For traders in the Middle East, FXTM is offering a 10% deposit bonus. In addition to the deposit bonuses, there is a $30 trading credit when you switch to FXTM. For loyal FXTM traders, the broker offers the FXTM Loyalty Cashback program where loyal traders can earn rebates on their trading cost. In terms of trading assets that are available at FXTM, the broker offers trading in 6 different asset classes. They include the spot forex market, the spot metal market, CFDs on commodities, CFDs on market indices, CFDs on shares, and CFDs on cryptocurrencies. Do note, however, that the availability of cryptocurrency CFD is subject to location and regulations. FXTM offers platforms that are suitable for any type of trader – beginner or professional.
The loyalty programme is also an advantage, as a direct discount is applied to every trade, bringing a fast reward. This not only provides UK customers with plenty of protection, it also shows that the company is one that is run in a transparent and accountable manner. FXTM was set up in 2011, and was originally constituted and regulated in Cyprus by the Cypriot Securities and Exchange Commission. As well as offices in Cyprus, the company has had a UK presence since 2018. FXTM is well-known for having excellent customer care, providing a prompt, helpful and accessible service.
Is Fxtm Kenya Legit?
The brand can be considered as a broker for all types of traders due to the products and services it offers. Given the high pressure and financially sensitive nature of forex trading, it is essential that a platform has adequate customer service on offer for when things go wrong. And in this regard, ForexTime scores reasonably well, with this reviewer having overall positive experiences. When we did the FXTM broker review, we found ECN accounts comprise ECN, ECN Zero, and FXTM Pro accounts which provide various spreads and commissions.
It is tailored to different types of traders depending on their individual needs, investment goals, and financial background. FXTM commits to be the broker that suits any type of trader, whether beginner or professional. With this said, the account types are designed to specific trading level experience, and wherever market the trader has the interest to trade Retail foreign exchange trading with. The brand has made these several options of accounts so traders can choose which suits them best. This review details their service, including account types, the trading app, the demo account and of course the trading platform, including MT4. We also list any current bonus offers and key comparison data such as min deposit and min trade amounts.
The information and videos are not an investment recommendation and serve to clarify the market mechanisms. The texts on this page are not an investment recommendation. There are no fees on deposits, however, for withdrawal, the fee depends on what payment method is used.
There are 3 types of standard accounts that FXTM offers – Standard, Cent and Shares Accounts. Overall in terms of regulations, FXTM is regulated by FXTM Forex Broker Review highly reputed financial regulators and institutions in the world, hence we consider it to be very safe for traders to trade on their platform.
Account Types
The broker is regulated by the CMA in Kenya, Financial Conduct Authority in the UK, CySEC, and FSCA . Our review clearly highlights that eToro appears to be the better choice as it holds forex licenses only in Tier-1 jurisdictions. On top of that eToro also offers their clients free insurance of up to USD 1 million from the world’s largest insurance services provider Lloyd’s of London. In this category, we have a tight match between FXTM vs eToro.
- FXTM is one of the easier sites to navigate, with an incredibly user-friendly and aesthetically pleasing interface that is responsive and easy to use.
- And lastly, for bank wire, the charge depends on the currency, for GBP is 25 and for EUR is 20.
- A commission that you will be charged in case you use ECN MT4 account, is defined by the trading volume you operate see snapshot below.
- Traders can choose between USD, EUR & GBP Account Currency.
- The younger MT5 platform features more technical indicators, additional order types and promises a higher performance; however, it was not specifically created to serve the same purpose as MT4.
- This tool may help you with illustrating fluctuations of prices on 14 financial instruments .
The ability to choose from more than 250 financial instruments is definitely an advantage. Having the option to trade across Forex, Spot Metals, Stock CFDs, CFDs on indices, and CFDs on commodities, plus current pairs is quite a deal.
Articles About Fxtm
Both brokers will not charge any deposit fees, but there will be fees on withdrawals depending on the payment method selected. eToro will charge a $5 withdrawal fee and it also requires a minimum withdrawal amount of at least $30. There may also be fees charged by the intermediary bank, the receiving bank or the credit card provider, which clients should take into consideration. By comparison, FXTM clients need to ensure a minimum deposit of $10 or $25,000 for the professional trading account. We must say we were very impressed with FXTM’s live chat option.
FXTM offers its clients free educational materials like webinars, seminars, ebooks, etc. You need to fill in the necessary details needed in order to register. This includes your first and last name, phone trader number, country of residence, email, and simply create a password to secure your account. For security purposes, during the registration, you will receive a pin to the phone number that you have entered.
Free Fxtm Demo Account
Their overall fees are higher than most of the brokers in the industry. The spread is very higher for their “Cent Account” and the CFD trading fees are high. In comparison, eToro’s live chat link is not immediately found on its website’s home page. That link can actually be found below the FAQ in the “Help Center” section. It was rather the fact that the company’s chat option appeared offline way too often. Nevertheless, we managed to reach eToro’s support team and received some relevant answers to our inquiries. In regard to financial instruments available for trading, our broker review found that eToro’s main focus is set on Stocks, ETFs and Cryptocurrencies, while FXTM focuses more on Forex trading.
Yes, you can use automated trading systems on standard account. They have many awards and in my opinion, they certainly deserve these. You can choose them depending on your mode or market Foreign exchange market situation. I’m not surprised that the firm got ‘2017 Best Customer Service Global’ award from World Finance. Most of customers are satisfied by customer support including me.
We are a forex broker comparison & education website for traders in Malaysia. Yes, trading with an ECN broker may expose a trader to a greater risk of slippage and requotes. Since ECN brokers rely on external liquidity, there is no guarantee that a client’s trades will be matched instantly. Usually, this happens during times of low liquidity or high volatility. What some market maker brokers offer instant order execution.
This loyalty programme has the advantage of being a direct, cash discount, rather than virtual points or similar. The loyalty programme is divided into five different levels, or tiers. Which tier a customer is in depends on the amount that they deposit.
You can trade with major pairs which includes US dollar as either base or counter currency. But, maybe you would be more interested in minor pairs which includes major currencies without US dollar. If you are used to reach your customer account with using smartphone and tablet, this tool is for you. Also you can get recent developments in the market and much more like local meeting information, enrolling promotions and contests in the app. The tool enables integration of most useful trading tools with inclusion of technical data. You can blend 5 pivot point calculations with 3 indicators .
How To Choose An Ecn Broker?
OctaFX was founded in 2011 and provides forex and CFD broking services. They are a reputable broker and have provided services to more than 1.5 million trading accounts. They have also received 28 industry awards for their services. To trade in the forex market, traders need to sign up with a forex broker. Initially, only large financial institutions had access to the forex market, however, no liberal regulations allow retail traders to take part in it as well. The forex trading market has been gaining in popularity amongst retail traders since it is the largest and most liquid market in the world.