FXTM is a Forex and CFD (Contracts for Difference) broker that provides an online platform to trade foreign exchange currency pairs, commodities, indices, precious metals, energies and others.
FXTM was founded in 2011. The firm is authorised by the UK’s Financial Conduct Authority and also licensed by other financial regulators around the world, including South Africa’s FSCA and Cyprus’s CySEC.
In this post, we will give you an overview of FXTM’s trading conditions, account types and fees. We’ll also show you how to deposit and withdraw funds and which trading instruments are available.
|FXTM Review Summary|
|Broker Name||FXTM UK|
|Address||Exinity Limited, 1 st. Katharine’s Way London, England, E1W 1UN, United Kingdom|
|Regulation||FCA, CySEC, FSCA, FSC Mauritius, CMA Kenya|
|Trading Platforms||FXTM Mobile Trader and MT4 for PC, Mac, Web, Android, iOS and FXTM Trader for iOS and Android|
|Start Trading with FXTM|
- FXTM is regulated in the UK
- Offers commission-free trading
- Fast processing of deposits
- Easy account opening process
- Has negative balance protection for retail clients
- FXTM charges dormant account fees after 6 months of inactivity
- FXTM charges withdrawal fees for cards and bank transfer
- Customer support is not available 24/7
Is FXTM Safe for Traders?
FXTM is considered safe for traders in the UK and they are low risk because of their regulations by Top-Tier financial authorities.
The FXTM regulations in different jurisdictions can be found below.
1) Financial Conduct Authority (FCA), United Kingdom: FXTM brand is authorised in the UK by the FCA as Exinity UK Limited and licensed to offer financial services, with FCA reference number 777911, issued in 2018.
FXTM is also registered with the Financial Services Compensation Scheme (FSCS) in the UK to protect and compensate clients funds of up to £85,000 if the broker is insolvent and cannot meet up their financial obligations.
2) Cyprus Securities and Exchange Commission (CySEC): FXTM is licensed by CySEC, through their registration in Cyprus as ‘Forextime Ltd’, to offer investment services, with license number 185/12, issued in 2012. They serve clients in the EEA (European Economic Area) through this license.
3) Financial Sector Conduct Authority (FSCA), South Africa: FXTM is regulated in South Africa as ‘ForexTime Ltd’ and licensed as a financial service provider (FSP). The FSP number of FXTM is 46614, issued in 2016.
4) Financial Services Commission (FSC), Mauritius: FXTM is registered and regulated in Mauritius by the FSC in the Republic of Mauritius under the name Exinity Limited as an investment dealer since 2013.
5) Capital Markets Authority: FXTM is one of the non-dealing online foreign exchange brokers licensed in Kenya. They are registered as Exinity Capital East Africa Limited with license number 135.
FXTM offers both floating and fixed leverage for trading, depending on the type of account, instrument traded, or whether you are a professional or retail trader.
For retail traders, FXTM’s maximum leverage is 1:30 for major forex pairs, 1:20 for minor forex pairs and major metals, 1:10 for major indices, energy commodities, and minor metals, and 1:5 for CFDs shares and other indices. The leverage will reduce as the notional value increases, that is, as the size of positions increases because it is variable leverage.
Professional traders on FXTM can access higher leverage of up to 1:300 for forex pairs. The leverage is lower for other instruments.
FXTM Account Types
FXTM offers three trading account types for retail clients: the Micro Account, the Advantage Account, and the Advantage Plus Account. You can also choose Islamic Account features on all account types and try out each type of account in demo mode.
Experienced traders who want to access higher leverage can get professional account status by applying for it.
To help you choose the right account type, we give you an overview of the account types offered by FXTM below.
1) Micro Account: FXTM’s Micro Account is designed for new traders who want to start investing in the financial market. With this account, you can only trade forex pairs and CFDs on metals with instant execution.
You will not pay any commission fees for opening or closing trade positions with this account. Spreads start from 1.5 pips for major pairs and swap fees apply for keeping a position open overnight.
This account requires a minimum deposit of £50, a minimum trade size of 0.01, and a maximum of 300 orders.
Maximum leverage for Micro Account holders on FXTM is 1:30 for major forex pairs, this means that with a deposit of £100, you can open a trade position worth about £3,000.
2) Advantage Account: The FXTM Advantage Account is designed for traders who have experience investing in the financial market. With this account, you can trade forex pairs and CFDs on metals, commodities, and indices with market execution.
You will pay commission fees whenever you open or close a trade position with this account. Commission charges start from $0.40 to $2 for every £100,00 trade, and are is based on a floating commission structure that varies based on trade volume.
Spreads on the Advantage Account start from 0.0 pips for major pairs and swap fees apply for keeping a position open overnight.
This account requires a minimum deposit of £500, a minimum trade size of 0.01 with no maximum number of orders.
Maximum leverage for retail Advantage Account holders on FXTM is 1:30 for major forex pairs, this means that with a deposit of £100, you can open a trade position worth about £3,000.
3) Advantage Plus Account: The FXTM Advantage Plus Account is similar to the Advantage Account, the Major difference being that this account is commission-free. With this account, you can trade forex pairs and CFDs on metals, commodities, and indices with market execution.
This account does not charge commission fees for opening and closing trade positions. Spreads start from 1.5 pips for major pairs and swap fees apply for keeping a position open overnight.
The Advantage Plus Account also requires a minimum deposit of £500, and a minimum trade size of 0.01 and you can place unlimited orders.
Maximum leverage for retail Advantage Plus Account holders on FXTM is 1:30 for major forex pairs, this means that with a deposit of £100, you can open a trade position worth £3,000.
4) Professional Account: FXTM offers Professional Accounts to experienced traders who trade large volumes of financial instruments and want higher leverage.
To get a Professional Account on FXTM you will have to apply in writing to the customer support team. Before your application is approved, you must meet at least 2 of the 3 criteria below:
- Have at least 1-year of working experience in the financial services sector.
- Have traded at least 10 significant sizes of financial markets quarterly during the last 4 quarters
- Have a financial instruments portfolio exceeding €500,000 or its equivalent in GBP.
Professional traders can access up to 1:300 leverage, which means that with a deposit of £1,000, you can open a trade position worth £3,000.
Note, as a professional client on FXTM, you do not have negative balance protection and can lose more than the money in your trading account and will be required to deposit more money to clear any negative balance. You also are not covered by the FSCS fund protection
5) Islamic Account: FXTM offers Islamic Accounts to Muslim traders in line with the sharia law of no-riba, which means that you won’t pay any swap fees/interest for maintaining a position overnight. The FXTM Swap-free Islamic Account holders cannot engage in the trading of exotic FX pairs.
To get an Islamic Account on FXTM, first, register a standard retail account, then contact the support team to enable your account as Islamic. You will be required to provide a document that proves you are a Muslim. You can use your birth certificate or any other document that shows you are a Muslim.
Note that the SWAP-free option is available for only 7 days, after which you will be charged a swap-free daily fee of up to $3.9 per lot for every other day you keep the position open.
For example, if you hold a position open on forex or metals for 7 consecutive days, you will start to pay swap-free daily fees from day 8. If you close the position before or on day 7, you will not incur any fees.
If you close a trade and re-open it before the 7 days elapse, another 7 days start counting, and you pay zero swap fees.
Both retail and professional traders can have Islamic accounts.
FXTM Base Account Currency
The account base currencies on FXTM are British Pound sterling – GBP, Euros – EUR, and United States Dollar – USD.
When you create an account, you are required to select one of the 3 account currencies, and all trading and fees will be shown in this currency and converted accordingly.
FXTM Overall Fees
FXTM charges fees to traders based on the type of accounts they have and the instrument they are trading. A summary of the trading and non-trading fees on FXTM is shown below:
1) Spreads: FXTM charges spread fees when you trade financial instruments on the platform. Spreads are the difference between the ask and bid prices of the instruments. FXTM uses a floating/variable spread system which means that they may increase or decrease during the day with market movements.
Spreads on the Micro Account and Advantage Plus start from 1.5 pips, while its Advantage Account spreads start from 0.0 pips. Typical spreads for major pairs on FXTM are shown on the table below:
|Instrument/Pair||Micro Account||Advantage Account||Advantage Plus Account|
|EUR/USD||1.9 pips||0.0 pips||2.1 pips|
|GBP/USD||2 pips||0.2 pips||2.5 pips|
|EUR/GBP||2.4 pips||0.6 pips||2.7 pips|
|XAU/USD||45 pips||9 pips||36 pips|
2) Commission fees: FXTM offers commission-free trading for Micro and Advantage Plus account holders, and charges commission on Advantage Accounts starting from $0.40 to $2 per lot side opened. The commission charge is based on a floating structure and reduces as your size of trade increases.
3) Swap fees: The market time for trading starts at 5:00 and closes at 23:55 GMT+1. If you keep a trade position open past the closing time of the market, you incur overnight funding costs also called rollover fees (swap fees).
FXTM charges swap fees on all account types for holding a trade position open overnight, and the cost is calculated based on the size of your trade, instrument traded, and whether your position is a long swap (buy option) or short swap (sell option).
Islamic Accounts on FXTM are swap-free which means they do not pay swap fees for keeping a position open overnight for the grace period of 7 days.
Swap-free trading is allowed on FXTM Islamic Account for 7 days, after which, account holders pay daily fees.
1) Deposit and Withdrawal fees: FXTM does not charge deposit fees for funding your account and does not charge withdrawal fees for e-wallets. Card withdrawals attract a transaction fee of £2 per withdrawal while withdrawals via bank wire transfers attract a fee of £5 per transaction.
2) Account Inactivity charges: After six months with no trading activity on your account, any funds in your account will be charged $5 monthly. However, if you have more than one account and at least one of those accounts is used to trade, then no fees will be charged.
If you have zero balance, no fees will accumulate on the account.
How to Open FXTM Account in UK
If you want to start trading on FXTM, you need to open an FXTM live account. You can open an FXTM account, by following the steps below:
Step 1) Visit FXTM’s website at https://www.forextime.com/ and click the ‘OPEN ACCOUNT’ button at the top right corner of the page on a desktop or the ‘Open Live Account’ button at the middle of the page.
Step 2) Fill out the form that appears. You will need to provide your name, email address, phone number, and country, then create a password.
Once you do that, click on “SEND PIN” to receive a verification code via SMS. The PIN will also be sent to the email you provided.
Enter the verification PIN, check the terms and agreement box, and click on ‘Register Now’ to continue.
Step 3) You will be taken to the client area/dashboard and required to choose an account type to proceed.
Scroll down below the account type you want and click on ‘Open Account’ to open either the Micro, Advantage, or Advantage Plus Account.
You can also choose to open an FXTM demo account at this point by clicking on ‘Try demo’.
Step 4) After clicking ‘Open Account’, a form will appear for you to fill out to complete the Account Application process. Your personal information will be required on this form and answer some questions about your educational background, financial background, and trading experience.
Next, check the box to show you have read and accepted the Terms and Conditions then click on the ‘Registration’ button at the end of the form.
Step 5) After passing the Appropriateness Assessment, click on ‘Open Live Account’, then choose your preferred account type, and account currency, set a leverage limit and create a password for the trading account, then click on ‘Open Account’ to proceed.
Step 6) Upload verification documents like your ID card and utility bill for your account to be approved. This will enable you to access all the features on the platform.
After creating your account, you can deposit to your account and start trading.
FXTM Deposits & Withdrawals
FXTM offers many options for depositing and withdrawing funds, including bank transfers and cards (VISA and Mastercard) for general clients. E-wallets such as Skrill and Neteller are available for VIP clients.
Learn about the deposit and withdrawal methods on FXTM below:
What is FXTM Minimum deposit FXTM?
The minimum deposit on FXTM is £50 for Micro Accounts and £500 for Advantage and Advantage Plus Accounts.
Deposits made via bank transfers are credited within 3-5 business days while card and e-wallet deposits are credited within 2 hours.
How do I Deposit Funds?
Follow the steps below to deposit funds into your FXTM Account:
Step 1) Log in to your FXTM account dashboard via the FXTM website or www.forextime.com/uk/login.
Step 2) On your dashboard/client area, click on the ‘My Money’ tab on the left side menu and select ‘Deposit funds’. Then click on the ‘Deposit’ button beside the payment method you want to use.
Step 3) Enter the amount you want to deposit and follow the on-screen instructions to complete your deposit.
What is FXTM Minimum withdrawal?
There is no mandatory minimum withdrawal amount on FXTM. Withdrawals via cards and e-wallets are processed in 1 business day while withdrawals to bank accounts are processed within 24 hours.
If you initiate a withdrawal without placing any trade, you will be charged a fee of 3% of the transaction value.
How to Withdraw Funds from FXTM in UK?
Follow the steps below to withdraw money from your FXTM Account:
Step 1) Log in to your myFXTM account dashboard.
Step 2) Click on the ‘My Money’ tab on the left side menu and select ‘Withdraw funds’.
Step 3) Click on the ‘Withdraw’ button beside the payment method you want to use.
Step 4) Enter the amount you want to withdraw and follow the on-screen instructions to complete your withdrawal.
Note that you cannot withdraw via any method except if you have made deposits via that method.
FXTM Trading Instruments
You can trade any of the following numbers of CFD instruments with FXTM.
|Forex||Yes||60 currency pairs on FXTM (19 majors, 22 minors, 17 majors, and 2 FX RUB)|
|Commodities/Energies||Yes||3 spot commodities on FXTM (Brent, Crude, Natural Gas)|
|Metals||Yes||5 pairs of Spot Metals on FXTM (Gold and Silver)|
|Indices||Yes||16 spot indices on FXTM (AUS200, UK100, GER40, and others)|
|FX Indices||Yes||6 FX indices on FXTM|
|Stocks||Yes||1,095 stocks on FXTM (US and Hong Kong stocks)|
|Stock Baskets||Yes||5 stock baskets on FXTM|
|Stock CFDs||Yes||621 CFDs stocks on FXTM (CFDs US and European stocks)|
FXTM Trading Platforms
FXTM supports the following trading platforms:
- MetaTrader 4: You can trade FXTM financial markets with the MT4 trading application, the application is available on the web, desktop platforms (Windows and Mac), and Android and iOS mobile devices
- MetaTrader 5: FXTM now support MT5. With 80+ indicators, VPS trading, MQL5, and a powerful trading system, FXTM MT5 has all you need for a comfortable trading experience. It also comes with a multi account manager. You can use FXTM MT5 on PC, Mac, mobile and tablet.
- FXTM Trader: FXTM offers a proprietary mobile app trading application that can be downloaded from the Apple App Store or Google Play Store.
FXTM UK Execution Policy
Before going into FXTM’s best execution factors. We’d like to mention that the company takes all reasonable steps to make sure traders get the best possible results. In case of slippage, FXTM will give a re-quote under instant execution. If the trade is not under instant execution, it will be executed at the next available price.
FXTM’s best execution factors include price, cost, speed, the likelihood of execution, the likelihood of settlement, etc. Let us break them down.
The price given for any given CFD is obtained from third-party external sources. The prices are calculated by reference to the price of the relevant underlying asset. These prices are updated within as much as technological limits allow. The external sources are also reviewed daily to ensure that the prices provided are competitive. If any order can not be executed at your declared price, because of volatility, it will be executed at the first available price.
Costs include commissions and financing fees (swaps). When you open a position on some CFDs, you are charged a commission which could be a fixed amount or a percentage of the total value of the trade. These fees are not included in FXTM’s quoted price. They are charged from your brokerage account.
For speed of execution, FXTM sr=trives to get you speedy execution within the limit of technology available. However, there could be hardware/software problems when you are using electronic trading platforms. It could be a poor internet connection or a server problem. This might lead to your order being executed at a poor price or not executed at all. FXTM does not bear any responsibility for this so take note.
The likelihood of execution is a bit complex since FXTM could act as a principal or an agent. Execution is more difficult with the latter. In addition, the company can decline your order type or give you a new price. You can accept or reject this price. In summary, the likelihood of your order being executed depends entirely on how effective FXTM is as an agent or principal.
FXTM UK Education and Research
1)Top Guides: FXTM has two trading guides namely: forex trading for beginners and CFD trading for beginners. Both guides are in text form so be ready to do a lot of reading. There are also images to illustrate the texts.
Forex trading for beginners begins with defining forex and the forex market. It has six chapters as displayed below
The basics of trading like currency pairs, time zones, technical analysis, spreads, and other concepts are covered in detail.
CFD Trading for beginners deals with how to open/close positions and how the contract works. FXTM also went a great deal to explain the brief history of CFD brokers and trading concepts like margin and leverage. Combined with these are the details of FXTM’s CFD trading accounts and fees so you can compare easily.
2)Trading Videos: FXTM has a series of trading videos under their knowledge hub, covering three topics.
The first is forex basics which cover concepts that a beginner must be familiar with in detail. The second topic is technical analysis and has 8 videos. Trends, range, charting, and discipline are the core concepts discussed here. The final topic is trading basics with 15 videos. Here, you will learn about margin, leverage, order types, risk management, etc.
These videos are a good alternative if you do not want to read the trading guides.
3)Daily Market Analysis: This section provides you with the latest news and insights. With the help of FXTM’s market analysts, you will get in-depth knowledge of price movements in the markets. The analysis covers popular currencies like GBP, USD, EUR, stocks, and more.
Furthermore, the analysis is not randomly joined together. There is a filter you can use to streamline your search to only needed information. The filter also allows you to choose the medium through which you get the information. Articles, Podcasts, and videos are the means available.
FXTM UK Customer Service
FXTM’s customer service is available to clients via the following channels:
1) Live chat support: FXTM currently does not offer any chat options for UK traders. Although the live chat icon on their website redirected us to telegram and messenger, there was no chat option when we followed the link.
2) Email support: The email support of FXTM is available 24 hours from Monday to Friday. When you send them an email, you get an auto-generated reply confirming they have received your inquiry.
When our team tested it, we got feedback after 3 hours and the answer was relevant. The email address of FXTM is [email protected].
3) Phone support: FXTM also offers international phone support that is available from 6:00 AM to 4:00 PM GMT+1 Monday to Friday. The FXTM international number is +44 20 3514 1251.
Do we Recommend FXTM UK?
Because FXTM is regulated in the UK by the FCA and registered with the FSCS, they are considered safe for clients in the UK. The broker also offers commission-free trading for 2 account types which is an appealing feature to some traders.
Spread costs on FXTM are relatively higher compared to other brokers. But you can choose the Advantage account if you want lower spreads. FXTM charges dormant account fees after 6 months, this is a downside for some traders.
The customer support at FXTM is not so good, as there is no live chat support and the phone support is not available for 24 hours on any day. The email support is also slow.
We recommend that you look through the broker’s website to ascertain if the trading conditions meet your requirements. You can contact customer support with any questions you may have.
FXTM UK FAQs
Is FXTM a Legit broker?
FXTM is considered a safe Forex broker because they are licensed by Top-Tier financial regulators, like the FCA in the UK, CySEC in Cyprus, and FSCA in South Africa and they have online customer care support.
What is the minimum deposit for FXTM?
The minimum deposit at FXTM is £50 for Micro Accounts and £500 for Advantage and Advantage Plus Accounts.
Is FXTM good for beginners?
Based on our research FXTM is good for beginners because they have demo accounts for you to try along with educational videos to help you build your trading.
FXTM also has negative balance protection, and supports multiple platforms for trading, with less leverage and commission-free trading on the Micro Account. All of these features make FXTM good for beginners.
Note: Your capital is at risk