FXTM Review 2021
Is FXTM Safe & Legit?
Welcome to our FXTM review, in which we’ll be taking an in-depth look at the foreign exchange broker, telling you absolutely everything you need to know, from types of trading accounts to details of unique site features.
We’ll give you information about the trading platforms on offer, the type of help and support you can expect to encounter, and much, much more. And we’ll tell you all about our FXTM experience and rating, so you can decide whether FXTM could be your new forex trading partner.
As part of our FXTM review we looked at what’s on offer for new signups to the site. There’s no sign-up bonus for the majority of new members, but if you’re based in the US there are occasional introductory offers.
Most recently, there has been a 30% deposit match promotion running for new signups from the US, although this promotion has recently ended. However, there’s every chance a new promotion will be introduced to replace it. US members of FXTM can also benefit from a $50 bonus for introducing friends to the site too.
One of the first things we noted as we prepared our FXTM review, is that it makes no difference whether you’re an experienced trader with in-depth knowledge of the trading markets, or if you’re a complete newcomer to the world of forex trading – FXTM is determined to give you the experience you’re looking for.
Clear menus and links take you straight to the parts of the site you’re looking for, and it only takes a moment to find the areas of the website that are of particular interest to you. There’s also a comprehensive FAQ page, so you’re never far from the answers you’re seeking.
Whether you’re a fan of tight spreads or you’re hoping for an opportunity to trade a whole range of different assets, FXTM has you covered, with a choice of three separate trading accounts.
The perfect starting point for new traders, offering instant execution, no commission and tight spreads, allowing you to trade in metals, FX, indices and commodities. There’s a minimum deposit requirement of £50. The Micro account uses the MT4 trading platform.
The most popular type of trading account at FXTM, offering market execution with a minimum deposit requirement of $500. Commission is charged on this account, priced from $0.4 up to $2, with ultra-tight spreads from just 0.0. This account allows you to trade FX, FX indices, metals, commodities, indices and stock baskets. The Advantage account uses both the MT4 and MT5 trading platforms.
Advantage Plus account
The Advantage Plus account also requires a minimum deposit of $500 and offers market execution with tight spreads and no commission. Just as with the Advantage account you can trade FX, FX indices, metals, commodities, indices and stock baskets. The Advantage Plus account uses the MT4 and MT5 trading platforms.
As part of our FXTM review we took a close look at the trading platforms available across the site.
MT4 and MT5
MT4 and MT5, are two of the leading trading platforms used for accessing the foreign exchange markets and other financial instruments, including precious metals, CFDs and commodities. Both platforms are completely free to access at FXTM, with plenty of help and support on hand if you run into any problems.
Our FXTM review discovered that the broker also offers its own proprietary app, which is available for iOS and Android handheld devices. It includes an easy-to-use interface and state-of-the-art charting tools, with one-click trading for super-fast market action.
This section of our FXTM review is focussed on the deposit and withdrawal options – after all, you’ll be wanting to make speedy deposits so that you can capitalise on current market conditions, and you’ll also be keen to discover how long you’ll be expected to wait for withdrawals to be actioned.
As part of our FXTM review we took a look at the deposit options available, and discovered that you can fund your account using bank wire transfer, bank cards, Skrill and Neteller. There are no fees for depositing funds, and most methods are actioned within just two hours, although bank wire transfers can take up to three working days to clear.
Withdrawals made using Neteller or Skrill don’t incur any charges, but withdrawals using bank cards incur a charge of £2. All of these withdrawal methods are actioned the same day, but our FXTM review discovered that withdrawals via bank wire transfer take a little longer. Withdrawals directly to your bank account also incur a heavier financial penalty of £5. If you want to avoid charges for withdrawing funds, take a look at our Coinbase review.
FXTM doesn’t have the biggest selection of deposit and withdrawal options. If you’re looking for more choices be sure to check out our Markets.com review, or our M1 Finance review.
Fees – Commission rates at FXTM
At present, there are no fees for using the Micro or Advantage Plus accounts, although some withdrawal options will incur a charge.
The Advantage MT4 account charges commission at a rate of 4 units of the base currency (as well as the conversion to the actual trading account’s currency, if that applies). The Advantage MT5 account has commission fixed at $4, representing a $2 charge for opening a position, followed by a further $2 for closing it again.
As we prepared our FXTM review we noted that inactivity fees are charged at $5 per month following a six-month period of inactivity on the account.
Next, our FXTM review took a long, hard look at the customer support options available, and we discovered that there is always help at hand whenever you might need it. Your first port of call if you run into problems, is to check out the comprehensive FAQ section on the website.
If you can’t find the answer to your question amongst the FAQ section, you’ll find a live chat button at the bottom right-hand corner of every page across the FXTM website, which will deliver a fast response. You can also use Telegram or Messenger if you prefer, and there’s a telephone number listed if you prefer to speak to someone in person. You can even request a call-back if that’s more convenient. You can also get in touch via email, if you prefer.
A major part of our FXTM review involved checking out the licences and security features – after all, you need to know that you’re going to have a fair and legitimate trading experience, even if your trades don’t go according to plan! And we’re happy to report that the site is fully authorised and regulated by the FCA within the UK. The site is also regulated by the Cyprus Securities and Exchange Commission, as well as the FSCA in South Africa.
Our FXTM review also discovered that client funds are held in a completely separate account from the company’s other funds. Client assets are never used for company business activities, and are always kept in top tier banks, according to the country you’re based in.
As part of our FXTM review we took a look at the company’s history, and we’re happy to reassure you that this is no fly-by-night operation! FXTM was established in 2011, so it has a long history of bringing trading opportunities to a global audience.
FXTM is regulated across multiple jurisdictions, including Europe, Asia, Africa and Latin America, with over 3 million clients spread across 180 countries. The broker has received more than 25 industry awards since it was first established, meaning it guarantees a fair and legitimate trading experience to experienced traders and those just starting out on their trading journey.
Now that we’re coming to the end of our FXTM review, you should have a reasonably good idea whether this is a broker that might be suitable for your needs. You can start your trading journey with one of the demo accounts, and make full use of the education section of the site to improve your knowledge and understanding of the markets.
Once you’re ready to trade for real there’s a choice of platforms, some of which are fee-free, making this a great option. Just be careful about the inactivity fees, and be prepared to pay a small charge for withdrawals, unless you’re using Neteller or Skrill. If you’re looking for a trading platform that offers the chance to trade in cryptocurrencies, be sure to check out our Wirex review and our WeBull review too.