2017 Broker of the Year, FXTM, works hard to accommodate for all traders and does it far better than most others. With rapid customer growth, recent advancements in creating even better account types and cryptocurrency expansion, traders can feel like they are members of a versatile, modern and robust broker.
Compared to other brokers in their class, the trading conditions at FXTM are some of the best in the industry. The client base relies on fast execution, tight spreads as low as 0 pips, and leverage as high as 1:1000. Perfect for day traders, scalpers and position traders alike, FXTM is a broker you should you value a good mix of profitable trading conditions, quality support, and regulation.
FXTM has two main account types for real accounts – Standard accounts and ECN accounts.
The standard account offerings suit the trader who wants to deposit the bare minimum of 5USD or a minimum of 100 USD which is easier to trade with. Standard accounts offer Instant Execution as the standard accounts are using the FXTM Dealing Desk setup to make the trades available immediately with the possibility of requotes and thus no slippage.
Spreads on the standard accounts start at 1.3 pips with floating leverage up to 1:1000.
The Standard account type, however, is the only account that offers a full set of currency pairs to trade including some exotic pairs, cryptocurrency trading, and CFDs. The cent account offers major and minor pairs, so this account would suit the introductory trader who wants to get a feel for Forex trading.
The ECN accounts offer market execution to traders. This means that opened at market prices but in periods of high volatility or low liquidity in the pair traded, there could be slippage. Leverage offered on all ECN accounts (except the professional PRO account) is floating between 1:25 and 1:1000 and the margin call for all trades is set at 80%.
The ECN account has trading of the majors, minors, exotics and spot CFDs but does not have cryptocurrency trading. If you want to trade cryptocurrencies, then the 100 USD Standard Account is your option.
There are four different account types, all different to satisfy a variety of traders. Here is how best to compare them to each other.
- ECN Account: This account has a 500 USD minimum deposit and tight spreads from 0.1 pip. There is a commission of 2 USD per lot which compensates for the 0.1 pip tight spread. If you don’t want to pay commission on the trade, then the ECN Zero account would be the better option.
- ECN Zero: This account has a lower 200 USD minimum deposit and wider spreads than the ECN account which starts at 1.5 pips. There is no commission on each trade.
- FXTM ECN MT5: This account is very similar to the ECN account listed above with a few small changes. It best suits traders who want to move to the MT5 platform, and for that pleasure, you will get slightly wider spreads starting at 0.2 pips and slightly fewer pairs to trade. If you are not really keen on moving over to the MT5 platform, I would not choose this account and rather go for the ECN account described above.
- FXTM Pro: This account is for the professional trader with a minimum deposit of 25,000 USD. Because of the high deposit amount, FXTM is able to offer spreads as tight as 0 pips with no commission, and all currency pairs available. This account is for the serious trader who enjoys the MT4 platform, and market execution and does not want to pay commissions on a trade while keeping their low spreads.
FXTM is well regulated by a majority of the reputable regulators around the world. They include:
- The Cyprus Securities And Exchange Commission (CySEC) With CIF License Number 185/12
- Licensed by the Financial Conduct Authority (FCA) of the UK With Number 600475
- The Financial Services Board (FSB) Of South Africa, With FSP No. 46614.
Spreads And Leverage
Leverage offered at FXTM is larger than at most other brokers. It is flexible leverage from 1:25 to 1:1000 except on the Pro account which has leverage from 1:25 to 1:200.
Spread vary per account type. A couple reasons for this include if the trades are opened with instant or market execution or if there is a commission charged on the trade.
Deposits And Withdrawals
FXTM offers a wide variety of depositing and withdrawal methods. These include Credit Cards, E-Wallets & Local banking options. There are is no commission on depositing.
In some cases, there can be a commission on withdrawing funds. The vast majority of withdrawals are processed within 24 hours of them being received. This gives traders access to their funds when they need it.
Customer support is usually fast and informative. It is not often that brokers have opening hours on the weekend, so this will come in handy should you have a job that limits your ability to get away for a call on weekdays.
They are able to help with most of the general areas that you will come across. They can help with registration, account funding, minor technical support and also can help you get more detailed support as you need it.
All the below times are GMT + 2. FXTM support is open:
- 24 hours a day – Monday to Friday
- 11:00-16:00 Saturday
- 12:00-20:00 Sunday
FXTM is a leading broker, winning many awards for performance, customer service, and trading conditions. They are respected in the industry and they work hard to attract new customers.
A variety of account types welcome new and old traders alike, offering traders good conditions and support when help is needed. I would recommend FXTM to any new trader who wants to use MT4, but if you were wanted to trade cryptocurrencies, you will find yourself limited in account options.