FXTM (Forex Time): A Detailed Review of a Forex Broker with over 4 million users

Account types

FXTM offers three main account types to its customers: Standard Account, Cent Account, and Stock CFDs Account. In addition, there are several types of ECN accounts available – Stocks Account, ECN Account, ECN Zero, and Pro. Each account type offers different features, such as varying spreads, minimum deposits, and leverage options.

No matter what account you get, they all come with free access to trading signals, daily market news and analysis, educational materials, and webinars. The Standard and Cent options include demo accounts where you can test your methods risk-free before trading on your live account.

Trading Platforms/Software Options

FXTM offers two of the most popular and reliable choices for trading platforms: MetaTrader 4 (MT4) and MetaTrader 5 (MT5).  MT4 is suitable for beginner traders, while MT5 is more suited to advanced traders due to its more sophisticated features and tools.

The broker also offers clients access to various trading tools, such as Expert Advisors (EAs) and automated trading robots. This allows traders to automate their trading strategies, helping to reduce the risk of losses associated with manual trading. Many customers like that FXTM offers mobile apps for iOS and Android devices, allowing clients to conveniently access their accounts on the go.

The spreads are competitive, and you can get leverage up to 1:1000. You can also use tools like EAs and automated robots to help you with your trading. You can also use mobile apps to access your account and trade from anywhere in the world. However, they do not offer cryptocurrencies, which can be a dealbreaker for some traders.

FXTM Copy Trading

To the uninitiated, copy trading is a form of trading in which you can replicate the trades of a successful trader of your choice. It is an excellent way for novice traders to start trading without having any prior experience.

FXTM has an advanced copy trading platform, aptly named “Copy Trading.” It uses sophisticated technology to ensure your portfolio remains safe, secure, and profitable.

With this tool, you can copy the trades of experienced traders whom you can vet based on their historical performance. You can also select from a wide range of strategies, such as trend following, scalping and short-term trading, as well as set limits for risk exposure and profit taking.

As most expert traders would put it, “high trading fees can eat into your bottom line.” It’s important to know what fees are involved before signing up with a broker.

FXTM offers tight spreads, which start from 0.1 pips, and there are no hidden commissions or fees when you make trades. However, the rollover fee for overnight positions can be pretty high, depending on the instrument you are trading. Additionally, beware of account inactivity fees which may be incurred ($10/month).

With great leverage comes great responsibility; it is important for traders to use caution when trading with such high levels of leverage. In addition, you should know that FXTM has stringent margin call policies in place to protect both the broker and its clients

. If the equity in a trader’s account falls below the margin requirement, FXTM will automatically close all open positions to protect its client from further losses.

The withdrawal process is fast and efficient, with funds usually being transferred within 1-2 business days.

Customer Support

FXTM has an extensive customer support network which is always willing to help traders with any queries or issues they may be facing. The broker offers 24/7 customer service via email, telephone and live chat, making it one of the best in terms of customer support.

Q: Is FXTM safe?

A: Yes, FXTM is a legitimate and regulated forex broker. It is overseen by both the Financial Conduct Authority (FCA) in the UK and the Cyprus Securities & Exchange Commission (CySEC), so traders can rest assured that their funds are held securely and in accordance with regulatory standards.

Q: Does FXTM offer forex bonuses?

A: Yes, FXTM offers various promotions and bonuses to reward traders for their loyalty. These can include cash-back rewards and no-deposit bonus offers.

Q: What is the minimum deposit requirement at FXTM?

A: The minimum deposit required to open an account varies from $10 to $100, depending on the account type.

Q: Does FXTM charge fees?

A: Yes, FXTM charges fees. Most importantly, they levy a trading commission on applicable trades alongside their spreads which are variable. They also charge an inactivity fee of up to $10 per month and a deposit/withdrawal fee depending on the method used for processing the transaction.

Conclusion

FXTM is a great choice for both new and experienced forex traders. The broker offers a wide range of trading instruments, competitive spreads, high leverage, and an advanced copy trading platform. The customer support is excellent, and the withdrawal process is fast and efficient. All these features make it one of the best brokers available in the market today.

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