- Founded: 2011
- Headquarters: Cyprus
- Min deposit: 10 USD
- Max Leverage: 1 : 2000
ForexTime (FXTM) has established itself as a prominent player in the global forex and CFD trading landscape, earning the trust of traders across various regions, including the Middle East and North Africa (MENA). Known for its robust trading platforms, diverse account types, and commitment to education, FXTM offers a compelling choice for both novice and experienced traders. This review provides an in-depth analysis of FXTM’s offerings, focusing on its services tailored to the MENA region, its regulatory standing, account types, trading platforms, fees, customer support, and more.
Company Overview
Founded in 2011, FXTM has quickly grown into a leading broker with a presence in over 150 countries. The broker is renowned for its client-centric approach, offering a range of trading instruments including forex, commodities, indices, and cryptocurrencies. FXTM operates under the regulatory oversight of multiple authorities, ensuring a high level of trust and security for its clients.
In the MENA region, FXTM has made significant strides, catering to the specific needs of traders with localized services and support. The broker’s educational resources and commitment to providing a transparent trading environment make it a popular choice among MENA traders.
Regulation and Safety
One of the most crucial factors to consider when choosing a broker is the level of regulation and safety they offer. FXTM excels in this area, ensuring a high degree of trust and reliability for its clients.
FXTM is regulated by several top-tier financial authorities, including the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC), and the Financial Sector Conduct Authority (FSCA) in South Africa. These regulatory bodies enforce strict standards to protect traders’ interests, including segregation of client funds and regular audits.
In addition to these major regulators, FXTM is also registered with smaller local authorities, enhancing its credibility in various jurisdictions. For traders in the MENA region, FXTM’s regulation by the Dubai Financial Services Authority (DFSA) provides additional assurance of the broker’s commitment to adhering to the highest standards of financial safety and transparency.
To further ensure the safety of clients’ funds, FXTM offers negative balance protection. This means that traders cannot lose more than their initial investment, providing an extra layer of financial security in volatile market conditions.
Trading Platforms
FXTM provides a variety of trading platforms to cater to the diverse needs of its clients. Whether you are a beginner or an experienced trader, FXTM has a platform that suits your trading style and preferences.
MetaTrader 4 (MT4)
MT4 is one of the most popular trading platforms globally, known for its user-friendly interface and comprehensive trading tools. FXTM’s MT4 offering includes advanced charting tools, multiple order types, and automated trading capabilities through Expert Advisors (EAs). This platform is ideal for both novice and seasoned traders looking for a reliable and versatile trading environment.
MetaTrader 5 (MT5)
MT5 is the successor to MT4, offering additional features and enhanced functionalities. It includes more timeframes, advanced order types, and improved charting tools. MT5 also supports trading in a broader range of assets, including stocks and commodities, making it suitable for traders looking for a more diverse portfolio.
FXTM Trader App
For traders who prefer to manage their investments on the go, the FXTM Trader app is an excellent choice. Available for both iOS and Android devices, this mobile platform offers a full suite of trading tools, real-time quotes, and seamless account management. The app’s intuitive design ensures that even on a smaller screen, traders can execute trades efficiently and monitor their positions with ease.
WebTrader
FXTM’s WebTrader platform provides the flexibility of trading directly from your web browser without the need to download any software. It offers the same robust functionality as the desktop versions of MT4 and MT5, making it a convenient option for traders who need access to their accounts from multiple devices.
Account Types
FXTM offers a range of account types tailored to meet the diverse needs of its clientele. From beginners to professional traders, there is an account that fits every trading style and level of experience.
Standard Account
The Standard Account is ideal for new traders or those looking for a straightforward trading experience. It offers tight spreads starting from 1.3 pips and no commissions on trades. The minimum deposit requirement is relatively low, making it accessible to a broad audience.
Cent Account
Designed for beginners, the Cent Account allows traders to trade smaller lot sizes, thus minimizing risk. This account type is perfect for those who want to practice their trading strategies without committing significant capital. Spreads start from 1.5 pips, and there are no commissions.
Shares Account
For traders interested in stock trading, the Shares Account provides access to a wide range of shares from global markets. This account type is commission-based but offers competitive rates and tight spreads. It is ideal for traders looking to diversify their portfolio with individual stock investments.
ECN Account
The ECN Account is suited for experienced traders who require direct access to the interbank market. It offers the tightest spreads, starting from 0.1 pips, and charges a small commission on trades. This account type provides faster execution speeds and deeper liquidity, essential for high-frequency trading strategies.
FXTM Pro Account
The FXTM Pro Account is designed for professional traders and institutional clients. It offers the most competitive trading conditions, including zero spreads and no commissions. This account type requires a higher minimum deposit but provides unparalleled access to market liquidity and execution speed.
Trading Instruments
FXTM offers a broad spectrum of trading instruments, catering to a wide range of investor preferences and strategies. The broker provides access to over 250 financial instruments, including:
- Forex: FXTM offers an extensive selection of currency pairs, including majors, minors, and exotic pairs. This variety enables traders to take advantage of diverse market opportunities and employ various forex trading strategies.
- Commodities: For those interested in trading commodities, FXTM offers contracts for difference (CFDs) on popular commodities such as gold, silver, crude oil, and natural gas. These instruments allow traders to speculate on the price movements of these essential resources.
- Indices: FXTM provides CFDs on numerous global indices, including the S&P 500, NASDAQ 100, FTSE 100, and more. Trading indices can be an excellent way to gain exposure to the broader market without having to invest in individual stocks.
- Stocks: FXTM offers CFDs on a wide range of stocks from major global markets, including the US, UK, and Europe. This allows traders to speculate on the price movements of individual shares without owning the underlying asset.
- Cryptocurrencies: In response to the growing interest in digital currencies, FXTM offers CFDs on popular cryptocurrencies like Bitcoin, Ethereum, Litecoin, and Ripple. This enables traders to participate in the highly volatile cryptocurrency market.
Fees and Spreads
Understanding the fee structure and spreads is crucial for evaluating a broker’s cost-effectiveness. FXTM is known for its transparent and competitive pricing, making it an attractive option for traders in the MENA region.
Spreads: FXTM offers both fixed and variable spreads, depending on the account type and trading instrument. For forex trading, spreads can start as low as 0.1 pips on major currency pairs, particularly for those using the ECN account. This can be highly advantageous for traders looking to minimize trading costs.
Commission: The commission structure at FXTM varies based on the account type. For standard accounts, there are typically no commissions, as the broker earns through the spread. However, for ECN accounts, a small commission per lot is charged, which can be offset by the tighter spreads offered.
Swap Fees: Like many brokers, FXTM charges swap fees for positions held overnight. These fees can vary depending on the instrument and the direction of the trade (long or short). Traders should be mindful of these costs, especially when holding positions for extended periods.
Deposit and Withdrawal Fees: FXTM supports a wide range of payment methods, including bank transfers, credit/debit cards, and various e-wallets. While the broker does not charge fees for most deposit methods, there may be charges for certain withdrawal options. It is advisable to check the specific fees associated with your preferred payment method.
Pros and Cons
- Competitive Spreads: FXTM offers tight spreads, starting as low as 0.1 pips for major currency pairs on ECN accounts, which can significantly reduce trading costs.
- Transparent Fee Structure: The broker provides clear and detailed information about its fee structure, ensuring traders are well-informed about any potential costs.
- No Commission on Standard Accounts: For standard account holders, there are no commissions, as FXTM earns through the spread, making it cost-effective for traders.
- Multiple Payment Options: FXTM supports a variety of deposit and withdrawal methods with minimal or no fees for deposits, enhancing convenience for traders.
- Variable Spreads: While variable spreads can be low, they may widen during periods of high market volatility, potentially increasing trading costs unexpectedly.
- ECN Account Commissions: Traders using ECN accounts are subject to small commissions per lot, which can add up, especially for high-frequency traders.
- Swap Fees: FXTM charges swap fees for positions held overnight, which can accumulate over time and impact profitability, especially for long-term trades.
- Withdrawal Fees: Some withdrawal methods may incur fees, which can be a drawback for traders frequently moving funds in and out of their accounts.
Leverage Options
Leverage is a critical factor for many traders, as it allows them to control larger positions with a relatively small amount of capital. FXTM offers flexible leverage options, catering to both conservative and aggressive traders.
Forex Leverage: FXTM provides leverage up to 1:2000 for forex trading, depending on the account type and regulatory jurisdiction. Such high leverage can amplify both potential profits and losses, so it is essential to use it wisely and understand the associated risks.
Commodity Leverage: For commodities, leverage can vary but typically ranges up to 1:200. This allows traders to take significant positions in the commodities market without requiring substantial capital.
Indices and Stocks Leverage: Leverage for indices and stocks CFDs is generally lower, reflecting the higher risk associated with these instruments. Leverage for indices can go up to 1:100, while for stocks, it may be up to 1:10.
Cryptocurrency Leverage: Given the high volatility of cryptocurrencies, FXTM offers more conservative leverage for these assets, usually up to 1:10. This helps mitigate the risk of substantial losses in the highly unpredictable crypto market.
Customer Support
Customer support is a cornerstone of any reputable brokerage, and FXTM excels in this area. Recognizing the diverse needs of its global clientele, FXTM offers a robust customer support system designed to assist traders promptly and efficiently.
Availability and Responsiveness:
FXTM provides 24/7 customer support, ensuring that traders can access assistance at any time, regardless of their location. This around-the-clock service is particularly beneficial for traders in the MENA region who may require support outside of traditional business hours. The support team is known for its quick response times, typically addressing queries within a few minutes.
Channels of Communication:
FXTM offers multiple communication channels for customer support, including:
- Live Chat: The live chat feature on FXTM’s website is a popular option for immediate assistance. It is accessible directly from the homepage and provides real-time support from knowledgeable agents.
- Email Support: Traders can also reach out via email for detailed inquiries or when attaching documents. FXTM’s email support is known for its thorough and well-structured responses, typically received within a few hours.
- Phone Support: FXTM provides dedicated phone support lines for different regions, including a specific line for the MENA region. This ensures that traders can speak directly with a support agent in their preferred language.
Quality of Support:
The quality of FXTM’s customer support is commendable. The support team is well-trained and capable of handling a wide range of issues, from technical problems and account inquiries to more complex trading questions. Customer feedback consistently highlights the professionalism and helpfulness of FXTM’s support agents.
Payment Methods
A variety of payment methods is crucial for ensuring that traders can deposit and withdraw funds with ease. FXTM offers a comprehensive selection of payment options tailored to meet the needs of traders in the MENA region.
Deposit Methods:
FXTM supports numerous deposit methods, including:
- Credit/Debit Cards: Major cards like Visa and Mastercard are accepted, providing a quick and straightforward way to fund accounts.
- Bank Transfers: For traders who prefer traditional methods, FXTM supports bank transfers. While this option may take a bit longer, it is a reliable and secure way to deposit funds.
- E-Wallets: FXTM accommodates popular e-wallets such as Skrill, Neteller, and PayPal. These options are favored for their speed and convenience, with deposits typically processed instantly.
Withdrawal Methods:
Withdrawal options are equally diverse, allowing traders to access their funds with minimal hassle. The process for withdrawals is straightforward, with options mirroring the deposit methods:
- Credit/Debit Cards: Withdrawals to credit or debit cards are processed efficiently, usually within 2-5 business days.
- Bank Transfers: While bank transfers for withdrawals may take a bit longer (typically 3-7 business days), they are a secure method for larger transactions.
- E-Wallets: E-wallet withdrawals are the fastest option, often completed within 24 hours.
Fees and Processing Times:
FXTM is transparent about any fees associated with deposits and withdrawals. Generally, deposits via credit/debit cards and e-wallets are free, while bank transfers may incur a nominal fee. Withdrawal fees vary depending on the method chosen, but FXTM strives to keep these costs competitive. Processing times are consistently within industry standards, ensuring traders have timely access to their funds.
Supported Languages
Language support is a vital aspect for brokers serving a global clientele. FXTM recognizes the importance of catering to traders in their native languages, particularly in a diverse region like MENA.
Language Options:
FXTM supports an impressive array of languages, reflecting its commitment to accessibility and customer satisfaction. For traders in the MENA region, FXTM offers support in:
- Arabic: Given the significant number of Arabic-speaking traders in the MENA region, FXTM provides comprehensive support in Arabic. This includes website content, customer support, and educational resources.
- English: As a widely spoken language in the region, English support is also available. FXTM’s English-language services include all aspects of the trading experience, from account management to customer support.
- Other Languages: FXTM caters to a global audience and offers support in multiple other languages, including French, Spanish, and Russian. This broad language support underscores FXTM’s dedication to serving traders worldwide.
Multilingual Customer Support:
FXTM’s multilingual customer support team is a significant advantage for traders. Being able to communicate in their preferred language enhances the overall trading experience, reducing misunderstandings and ensuring clarity in communications. The support team’s proficiency in multiple languages is frequently praised in customer reviews.
Conclusion
FXTM stands out as a highly reliable and versatile broker for traders in the MENA region. Its diverse range of account types, competitive fees, advanced trading platforms, and exceptional educational resources make it a strong choice for both novice and experienced traders. The broker’s commitment to regulatory compliance and customer service further enhances its appeal, providing a secure and supportive trading environment.
Whether you are looking to start your trading journey or seeking to refine your strategies with a reputable broker, FXTM offers the tools and support needed to succeed in the dynamic world of forex and CFD trading.
FAQs
FXTM, also known as ForexTime, is a global online broker that offers a wide range of trading services, including forex, commodities, indices, and shares. It is known for its competitive spreads, advanced trading platforms, and excellent customer support.
Yes, FXTM is regulated by several top-tier financial authorities. These include the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC), and the Financial Sector Conduct Authority (FSCA) in South Africa. This regulatory oversight ensures that FXTM adheres to strict standards of financial security and transparency.
FXTM provides access to the industry-leading MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms. Both platforms are available on desktop, web, and mobile devices, allowing traders to manage their accounts and trade from anywhere.
Yes, FXTM is committed to educating its clients and offers a wealth of educational resources, including webinars, seminars, video tutorials, and articles. These resources are designed to help traders improve their skills and knowledge of the markets.
Yes, FXTM is suitable for beginners due to its user-friendly platforms, comprehensive educational resources, and a variety of account types catering to different levels of experience. The Cent Account, in particular, is designed for new traders who want to start with smaller volumes.
FXTM supports a wide range of payment methods for deposits and withdrawals, including:
- Credit/Debit Cards: Visa, Mastercard
- Bank Transfers: Local and international bank transfers
- E-Wallets: Skrill, Neteller, PayPal
- Other Methods: Depending on your region, additional local payment methods may be available
These options ensure that traders can choose the most convenient method for their needs.
The minimum deposit varies depending on the account type:
- Cent Account: $10
- Standard Account: $100
- ECN Account: $500
- ECN Zero Account: $200
- FXTM Pro Account: $25,000
These minimum deposits make it accessible for traders with different budgets to start trading with FXTM.