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FXTM Waves Swaps Goodbye for the Summer

It seems like it was only yesterday that we were talking about Alpari's "Goodbye to Swaps" promotion and the subsequent introduction of the new "Weekend Fee" account type... oh, wait, it was actually just yesterday! Well, guess what – ForexTime (FXTM) has now decided to follow suit and instate a similar account of its own.

 

FXTM's version is called an "over-the-weekend" account and will be available all summer, until August 31. In order to take advantage, a customer needs to open a brand new account and request to be registered in the promotion. Each trader is allowed no more than one over-the-weekend account, and the promotion only applies to FXTM Standard Accounts. Once the account is opened, approved and registered, the user can trade as they like, leaving positions open overnight without paying any fees. Each Friday, however, an over-the-weekend commission will be charged per every 0.01 lot for all open positions in the account. According to the official Terms and Conditions posted by FXTM, the commission amounts will be as follows:

 

 

This means that holding a single lot position in EURUSD open all week long will only cost you $20 in commission fees – a somewhat better deal that Alpari's $35 offer. But, just as we pointed out yesterday, there is a major setback to be found in the fact that the over-the-weekend promo does not allow for positive swaps. A positive swap is what you get when, instead of having to pay a certain amount of interest for keeping a position open overnight, you receive some money. Obviously, this will not be happening if you decide to take part in this particular promotion.

 

Of course, since FXTM is the brainchild of Alpari's own founder, it's really no wonder the two have similar offers. It's also no wonder that I will once again give out the same advise I did yesterday: do the math carefully before you sign up for anything. Nonetheless, I must admit it's very pleasant to see the way FXTM has been caring for its customers' needs over the past few weeks, introducing new tools and instruments to trade. It sure looks like those guys are gearing up for a profitable summer!

 

 

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  swap-free  swap-free account 

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