FXTM Review

2.157 • 166 REVIEWS
FXTM Exinity Limited
Updated: Jul 10, 2024
ForexTime.com

FXTM is a regulated by FCA (UK), CySEC, FSC, FSCA forex broker established in 2011. ForexTime is offering MT4, MT5, WebTrader and FXTM Trader mobile app.

Trading instruments include over 55 currency pairs, Bitcoin, Litecoin, Ethereum cryptocurrencies as well as Stock Indexes, Stocks, Gold, Silver, Oil and other commodities.

Scalping, News Spike Trading and Expert Advisors are supported. Investors may choose to follow successful traders through managed account services. Wide spectrum of trading education materials is provided.

Please read FXTM Reviews below and share live trading experiences with this broker.

Other websites of this company include FXTM.com, ForexTimeChina.com.cn.

Related sites include Exinity.com, Alpari.org.

Broker Details

Minimum Trade Size: 0.01
Maximum Leverage: 2000:1
Minimum to Open Live: $10
Established: 2011
Address: Exinity Limited, 5th Floor, 355 NEX Tower, Rue du Savoir, Cybercity, Ebene 72201, Ebene 72201, Mauritius
Contact: support@fxtm.com, +44 20 3734 1025
Regional offices:
Regulators: CySEC # 185/12, FSC Mauritius #C113012295, FSCA #FSP No.46614, FCA #777911 / 600475
Prohibited countries:
Trading platforms: MT4, MT5, WebTrader
Web Trading: ✅ Yes
Mobile Trading: ✅ Yes
ECN: ✅ Yes

Trading Instruments

Currencies: (55+)
Cryptocurrencies: (4) Bitcoin, Litecoin, Ethereum
CFD: (190+) Gold, Silver, Stocks, Stock Indexes, Oil, Other Commodities

Trading Conditions

EAs/Robots: ✅ Yes
News Trading: ✅ Yes
Scalping: ✅ Yes

Managed Accounts & Social Trading

MAM: ✅ Yes
Deposit Methods: Bank Wire (BankTransfer/SWIFT), VISA, MasterCard, Alfa-Click, Bitcoin, CASHU, Dash, DixiPay, DusuPay, Ether/Ethereum, FasaPay, Globe Pay, Konnexone, Litecoin, Local Bank Transfers, Maestro, Neteller, Ngan Luong, PerfectMoney, Qiwi, Skrill, VLoad, Yandex Money
Withdrawal Methods: VISA, MasterCard, Bitcoin, Dash, DixiPay, DusuPay, Ether/Ethereum, FasaPay, Globe Pay, Konnexone, Litecoin, Local Bank Transfers, Maestro, Neteller, PerfectMoney, Qiwi, Skrill, UnionPay, VLoad, WebMoney, Yandex Money
* Please check broker website for more information
2.157 • 166 REVIEWS

FXTM Most Helpful Customer Reviews

P
Piusmakor21
Nigeria, Nigeria,
Jan 5, 2023,
Registered user

Fxtm truly stands out

Service use: Live Length of use: over 1 Year
I have been using Fxtm of and on since 2016 . I have not had a single issue since then. In the past ,the withdrawal may not come that day but the next day and its included that the trading cabinet that local withdrawal is 24 hours,so that is not an issue ,,but now the withdrawal is instant!

Its truly an ECN broker. Many do complain often about the spread.
The secret is if you wish to target 50 pips,make it 40 pips, so the spread issue is dealt with that way! And yes ECN brokers do take commission cos they are giving you a direct access to world markets. I will rather have a good broker that I know how to handle their spread issue and commission than work with a fraudulent broker.
So yes , Fxtm is one of the best. I also have other brokers I work with, but Fxtm is more reliable. I trust Fxtm. They are among the top 5 for me.
F
Reply by ForexTime (FXTM) submitted Jan 11, 2023:
Hello Piusmakor21. Thank you so much for your wonderful and honest review! We're thrilled to know that you're enjoying your trading experience with FXTM. One of our top priorities is to constantly improve our services so our clients have a comfortable and hassle-free experience with us. Feedback like yours really goes a long way to motivate us and we thank you. If you have any specific issues or need any assistance at all, we're here for you. Once again, thank you.
K
KiranAG
Bangalore, India,
Sep 2, 2021,
Registered user

Worst Services

Service use: Live Length of use: 0-3 Months
Fxtm is the worst of all the brokers I have come across. It's not even one month but a lot of false promises and issues.

1) I couldn't use the FxTm mobile app with a live account. Demo works fine, I don't know why? Contacted customer care chat 15 days ago. Instead of understanding what the problem is, they keep on saying: restart the phone, uninstall and reinstall the app, enter the login id and password correctly, send the screenshots. Seriously? Don't you know that without a correct id and password I can't even login to the app. Finally after 1 hour of chat and doing useless things, chat person said that they are contacting the relevant department (I don't know what that department is) and they will get back to me. But they never show up. So, I started a chat again after a couple of days.. you know what? Same thing... restart the phone, uninstall and reinstall the app... blablablaaa. Again the same answer, our relevant department will get back to you.

2) Finally I have written an email and the reply was again... we will get back to you. It's more than 15 days now.

3) They started charging me swap-free everyday for open positions. I didn't know my account was a swap-free. So, I logged in to the portal and tried to disable the option. It will say "Success", but still show that option in Green. I tried more than 100 times.

I again contacted customer care chat and informed about this. They started like this:- Go to you portal, select the account, click on the swap-free bla bla blaa. Seriously? I was saying that I have already tried that. And they asked me to send the screen shots, which is their template response. I sent and the same template reply again.. our relevant department will get back to you.

And they keep charging my account with some $10 everyday per lot, for their issues.

4) Again I have written an email.. stating the issue that I am unable to disable the swap-free option, I have also asked them the status on the issue with mobile app. Asked them for a refund of charged too that were applied because of this issue.

I was shocked to see the reply. They bluntly said that they don't refund and keep on charging even after I asked 100 times to disable the swap-free. Finally they said they have sent this to the 'relevant' department and they will disable the option. BUT still it is not disabled. And they will keep on charging the fee and I have to pay?????

In that reply, regarding the mobile app, their answer was: Please let us know what's the issue with mobile app???????? WOW! Again started from the beginning.

I am vexed seriously and I am going to close my account with FxTm after withdrawing everything left in the account. I thought of adding more funds if I am satisfied with the services. But now a big NO.

They are here to loot your accounts, that's all. I will go back to my old broker. They are far better!
F
FXGuy02
Bogota, Colombia,
Apr 15, 2021,
Registered user

Stay way from FXTM Invest program!!

Service use: Live Length of use: 0-3 Months
I was attracted by their copy trading AKA FXTM Invest program. I invested $500 and after a month I was quite happy. Then, the Payout Date happened, my balance was 10% up from my initial deposit, so I was expecting that some $10 deduced from my balance (having plenty of free funds from my equity), instead of that, FXTM "paused" my account, meaning they closed all open positions, forcing me to take the entire drawdown (-5%), and a minute later, they open they back at a market price (making me pay commissions back again). Seriously FXTM, who implemented such a dumb algorithm? Shame on you FXTM, taking money from investors with those cheap tricks.

For those out there who still are interested in the investment program, let me summarize the negative points that I found, compared with other platforms out there:

1) You are forced to copy open trades each time you deposit funds. Other platforms allow you to choose but not FXTM. Copying open trades makes sense in case of long-term portfolios, but for the forex market, that simply doesn't work, and most certainly, it will mean taking losses.

2) It is no "social" at all. There is no way to contact your strategy manager, all they have is a "News" blog, but it is a one-way channel and most managers don't publish anything at all.

3) Pausing your account means closing open positions. In other platforms pausing the copy means that future positions open by the manager will no longer be mirrored in your account while waiting for the current ones to be closed at the proper time by the manager. Essentially, allowing a smooth way out. But in FXTM for you to stop copying you are forced to close the ongoing positions.

4) You will be re-charged commissions of your entire portfolio each time you add or withdraw funds as FXTM will close all positions and open them back again at a market price.

On the positive side, profit shares are charged only once a month based on the over all equity, even taking into account losses from previous months. I hope you find this helpful.
F
Reply by ForexTime (FXTM) submitted Apr 16, 2021:
Hello! We openly declare the terms of any service provided by the Company. All terms and conditions can be found on our website in the Account Opening Agreements section, where "FXTM Invest" service conditions are described in details. We always recommend to download and read through each of the Account Opening Agreements carefully and make sure you understand the implications of each one.
Kindly send your FXTM ID to investments@fxtm.com, the Investment department will alanyze your trades and provide you with a complete explanation on all your queries. Also, if you have suggestions on how the Investment program can be improved, kindly send them to complaints@fxtm.com.
H
Henda Ltaifa
Sharjah, United Arab Emirates,
Sep 11, 2020,
Registered user

Support

Service use: Live Length of use: over 1 Year
I join fxtm in June 2018. Everything was OK although I didn't make any profit. I stopped for a period, then decided to resume. I tried to deposit, but couldn't because I changed the registered debit card. I sent many emails, but were not helpful at all. I stii have an active account with them and still want to try again. My account number is2637938.
Looking forward to a reply
F
Reply by ForexTime (FXTM) submitted Sep 17, 2020:
Hello! Please send us a more detailed information regarding the situation you are facing to social@fxtm.com. We will be glad to see into your case and provide you with an answer.
C
compu-forex
Dubai, United Arab Emirates,
May 15, 2020,
Registered user

Update to my previous review

Service use: Live Length of use: 0-3 Months
I am glad to report that all my swaps were refunded. It appears there was a technical error on the platform that led to the removal of the swaps and introduction of charges.

Given the fact that they owned up to their mistake and took action to provide a full refund, I am quite happy to upgrade them to a 4 star rating. It would have been 5 stars but the technical fault did happen and I could have done without the stress.

Final word is that they are ok to use.

May 13, 2020 - 2 Stars I have been trading FX for many years now. I have traded with most companies out there and only occasionally do I resort to leaving a review.

First the good. They deposit and withdrawal procedure is quick and easy via Neteller(I can't comment on other methods). They have an account manager who is generally quite responsive.

Now the bad. I had a short oil trade going for about a week. I traded with FXTM specifically because the short swaps were good. It means you can hold on to the position as long as you like waiting for profit, unlike when you have to pay swaps. This morning I woke up and found that they had zeroed all my swaps(about 1200 euro) and had further levied an overnight finance charge on all my positions.

To add insult to injury, they even stole the swaps on a EURUSD position that I hold long term to hedge my trading funds(funds are in euro but I live in USD, so I don't want my trading capital to be affected by EURUSD).

In short, I would recommend staying away from this broker but won't label them as a scam.

Recent User Reviews of FXTM

F
forextrader03
Malaysia, Malaysia,
Jul 9, 2024,
Registered user

FXTM Terrible Security - $13802 stolen from my account in 8 minutes

Service use: Live Length of use: 0-3 Months
A total of USD13400 was stolen & fee USD402 inactive fee was charged from my FXTM account on 27.06.2024.

The withdrawal was processed under very suspicious activity for the reasons below,
The password was changed on 27 June, 7:54 pm MYT and a withdrawn was processed 3 minutes after without confirmation.
The withdrawal was requested to a different address and method from previous deposit/withdrawal (TRX as suppose to USDT).
The hefty inactive fee could have been easily avoided by trading in small volumes (0.01 lots)
I have contact FXTM right after the incident, they have just replied refusing to bear responsibility,

QUOTE

Upon investigation, we have determined that these breaches were not the result of any internal breach within our company. It appears that compromised client credentials, potentially through sharing login details with third parties or insufficient safeguarding of credentials, have contributed to these incidents and unauthorized withdrawals.
According to section 32 of the Client Agreement, clients are obligated to notify us immediately if they know or suspect that their Access Data has or may have been disclosed to any third person, clients agree to co-operate with any investigation FXTM may conduct into any misuse of their Access Data.
As such, we want to emphasize the following points regarding your account security and our response to this incident:
Liability Clarification: The company does not bear responsibility for losses resulting from unauthorized access due to compromised credentials. Clients are solely accountable for the security and confidentiality of their login details
END QUOTE

Firstly, I would like to point out that FXTM's ticket has been directed to my old email despite having changed my email address - FXTM's security system is far from satisfactory.

Furthermore, FXTM claims that the breach was due to my compromised credential without proof that it is not a security breach or inside job from FXTM's side. I have never shared my FXTM/email credentials with anyone nor is it accessible to anyone but myself.

In all of FXTM's online review responses, "Always remember that FXTM is on your side" is mentioned. I expect to be fully compensated and that FXTM does not push the blame to the client's side.
I will be escalating the issue to the Financial Services Commission - Mauritius.

This money is life changing to me, I did not expect such a large brokerage to have such poor security measure and refuse to take responsibility for it. Do not use this broker if you care about your funds. Withdraw all your funds now if you have any with them. They will not compensate you for their terrible security.
M
Moey777
Pretoria, South Africa,
Mar 31, 2024,
Registered user

FXTM - Exinity Gone Silent

Service use: Live Length of use: 6-12 Months
FXTM - Exinity Limited has been asked to resolve a complaint per the FAIS Ombudsman on the 18th March 2024 in an ongoing dispute going back weeks. They are silent and so far been non responsive and have not communicated with me to resolve the dispute. The customer support is shocking and disappointing. I have confirmations and records with no response received. I trust that we can resolve the dispute in an amicable way.

Feb 14, 2023 - 1 Star Based on my experience with FXTM (Forextime)

I would suggest Traders Stay Away from FXTM (Forextime) as they are refusing and used manipulation by moving funds for the amount of $10,000 & clearing my accounts by activating fake trades after I had withdrawn on the 20/01/2023 for $5,000.00 (Success Request ID: 10660356) & on the 20/01/2023 for $5,000.00 (Success Request ID: 10662086).

FXTM does forex trades without being authorized by clients.

Clearing of funds to the amount of $10,000 without any controls and approval by myself.

Reply by ForexTime (FXTM) submitted Feb 15, 2023 Hello Moey

Upon investigation, we can see that we have clearly responded to you via email explaining the situation with your trades and claims. FXTM DOES NOT interfere with our clients' trading activities and we do not affect or manipulate in any way the current trading activity of the Client as this is against our Company’s policies and regulations.

We have provided a detailed report on your declined withdrawal transaction as well.

Please note that FXTM always acts in the best interest of its Clients and it is always up to the Client to choose his/her trading strategy.

If you need more clarification, kindly refer back to the investigative and detailed email we sent you on the 26th of January, 2023.
S
SanchoRoy
Bengaluru, India,
Jan 5, 2024,
Registered user

Blatant disregard for Indian legalities - never open an account with them

Service use: Live Length of use: over 1 Year
ForexTime's blatant disregard for Indian legalities is appalling. Despite being deemed illegal in India, they persist in servicing Indian clients, jeopardizing their safety. I've lodged a complaint with the Ombudsman of Mauritius, urging swift action to suspend their FSC Mauritius license unless they cease Indian operations immediately. This unethical conduct must not go unnoticed; I urge everyone to think twice before engaging with Forextime. Is offering services in a banned country ethical or unethical? It's unequivocally unethical. Explicitly stating non-compliance with Indian laws on their reply to my email while profiting from Indian residents is audacious. Anyone can check the official website of the Reserve Bank of India to verify its illegal status. My account closure is a result of my complaint against Forextime to the Financial Services Commission, Mauritius.

They engage in illicit practices by accepting deposits through local Indian banks. Registering with them poses a significant risk, as they might shut down their operations in India at any time, leading to the loss of your funds. I request you do not sign up and fall for a dubious platform.
N
ngshy88
taiwan, China,
Dec 9, 2023,
Registered user

Stay away from this broker

Service use: Live Length of use: 3-6 Months
Should be careful of this broker, during the release of news data, foreign exchange prices are always immobile or delayed display, and it is impossible to close the profit-making orders at all. Usually I am not allowed to close the profitable orders until the market reverses. I have no choice but to lose money, and the prices you see on the plate are always different from the actual transaction prices.  I am seriously suspecting that they are cheating.
F
Reply by ForexTime (FXTM) submitted Dec 11, 2023:
Hello ngshy88. Thank for sharing this feedback but please be assured that FXTM does not manipulate the Trading Environment. This is impossible for us to do since we're an Internationally Regulated & Licensed Broker. We are ready to help provide clarity for any trades in question. Please Raise a Request directly here: https://get.fxtm.help/hc/en-gb/requests/new and share all your details including MyFXTM ID, Trading Account Number, Order Number and relevant screenshots (if any) and our team will investigate and provide you a detailed report. FXTM is on your side, ngshy88 and we're here to help you.
R
Rajeev Ranjan
JHARKHAND, India,
Aug 15, 2023,
Registered user

MY EXPERIENCE

Service use: Live
I am chasing for the complaint which i register 5 months back still i havent got any solution..my hard earn money is still stuck with FXTM. i request to please credit back the block amount to my trading account...Every body just calls and promises that they are working but nobody bothers to call. please release my amount of 41753.70 to my trading account as bank has freeze this amount.
MY FXTM ID - 640006989
F
Reply by ForexTime (FXTM) submitted Aug 21, 2023:
Hello Rajeev. We are aware of your situation and our team and your Account Manager is in constant touch with you to help solve this issue for you. Since your bank has frozen this particular amount, we are doing our best to help escalate and provide all needed information from our side to help solve this issue for you.

Please be assured that we have not ignored this matter but we are constantly working behind the scenes and providing you with the necessary steps, documents or other information to help with this matter.

Frequently Asked Questions

Is ForexTime a good broker?

Unbiased traders reviews on ForexPeaceArmy is the best way to answer if XXX is a good broker. https://www.forexpeacearmy.com/forex-reviews/9209/forextime-forex-brokers

Please come back often as broker services are very dynamic and can improve or deteriorate rapidly.

Additionally, we'd recommend to check recent ForexTime community discussions: https://www.forexpeacearmy.com/community/tags/forextime/

What is the minimum deposit for FXTM?

The minimum deposit for FXTM is variable depending on the type of the account.
  • Standard Account: minimum deposit is $100
  • Cent Account: minimum deposit is $10
  • Shares Account: minimum deposit is $100
  • ECN Account: minimum deposit is $500
  • ECN Zero Account: minimum deposit is $200
  • FXTM Pro Account: minimum deposit is $25,000

Is FXTM a legit company?

FXTM is a brand name of ForexTime Group. ForexTime Group is authorized and regulated in various jurisdictions.

ForexTime Limited (EU):

  • is regulated by the Cyprus Securities and Exchange Commission with CIF license number 185/12,
  • is licensed by the Financial Sector Conduct Authority (FSCA) of South Africa, with FSP No. 46614.

ForexTime UK Limited:

  • is authorised and regulated by the Financial Conduct Authority of UK with license number 777911. 

Exinity Limited:

  • is regulated by the Financial Services Commission of the Republic of Mauritius with an Investment Dealer License bearing license number C113012295.

 

What is FXTM standard account?

FXTM standard account, the name self explains, offers traders the ability to trade standard lots. It boasts below features:
  • Trading Platforms: MT4 / MT5
  • Account Currency: USD / EUR / GBP / NGN
  • Leverage / Margin: Floating from 1:2000
  • Minimum deposit: $100
  • Commission: No 
  • Spread: From 1.3
  • Margin Call: 40%
  • Micro Lot (0.01): Yes
  • Mini Lot (0.1): Yes
  • Standard Lot (1): Yes
  • Minimum Volume in Lots per Trade: 0.01
  • Maximum Volume in Lots per Trade: 30
  • Maximum Number of Orders: 100
  • Maximum Number of Pending Orders: 100