are around 1.7 pips per traded lot, which is above the average for the market. If, however, one trades at least $600 per month, pricing is significantly better – a commission of $6 (per lot round turn) applies.

 

In comparison, Swissquote offers variable spreads, starting from to 1.8 pips on EUR/USD on its Standard accounts. For further information, you may look up real-time spreads of 15 leading brokers here.

 

Maximum Leverage

Saxo Bank offers traders maximum leverage of 1:100, which is considered a mediocre ratio for the EU market. As most of you probably know, higher leverage involves higher risk, not only the probability of multiplied profits earned on a relatively small deposit. That is why several EU regulators have recently proposed leverage caps.

 

In comparison, Swissquote has set the same minimum margin requirement, while many other brokerages offer leverage equal to or exceeding 1:500.

 

Trading Platforms

 

In May 2015 SaxoTrader was launched and Saxo Bank discontinued the support for the Metatrader 4 (MT4) platform. So, if you are used to the good old MT4, you will not find it with this broker.

 

Saxo Bank’s extensive product offering is tradable from the desktop, web and mobile version of the broker's own trading platform. Being quite a tech savvy company, Saxo Bank constantly updates Saxo Trader in order to improve its performance. The platform supports all the general functions you would expect to see – great charting, trading straight from charts, technical indicators, live news, technical analysis tools and indicators, algorithmic trading, etc. Along with that there are also some fancy features you probably won't see elsewhere, such as the comparative analysis tool that lets you overlap charts for as many currency pairs as you want, or the TradeMaker tool for suggesting trading ideas. 

 

SaxoBank web-based SaxoTraderGO, click to enlarge.

 

Methods of Payment

 

Saxo Bank offers its clients the following payment methods: bank transfer, stock transfer, and credit or debit card payments. The following cards are accepted:

 

- Debit card (Visa debit, Visa Electron, Visa Dankort);

- UK debit card (Switch / Maestro, Visa-Delta, Visa Electron);

- Credit card (Visa, MasterCard).

 

E-wallets such as Skrill, Neteller and FasaPay, used by the majority of forex brokersges, are not available with SaxoBank.

 

Conclusion

 

Heavily regulated and very reputable broker, as well as a bank, Saxo Bank is an excellent choice of every broker, who is willing to or capable of investing $10 000. Saxo has received numerous awards over  the years and offers efficient, state-of-the-art customer service. Here are, in a nutshell, the advantages and disadvantages of this broker:

 

Pros Cons
Strong regulation in multiple jurisdiction High initial deposit
Competitive pricing No MT4
Advanced award-winning platforms Market maker model
Extensive portfolio  

 

Headquarters:  Copenhagen, Philip Heymans Allé 15, 2900 Hellerup

Country: Denmark

Regulated by: FSA (Denmark), Member of Guarantee Fund for Depositors and Investors supervised by the Danish Ministry of Economics and Business Affairs, ensuring capital guarantees according to certain thresholds.

Forex
de | cn | ru