FXTM

FXTM Review Navigation

• Trust and Regulation
• Offering of Tradeable Products
• Fees/Commissions
• Trading Platform
• Mobile Offering
• Education
• Research
• Customer Support
• Overview

#1 Forex

FXTM offer 63 forex currency pairs you can trade and include all the major pairs with a solid selection of minor and emerging market pairs for more experienced traders.

The spreads for Forex are not the most competitive in the industry, with the EUR/USD spread at a minimum of 1.6 pips for the Standard account, with 1.9 pip typical. For the ECN account the minimum is a far more competitive 0.1 pips with typical 0.3 pips.

#2 CFD

The overall offering of CFDs is not particularly impressive for a broker of FXTM’s stature. There are only 8 commodities to choose from; Silver quoted in two currencies, Gold in three currencies, Brent and Crude Oil and Natural Gas.

On the stock index side, there are the usual global indices, but these only number 11.

For individual stocks, there 123 US and 50 European stock CFDs, which again is far from an exhaustive list.

#3 Stocks

As highlighted above there are the typical global averages, but only 11 to trade.

On the individual stock side, there are 50 European stock CFDs and 123 from the US, which again is far from a comprehensive offering.

A dedicated FXTM shares CFD account is offered where you can focus only on stock trading.

#4 Social Trading

All non-UK clients can use FXTM Invest, a social trading service and this is an area where FXTM does provide a strong service. You can get involved either as an investor or as a strategy manager. From the investor side, you can start from as little as $100 and follow other successful FXTM traders on a professional and intuitively laid out system. Investors can copy Strategy Managers’ trades. You have the option to filter Strategy Managers based on various factors, including success rate, risk level and overall profit. Strategy Managers area able to earn commission on winning trades.

#5 Crypto

There are only four major cryptocurrencies available to trade with FXTM, all against the USD. These are Bitcoin, Ethereum, Ripple, and Litecoin and all are traded as CFDs.

Actual cryptocurrencies are not available to buy outright.

Trust and Regulation

FXTM offers a solid state of regulatory protection, which is regulated and licensed in several jurisdictions. This includes the top-tier FCA (Financial Conduct Authority) in the United Kingdom, making it a safe broker for Forex and CFD trading.

FXTM are also regulated by the Cyprus Securities and Exchange Commission (CySEC), the Financial Services Commission of Mauritius (FSCA), plus licensed by Financial Sector Conduct Authority (FSCA) of South Africa

As with all brokers, these regulators require FXTM to follow strict capital requirements, fully segregate traders’ accounts from company funds, adhere to strict anti-money laundering requirements and comply with ‘know your client’ procedures, as well as a host of other stringent measures designed to protect traders. Overall, FXTM is considered a trustworthy and secure broker.

Offering of Tradeable Products

The offering of tradeable products is not particularly impressive, given the strong position FXTM holds in the industry.

They offer 63 forex currency pairs, but only 8 commodities pairs, which actually number only two precious metals versus different currencies, Brent and Crude Oil plus Natural Gas.

There are the usual global stock indices, but only 11 to choose from and for individual stocks, there 173 US and European stock CFDs, which is far from an exhaustive list.

For cryptocurrencies there are only four available to trade with FXTM, Bitcoin, Ethereum, Ripple, and Litecoin CFDs.

Fees/Commissions

With regard to fees from FXTM, there are varying fees dependent on the type of trading account that you decide to open.

There are a number of different types of FXTM accounts to choose from, but generally speaking, these account types fall into two categories, the Standard Accounts and the ECN Accounts.

For the Standard account the spreads are wider than the industry standard, with the EUR/USD spread at a minimum of 1.6 pips, with 1.9 pips typical.

For the ECN account the minimum is a far more competitive 0.1 pips with typical 0.3 pips, but there is also a $2 per lot commission to factor in as well.

For more experienced traders, an FXTM Pro account is also available on the ECN side with a minimum deposit of $25,000 with no commission and spreads as tight as 0 pips.

Non-trading fees

FXTM has not insignificant non-trading fees. You will be charged $5 per month after six months of inactivity and most withdrawal methods also have a fee. However, the are no account or deposit fees.

Trading Platform

When it comes to trading platforms, FXTM only offers the popular MetaTrader 4 platform. MT4 is available for PC and Mac, with desktop of web-based versions. The lack of support for MetaTrader 5 is definitely a mark against FXTM’s overall platform provision.

Furthermore, given the stature of FXTM in the broking industry, the absence of even a white labelled, in house trading platform is somewhat disappointing.

On the platform in the My FXTM area there are some useful trading tools. These include an orders indicator, pip value calculator, pivot points strategy amongst others.

Mobile Offering

For mobile trading on-the-go FXTM do offer the FXTM Trader App; a mobile app available on both iOS and Android. From here you can trade, look at basic charts, look at you open position, pending and closed orders.

Education

Financial markets and trading education is an area in which FXTM provides a robust and diverse experience for their clients.

At FXTM you can learn in the following ways:

• eBooks
• General educational videos
• Platform tutorial videos
• Webinars
• Educational articles
• A glossary
• Periodic Table of Investment
• Forex Trading Seminars

eBooks – FXTM offer five downloadable eBooks covering traders’ habits, crypto currency is, Elliot Wave theory, and two on Japanese candlesticks.

General educational videos – There are various educational videos on Forex and CFD trading, that would appeal to both beginner and intermediate-level traders.

Platform tutorial videos – There are various tutorial videos on how to use the MT4 trading platform.

Webinars – The team of analysts at FXTM run regular webinars in a variety of languages, covering current market events and views.

Educational articles – There are numerous written educational articles on Forex and CFD trading and technical analysis, from the basics up to intermediate-level concepts.

A glossary – There is an extremely comprehensive glossary of financial markets and trading terminology covering hundreds of different terms and concepts.

Periodic Table of Investment – This is a snazzy way of showing the glossary terms as an interactive infographic.

Forex Trading Seminars – FXTM also run live seminars and events that you can physically attend, though these were on hold at the time of writing this review during COVID-19.

Overall, we were very impressed by the FXTM educational offering.

Research

The FXTM research offering is solid, producing 2-3 daily written articles on current market analysis. This research offers macroeconomic and geopolitical opinions on what is impacting markets and also some technical analysis. There are also market analysis videos published a couple of times a week. FXTM also produce monthly market outlook video reports and there is an economic calendar, alongside a scrolling Forex News Timeline.

Overall, the FXTM research offering is probably above the industry standard, though we would like to see more regular videos and written content, maybe with a dedicated focus on technical analysis.

Customer Support

The customer service team offers support in 18 languages, is available 24/5 and there is also personalised support from an Account Service Manager. Contact is via email and phone, plus live chat, alongside other media channels. It would, however, be good to be able to make contact at the weekend too.

FXTM supports multiple languages, including Arabic, Czech, Chinese, English, Farsi, French, Hindi, Indonesian, Italian, Korean, Malaysian, Polish, Russian, Spanish, Urdu and Vietnamese.

There live chat feature, plus you can contact the ream vias popular channels such as WhatsApp, Telegram, Viber and Facebook Messenger.

Overview

On the plus side, we found FXTM to have solid global regulation and an impressive number of different account types. However, we were a little disappointed that they do not offer their own trading platform and you are confined to using MT4, plus trading spreads are not particularly competitive. But the education offering is very strong, whilst the research offered is above industry standard. For a beginner, FXTM is a good broker to start with.

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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 .