FXTM

Introduction

FXTM, also known as ForexTime, is an online forex broker firm that offers trading services in a wide variety of financial markets. Established in 2011, the company has been in the online trading industry for a decade, serving clients from over 180 countries worldwide. While FXTM has made a name for itself in the forex trading industry, it’s essential to take a closer look at the services it offers, its strengths, and areas of improvement.

Trading Platforms

MetaTrader 4 and MetaTrader 5

FXTM offers two primary trading platforms, MetaTrader 4 (MT4) and MetaTrader 5 (MT5). These platforms are popular in the forex trading industry due to their user-friendly interfaces and advanced trading features. They provide traders with a wide range of tools for conducting technical analysis, managing trades, and monitoring the market.

However, these platforms might be complicated for beginners. The vast array of tools and features can be overwhelming, and there’s a steep learning curve involved. FXTM provides educational resources to help beginners, but the process of mastering these platforms can still be challenging.

Account Types

Standard Accounts and ECN Accounts

FXTM offers a variety of account types to cater to different traders’ needs. There are standard accounts suitable for beginners and ECN accounts for more experienced traders. Standard accounts have higher spreads but no commissions, while ECN accounts have lower spreads but include a commission for trades.

The minimum deposit for a standard account is relatively low, making it accessible for beginners. However, the spreads can be high compared to other brokers, which could eat into potential profits.

Customer Support

FXTM provides customer support through live chat, email, and phone. The support team is available 24/5 and can assist clients in various languages. However, the quality of customer support is a mixed bag. Some users have reported quick and helpful responses, while others have complained about slow response times and unhelpful answers.

Regulation and Security

FXTM is regulated by several financial authorities, including the Cyprus Securities and Exchange Commission (CySEC), the Financial Conduct Authority (FCA) in the UK, and the Financial Services Commission (FSC) in Mauritius. This regulation provides some level of security and trust.

However, it’s worth noting that the level of investor protection varies depending on the regulatory body. For instance, the FCA provides up to £85,000 in compensation if the broker becomes insolvent, while CySEC offers up to €20,000.

Conclusion

In conclusion, FXTM is a well-established forex broker with a comprehensive range of trading services. Its trading platforms are robust but might be challenging for beginners. The account types cater to different trader needs, but the high spreads on standard accounts are a drawback. Customer support quality is inconsistent, and while the broker is regulated, the level of investor protection varies. Therefore, potential clients should carefully consider these factors before choosing FXTM as their broker.