FXTM Review
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.
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: | β Yes |
---|---|
Mobile Trading: | β Yes |
ECN: | β Yes |
Currencies: | (55+) |
---|---|
Cryptocurrencies: | (4) Bitcoin, Litecoin, Ethereum |
CFD: | (190+) Gold, Silver, Stocks, Stock Indexes, Oil, Other Commodities |
Trading Conditions |
|
EAs/Robots: | β Yes |
---|---|
News Trading: | β Yes |
Scalping: | β Yes |
MAM: | β 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 |
---|
FXTM Most Helpful Customer Reviews
Fxtm truly stands out
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.
Worst Services
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!
Stay way from FXTM Invest program!!
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.
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.
Support
Looking forward to a reply
Update to my previous review
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
FXTM - Exinity Gone Silent
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.
Blatant disregard for Indian legalities - never open an account with them
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.
Stay away from this broker
MY EXPERIENCE
MY FXTM ID - 640006989
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.
Withdrawal that is not received now for 1 Month
the second one was 353.97 USD and was on 2nd of June Transaction ID: 11316272 and till now nothing received on my bank account. I contacted them through live chat and through emails they first asked me to send them bank statement and I did. Then they asked me to wait for a while so they can check then they disappeared for a while I sent many reminders. Then they sent me some reference numbers and asked me to check them with my bank and I did and my bank confirmed that nothing was received and the transaction cannot be tracked by the ARN and MCC numbers that they shared. Next I asked them for a proof from their bank so I can go and check with my bank but they are now not responding again. Who ever thinking to deal with those guys is better to run away. They are not professional to handle problems and customer issues regardless if they are scam or not.
We are aware of this situation and please be assured that our team is working constantly behind the scenes to investigate this and resolve it ASAP. Your funds are extremely important to us and since we're a regulated broker, we are also answerable for every single transaction.
As per check, these funds were released from our side within the standard time-frame and every document we ask for or details we share with you is so we can track and help solve this case. As per our investigation, please recheck with your bank with the details we shared with you - you can get in touch with our Live Chat Team and please be assured that FXTM has no reason to hold your funds or delay your funds process for any reason whatsoever.
Frequently Asked Questions
Is ForexTime a good broker?
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?
- 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?
- 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