FXTM Review: FXTM is a leading Forex and CFD broker. This review details their service, including account types, trading app, demo account, and of course the trading platform, including MT4. We also list current bonus offers and key comparison data such as minimum deposit and minimum trade amounts. Read on and log in today.
FXTM offers a variety of trading platforms. Desktop or laptop users can choose between Metatrader 4 or Metatrader 5. These are the benchmark platforms for trading, with an excellent reputation.
Metatrader 5 is available for download on laptops or desktops, but not for small screen users, who will need to continue with Metatrader 4. Both versions of Metatrader are easy to navigate and include shortcuts that make opening and / or closing trades be quick and direct. ahead.
Metatrader 5 offers the following benefits in addition to those provided by Metatrader 4:
- Improved number of order execution types (4 vs. 3).
- MT5 has an edit feature for trades, as well as a higher number of pending orders available.
- There are a significantly higher number of technical indicators (38 vs. 30), chart objects (44 vs. 31), and time frames (21 vs. 9).
- MT5 also incorporates an economic calendar.
- MT5 also has an intriguing community chat feature, which allows traders to communicate with each other.
Mobile device users can take advantage of the Metatrader 4 app, which is available in a format suitable for Android and iOS devices.
MT4 Webtrader is also available for use on PC and MAC. This is a free version of web-based software. This means that traders can simply log in and start trading, no need to download anything first.
Assets / Markets
The instruments offered will vary depending on the merchant’s country of residence.
FXTM offers opportunities to trade in the following markets:
- Cryptocurrencies (Bitcoin, Ethereum, Litecoin, etc.) Note: FXTM offers cryptocurrency trading through Exinity Limited – the instruments offered are based on your country of residence.
- CFDs for indices and commodities (FTSE, DAX, Nasdaq, etc.)
- Spot metals (gold, silver)
- Share CFDs (Apple, BP, Google, etc.)
Spreads and commissions
Commission percentages are relatively low for Forex traders and are around the industry average for CFD trading. With ECN account options, spreads can be as low as 0.1 points. With the standard account, the spreads start a little higher but are still very competitive.
In this sense, FXTM is a good provider to trade with.
Please note that spreads are floating and can increase during specific periods of the day depending on market conditions.
The company introduces a number of additional fees that, if applied, can make them an expensive option. For example, there is an inactivity fee, which means that if your account is not used for a period of time, a charge applies.
Leverage rates vary depending on the trade being considered.
For most major currency pairs, the leverage is set at 1:30. These include exchanges with major pairs, such as EURUSD. This is a level imposed by the ESMA regulation and is the same in most regulated brokers.
For the pairs that are traded less frequently (minor Forex pairs), the leverage is set to 1:20. Such pairs include AUDCAD, EURNOK, EURAUD, NZDUSD, EURPLN, and USDSGD.
The metals leverage is as follows: 1:20 for XAUEUR, XAUGBP and XAUUSD. For XAGEUR and XAGUSD, the leverage is 1:10.
Leverage is offered on some indices. For example: 1: 5 in USTech100 (mini), 1:10 in Spain35
Commodities: 1:10 leverage on US crude is offered as a spot commodity.
1: 5 leverage is offered on US Stock CFDs.
Please note that leverage is not automatically agreed upon. FXTM will agree on leverage based on individual experience, past trading history, degree of customer loyalty, and various other factors.
The site offers users the possibility to choose between two different applications.
The first is the mobile application that allows you to trade through Metatrader 4. This application is available for download in both Android and iOS formats. The application can be downloaded from the site.
This app gives users access to all MT4 features, enabling effective trading on the go. What it does not do is give users access to the enhanced functionality and information provided by the MT5 platform. This can be frustrating for traders who want to use MT5 on the go, but have no choice but to settle for MT4.
The second application, available from the Apple application store or Google Play, is the MyFXTM commercial application. This is offered in iOS and Android format. Designed to provide an enhanced shopping experience, features include:
250+ financial instruments
The ability to modify, open and close positions quickly.
A trading board
Advanced charting tools
This is a great comprehensive app for mobile commerce and is a great addition to online platforms.
FXTM offers multiple deposit and withdrawal methods, all geared towards inclusive trading.
Deposits can be completed through the following methods:
Some deposit methods have a two hour processing time, while others are instant. All deposit methods are commission-free.
Minimum deposits vary depending on the type of account:
- Standard account £ / $ / € 100
- Account £ / $ / € 10
- Shares account £ / $ / € 100
- ECN Acc MT4 and MT5 £ / $ / € 500
- ECN Zero Account £ / $ / € 200
- ECN Pro Account £ / $ / € 25000
Withdrawals are available through the following methods:
Visa, Maestro, and Mastercard – These transactions are typically processed on the same business day. Money can be withdrawn in USD, GBP, or EUR. The commission is set at 2EUR / 3USD / 2GBP.
Neteller withdrawals are processed the same business day. Money can be withdrawn in USD, GBP, or EUR. No commission is charged.
Similarly, withdrawals from Skrill are commission free and are processed on the same business day.
Bank transfers take 24 hours to process and the only currencies available are GBP or EUR. The fees for bank transfers are 10EUR or 5GBP.
If you intend to withdraw cash, the best methods are through a credit card, Neteller, or Skrill.
Please note that FXTM may request additional information before authorizing a withdrawal. If this does not come immediately, the withdrawal may take much longer than the established period.
FXTM offers a high-end demo account that allows people to hone their trading skills before investing their hard-earned money. Forex is traditionally seen as a risky form of trading, so making sure you have the right skills before you start “real trading” is essential.
Demo accounts are available on Standard, Cent, ECN, and ECN Zero accounts.