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. 

XTB

XTB Review
Trader's rate 4.6
Editor's rate 3.7

Trading Accounts

 

Account type 

Minimum deposit

Minimum trade size

Maximum leverage

Spreads (& Commission)

Basic

$250

0.01

1:200

Fixed, 2.0 pips 

Standard

$250

0.1

1:200

from 0.9 pips 

Pro (STP) 

$250

0.1

1:200

from 0.3 pips + commission $4 per lot (per side)

 

There are three basic accounts types offered by this broker: Basic, Standard and Pro. The Basic account is suited for beginners, as well as regular traders who prefer fixed spreads, while the Standard and Pro accounts provide variable spreads. The Pro one is tailored to advanced traders, offering raw market spreads through STP execution.


The Company


XTB or X-Trade Brokers is a leading forex broker in Central and Eastern Europe, providing online trading in over 1500 instruments, including forex, indices, shares, commodities and ETFs on two trading platforms - its in-house xStation and the ever popular MetaTrader 4.It has offices in more than 15 countries in Europe, South America and Asia.

Behind the XTB brand is XTB Limited, a UK-based, FCA-regulated subsidiary of the XTB Group. Its other subsidiaries are regulated by Poland’s financial supervision commission (KNF).

 

Security of Funds


XTB Ltd., operating under the trading name XTB, is authorised and regulated by UK Financial Conduct Authority (FCA). As a UK-based brokerage XTB has to adhere to strict requirements and the highest regulatory standards.


For example, in order to acquire a license from the UK financial watchdog, brokers have to provide proof of financial stability: they must hold a minimum of €730 000 in order to conduct their business activities legitimately. Similar minimum capital requirements apply in other jurisdictions, for instance brokers based in Australia are required to possess at least $ 1 million.


Regulation by FCA also involves additional guarantee to clients’ funds, since they fall under the umbrella of the Financial Services Compensation Scheme (FSCS), where the maximum compensation cover is £50,000 per person in the event that a broker becomes insolvent.


In case you are interested, you may look up more FCA-regulated brokers.

 

What is more, in May 2016, XTB went public by debuting on the Warsaw Stock Exchange (WSE:XTB), which adds additional transparency to its business model and finances.


Trading Conditions


Minimum initial deposit
XTB requires $250 as  initial deposit for opening a live account, which is average. 


Average Spreads & Commissions
This broker offers both fixed and variable spreads. The fixed ones are available on the Basic account and amount to 2.0 pips on EUR/USD, which is average. As regards the variable spreads, the ones provided on the Pro account are as low as 0.3 pips on EUR/USD, but incur a commission fee of 2.5 GBP / 3,5 EUR / 4 USD / 1400 HUF per lot (per side). No commission is charged on the Basic and Standard accounts.


In comparison, FxPro offers average spread of 1.4 pips on the EUR/USD for its commission-free accounts and average spreads as low as 0.4 pips on the EUR/USD for its cTrader accounts, charged $4.5 per standard lot.


You may look up real-time spreads of 15 leading brokers here


Maximum Leverage
The maximum leverage provided by XTB depending on the instrument traded:
- forex: leverage up to 1:200;
- indices: leverage up to 1:133;
- commodities: leverage up to 1:66;
- shares & ETFs: leverage up to 1:10.


On the whole, a maximum leverage of 1:200 is deemed average for the market, however some traders may wish to trade more with less.


Other FCA-regulated brokers, like HY Markets, provide leverage up to 1:300, and XM offers leverage levels as high as 1:888. Traders, however, should be careful, because high leverage ratios may not only allow them to trade more with less, but also to lose more than they have initially deposited.


You can look up a list of more forex brokers offering leverage equal to or exceeding 1:500.


Trading Platforms


Clients of XTB are offered a choice of two trading platforms: their in-house xStation and the renown MetaTrader 4, both available as desktop, web and mobile versions.


xStation is user-friendly, fully-customizable platform, which is equipped with an advanced trading calculator (instantly determining a trader`s potential profit or loss, thus allowing more informed trading decisions). Traders will probably appreciate even more the other two features of the platform: one-click dealing and the ability to deal straight from the charts.

 


In addition, XTB offers the most widely-used trading platform MetaTrader 4. It allows users to fully automate their trades by Expert Advisors (EA) and let the program do all the work. This is one of the reasons MT4 to be the preferred platform by most traders What is more, it offers a wide range of technical indicators, extensive back-testing environment and advanced charting package. Here is a list of more forex brokers offering MT4 platform.


Risk Management Options


Since CFDs are leveraged products and carry a high level of risk and losses can exceed traders` deposits, XTB provides guaranteed stop losses available on the Basic account.


The broker said on its website it guarantees that stop losses will be executed at the price requested, free of charge - even in cases of slippage.


Bonuses, Rebates, Promotions


XTB offers a variety of promotions to its clients:


- the Loyalty program that offers traders the opportunity to earn cashback on each completed
up to £2.60 cash back per lot.
- Monthly interest cash - traders can earn up to 1.1% on their cash balance each month, depending on the volume of trades.
- Refer a friend bonus – if a trader refers a friend and the latter opens a real account and trades a total of 10 round lots, both of them are entitled to £40.


Methods of Payment


This broker provides its clients with the following payment methods: bank transfer, credit/debit cards (Mastercard, Maestro, Visa) and e-wallets (Paypal, Skrill, Neteller).


Conclusion


XTB is a safe and dependable broker, offering trading in a wide range of CFDs through both its proprietary xStation and the famous MT4. To sum up the above, here are the Pros and Cons with regard to this brokerage:

 

Pros

Cons

FCA-Regulated

Mediocre maximum leverage

Choice of trading platforms, MT4 available

No Islamic accounts

Competitive spreads

 

Guaranteed stop loss available

 

STP environment available

 

Bonuses available

 

   

 

Headquarters:
Warsaw at Ogrodowa 58, 00-876 Warsaw

Country: Poland

Regulated by: 
Polish Financial Supervision Authority