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FXTM Tightens Spreads and Lowers Commissions for All Forex Trading Accounts

Jun 10 2013
By

Less than a week after launching its special summer “over-the-weekend” account type which allows customers to keep positions open without paying swaps, ForexTime (FXTM) has announced the introduction of even more new and improved trading conditions. The new deal bears the catchy name “You Better Believe It” and concerns swap rates and spreads in particular.

 

There are four main points to the “Better Believe It” trading conditions. First of all, FXTM is tightening the spreads of popular currency pairs, bringing them as low as 0.1 pips for the AUDUSD and EURCHF currency pairs (for ecn.mt4 accounts), and 0.5 pips for EURUSD (for standard.mt4 accounts). Of course, you need to keep in mind that these are just the minimal spreads for each account; typical spreads for all three of these pairs are around 1.2 pips.

 

The second change in FXTM's trading conditions is related to Limit ans Stop levels. Until now, the restrictions on the minimum distance allowed between these levels was between 2 and 5 times the size of the spread, depending on the pair. This restriction has now been changed to accommodate Limit and Stop placement as close as 0,5-2 times the spread of the pair traded, allowing for more flexibility.

 

Improvement number three is lower commissions for all ECN accounts according to their band category, as can be seen in the table below:

 

 

Although the table states the commission level is calculated according to account balance, FXTM has actually changes that as well, making the calculated account equity-based. The same type of alteration has been made to the way swap rate improvement is calculated as well – this will also be done based on account equity, not balance. This means that traders will have easier access to lower commissions and higher swap rate improvement.

 

Of course, while FXTM's are definitely an improvement, they do leave something to be desired, as I mentioned above. Not only are these spreads not as low as could be, platform choices could be better, as the only platform available at FXTM is the Metatrader 4 and 5 (MT 4 and 5). There are, however, other brokers out there that offer both low spreads and a choice of platform. For example, Liquid Markets' spreads for cTrader accounts start as low as 0 pips (for the Liquid Prime+ account) and 0.6 (for Liquid Prime accounts). Their average spread is 0.9 pips – quite the bargain, compared to FXTM's 1.2 pips. The conditions are also better for MT 4 customers who can enjoy fixed spreads from 0.9 pips. So, if asked, I must say I would advise any trader to explore other options. 

 

 

About ForexTime

 

Led by Mr Andrey Dashin, founder of Alpari, ForexTime Ltd is committed to providing the tools and support to ensure maximum performance for traders. ForexTime Ltd will offer trading and other investment services in Forex, commodities, precious metals, shares, indices and other financial instruments.

 

ForexTime Ltd has been granted a license as a Cyprus Investment Firm (CIF) by the Cyprus Securities and Exchange Commission (CySEC), license number 185/12.

 

TAGS: fxtm  swap rate  spread  trading conditions 

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