FXTM ReviewOpen Account
FXTM has been running successfully as a broker now since they first entered the market in 2011. They have steady grown in popularity over the years. This is something that our review team accredit in part to the diversity and range of markets and account types that th broker offers you as either a new or experienced trader.
When you combine these years of experience with the steadfast regulation the broker has in place, it provides both a safe, and secure place to trade. This is something which both traders, and our UK review team alike do not take lightly.
- A diverse range of account types are available to cater for the needs of all types of traders.
- The broker is broadly regulated around the world by a number of well-respected bodies.
- They work to provide a detailed education infrastructure for you to improve as a trader.
- Some traders may like to see additional proprietary trading platforms made available.
- While there is diversity in markets, the numbers of these available can always be increased.
What can you trade?
FXTM Forex Review
When it comes to having your best interests at heart, nobody knows better than our review team how to identify a top forex broker. They feel that this is exactly what they have done with FXTM.
The blend of years of experience in the industry and a positive regulatory environment combine well to bring you a wide selection of more than 50 forex currency pairs you can trade. These include all the major pairs you would expect to find with a top broker along with a solid selection of minor and exotic pairs for more experienced traders.
The spreads in this area also remain competitive across all of the account choices with the option of selecting a commission-free style of account for a marginally higher spread, or choosing a micro-trading account if you want to ease into forex trading with the brand.
FXTM CFD Review
Another key area of focus was our FXTM CFD review. This uncovered a wide and impressive range of CFDs to be traded in a number of categories. The broker are particularly strong when it comes to trading CFDs on stocks, though they also produced plenty to choose from in other markets.
These other markets included commodities, global indices, metals, and shares, all traded as CFDs under good competitive spreads and with very transparent costs and fees attached.
As with the forex trading through the broker, you can get involved for quite a competitive minimum amount.
FXTM Stocks Review
Our review found that one of the strongest areas of the broker from a CFD trading perspective is the number of stock CFDs they offer. This currently stands at 175 of the most recognizable company stocks from around the world. It is also a number that is growing all the time.
If you are interested in shares trading as CFDs then this is undoubtedly an excellent place to start. A dedicated FXTM shares account is also offered where you can focus only on stock trading.
Our UK review team were also pleased to note that this offering extends to all regulatory areas where the broker offers service, including the UK.
FXTM Social Trading
A final key area where the broker review team felt that the broker stood well above the crowd was in social trading. This type of copytrading has really taken off in recent years and it is something that FXTM have embraced quickly and with great professionalism.
If this type of trading interests you then the avenue is open to become involved either as an investor or as a strategy manager. From the investor side, you can start from as little as $100 and follow some of the most successful traders in the industry onboard a very professional and intuitively laid out system.
FXTM Crypto Review
Our cryptocurrency review found a total of four major cryptos available for trading with the broker, all in pairs against the USD. These markets include Bitcoin, Ethereum, Ripple, and Litecoin and all are traded as CFDs.
Our CFD review team think that this is enough to provide you with some selection but not feel overburdened given the countless number of cryptocurrencies that are out there. The main focus in the modern market and bulk of activity remains within these 3 or 4 major currencies.
What did our traders think after reviewing the key criteria?
With regard to fees from the broker, our review team felt that they have done an excellent job in clearly communicating and being as transparent as possible when it comes to trading costs.
There are commission-free trading account options available. In fact there is more than one account type you can choose which is operating on a commission-free basis. These accounts also possess competitive spreads starting as low as 0.1pips on major markets.
With other account types like the ECN zero, you can benefit from even lower spreads with the addition of a commission which again our review team felt was clearly communicated if a little complex for new traders to understand.
Plenty of choice for everyone was what our UK review team noted in regards to account type choices. There are a total of 6 account types to choose from. These are divided equally between ECN and standard account choices and also include a cent (micro-trading account) that our FXTM review team felt was ideal for low-risk trading.
For the high rollers, a pro account is also available on the ECN side with a minimum deposit of $25,000 though the minimum deposit on other types ranges from a more affordable $10-$500 depending on type.
Our team noted that the main focus of the broker in terms of trading platforms remained on the ever-present and well-trusted Metatrader platforms of MT4 and MT5. These are available for desktop, web-based, and mobile trading and provide the most in-depth access to the market in terms of charting capability and professionalism throughout the industry. They are also robust and user-friendly.
On mobile, again the Review team noted that MT4 mobile is available alongside the brokers own mobile trading platform which is self-branded. This is available for both Android and iOS devices and provides an all-round positive trading experience.
Usability is a key point that out UK review team and others looked for when evaluating the broker. We do not like an overly crowded or complex looking design and site and so were pleasantly surprised to see that despite all of the things available with FXTM, the site is very cleancut and easy to move around with no clutter.
This usability further extends to both the copytrading arm and the trading platforms both on mobile and desktop that the broker chooses to work with. Less is more in today’s era of design and functionality and this is something that broker has a very good grasp on.
The lifeblood of any top broker has to be their levels of customer support. For that reason, our review team ran a fine tooth comb over what they had to offer. We were positively impressed by the results.
The FXTM support team are contactable on a 24/5 basis with support for multiple languages across three main methods which are telephone, email, and web-based live chat.
Our team found responses to be both timely and effective in their answers to our questions.
One of the most important aspects of any broker which our review team have been thorough in investigating is the availability of funding and withdrawal methods. FXTM again comes up trumps here.
With the majority of methods being fee-free and fast, you can typically deposit using bank wire transfers, major credit cards, debit cards, Skrill, and Neteller within Europe. This should see you well catered for and the same methods are available for withdrawing your funds with speed when the time comes.
There are FXTM bonus offerings available on some occasions in certain parts of the world, although this does not currently apply, and as our review team well know, any CySEC regulated broker cannot offer bonus amounts to traders is they want to remain complaint.
This is something that brand take very seriously and so, at the moment, there are no specific bonus amounts on offer.
Regulation and Deposit Protection
As one of the most important areas within any broker, we are happy to report that our review team were more than happy with the state of regulatory protection at the broker.
They are overseen by some of the foremost authorities in the world of forex trading and finance. Not least of these is CySEC alongside the FCA of the UK, FSCA, and the ISFC or Belize on global markets.
These are more than just names and they will make sure that your deposits remain completely protected as required throughout your time with FXTM.
FXTM have always been held in high esteem within the industry and this is demonstrated through their trophy cabinet where they have been decorated year after year.
The broker has collected upwards of 20 accolades in the past 3 years alone including several “best forex broker” awards in a number of countries and from some of the most prestigious publications in the industry.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.