FXTM (FOREXTIME) Review

The foreign exchange market is the largest market in the world, and as a result of advancements in financial technology, ordinary traders and investors now have the ability to profit by having access to these markets. In this review, we will discuss FXTM or ForexTime in order to provide you with a better understanding of whether or not they are a reliable broker and whether or not they may be the right fit for you. There are a number of different brokers and products that give you the ability to potentially profit from Forex moves.

Regarding FXTM:

After only five years, FXTM has continued to be recognized for its excellence, as evidenced by the fact that the company was given an award for “Best Forex Newcomer” in 2013. The broker’s most recent accolades are from 2018, when he was named “Best Online Forex Trading Company Nigeria” and “Reputable Invested Education Forex Broker Award” winner. The online broker took home three accolades in 2019: the Best Investment Broker Award from FXDailyInfo, the Best European Forex Affiliate Broker Programme Award from Global Forex Awards, and the Best Trading Experience Award from the World Finance Awards.

You can probably guess that winning these accolades is not something that just happens by virtue of existence. You can develop your skills as a trader and investor by taking use of the various trading accounts, investments, and educational opportunities available on their site. At first look, it appears like ForexTime provides its customers with a powerful trading platform that has the potential to satisfy many of their requirements.

Here are some of the most important reasons why you should open an account with FXTM in 2020:

Reporting and analysis of the market

A bonus for recommending a buddy program

Program for repeat customers

Lucrative promotions

Multilingual customer support

A diverse assortment of accounts

Fast trade execution

Leverage of up to one thousand to one

Closely spaced spreads

Is There Trust in FXTM?

When searching for a suitable Forex broker, reliability should be one of the criteria that is taken into consideration. A trustworthy broker should have platforms that are simple to use and provide information, an education section to continue growing as a trader and investor, and compatibility with the most recent technologies. This definition may vary slightly from person to person, but a reliable broker should have these qualities.

According to FXTM, “We strive every hour on the hour to make your trading lives easier and to offer you a trading experience that is unmatched in the industry.” In addition to this, they provide customers with tight spreads of 0.1 pip or less, lightning-fast execution, extensive interbank liquidity, and professional advisors. In addition, you will be able to participate in logarithmic trading and select from a variety of account options that are compatible with MetaTrader 4 and MetaTrader5.

You should also give some thought to customer service because, in the event that something goes wrong, you will want the peace of mind of knowing that your money is in good hands. Trading and technical support, as well as a quick account opening process, as well as a variety of promotional goods, are all included with your account.

It would appear that FXTM is a broker that provides value to their customers and a cause to continue being a customer based on the accolades that it has received and the benefits that it has mentioned it provides. However, despite the fact that it is simple to jot down words, accurately determining the degree to which they can be trusted would take some time.

The Financial Services Commission (FSC) of Mauritius has granted a license to FXTM’s parent business, Exinity Limited. This license allows Exinity Limited to operate as a financial services provider. This license permits the company to lawfully offer trading in foreign currency exchange (Forex) and contracts for difference (CFD), in addition to dealing in stocks and instruments.

How to Sign Up for an Account with FXTM

The opening of an account ought to be a simple process, and with FXTM, you have a selection of available alternatives to pick from. To begin, one of the advantages of utilizing FXTM is that you have the option of opening either a genuine account or a demo account.

The ability to put the platform through its paces without risking your own money is one of the primary benefits of having a demo account. You can then determine whether or not it is a good fit for your needs. You will also have the opportunity to acquire more accustomed to the operation of the instruments before investing any of your hard-earned money in them as a result of this.

FXTM provides three distinct account types, each of which enables a demo trading environment. The first type of account is known as a Standard account, and it operates on the MT4 platform. The United States Dollar, the Euro, and Nigerian Naira are all examples of currencies that can be used to make deposits on this particular site. You are able to leverage your position, and the spreads begin at approximately 1.3 points. When you start trading, you’ll have the opportunity to choose from 59 different major, minor, and exotic Forex pairs, as well as spot CFDs and even cryptocurrencies. One hundred dollars is the bare minimum that can be deposited into this account.

After that, there is the Cent account, which allows you to work with the same currency as the Standard account does. The only distinction between the two accounts is that the Cent account has a minimum deposit requirement of $1,000. Spreads begin at 1.5, and the only major and minor currency pairs as well as two sport metals are available to you to trade.

The third account type is the Shares account, which takes a deposit of one hundred dollars to open and solely enables trading in CFDs with over one hundred and eighty different options. Spreads begin at 0.1, and instant execution is available across the board for all account types.

Demo accounts are available for you to try out so you can choose which one is the most suitable for your requirements. Testing the platform can provide you with a more accurate picture of how it works and help you determine whether or not it is suitable for the requirements of your trading.

Buying and Selling Platforms

You have the option of using either MT4 or MT5, both of which are well-known in the industry as the “go-to” platforms for Forex traders throughout the world. As was previously mentioned, you have these two platforms to choose from. A cursory examination reveals the following key distinctions between the two options:

The first distinction lies in the order execution, where MT5 offers four distinct types while MT4 only permits three of them. The fill policy for MT5 is fill, kill instant or cancel return. This contrasts with the fill policy for MT4, which is either fill or kill. MT5 also supports partial fills. Counting from there, MT5 has a total of 38 technical indicators, while MT4 only has 30. On the MT4 platform, the number of graphical objects is restricted to 31, while the MT5 platform permits 44. The MT5 platform comes equipped with economic calendars, and both the calendars and the platform have their own email systems.

Despite the fact that it can appear like MT4 is falling behind MT5, the two platforms are distinct and each offers its own set of differences and preferences. In a manner analogous to the demo account, the easiest way to comprehend each is to take a test drive and determine which one is the most suitable for you.

In addition, there is a web-based trading platform called WebTrader for MT4 and MT5 that you can use if you want to trade but don’t want to download any of the software. To accomplish this, all you need to do is launch the trading interface, log in to your FXTM account, and start making trades. This enables you to trade from any location as long as you have access to the Internet and from any computer, regardless of whether or not the trading program is installed on that machine.

MetaTrader 4 is available for download on iOS and Android devices through FXTM. If you want to start trading while you’re on the go, all you have to do is download the mobile trading app for tablets or smartphones.

The following capabilities are included with the mobile trading application:

A total of thirty technical indicators, nine different time periods, and twenty-four different analytical objects

Any and all trade orders and methods of execution are at your disposal.

Access your trading history whenever and anywhere you like.

Get real-time quotes

Obtain real-time charts that are interactive as well as several varieties of charts

Obtain full command of your trading account using your mobile device.

Promotions for FXTM in the Year 2022

There are a variety of deals available with FXTM. The vast majority of these are limited-time offers, but the online broker does provide a few of them on a more consistent basis.

Here is a rundown of the specifics:

Bonus of $50 for each friend that you refer – Register for an account with FXTM to obtain your referral link. Send the link to your referral page to as many of your close friends and relatives as you can. You will be awarded a bonus of fifty dollars for each of your friends who decides to sign up. If your buddy uses your referral link to join up for the service, both of you will each receive a bonus of $50.

Loyalty Program – FXTM provides customers with a loyalty program that has five levels and is laden with incentives like as bonus offers, cashback offers, and other offers. Simply making purchases of trades in the usual manner will allow you to level up.

Contests – There are two distinct types of contests available on FXTM. The Demo Contests are merely for practice, while the Live Contests give you the chance to win both cash rewards and prestigious titles. The Demo Contests are solely for practice. Participating in a trading competition is a fantastic opportunity to polish your trading talents and acquire more knowledge regarding trading.

Financial Tools Used in Trading

The goods that a broker provides are, arguably one of the most significant aspects of their business to discuss. The greater the number of products offered, the better, as this turns the marketplace into a one-stop shop for all of your trade requirements. To begin, in foreign exchange, there are all of the major pairs, in addition to minors and even exotic currency pairs. This enables you to potentially make money in any market you choose to participate in. The USD/JPY, CHF/JPY, EUR/NZD, and USD/CNH are some of the pairs that are available.

You then have the possibility to use CFDs on indices and commodities, which provides you with the flexibility to have exposure to a number of different markets. FXTM provides coverage for a variety of indexes, some of which are the US SPX 500 mini, the US Tech 100 mini, the Germany 30 mini, the Wall Street 30 mini, and the Hong Kong 50. You have access to some of the most actively traded indices in the world, which are listed here, and you can trade CFDs on them.

In terms of commodities, you will have access to trading opportunities for US Crude, UK Brent, and US Natural Gas. These markets are more prone to fluctuations, but they could provide more opportunities for entry.

Additionally, FXTM provides their customers with the opportunity to trade in metals. Silver versus the Euro, Gold versus the Euro, Gold versus the Dollar, and Gold versus the British Pound are the four markets that are available. You have the chance to immediately profit from market anxiety if you trade on these markets, which are typically busy during periods of volatility in the equities markets.

Last but not least, trading share CFDs is an option available to you through FXTM. This opens the door for you to participate in the equity market. From Apple to Amazon, there are a lot of various choices available. Have a look at the menu that FXTM provides for a comprehensive description of all of the available options, including those pertaining to equities.

How to Make a Deposit into Your FXTM Account

Because this will reduce the amount of friction between the passage of money, funding an account ought to be straightforward and uncomplicated.

Among the many options for making deposits are FasaPay, Baokim, and the Local Exchange House, amongst many more. Visit the deposit and withdraw page on FXTM’s website to view the complete list of deposit methods that are accepted. In addition, you can pay with cryptocurrencies, Skrill or Moneybookers, or a credit card like Visa or Mastercard.

The processes for withdrawing funds are analogous to those described for making deposits. You’ll see the minimum and maximum amounts required, as well as the processing times, within each service. Even though the times for each step of the processing may be different, you still need to be aware of them in order to be able to make appropriate preparations.

Customer Support offered by FXTM

There is a comprehensive FAQ available on FXTM, which may provide the answers you’re looking for. If you are unable to locate the information that you require, you can get in touch with a customer service representative through one of the following channels:

Regular Mail – Exinity Limited’s offices can be found on the 5th Floor of the 355 NEX Tower in Cybercity, Ebene, Mauritius 72201.

Email: Send an email with your questions or concerns to support@fxtm.com

Telephonic Service — We are able to provide you with toll-free telephone numbers for the countries of India, Indonesia, and South Korea.

You can obtain live assistance using Messenger, Viber, Live Chat, Call Back, and Telegram. Live Support – Live support is available to you.

FAQ

What kinds of trading platforms does FXTM provide its customers?

MetaTrader 4/5, FXTM Trader, Android App, IOS App.

What is the minimum amount that must be deposited into an FXTM account before it may be opened?

50 USD.

Is FXTM a Broker That Is Regulated?

Yes, IFSC is the regulatory body that oversees FXTM. Institutions that have a strong reputation in the industry, store the money of their customers in separate accounts, and retain the core values of trust and respect are examples of these types of organizations.

How can I submit my request to receive the FXTM Bonus?

It is vital to have a comprehensive understanding of the requirements for earning and collecting any type of incentive in order to ensure that you are eligible for the bonus. This is due to the fact that bonuses vary from one platform to the next. A customer loyalty reward program is made available to users of the system, and it allows customers to earn cash back on their purchases. In spite of the fact that the material in its whole is available on their website, this presents an additional potential for their clients to bring in a somewhat larger quantity of supplemental revenue. Once you have accomplished that goal, you should look for other bonuses, one of which is a deposit bonus of 30%. Before attempting to claim these bonuses, check to see that you have satisfied all of the requirements.

How Can Your Account Be Verified? What Are the Steps?

You will be required to supply some form of identification paperwork in order for your account to be verified. This could be in the form of a passport or a driver’s license. In addition to a proof of address, such as a utility bill for your water or gas service, you will also be required to provide a residency certificate as part of the application process. This is something that a significant number of the brokers who are in business in the modern period perform on a regular basis.

How Many Steps Are There in the Process of Closing Your Account?

If you want to close your FXTM account, the first thing you will need to do is withdraw all of your money from the account. Only then will you be able to officially close the account. After that, there shouldn’t be any more issues for you to deal with. If, on the other hand, you change your mind and decide that you would want to use FXTM once more, you should be able to reactivate your account and begin trading once more.

Overall Evaluation of ForexTime

In general, FXTM is a reliable platform that provides a high level of value for the money spent by its customers. Spend some time putting the platform through its paces with their demo account. After reaching that point, navigate to the education department and investigate the many different kinds of things that are available there. Although it seems to be a reliable platform, the ultimate choice of whether or not to use Forex Time is solely in your hands.