FXTM Broker Expert Review

Stepping into the world of foreign exchange trading can be an exhilarating experience. It is critical, however, to select the right broker to ensure smooth trading operations. One popular platform that has caught the attention of many traders is FXTM, known for its advanced features and user-friendly interface. This comprehensive review delves deep into what makes FXTM stand out among its competitors.

An Overview of FXTM

FXTM, also known as ForexTime, is a globally recognized trading platform established in 2011. With its innovative approach towards forex trading and its commitment to provide an exceptional trading experience to its users, FXTM has quickly become a favorite among both novice and experienced traders.

FXTM provides a range of services, including foreign exchange trading, contract for differences (CFDs) on commodities, cryptocurrencies, and indices, among others. The platform stands out for its dedication to educating its users about forex trading, offering a wide variety of educational resources to help traders improve their skills and make informed decisions.

Platform and Trading Tools

FXTM uses the widely recognized MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms. These platforms provide advanced charting capabilities, automatic trading features, and a host of technical indicators. They are available for desktop, web, and mobile trading, offering traders the flexibility to trade on the go.

Some of the key features that make FXTM a preferred choice for many traders include the following:

• Advanced charting tools: FXTM’s platform provides over 50 technical indicators and a variety of charting tools to help traders analyze market trends effectively.
• Educational resources: FXTM places a heavy emphasis on trader education. They offer a wealth of resources, including webinars, seminars, e-books, and educational videos.
• Diverse account types: FXTM provides several different types of accounts, each with its own unique features, catering to a wide array of trading preferences.

Account Types

FXTM offers a variety of account types to suit different trading preferences. Each account comes with its own set of features and benefits.

Standard Accounts

Standard accounts are the most common types of accounts on FXTM. They are designed for traders of all levels and provide access to a wide range of instruments and trading tools. Standard accounts are divided into three categories: Standard, Cent, and Shares accounts, each with unique characteristics.

ECN Accounts

ECN accounts offer more advanced features, including faster execution speeds and lower spreads. These accounts are designed for experienced traders who want more control over their trades. ECN accounts come in four variations: ECN Zero, ECN, FXTM Pro, and FXTM Pro MT5.

Deposits and Withdrawals

FXTM offers various options for deposits and withdrawals, making transactions smooth and straightforward for its users.

Some of the deposit options include credit/debit card transfers, bank wire transfers, and a range of e-wallets. FXTM strives to process all deposits instantly, allowing traders to start trading as quickly as possible. They also do not charge any deposit fees, which is an added advantage.

For withdrawals, traders can use the same methods used for deposits. However, the processing time varies depending on the withdrawal method. Generally, e-wallet withdrawals are processed within 24 hours, while bank wire transfers and card withdrawals may take a few business days.

Customer Support

One of the factors that define a good broker is the quality of its customer support. FXTM provides robust customer service through various channels, including email, live chat, and phone support. Their team is available 24/5 and is known for their prompt and helpful responses.

Demo Account

For newcomers to the world of forex trading, starting to trade directly with real money can be daunting. Understanding this concern, FXTM offers a feature known as a ‘demo account’. This is essentially a practice account that allows new traders to get accustomed to the platform and trading itself without any real financial risk.

The demo account simulates a live trading environment, providing traders with virtual funds that they can use to make trades. This not only helps in getting a feel for the platform’s functionalities but also allows traders to test out strategies and build confidence. FXTM’s demo account is also beneficial for seasoned traders who wish to experiment with new strategies without risking actual capital.

The FXTM demo account comes with the same functionalities as a live trading account, including access to real-time price feeds, a variety of trading tools, and the ability to trade all the available instruments. The only difference is that the funds are virtual, which allows for risk-free practice.

The process of setting up a demo account with FXTM is straightforward. Upon visiting the FXTM website, users will find an option to create a demo account. After filling out a few basic details, the account is ready to use.

Pros of FXTM Demo Account:

• Allows for risk-free practice.
• Provides a realistic trading experience.
• Enables strategy testing.

Cons of FXTM Demo Account:

• Trades may not perfectly simulate live market conditions.
• Profitability in a demo account does not guarantee success in live trading.

iOS/Android Apps

Recognizing the increasing trend towards mobile usage, FXTM has developed dedicated mobile applications for both iOS and Android platforms. These apps allow traders to manage their trades on the go, offering a level of flexibility that desktop trading simply cannot provide.

The FXTM apps are essentially mobile versions of the MetaTrader 4 and MetaTrader 5 platforms. They offer the same functionalities, including charting capabilities, technical indicators, and access to all available trading instruments. The apps also support push notifications, allowing traders to stay updated with important market events and price movements.

The user interface of the apps is designed to be intuitive and easy to navigate, making mobile trading a breeze even for those who are new to the platform. Additionally, the apps come with built-in security features to ensure that your trading activities and funds are always protected.

The FXTM apps can be downloaded from the Apple App Store and Google Play Store. Once installed, traders can log in with their FXTM account credentials to start trading.

Pros of FXTM iOS/Android Apps:

• Allows for trading on the go.
• Provides push notifications for market updates.
• Offers the same functionalities as the desktop platforms.

Cons of FXTM iOS/Android Apps:

• Screen size may limit analysis capabilities compared to desktops.
• Dependent on a stable internet connection for seamless trading.

Affiliate Program

In addition to its trading services, FXTM also runs an affiliate program. This program offers individuals the opportunity to earn commissions by referring new users to the FXTM platform. It’s a win-win situation for both parties, as the referred user gets access to a reliable trading platform, and the referrer earns a commission for each successful referral.

The FXTM affiliate program is simple to join. Interested individuals need to fill out an application on the FXTM website. Once approved, they receive access to a variety of marketing materials, including banners, links, and widgets, which they can use to promote FXTM.

Affiliates can earn commissions based on the trading activity of the users they refer. The more active the referred users are, the higher the potential earnings for the affiliate. FXTM provides a detailed tracking system that allows affiliates to monitor their referrals and earnings in real-time.

It’s worth noting that to maintain the integrity of the program, FXTM has certain terms and conditions in place. For instance, affiliates are required to promote FXTM in a truthful and non-deceptive manner. Violation of these terms may result in the termination of the affiliate account.

Pros of FXTM Affiliate Program:

• Potential for earning passive income.
• Access to a wide range of marketing materials.
• Real-time tracking of referrals and earnings.

Cons of FXTM Affiliate Program:

• Commissions are dependent on the trading activity of referred users.
• Strict terms and conditions to ensure fair practices.

Conclusion

Overall, FXTM stands out as a reliable, user-friendly, and innovative forex broker. It caters to the needs of a wide variety of traders, from beginners to seasoned professionals. With its sophisticated trading platforms, educational resources, variety of account types, and dedicated customer support, FXTM provides an exceptional trading experience to its users.

Whether you’re an experienced trader or just starting, FXTM might be the broker you’re looking for. Remember, always conduct thorough research before deciding on a trading platform. Happy trading!