FXTM broker, also known as ForexTime, primarily focuses on general trading, but it also offers social options via copy trading. In a broker comparison – social trading comparison, FXTM does not have quite as many social features as some. However, it makes up for it with its strong reputation and the more than 250 trading instruments users can utilize with an FXTM investment account. FXTM launched in 2011 with the goal of providing state-of-the-art trading tools, advanced education, and top trading conditions for forex. The copy-trading program is known as FXTM Invest.
- FXTM Invest provides copy trading
- Launched in 2011
- More than 250 trading instruments
- Leverage up to an impressive 1:30
- 1. Social Trading Offers: Much More Than Just Copy Trading
- 2. Social Trading Costs: Signal Providers Set Fees
- 3. Accounts: Demo Account Available
- 4. Social Trading Platforms & Mobile Trading: Varies by Account Type
- 5. Usability of the Website: Intuitive and Professional
- 6. Customer Support: Available on Every Page
- 7. Methods of Payment: Over a Dozen Options
- 8. Additional Offers: FXTM Invest and Other Tools
- 9. Regulation & Deposit Protection: Regulated in Multiple Jurisdictions
- 10. Awards: Over Two Dozen Awards and Honors
- 11. Conclusion: Our FXTM Review
Trader Rating Total
Commission and spread
up to 1:30
MT4, MT5, Broker-owned Software
1) Social Trading Offers: Much More Than Just Copy Trading
A key part of our FXTM review is the broker’s copy trading, but they offer much more than this. Copy trading with FXTM broker involves Signal Subscribers and Signal Providers. Subscribers choose which Providers to subscribe to based on their history of success. Whether engaging in copy trading or traditional trading without any signal copying, FXTM investment account holders have access to an extensive range of instruments.
Since “Forex” is in the name of ForexTime, it should come as no surprise that FXTM offers more than 50 currency pairs for trading. There is also support for trading gold and silver directly, trading more than 180 stocks via share CFDs, and a range of other CFDs. Is FXTM a good broker with a range of CFDs on offer? In addition to the share CFDs, ForexTime offers three spot commodities (UK Brent, U.S. Crude, and U.S. Natural Gas), 11 spot indices and ETFs, and three cryptocurrencies, all as CFDs. With so many tradable asset types, FXTM makes it simple to diversify your portfolio, an important feature to look for in a broker comparison – social trading comparison.
- Copy trading with Signal Subscribers and Signal Providers
- More than 50 currency pairs for forex
- Also offers spot commodities, precious metals, ETFs and indices, and cryptocurrencies
2) Social Trading Costs: Signal Providers Set Fees
Those interested in the social trading aspect of our FXTM review will find a long list of free trading signals. ForexTime itself does not charge Signal Subscribers a fee. Instead, they only pay the fees set by the Signal Providers. Signal Providers can customize these fees completely, including the choice of either a recurring weekly or monthly fee. Many signals are also free.
For other trading options with an FXTM investment account, fees are consistently low. Forex has spreads as low as 0.1 and offers floating leverage up to an impressive 1:30, more than most broker comparison – social trading comparison options. Depending on account type, spot metal spreads can be as low as 0.5, 0.1, or 0.2. Share spreads start at 2, to continue the trend of competitive spreads.
Depending on the chosen account for investments, there is the choice of numerous market models, including ECN. Those with ECN accounts will pay commissions based on their equity and trading volume in USD, ranging from 4 to 20. There are no deposit fees with FXTM, and withdrawal fees range from zero to 2 percent or up to 10 EUR, but only in one case.
- Signal Providers set fees for Signal Subscribers
- Many free signals available
- Competitive spreads starting at 0.1 for forex
3) Accounts: Demo Account Available
The Demo account with FXTM broker stands out in a broker comparison – social trading comparison thanks to the fact that it comes with $1 million in virtual money, while most platforms only offer a fraction of this amount. Those looking at an FXTM investment account for trading real money will find six options, half of which use the STP market model and half of which use ECN. The Standard Account is offered in EUR, USD, GBP, or NGN without hidden commissions, allows hedging, and has a swap-free option available. The Cent Account is similar but features cent lots and has a minimum deposit of just 10 EUR, GBP, or USD. Base currencies can be EUR cents, GB pence, NGN kobo, or USD cents.
Is FXTM legit with a range of options for ECN accounts? The ECN Zero account has market execution without requotes; allows scalping and hedging; has no commissions; has a swap-free option; and is offered in NGN, USD, GBP, or EUR. The ECN Account has spreads from 0.1 and commissions starting at just $4. Both ECN Zero and ECN Accounts can include FXTM Invest, which lets account holders become Signal Providers. Finally, the FXTM Pro account is an ECN account with spreads from 0 pips, no commissions, ultra-fast market execution, deep liquidity, no last-look pricing, and floating leverage of up to 1:30.
- Base currencies of EUR, GBP, USD, or NGN
- Three STP accounts and three ECN accounts
- Swap-free accounts available
4) Social Trading Platforms & Mobile Trading: Varies by Account Type
As you look at the offerings in our FXTM review, you will notice that all account types of support for MT4 or MetaTrader4, and the ECN Account and FXTM Pro accounts also support MT5. Instead of creating its own proprietary platform, FXTM broker chose to use resources wisely and let account holders use MT4 and MT5, which are considered the industry standard for forex trading. Using MetaTrader4 and MetaTrader5 means that traders can use a platform they are familiar with and that already features extensive support documentation, both from the platform manufacturer and third parties.
MetaTrader4 is incredibly user-friendly, provides access to all of the major trading instruments, includes automated trading and expert advisors, and has support for multiple currencies and languages. You can download MT4 for PC, iOS, Android, or Mac or launch the WebTrader. By offering MetaTrader5, this broker is able to cinch a positive answer to “is FXTM a good broker?” since most do not support this platform. MT5 is designed for more advanced traders and includes trading signals, an extensive list of order types, level II data, and all execution modes. Because of the trading signals (MQL5), MT5 is the platform of choice for those who want to take advantage of social trading with their FXTM investment account.
- Support for MT4 with all account types
- ECN Account and FXTM Pro Account work with MT5
- Platforms for WebTrader, Mac, PC, Android, and iOS
5) Usability of the Website: Intuitive and Professional
In a broker comparison – social trading comparison, the FXTM website is clear and intuitive to use. The homepage features all the information prospective traders are looking for and answers the question, “Is FXTM legit?” right away with a list of recent awards from around the world. It provides basic information, such as advantages of FXTM and links to opening a Live or Demo account. The website has a professional appearance with a heavy use of black, white, orange, and green, with the latter colors mostly used for accents.
The top of the website always displays options for logging in, registering, “Get Help,” and changing the language. Speaking of languages, our FXTM review appreciates that the website is available in 18 different languages. The main navigation bar of FXTM includes tabs for “About,” “Forex Trading,” “Promotions,” “Investments,” “Partners,” “Markets,” and “Education.” As expected, hovering over any of these tabs gives you a long list of sub-pages related to it, making it simple to find what you want. Finding information about regulation and legal compliance is easy via the “About” tab with sections for both “Licensed Broker” and “Regulatory Compliance.”
At the very bottom of every page on the ForexTime website, you will also find specifics on regulation across multiple jurisdictions and the standard risk warning for trading CFDs and forex.
- Professional appearance
- Easy-to-find regulation and legal information
- Easy-to-access support
6) Customer Support: Available on Every Page
Is FXTM a good broker with easily accessible support? Yes, the FXTM broker has a button for support in the bottom right corner of every page of their website. This button floats so it is always in the same spot and easily accessible. Clicking on it gives you six options for contacting FXTM Live Support: live chat, WhatsApp, Viper, Telegram, Facebook Messenger, and a callback. Our FXTM review points out that this is many more options than the typical competitor offers.
Another option for reaching customer support is via the “Get Help” dropdown menu at the top of the page. There, you have the option of the FAQ, “Chat with us,” “Contact us,” or “Search site.” The FAQ section is among the more extensive you will find in a broker comparison – social trading comparison, with dozens of categories for topics, plus a list of the “Top 10 questions.” This lets users easily find the specific information they want, whether it is about getting started, making deposits, trading, or the FXTM Invest program for social trading. Clicking on “Contact us” will take you to a map with offices labeled plus phone numbers and hours (24/5). Below the map, various countries have specific phone numbers listed. This page also has the same options for chatting with support as mentioned before and eight specific email addresses.
7) Methods of Payment: Over a Dozen Options
It is safe to say that you will be hard-pressed to find a company with more deposit and withdrawal methods than FXTM in a broker comparison – social trading comparison. Because ForexTime is available around the world, it strives to offer deposit methods geared toward specific countries to help FXTM investment account holders. Local payment methods include FasaPay, local bank transfers (in Nigeria, Indonesia, India, Pakistan, Iran, Afghanistan, Egypt, Bangladesh, Iraq, Tanzania, and Laos), online banking (in Malaysia, Thailand, and China), NganLuong, Baokim, and GlobePay. Additionally, FXTM broker offers deposits via Visa, Mastercard, Maestro, China Union Pay, Neteller, Skrill, Alfa-Click, WebMoney, OKPay, Dixipay, Cash U, Yandex.Money, Qiwi, Bitcoin, Perfectmoney, QQPay, Konnexone, and Baidu. These methods take up to 24 hours (or a business day), but many are instant, and none include commissions.
Withdrawal methods are essentially identical but typically take 24 hours. Some methods are free while others have fees ranging from 0.5 to 2 percent or 2 EUR/2 GBP/3 USD to 10 EUR. This last fee is just for bank wires via SettleGo. Each payment provider has its own limits in place, which you can view via the MyFXTM page. Deposits made in USD, GBP, EUR, or NGN will not be converted, and any other currency is converted base on FXTM’s published rates.
- Over a dozen deposit and withdrawal methods
- No deposit fees
- Some methods have no withdrawal fees
8) Additional Offers: FXTM Invest and Other Tools
Those interested in a broker comparison – social trading comparison will be most interested in FXTM Invest within our FXTM review. FXTM Invest is the copy trading program. With this program, users register to make an FXTM investment account, then choose their Strategy Manager and verify their profile. At this point, they can just deposit funds and let the program do the rest. Those who want to earn additional money can also become an FXTM Invest Strategy Manager. There is also the option to become a Trading Signal Provider or Subscriber for social copy trading.
In terms of educational tools, FXTM broker has a wide range available, including a specific glossary for FXTM Invest terms. In the “Education” tab of the main menu, you will find a long list of additional tools, including a forex glossary, “Beginners Guide to Forex Trading,” educational articles, seminars, an e-book, a periodic table, the FXTM Pivot Points Strategy, short forex trading videos, educational videos, and general forex education.
To help traders make educated decisions, ForexTime offers daily market analysis, market analysis videos, an economic calendar, a forex news timeline, a market overview, and a market forecast. Is FXTM a good broker with other tools? In MyFXTM, you will find FXTM Trading Signals. There is also a currency converter and calculators for currency, pips, and profit.
- FXTM Invest and Signal Providers/Subscribers for social trading
- Numerous education materials
- Long list of market analysis and trading tools
9) Regulation & Deposit Protection: Regulated in Multiple Jurisdictions
Is FXTM legit with full on regulation? Absolutely, as mentioned, the company is regulated in multiple jurisdictions. ForexTime Limited (the EU version of the website) is regulated by CySEC (the Cyprus Securities and Exchanges Commission) under CIF license 185/12 and licensed by FSB (the Financial Services Board) in South Africa under FSP No. 46614. It is also registered with the FCA (Financial Conduct Authority) in the UK with number 600475. FT Global Limited is under regulation of the International Financial Services Commission of Belize with licenses IFSC/60/345/TS and IFSC/60/345/APM. Card transactions are processed by FT Global Services Ltd. with registration number HE 335426 and located in Nicosia, Cyprus. Under the FCA’s FSCS, FXTM investment account holders can receive up to 85,000 GBP.
To ensure fund safety, our FXTM review points out that this broker segregates funds and has partnerships with well-respected banks. FXTM also uses the SSL network security protocol for a secure connection at all times and aims to provide complete transparency. Safety and security is always guaranteed at FXTM, this highly regulated brand.
- Registered with CySEC, FSB, FCA, and IFSC
- Included in FSCS for client compensation
- Segregated funds for traders
10) Awards: Over Two Dozen Awards and Honors
Since 2013, numerous organizations have answered is FXTM a good broker by giving the broker awards. In 2013, honors included “Fastest Growing Forex Broker” from MENA 13, “Best Forex Newcomer” from the World Finance Foreign Exchange Awards, and the “Most Innovative Product Award” from MENA 13. 2014 included awards for “Most Educational Broker” from FXEmpire and “Fastest Growing ECN Broker Asia” from Global Banking & Finance Awards. 2015 included such honors as “Fastest Order Execution” from Forex Traders Awards, “Best Broker” from both IAIR Awards and Forex Report Awards, and “Most Promising Forex Broker” from CNForex.
In 2016, FXTM broker took home awards for “Best FX Broker” from the European CEO Awards and “Top Customer Service Provider” from the 9th Saudi Money Expo. 2017 highlights include being named “Forex Broker of the Year” by the Global Investor MENA Awards, “Best Customer Service Global” by World Finance, and “Forex Broker Firm of the Year Europe” from the European Magazine Awards. Even with 2018 barely underway, ForexTime has already earned the title of “Best Forex Broker Russia” from FXDailyInfo and “Most Innovative Broker” from FXEmpire. Between all these honors, all FXTM clients, whether they engage in social trading, can expect top customer service and a great platform.
- Over two dozen honors
- Named “Best FX Broker”
- Honored for customer service and innovation
Conclusion: Our FXTM Review
So, is FXTM legit? With regulation in multiple jurisdictions, it is easy to say that yes, FXTM is a legit broker worth consideration. In a broker comparison – social trading comparison, we appreciate that ForexTime offers more than just social trading, including a long list of options for FXTM investment account holders to invest without utilizing Strategy Managers or Signal Providers. While the options for trading commodities are somewhat limited, the total of more than 250 trading instruments makes up for this lack.
One of the areas worthiest of praise in our FXTM review is the education center, where you will find all the resources a trader could want, regardless of experience level. We appreciate the vast resources to help beginners learn, along with the educational materials and tools to help experienced traders hone their skills and increase their profits. Based on our review, you should have a better idea of whether FXTM broker meets your needs for social trading, and we encourage you to make a Demo account to confirm this.
- Website in 6 languages
- Support in more than 30 languages
- Dedicated social trading platform
- 12 account types
- Hard to access social trading information
- No clear information on fees and rewards for social trading