Decoding FXTM Broker Fees, Deposits, and Withdrawal Methods

When it comes to choosing a forex broker, one of the most important factors to consider is the fees associated with trading, as well as the ease and convenience of depositing and withdrawing funds. FXTM, also known as ForexTime, is a popular broker that offers a wide range of trading services. In this article, we will delve into the details of FXTM’s fees, deposit methods, and withdrawal options to help you make an informed decision.

FXTM Broker Fees

Understanding the fees charged by a broker is crucial for any trader, as it directly impacts their profitability. FXTM offers competitive fee structures that vary depending on the type of account and trading instrument.

1. Spread

The spread is the difference between the buying and selling price of a currency pair. FXTM offers both fixed and floating spreads, depending on the account type. The fixed spread accounts have a predetermined spread for each currency pair, while the floating spread accounts have variable spreads that fluctuate with market conditions.

For example, the FXTM Standard Account offers floating spreads starting from 1.3 pips for major currency pairs like EUR/USD. On the other hand, the FXTM ECN Account provides spreads starting from 0 pips, but a commission is charged per lot traded.

2. Commission

As mentioned earlier, the FXTM ECN Account charges a commission per lot traded. The commission varies depending on the account currency and the trading platform used. For example, on the MetaTrader 4 platform, the commission ranges from $2 to $12 per lot, depending on the account currency.

3. Overnight Financing

When holding positions overnight, traders may incur overnight financing charges, also known as swap fees. These charges are applied to positions that are held beyond a certain time, usually at 00:00 server time. The swap fees can be positive or negative, depending on the interest rate differentials between the currencies in the traded pair.

FXTM provides a swap calculator on their website, allowing traders to estimate the potential overnight financing charges for specific currency pairs and positions.

4. Inactivity Fee

FXTM charges an inactivity fee of $5 per month for accounts that have been inactive for a period of six consecutive months. This fee is deducted from the account balance and is aimed at encouraging active trading.

Deposits Methods

FXTM offers a variety of deposit methods to cater to the diverse needs of their clients. These methods include:

1. Bank Wire Transfer

Bank wire transfer is a traditional method of depositing funds into a trading account. FXTM supports bank wire transfers in multiple currencies, including USD, EUR, GBP, and more. However, it is important to note that bank wire transfers may take several business days to process.

2. Credit/Debit Cards

FXTM accepts major credit and debit cards, including Visa, Mastercard, and Maestro, for instant deposits. This method is convenient and widely used by traders around the world.

3. E-Wallets

E-wallets have gained popularity in recent years due to their convenience and fast transaction processing times. FXTM supports various e-wallet options, including Skrill, Neteller, and WebMoney, allowing traders to deposit funds instantly.

4. Online Payment Systems

FXTM also accepts deposits through online payment systems such as Perfect Money and Payza. These methods provide an additional layer of security and convenience for traders.

Withdrawal Methods

Withdrawing funds from a trading account is an essential aspect of trading. FXTM offers several withdrawal methods to ensure a seamless and efficient process for their clients.

1. Bank Wire Transfer

Similar to deposits, traders can withdraw funds from their FXTM accounts through bank wire transfer. The withdrawal process may take a few business days, depending on the recipient bank and the currency involved.

2. Credit/Debit Cards

Withdrawals to credit or debit cards are processed by refunding the initial deposit amount back to the card. It is important to note that withdrawals can only be made to the same card used for the deposit.

3. E-Wallets

Withdrawals to e-wallets are processed quickly and efficiently. Traders can withdraw funds to their Skrill, Neteller, or WebMoney accounts, and the funds are usually available within a few hours.

4. Online Payment Systems

FXTM also allows withdrawals through online payment systems such as Perfect Money and Payza. These methods offer a convenient way to receive funds.

Summary

Choosing the right broker is crucial for successful trading, and understanding the fees, deposit methods, and withdrawal options is an important part of the decision-making process. FXTM offers competitive fee structures with both fixed and floating spreads, as well as commission-based accounts. Traders can deposit funds through bank wire transfer, credit/debit cards, e-wallets, and online payment systems, while withdrawals can be made through similar methods. By considering these factors, traders can make an informed decision when choosing FXTM as their forex broker.