Forextime (FXTM) review: Should you sign up? – Broker test for traders

So many forex brokers offer similar trading instruments to investors and traders. They also offer one or more platforms for traders to trade with these instruments. It sometimes becomes difficult to know the best Forex broker to join. Before registering on any broker’s platform,  the first thing you should do is research the broker.

Forextime (FXTM) is one of the forex brokers that gives trading instruments to traders. This review will help you know whether you should trade with the platform or not. Whether the broker is legit or a scam. You will also know all about the available trading assets on Forextime. 

What is Forextime? – Quick facts about the broker

Forextime, also called FXTM, as they have it on their website’s logo, is a company that provides digital assets to all the traders on its platform. The broker started in 2011 as a company offering real instruments and CFDs to the clients trading on it. Forextime is a popular broker and has won awards.

The company offers instruments from stocks, forex, indices, CFDs, commodities, and cryptocurrencies. FXTM has its headquarters in London. Aside from the HQ in London, the brokerage firm has companies in other regions. Plus, the offices are under proper regulation by different regulatory companies. These are the companies that make sure the broker is operating transparently.

Forextime offers its traders incredible trading platforms to help their trading experience better. The broker’s trading platforms come from popular third-party providers, and traders can even copy the trading style of another trader because of the copy trading tool available on its platforms. Forextime with this tool makes trading simple for traders.

The broker also has good customer support for the traders and even quality learning tool, which are not always present in brokers. The broker cares about the trades that are on the platform. FXTM also offers traders a demo account, which is useful in many ways. 

• The broker is under regulation. 
• Forextime offers vanilla and CFD assets.
• The main office is in the United Kingdom. 

FXTM Regulations: Is Forextime regulated?

Yes, Forextime is under the regulation of different international financial body regulators. You can only trust any broker as a trader if it’s under regulation or has a license to operate. The brokerage firm is under regulation, meaning traders can trust that it is not a scam. 

The firm is under the regulation of the Cyprus Securities and Exchange Commission, the Financial Conduct Authority in the UK, and the Financial Service Commission. The following are the license registration numbers of FXTM under each regulator – 185/12 (CySEC), 600475 (FCA) and C113012295 (FSA)

The regulators enforce the regulation in different ways. The first is that the broker should operate transparently. For example, Forextime should not have anything like hidden fees that will cost detriment the traders’ funds. Another regulation is that the fund of every trader on the broker’s platform should be kept in another account by the online broker. This is to ensure the safety of the client’s funds. 

Security measures for traders and their money

The broker puts forward security measures for the traders and their money. Forextime has a mission of making its traders have the best trading experience and, of course, protecting their traders. Traders trade on the platform with the assurance that no hidden charges affect the funds in their accounts. This is part of the regulation by the financial regulators to make FXTM a safe trading zone. 

Another security is the segregation of money in different accounts. To avoid any mistake or problem, the broker is charged to provide security to traders’ funds by putting them in another bank account. This way, if anything were to affect the funds of Forextime, it would in no way be detrimental to their client’s funds. The traders are sure that their money will be refunded if anything affects their money. 

Review of Forextime (FXTM) trading offers and conditions

Earlier, we mentioned that the Forex broker offers digital assets to each platform’s traders. Traders have more than 300 instruments for the traders to use for trading. Depending on the account type you use for trade and the asset, you get different spread pips and leverages. Since there are multiple trading instruments, traders have a wide range of choices when choosing an asset.

Forex 

Forex has to deal with the exchange of currencies of different countries. There are up to 57 forex currency pairs from which the traders can choose. Some examples of currency pairs available on Forextime are EURUSD, EURJPN, GBPUSD, e.t.c. Traders get to enjoy spreads from 0.2 pip for the EURUSD currency pair.

Forex assets:	57+
Leverage:	Leverage of up to 1:2000 is possible on the platform. That depends on your account type, the chosen asset and your country of residence.
Spreads:	From 0.2 pips
Execution:	Instant
Availability:	During trading hours

Stocks

Stock assets are also available on FXTM. Stocks have good market value and are one of the easiest assets to trade on any broker’s platform. One of the reasons this is so is that stocks movement are more easily predictable than others. Some stocks available for traders on the platform are Amazon.com, Nike, and Google. Spread types for each stock are different. Also, not every account type owner can access sticks. 

Stock assets:	20+
Leverage:	Leverage of up to 1:2000 is possible on the platform. That depends on your account type, the chosen asset, and your country of residence.
Spreads:	Starting from 0.5 pips on Standard accounts and 0.1 pips on ECN MT4 account
Execution:	Instant
Availability:	During trading hours

Cryptocurrencies 

Trading cryptocurrency involves risks, so as an investor on the trading platform, try to research the coin or token you want to trade. Traders can access real cryptocurrencies and CFDs of them. Some examples of cryptocurrencies available to traders are Litecoin, Bitcoin, Ethereum, e.t.c. Traders have access to only 4 cryptocurrencies on Forextime.

Cryptocurrency assets:	4+
Leverage:	Leverage of up to 1:2000 is possible on the platform. That depends on your account type, the chosen asset, and your country of residence.
Spreads:	Typical spreads for cryptocurrency CFDs range from 200 to 400 pips
Execution:	Instant
Availability:	During trading hours

Indices

Indices and indices CFDs are available on Forextime. There are 11 indices for traders to carry out transactions with. The indices available, like the Forex assets, have different spread types and leverages that the traders can enjoy. If you want to engage in any index market, you should try to research it.

Index assets:	11+
Leverage:	Leverage of up to 1:2000 is possible on the platform. That depends on your account type, the chosen asset and your country of residence.
Spreads:	Starting from 0.5 pips on Standard accounts and 0.1 pips on ECN MT4 accounts
Execution:	Instant
Availability:	During trading hours

Commodities

Commodities include products like metals, energy, and agriculture. Traders can open the market with any of the commodities on the platform. Examples of metals are gold and silver. Energy commodities that traders have are crude oil and natural gas. The agricultural produce that traders can open trade with is sugar, cotton, corn, e.t.c. Trading commodities is one of the best assets traders should add to their portfolios. 

Commodity assets:	3+
Leverage:	Leverage of up to 1:2000 is possible on the platform. That depends on your account type, the chosen asset, and your country of residence.
Spreads:	Usually from 4 to 11 pips on standard, ECN, and ECN Zero for MT4 accounts
Execution:	Instant
Availability:	During trading hours

Trading fees: How much does it cost to trade on Forextime?

The trading fees that traders are charged are pretty much the way in which Forextime makes its money. Trading fees come from trading on the platform. Trading different assets on the broker have different spread types. Traders are charged based on the spread pip given by the broker. Another means that charges come from the assets is the commission on the trade of that asset. The commission fee Forextime charges its traders depends on the account they use to carry out the transaction. 

There are no fees when it comes to depositing because the deposit is free. No matter the payment method you use, you will not be charged. But for withdrawals, the same cannot be said because some withdrawals may have fees on them. The withdrawal charge is mostly because of the trader’s payment method. For example, a bank transfer costs a percentage of the amount you want to withdraw.

Luckily, there is a swap-free account only for those from Islamic states. The broker has fees for overnight trading. Overnight trading simply is holding positions from 0:00-6 am. But if you are using the swap-free account, Forextime does not charge because, for those in Islamic states, the trading conditions are different from other regions.

Fee:	Information:
Swap fees for overnight open trades:	Apply
Management fees:	$0
Inactivity fee:	$5 per month after 6 months of inactivity
Deposit fee:	$0
Withdrawal fee:	$3
Market data fee:	$0

Test of Forextime trading platforms

Traders have access to choose the kind of trading platform they want to trade on. Forextime has trading platforms that are popular and used by most Forex brokers. The trading platforms are equipped with a copy trading tool to assist new and old traders in copying and utilizing them.

Let’s look at the trading platforms available on the broker’s platform:

• MetaTrader 4
• MetaTrader 5
• WebTrader
• Mobile Trader

MetaTrader 4

For a long time, most people in the Forex game have preferred to use this platform, even among the newer platforms, because of its accessibility and ease. Unlike most new trading platforms, the MetaTrader 4 makes it easy for traders to place trades on the platform. MetaTrader 4 is pretty old, yet it continues to be one of the most traded platforms after the cTrader platform. MetaTrader 4 platform has some technical tools that will be of good use to the traders no matter their level of experience.

MetaTrader 5

Unlike MetaTrader 4, MetaTrader 5 is not as frequently used. This is not because the platform is bad. MetaTrader 5 is an improvement to MetaTrader 4. MetaTrader 5 is improved and has even more technical tools that will help traders easily when they want to place a trade. The MT5  allows traders to carry out transactions even faster than the MT4. 

WebTrader

The WebTrader platform is flexible on both phones and desktop browsers. The platform is easy to access; once you log in to your trading account, go to trade to access the platform. It’s easy to place a trade on WebTrader. Traders have access to multiple assets making it encouraging to trade with the platform. Asides from the multiple assets, traders have access to trading tools that make placing trades easy for the traders. The WebTrader is another platform that traders use because there’s no need for any download. Once you log in, you can access the platform. 

Mobile Trader

If you prefer using your mobile device more often to trade or if you’re always on the go. This platform is only available on the phone application, which can be downloaded from your mobile store. Whether Google plays store or your apple Appstore. Mobile Trader users have access to many assets plus technical tools like other platforms. It is also possible to perform copy trade with the mobile trader. The Mobile Trader has a good demo account that traders can use to practice trading. 

How to trade on the FXTM platform

You can easily trade on any broker’s platform but need to open a trading account with the broker. Opening an account with Forextime is easy, which you will see in another section. Once you have opened your account or logged in to your trading account, you can use any of the assets available on FXTM’s trading platform to trade. Make sure that your account is funded with some money because you need to have money in your account to place a trade with any asset.

Once you select an instrument, no matter which, you will need to set a position on the chart. The trading position will determine your profit or loss. Before you set your trading position, you can use the available trading tool on the platform. Tools like technical indicators help the trader have a better position for trading. 

To complete your transaction, you will have to set an amount you will use to trade with the particular asset you have chosen. You will also need to set the trade time, whether 1 day, 2 days or a whole week; the choice is yours. Once you are done, confirm the process. By confirming it, you have opened a trade on the market with that asset, which will last for the time you set it to last. 

You don’t always have to wait for the trade to end before you close trading with the asset. In some cases, it might be that your prediction is not going right, and you desire to make a change. During the short trading time, it is good that you remain on the platform to watch how the trade is going; that way, you will know what action to take. If you want to learn how to trade more easily, use the broker’s demo account. A demo account is one of the easiest ways traders can learn how to trade on any platform they find on a broker.

How to trade forex on FXTM

Forex is one of the most commonly traded assets on the broker. Investors can choose from the multiple currency pairs available for them to use. However, you must have money in your trading account to open the market on the chart with forex. Once you fund your account, you can pick the assets you want to trade with. 

After selecting the currency pair, you need to set an amount for placing the trade. There’s, however, a minimum amount that the traders can use to set the trade on the platform. Before you can set the amount, remember that you must pick a trading position on the chart. Most traders use trading tools such as technical indicators to set a trade. You can narrow down the risks present in Forex trading by using any trading tool. 

After you set the amount, you can set how long you want to trade. It could be days, weeks, or even a month. When you do, place the trade. After you place it, if the duration is not long, maybe 20 minutes, keep careful watch over the trade because the currency pairs market can change at any time. Traders can use the demo account to train themselves to trade Forex. The demo account is another useful tool to learn strategies you will take when you want to trade with your real account. 

How to trade binary options on FXTM

Different assets are available for trade on FXTM, but there are no binary options. Traders cannot place trades in binary markets because the online broker does not offer them to clients. This may be because binary options are a risky kind of trade. The binary option is easy to trade, but it is also easy to make a loss while trading it. You can only trade the available assets on Forextime’s platform. 

How to trade cryptocurrencies on FXTM

If you want to trade any of the 4 cryptocurrencies available on Forextime, you must open a trading account with them. Opening your account is fast, and the verification only takes a day, no matter the region. Once your account has been fully opened, and you have access to the real account, you should fund the trading account first. Once you fund it, you can place a trade.

Select any Cryptocurrency, for example, Bitcoin. When you select bitcoin, you can set a position on the chart. Once you set the trading position, input the amount you wish to open the trade with and how long you want to trade. It is possible to trade cryptocurrencies overnight on Forextime’s trading platform. When you do, confirm the process. Traders can use the tools available to narrow down risks while trading. The trading tools are useful, so do not ignore them.

After you confirm the trade, the next thing to do is monitor the market. Traders can use the demo account to learn how to trade this asset because it works just like the real account, except that it is a practice account. Besides having access to a demo account, you may use the copy trading technique on the trading platform to perform your trades. 

How to trade stocks on FXTM

Stocks contain the highest number of assets on the broker. They are available in the normal and CFD form. Like the other assets available, you need to have an account with FXTM before you can trade stocks. The broker has stock/shares from some major companies, so the traders can pick any of them and start earning. Also, the trader will need to deposit money into their trading account; if not, it will be impossible to place a trade.

There’s no asset that trading tools do not make easier. If you know how to use the technical tool used for charting, you will be able to know the right position to set your position, even in the stock market. Once you set the position, you choose the amount you need to trade. After that, confirm that you want to open the stock market.

If your prediction is right at the end of the trade, you will make a profit. However, if your prediction of market movement is wrong, you will run at a loss. This is why you must keep checking the trade you have opened. That way, you know if you should bail out your market or keep it. You can use the copy trading tool if you feel you don’t want to be the one to place the trade. You can use the demo account to trade too. Trading stocks involves risks, so you should ensure you don’t open the market recklessly. 

How to open your FXTM trading account

Before you can trade on the Forextime platform, you, of course, need to have opened an account with the broker. The account opening process, that is, registration, shouldn’t take anything more than 20 minutes, and it’s because you have to read through the platform properly. To open your trading account, go to the broker’s website and select “open account.” When you do, you have to follow through with the remaining steps.

On the next page, you have to input your email address, your country (although it should already be set to it. But if not, you should set it.), phone number and your password. This is just the first step. Forextime will send a number to your email; enter the pin code to verify your email address. You will not be able to proceed if you don’t have the pin. 

After the first registration level, fully respond to the KYC form in the second step. Select the account type that you prefer. We will look at the accounts available on this broker platform soon. After that, you must enter your full name, birthday, and educational level. It is best to respond to the form honestly. 

The second step of the KYC section will be for you to put your financial level and what your know about investment. The last process and you will be able to access the demo account available on the platform. The demo account is free; you should utilize it to know how to trade on the platform.

Before accessing your live trading account, submit some documents for verification. Once you’re done with submitting the documents, it will take about 1 day for the broker to check the documents, and if they are authentic, a mail will be sent informing you that your live account is ready for use. Deposit money into the account to start trading on it.

Account types of Forextime:

During registration, you will see the 3 account types that the broker has for the traders. In this section, you will learn more about the account types. What differentiates them from each other, and what makes one better than the other? The 3 account types available on Forextime are micro account, advantage, and advantage plus account.

Micro account 

The advantage account starts with a deposit of $50. The account type is the best for new traders who want to test out FXTM trading platform. Users of this account type have access to certain instruments such as stocks, FX, indices, etc. But the instruments traders can trade with using this account are less than the two other accounts. Micro account users, however, do not get any commission fee for trading with the account and have a tight spread. The account type has a demo account that the traders can use, but it is limited to the MT4 platform. This means that traders cannot go beyond using the MetaTrader 4 platform. 

Advantage account

The advantage account is the next account type after the micro account. This account starts with a minimum deposit of $500. This account is a great trading account for expert traders. However, traders of this account type are charged a commission fee of $0.2 to $2, depending on the asset being traded. The spread is even tighter than the micro account, starting at 0.0 pip. The asset owners of this account can access more than the micro account users but still lower than the advantage plus. The traders can make use of both the MetaTrader 4 and 5, making it flexible and truly at an advantage compared to the micro account. 

Advantage plus account 

The advantage plus account has the best features and the same minimum deposit as the advantage account. One of the advantages of this account is that the traders access more trading instruments than the other two accounts and the trading tools are even more than theirs. The advantage plus the account does not have any commission fee, and the spread is also tight. Traders have access to use a demo account and MetaTrader 4 and 5 trading platforms. 

Can you use a demo account on Forextime?

A demo account is accessible to traders on Forextime. The good thing is that you can use the demo account no matter which accounts you use to trade. The demo account has an interface that resembles the live account. Traders are also able to choose a particular type of account to use for the account type just to test how the market works while using this account type.

The demo account has the same assets as the trading live account. As a trader, it is good to test the broker’s platform yourself with the demo account before depositing money into it. FXTM demo account is already loaded with a virtual account that the traders can use to place trades. 

How to login into your Forextime trading account

Once you have already created your account, you can log in at any time to start carrying out transactions. Select the login button and then fill in the necessary information on the login page. The broker will require you to enter your email address and account password. If they are correct, you will have access to your trading account. You can then proceed to start trading or fund the account and start trading if you haven’t funded the account. 

If you can’t remember your login details, the broker’s login page has a forgot password button that you can click. Once you click on it, you will need to enter your email address or user ID. FXTM will send a pin to your email address. Enter the pin and then proceed to create a password. Try and log in again to access your trading account. Once it opens, you can begin placing trades and transactions on the platform.

Verification – What do you need, and how long does it take?

Once you are done with the KYC form during registration, your account will need verification from the broker to finalize your registration and make your live account active. For this process, traders will need to submit a document for identification. The document for identification can be in the form of a national Identity Card, Voter’s Card, or government-approved identification card. The broker will not recognize things like school ID cards. Another document will need to be submitted as proof of residence. The residence proof can be something like a utility bill. Once you submit the two documents, it will take the broker 24 hours to process your account and get it ready, so you can begin trading on the platform. 

Available payment methods for deposits and withdrawals

The broker payment methods are multiple, which helps the trader choose the payment method that suits them more. Some payment methods will require the traders to pay a fee. Traders can select the following payment methods on the broker to start trading.

• MasterCard 
• Visa card
• Bank transfer
• Western Union
• Skrill
• Bitcoin e.t.c.

The best way traders can avoid fees is by making withdrawals through e-wallet channels. A bank transfer may attract a fee.

How to deposit money on FXTM – The minimum deposit explained

Deposits can be done easily on FXTM’s trading platform. You will need to log in to your trading platform. You need to locate the deposit button on the platform when you log in. The minimum deposit for the broker starts from $50, as seen in the first account type (micro account). After clicking deposit, select the payment method you want to make payment to the account. Once you select the payment method, you can enter the amount you want to withdraw. The broker has different minimum deposits based on the account you use to perform trade.

There is no fee for deposits the traders make. Immediately after the trader confirms the transaction, the money will be sent from the payment medium to your trading account. Once the money reflects, you can place trades with your desired asset.

Deposit bonus 

Traders can not receive a deposit bonus from the broker. When they make deposits, there will be a gift package. The traders can, however, enjoy bonuses from referrals. 

Withdrawal review – How to withdraw your money on Forextime 

When you are logged into your trading account, you will select withdraw funds button at the top of the screen. When you do, you can select a payment method by which the money will be sent out of your trading account. The broker will charge traders $3 for withdrawing from the trading platform. When you finally pick the payment method, you will have to enter the amount you want to withdraw. Withdrawals on the broker take 24 hours. This is impressive because not all brokers are able to process traders’ withdrawals within one day. This is an advantage on the part of FXTM.

Customer support for traders

Traders are able to receive adequate support by just using the FAQs provided by the broker. The FAQs answer most queries that the traders may have about the broker platform. Not all traders are willing to go through the call or send emails. They can simply check the FAQ answers and get an immediate response. The broker’s platform has more than 12 languages to communicate with its traders. This is impressive compared to most forex brokers with only about 4 languages.

The other support that traders receive comes from the call center, email agent, and live chat on the website. The call center agents have multiple languages with which clients can be communicated. The same goes for email and live chat. Since the demo account is also available to all who trade on the platform, everyone can get adequate first-hand assistance on how to trade properly with the broker. 

Contact Info 

• Email Address – [email protected]
• Website – https://www.forextime.com/contact-us

Customer care number:	Email:	Live chat:	Availability:
+44 20 3734 1025	[email protected]	Yes, available	24 hours a day from Monday to Friday

Educational material – How to learn trading with Forextime

Learning how to trade forex for free is possible with the educational materials provided by the FXTM. The broker provides its traders with learning videos and articles on how they can begin trading forex and other assets on the platform. The videos and articles are impressively detailed and cover the right topics to prepare traders to trade forex on the platform. Forextime even prepares market analysis that the traders can take a look at. The market analysis is trustworthy.

On the broker, there is a special article for beginner traders. The article serves as a guide to helping new traders know how to trade forex and CFD assets without having to pay for expensive classes outside. This shows that Forextime cares about the growth of the traders. 

Additional fees on FXTM

As seen in the fees section, the additional fees come from the rollovers of trade. The only way these fees can be avoided is by having a swap-free trading account. Traders are also charged for inactivity. This means that when traders do not trade on the platform for some time, an amount will be deducted from their account. The inactivity fee begins after 6 months of inactivity, after which a deduction will be made every month on your trading account.

Available countries and forbidden countries

FXTM is a broker that is in over 70 countries around the world. Let’s look at some of the countries the broker accepts clients from. 

1. Algeria
2. Nigeria
3. UAE
4. South African
5. Vietnam
6. India etc.

Meanwhile, the countries that are not accepted on the broker’s platform are the USA, Mauritius, Japan, Canada, Haiti, Suriname, the Democratic Republic of Korea, Puerto Rico, Brazil, and the Occupied Area of Cyprus.

Conclusion – FXTM is an excellent broker

From the review above, you will attest that Forextime has some advantages and disadvantages. Some advantages include that Forextime is under regulation of some kind to operate and offer its services. Another advantage of the broker is that it offers multiple trading assets to its clients. Traders in Islamic regions can open a swap-free account, which helps them meet the trading standard of non-Islamic regions.

Part of the demerits is that the minimum deposit for each account type is on the high side. Not many people may be able to afford the amount. Traders are charged for withdrawals, which puts the broker at a disadvantage compared to some industry brokerage firms.

Frequently asked questions (FAQs) about Forextime: