FXTM Global Online Trading Broker Review

An exclusive FXTM review to explore the FXTM Company and platform in detail. Discover whether FXTM is legit or not and get to know more about its coverage, fee, and trustworthiness:

FXTM seeks to lead that charge by providing a marketplace, partnerships, support, and professional tools for anyone who wants to succeed in the trading of forex, stocks, stocks baskets, indices, forex indices, metals, and CFDs of metals, cryptocurrencies, and CFDs of stocks via a broker.

FXTM has clients in 180+ countries, including Europe, the Middle East, Africa, Asia, and Latin America.

This FXTM review looks at the FXTM company and platform. We investigate whether FXTM as a trading platform and company is a scam or not, and review the pricing of its products/services relative to industry standards.

FXTM Overview – A Comprehensive Analysis

FXTM Review Is FXTM Your Favorite Broker

We also review the range and power of trading tools and trading platforms it supports, the types of accounts and to who they best apply, and provide a detailed guide on how to make the most of the platform.

=> Visit FXTM Website

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Who is this review for?

This review is for people interested in trading forex, stocks, indices, forex indices, CFDs, stock baskets, stocks, and FX indices, among other assets. This guide will support those interested in and looking for the best trading platforms to use in trading such assets. It is for people who are comparing such platforms with FXTM, e.g. in terms of pricing and other things, to find its pros and cons.

Watch this video for an overview of FXTM:

FXTM as a company was founded in 2011 as a Forex and Contracts for Difference broker. Based in Nairobi, Kenya, the company facilitates the trading of foreign currency pairs and CFDs of indices, precious metals, and energies.

It is registered and authorized for traders in the United Kingdom, Kenya, and Mauritius under the name Exinity UK Limited, in the EEA Countries, and in South Africa under the name Forextime Ltd.

FXTM customers can use professional tools such as the MetaTrader 4 and MetaTrader 5 for PC, Mac, Android, iOS, and web; as well as FXTM’s native trading app called the FXTM Trader, which works for iOS and Android.

FXTM is regulated by the Cyprus Securities Exchange Commission, the Financial Conduct Authority in the United Kingdom, the Financial Sector Conduct Authority of South Africa, the Capital Markets Authority, and the Financial Services Commission of Mauritius.

Base currencies are Euros EUR, United States Dollar or USD, GBP, and Nigerian Naira NGN. A trader is required to select one of the four currencies when opening an account and all transactions, including deposits, withdrawals, fee charges, and profit/loss calculations, will be done in this currency.

Deposits can be done in other currencies which are not base but a conversion to your base currency has to be done, for instance, to trade.

Prices of tradable assets are obtained from third-party external sources or the so-called liquidity providers. If there is volatility and a trading order cannot be executed/completed at the trader’s declared price, then it gets executed at the first available price.

Review of FXTM Trading Platform

Is FXTM Right for You? Who is it Ideal for?

We found FXTM best suited for traders engaged in scalping and day trading given the nature of trading tools it supports, although it is a support for short-to-medium term investors. There are more than adequate tools for both professional traders and beginner traders.

Day traders: Day traders will find 30+ technical indicators on MT4, free VPS hosting for running Expert Advisors uninterrupted to trade forex, fast order execution, and lowest spreads on ECN accounts.

Unfortunately, commission-free accounts offer spreads that are above the industry average on major FX pairs. There also are high withdrawal charges. FXTM also does not offer a wide range of stocks for day traders and other types of traders.

Scalpers: Day traders will find 30+ technical indicators on MT4, free VPS hosting for running Expert Advisors uninterrupted to trade forex, fast order execution, and lowest spreads on ECN accounts.

Swing traders: They can leverage available US stocks for trading (not available on the majority of CFD brokers) and many CFD instruments, average swap fees, rich economic and technical indicators, account manager features, and trading algorithms, among other features. They can also leverage the power of copy trading features on MT4 and MT5.

Beginner traders will leverage the ease of use of the proprietary mobile app and, to some extent, the web-based platforms for intermediate traders; the wide range of free educational materials, in-house daily market analyzes, videos, commentaries, market insights, and podcasts.

Beginners will, however, find MT4 and MT5 more complicated to use. Beginner traders will leverage a wide range of free educational materials, in-house daily market analyzes, videos, commentaries, market insights, and podcasts.

How do the FXTM Desktop and Mobile Apps Fair?

Compare FXTM desktop and mobile apps in terms of performance

Customarily, the MT4 and MT5 platforms are the solace for traders who are seeking more features than provided in the proprietary tools from brokers. The desktop versions support extensive features for pro traders who may find some features they need missing on the FXTM mobile app.

But beginners would rather start with the mobile app since MT4 and 5 are difficult for beginner traders to use.

Products and Services Offered

#1) Forex trading: 58 currency pairs – 19 major currencies, 22 minors, 17 exotics.

#2) Trading of commodities/energies: 3 spot commodities (Brent, Crude, and Natural Gas).

#3) Trading metals: 5 pairs of Spot metals. Gold, Silver paired with USD, EUR, and GBP.

#4) Indices trading: 13 spot indices. AUS200, UK100, GER40, and others.

#5) Stocks trading: 638 US stocks.

#6) Stocks CFDs trading: 798 CFDs (CFDs on US and European stocks).

#7) Crypto CFDs trading: 11 CFDs on cryptocurrencies (BTC, Dogecoin, Ripple, and cryptocurrencies).

#8) Copy trading for as little as $100: FXTM has a program where they have strategy managers whose strategies and trades other traders can follow and copy.

Further Reading => A Comprehensive Review of Funded Trading Plus

A copying trader using FXTM Invest can invest a given amount of money, follow a strategy manager, and follow his or her strategy to then place trades based on their strategy. The followers do not need to do analyses or trade themselves. Only the investor puts the money and when a strategy manager trades, the follower’s account places the same trade automatically.

Strategy managers are experienced traders who share their trading strategies with other traders for a percentage split of the copier’s profits. Those copying trades pay fees only when a trade is profitable. Strategy managers trade by utilizing Advantage Plus MT4 accounts.

That copying can monitor live trades in real time. Those copying trades can check a leaderboard to follow the most successful traders, although it is also limited by the minimum amount acceptable by a strategy manager.

Types of Accounts

FXTM provides three types of trading accounts, namely the Micro, Advantage, and Advantage Plus accounts. There also is an Islamic type of account. The type of account chosen by a trader determines the kinds of instruments to trade, fees per transaction, max and min traded amount, leverage, method of withdrawal, and deposit available.

Accounts can be upgraded at any time.

#1) Micro Account: This account is most favorable for beginner traders and traders who are testing the features of FXTM and those who want to start by investing in small amounts.

Trade forex and CFDs on commodities, stock baskets, FX indices, and metals.
$10 minimum deposit.
Spreads start at 1.5 pips. No commission is charged on trades. Swap fees are charged on trading positions held overnight.
The minimum lot size is 0.01.
Leverage up to 1:400 for Kenya and EEA countries. The leverage reduces as the trade amount increases on any transaction. For the U.K., the maximum leverage is 1:30 while for Mauritius and other countries, it is 1:2000. Maximum leverage for Energies is 1:500, Indices is 1:1000, Cryptocurrencies is 1:1000, and Shares is 1:10.
Negative balance protection for unsuccessful trading positions.
Instant execution of trades.
Traders can only use the MT4 to trade on this account type.

#2) Advantage Account: This account is preferable for intermediate to experienced traders.

Trade forex, CFDs of metals and stocks, indices, stocks, stock baskets, and even FX indices.
The minimum deposit on this account is $200.
Spreads on major FX pairs can be as low as $0.0. This account charges a commission on each trade, starting at $0.42 to $2 per side. The commission is floating and depends on the amount traded per trade. It decreases with an increase in the trade’s size. Swap fees apply to trade positions charged overnight except for Islamic accounts.
Negative balance protection.
The minimum lot size is 0.01 lots.
Leverage of up to 1:400 is available for Kenya and EEA countries, and it decreases as the trade amount increases on any single transaction. For the U.K., the maximum leverage is 1:30 while for Mauritius and other countries, it is 1:2000. Maximum leverage for Energies is 1:500, Indices is 1:1000, Cryptocurrencies is 1:1000, and Shares is 1:10.
Traders can use MT4 and MT5 to trade assets on this account.

#3) Advantage Plus Account: This commission-free account is most favorable for most experienced traders, trading groups, trading companies, and brokers on the FXTM platform.

Trade forex, and CFDs of metals and stocks, indices, stock baskets, stocks, and FX indices.
The minimum deposit on this account is $200.
Spreads start from 1.5 pips. No commission is charged. Fees are charged on trade positions held overnight but exempt on Islamic accounts.
The minimum lot size is 0.01 lots.
Floating leverage is up to 1:400 for Kenya and EEA countries, which decreases with an increase in the amount invested per trade. For the U.K., the maximum leverage is 1:30 while for Mauritius and other countries, it is 1:2000. Maximum leverage for Energies is 1:500, Indices is 1:1000, Cryptocurrencies is 1:1000, and Shares is 1:10.
Market execution of trades.
Negative balance protection.
Traders can use MT4 and advanced MT5 trading tools on this account type.

#4) Islamic Account: Islamic types of accounts are relevant for Muslims because they do not charge/apply swap fees (interest) for trade positions held overnight as provided for in the no-riba sharia law.

Customers need to submit a document proving they are Muslim, e.g. a birth certificate.
Contact customer support after registration so that customer support can enable your account as an Islamic account.
Islamic accounts are possible for Micro, Advantage, and Advantage Plus categories.
Exotic FX pairs are not tradable on this account type.
Swap-free trading without any additional daily fees is allowed for the first 7 days on a trade that opens for 7 days continuously. A swap-free daily fee of $10.63 per lot is charged on a trade that is open continuously for over 7 days. The fee counts after the 7th day. A trader can close and reopen the same trade after the seventh-day lapse to avoid paying the daily fee.

#5) Demo Trading: All account types provide demo trading on which one can practice trading and test each of the account features.

FXTM Trading Platforms

FXTM provides the following expertise trading tools with which you can trade assets professionally, whether you are an individual trader, group, company, or introducing a broker.

#1) MetaTrader 4 and 5: MT works on Windows, Mac, Android, iOS, and the web. MT4 and MT5 enable traders to craft their trading robots using MQL4/5 or C++, get free trading robots, or purchase advanced ones in the marketplace.

Most suitable tools for algo traders, scalpers, and day traders.
VPS trading. Rent a VPS or get one free, and reduce trading downtimes due to connectivity issues.
80+ (MT5) and 30+ (on MT4) technical indicators to better understand price and market movements and enrich your analyses.
Embedded community chat on MT5.
Use MT4 add-ons (such as trading signals from experts and pip calculators to calculate business performance) to further customize your trading and experience.
MT4 and 5 are used by only those with a trading broker like FXTM, otherwise, only a demo account is possible.
Multi-account manager on MT4 and 5.
Multiple charts on the same window.
Trade directly from charts.

#2) FXTM Trader: This is FXTM’s native trading app, which runs on iOS and Android.

Most suitable for casual traders and those who want to manage positions placed on MT4 and 5 on the go.
Place and manage trades, stop losses take profits, and manage pending orders on the go.
Cross-device trading is where you open trades on, for instance, a desktop and manage and close them from a mobile phone.
Use real-time charts to analyze markets.
Monitor live markets on the go.

General Features

Below, we have listed the features:

#1) Additional add-on trading tools for MT4 and 5 to enhance trading outcomes and experience. These include the Currency Converter to calculate FX rates, the Margin Calculator to calculate risk and margin amounts needed in trades, and the Pip Calculator and Profit Calculator to estimate profits/losses.

The Invest Profit Calculator is used to estimate the profits/losses for a trading position at different market prices. Other add-ons include market news and analyses.

#2) Zero deposit fees for funding accounts. $1 per transaction on mobile money deposits. $3 per credit card and debit card withdrawal fees. The fee for Bitcoin withdrawals is $1.

#3) In case you have a balance on your account, $5 is charged monthly on inactive accounts after 6 months of inactivity. No negative balance in case the inactive account balance is zero.

#4) Swaps and commissions are not included in the quoted prices but are charged from the account.

#5) Education and research: Trading guides including forex trading for beginners and CFD trading for beginners; trading videos on forex basics and technical analyzes (including trends, range, charting, etc.); and daily market analyses provided by FXTM’s in-house analysts to provide traders on the platform with the latest news, trading insights and information on price movements.

#6) Customer support for 24 hours 5 days a week. Support is available through a live chat on the FXTM website (chatbot which can transfer the chat to a live agent), as well as on Messenger, WhatsApp, and Telegram. Email support is also provided through the email address support@fxtm.com while phone support through the number +44 20 3734 1025 (international) and other local support numbers.

Also, traders can raise a request online and use a Help Center to get the information they need. To raise a request, a trader chooses a topic in which they need help, provides their information such as email and phone number, describes the problem, and submits for the support to reply.

#7) FXTM referral program: Traders can get about $50 for referring their friends who each get $50.

#8) Free VPS hosting.

#9) Alerts where customers can be informed when an asset attains a given price.

#10) Watchlists, where a trader can create a list of favorite trading assets and follow live quotes of each of these assets in a market watch panel.

#11) One-click trading is where a trader can place a trade with one click without the need for confirmation.

#12) Trade directly from the charts.

#13) Trailing stop orders, stop loss orders, limit orders, and market orders.

#14) Margin Call is 80% while the Stop Out is 50%.

#15) Timed cash deposit bonus. Contests and promotions are also offered.

#16) Trading rebates are paid at a rate of $5 per lot on most assets on Micro and Advantage Plus accounts, and 25% of commissions on the Advantage accounts. For shares, it is 10% of the spread for both Advantage and Advantage Plus accounts.

How FXTM Works and How to Use FXTM

How to Open an FXTM Account

Step #1: Visit or browse the FXTM official website. Click or tap the Open Account button in red, located at the top right corner of your desktop browser, or at the middle of the page if browsing from the middle of the page. Scroll and find the Register Now button to display the registration form.

Fill in the registration form. Click/tap Send Pin to receive a verification code via SMS or WhatsApp message via the provided number and email. Enter the Pin received and click/tap Register Now to continue.

Step #2: Scroll down the page to choose the account type once directed to the client area or dashboard after step 2 above. Click/tap the account type desired to open that account type and click/tap Open Account. Choose a demo account by clicking/tapping ‘Try demo’ if you need a testing account before choosing a live account.

Refer to this video:

Fill in the form that appears by clicking/typing Open Account. Check the box to confirm that you have read the FXTM Terms and Conditions. Click/tap the Submit button on the form. You will need to upload documents such as ID and Tax Payer ID number depending on location, to verify the account.

Click/tap My Documents, then Verify My Account once you are in the dashboard. It verifies in 10 minutes but may take up to 24 hours.

Choose an account currency, set a leverage limit, and create a password. Click or tap “Open Account” to create a live trading account.

Understand how to deposit through this video:

Step #3: To deposit money for trading, you can do so following Step 2 above, where you are shown the available deposit payment methods.

Choose one by clicking/tapping the red Deposit button against the preferred method. Fill in the details per that payment method, e.g. credit card number and other details, and proceed to deposit.

You can also deposit by logging in and clicking/tapping on My Money tab on the left side menu. Select Deposit Funds. Click/tap on the red Deposit button against a preferred deposit method from the list shown on this page. Fill in the required information.

Deposit methods include e-wallets Skrill and Neteller; Mobile wallets including Mpesa, Airtel Money, and Equitel which are all of Kenya/East Africa region; credit cards; debit cards; Internet Banking/online bank transfer.

If using Africa Local Solutions to deposit using local African currencies, select this option, then select your account number and transfer currency. Select the deposit amount from the list or enter a custom amount on the “Other” circle.

From the drop-down menus, choose your country and select the Mobile Money method supported, select payment provider, enter mobile money, click/tap Confirm, confirm payment details, and proceed to complete the deposit by clicking/tapping Submit.

How to Trade on FXTM

Step #1: Download the MT4/5 (for mobile or desktop) or the FXTM Trader from the iOS and Android app on your phone.

Step #2: Register for or log into your existing FXTM profile, go to the Account Overview section, and check your trading server. Otherwise, open a new trading account under Open New Account on the dashboard.

Now tap to open the MT app on your phone or PC and under New Account, choose “Log in to an existing account” or Log in to Trade account option (also found under the File menu on the app) and log in using the FXTM account details (trading account number and password), find your trading server and then log in.

If using MT4 on mobile, open the MT app and navigate to Settings -> Trade Accounts -> + icon on the right corner, and select the ‘Login to an existing account’ option. Enter ‘FXTM’ and from the list of servers shown, choose one that is relevant to your trading account. Enter your login ID and password and proceed to sign in.

Step #3: Deposit money for trading: Log in to MyFXTM, access My Money tab from the left menu on the website (you also can deposit using the FXTM Trader mobile app by locating this tab from the menu), choose a deposit method, and proceed to deposit. Open the MT4/5 app and if logged in, start placing trades.

Step #4: Place trades: The MT4/5 website and our tutorial on 8 Best MetaTrader 4 (MT4) Brokers & Trading Platforms of 2024 have detailed directions on how to place trades on MT4 and 5.

How to Copy Trade on FXTM

Follow these steps:

Step #1: Sign up or log in to your account.
Step #2: Choose a strategy manager.
Step #3: Open an investment account in MyFXTM.
Step #4: Deposit funds and automatically copy trades from your chosen strategy manager.

How to Withdraw Funds

Step #1: Login, click/tap the My Money tab on the left money. Select “Withdraw funds.”

Step #2: From the deposit methods shown, choose one and click/tap the red Withdraw button shown against your preferred method. Follow the prompts, such as filling in the required account details to complete the withdrawal.

There are local payment options for withdrawing local African currencies for those from Africa, but there also are international methods for use by anyone. The latter includes credit/debit cards and bank wire transfers.

You can only withdraw via a method through which you deposited.
Account should be verified using an ID and proof of residence document.

Here is the video for your reference:

Trading Fees and Commissions

FXTM is free to open an account, but a trading fee applies on all trades as spreads where the broker adds a mark-up fee on the spreads (difference between ask/sell and bid/buy prices). Typical spreads on major currencies are as follows:

	AUD/USD	EUR/USD	GBP/USD	NZD/USD	USD/CAD	USD/CHF	USD/JPY
Advantage	0.5	0.1	2	4	0.6	0.5	0.6
Advantage Plus	2.1	2.1	2.5	15	2.8	2.7	2.5

* Spreads on Micro accounts start at 0.6 pips.

The commission is charged only on Advantage types of accounts: $3.5 per lot for FX, $0.02 per side/lot (1 share = 1 lot) for Shares CFDs, 0% for shares, and 0.05% of the notional value for crypto CFDs. FXTM charges $35 per million notional value traded for indices of CFDs and commodities CFDs, and $25 per million notional value traded on spot metals.
Daily Swap Free charges range from -1.5 USD/lot to -50 USD/lot depending on the forex pair or product in question. The following table provides swap short, swap long, and swap-free daily fees charged (the latter is charged after the seventh day of holding a trading position). It applies to Advantage and Advantage Plus accounts at FXTM.

	AUD/USD	EUR/USD	GBP/USD	NZD/USD	USD/CAD	USD/CHF	USD/JPY
Swap Short	0.28	2.26	0	0	-6.06	0	-30.31
Swap Long	-3.35	-7.16	-3.4	0	0.26	6.51	3.21
Swap Free Daily Fee charge	-5	-10	-5	-1.5	-5	-10	-20

Deposits and withdrawals are free of charge (FXTM customers only pay third-party provider fees which amount depends on the method used).
$3 flat rate is charged for deposits and withdrawals of value less than $30.

Pros and Cons

Pros:

A wide range of supported easily available and low-cost local deposit methods. The same applies to withdrawal methods. FXTM provides 15+ deposit and withdrawal methods.
No transaction fee for transactions more than $30 in value, which benefits high-volume traders. No commission is charged in this case (only the fee charged by the third-party provider applies). A fee of $3 per transaction applies for deposits and withdrawals of value less than $30.
Segregation of funds where customer funds are separated from other company funds. This means customer funds cannot be utilized for operational expenses or speculative investments.
Negative balance protection
Investor protections – Users from the United Kingdom have up to $85,000 insurance cover provided for in the Financial Conduct Authority (FCA) regulations. It offers Lloyds of London account insurance for up to $1M, over $20,000 (FCA). Traders in the EEA countries have an insurance cover of up to €20,000 provided by the CySEC.
Trading signals are provided through Acuity’s third-party signals provider.

Cons:

Limited geographical licensing for usage of the platform.
No investor insurance protections in Mauritius, Kenya, and South Africa.
Deposits and withdrawal fees are high for amounts less than $30.
Challenges with customer support which is not available on a 24/7 basis.

Frequently Asked Questions

1. Is FXTM legit or fake?

FXTM is a legit regulated broker although it is regulated in a few (e.g. U.K., and Africa) and not in other regions including in the United States. Signing up with a spoofed website posing as the broker may result in fraudulent activity and loss of money.

2. Is FXTM regulated in the United States?

FXTM is not regulated in the United States. As such, it does not accept traders in the United States locations to use the platform for now. It does not provide services to U.S. residents. Residents of Canada, Japan, DPRK, Haiti, Mauritius, and many other countries also cannot legally get services from FXTM.

3. Which country owns FXTM?

FXTM is based in Kenya but has offices in the United Kingdom and Mauritius. It operates under Exinity Limited in Kenya and the United Kingdom. It is regulated and operates in EEA Countries and South Africa under the name Forextime Ltd.

4. What is the minimum deposit for FXTM?

$10 for Micro accounts, $200 for Advantage accounts, and $200 for Advanced Pro accounts. For this reason, it has one of the lowest deposit minimum requirements in the market, which removes a financial hindrance to venturing into online asset trading for most beginners.
Besides, the minimum trading lot required is just 0.001 pips on all the accounts.

5. How much does FXTM charge for the withdrawal fee?

Mobile and e-wallets have minimal withdrawal fees of around $1 while credit card and debit card withdrawals are charged at the rate of $3. Some methods may be more expensive to withdraw. Deposits are free. Some methods are instant.

6. What type of broker is FXTM?

FXTM provides ECN accounts on the Advantage account types. The other two types of accounts are STP or Straight Through Processing, in which the fee is added to the spreads and no separate commission is paid on the account.
There is no dealing desk and therefore no re-quotes and the trades are executed at the best available prices.

Conclusion

FXTM is a legitimate asset trading broker facilitating trading of forex, CFDs of stocks and metals, indices, stock baskets, stocks, and FX indices. it is authorized by relevant financial bodies in the United Kingdom, Kenya, Mauritius, EEA countries, and South Africa but not legalized to trade in the majority of countries in the world. The latter is FXTM’s main point of weakness.

The main advantages of FXTM are that it charges no commission on micro accounts and Advantage Plus accounts which also offer the lowest spreads starting as low as 0 pips. FXTM’s commission on the Advantage account type is also below the industry average.

Swap fees are at the industry’s standard level and there is an option for swap-free accounts. All the accounts have a very low minimal deposit requirement. You get a huge number and a good variety of trading tools to customize your trading journey.

We find that FXTM provides a good range of asset classes and in-class variety for traders, strong research support for instance with third-party and in-house signals, market news, strong and expert trading platforms and trading tools, algo trading, and copy trading tools. However, there are complaints regarding support because it is not provided during weekends.

Time taken to review: 24 hours

Our Rating

FXTM Review: Can You Trust The Trading Platform's Reliability

Discover all about the FXTM trading platform and its features from this exclusive review. This guide will be an eye-opener before you start trading in this competitive market.

Price: 3

Price Currency: $

Operating System: Windows, iOS, Android

Application Category: FinanceApplication

Editor's Rating:
5

Pros

Low-cost local deposit methods
Negative balance protection
Investor Protections

Cons

Limited geographical licensing for platform usage
Challenges with customer support

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