Best Forex Brokers :FXTM Review
FTXM or Forex Time, founded in 2012, is still considered a newcomer to the online Forex trading scene. However, within a span of two short years, this broker has managed to carve out a name for itself by wining several industry awards such as “Best Newcomer 2013” and “Fastest Growing Forex Broker.” FXTM is located in Belize and is regulated by IFSC of Belize.
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Accounts
There are three main Forex trading accounts to choose from at FXTM. There is no minimum or maximum deposit on any of them and no commission is charged. The Standard and Fixed Spread accounts can be used for USD/EUR with a floating leverage of 1:1000 and 1:500 respectively. The Cent account trades USCent / EUCent and offers a fixed leverage starting at 1:1000 and 1:25 for Spot Metals. In addition to these accounts, FXTM offers three ECN accounts: an ECN, an ECN Zero account and an XTM ECN MT5 each one with different spreads or commissions.
The Amanah Account is a swap-free option and is available for those who are Shariah-compliant. When doing this review I was pleased to see that a demo account is provided for beginner traders who want to practice their trading before putting any of their own money at risk.
FXTM Account Types
Features
Apart from standard Forex pairs, FXTM also offers trading for a range of other financial products such as CFDs on Commodity Futures, ETFs and spot metals. FXTM recently expanded its product line to currency pairs, including the Chinese Yuan, as well as additional opportunities to trade spot metals paired with major currencies.
Through the PAMM program, FXTM offers investors the ability to maximize the value of their time while optimizing their portfolio. The investments are managed by the FXTM Portfolio Management Department where experts with the necessary experience and expertise are available to help traders maximize their returns. Portfolios are chosen through a selection of carefully evaluated traders with consistently successful trading strategies.
FXTM PAMM Program
In addition, the Multi Account Manager (MAM) feature offers a unique solution for professional traders who need to manage multiple accounts both simultaneously and efficiently.
Bonuses/Promotions
FXTM loves promotions and offers them generously. At the time of this writing, there were two ongoing bonuses. Anyone signing up for a new account during the promotion period has the opportunity to receive a maximum of 20% bonus up to $150 during the 30 days from the time of their deposit.
In addition, anyone switching to FTXM from another broker will receive $4 back for every lot traded.
Several promotions at FTXM have just expired at the time of this FTXM review, but there were one new contest being offered. The "Forex Factor" Forex Trading Demo Contest allows traders to compete neck and neck for the chance to win $3,000 credit in a live FXTM account. No other brokers I’ve reviewed offered a promotion to traders using a demo account so this promotion is truly unique.
An exciting promotion launched recently and continuing until October, 4th, 2015 at FXTM Nigeria is the Kia Promotion where a minimum of $500 and trades of at least 50 lots enables traders to enter a prize draw to win a brand-new Kia Rio.
Education
In the area of education, FXTM provides a host of tutorials and webinars which are available for all account holders. The tutorials are geared to both experienced traders as well as to those just wetting their feet in Forex trading and cover the basics of Forex as well as more advanced topics such as risk management and technical analysis. These videos can even be accessed on mobile devices by scanning the QR code.
Live webinars are presented by industry experts and cover a range of subjects such as Japanese Candlesticks, Trading the Alligator and more.
FXTM also supports seminars and workshops by third-parties that facilitate easy access to the Forex opportunities in countries across the world. These seminar sessions and events are held throughout the year. Trading bonuses and other gifts are offered and traders have the opportunity to connect with other Forex enthusiasts in the trader’s home country.
For their glossary, FXTM has compiled a broad and detailed list with explanations of key definitions in the simplest terms possible.
FXTM Education Center
Their economic calendar is detailed and up-to-date and traders can receive live market news from one of the world's most reliable sources directly on their MetaTrader trading platform and through their website.
There are also several useful calculators—currency, margin, pip, and profit. FXTM partners are offered professionally designed widgets that can be included in their website completely free of charge. These can be customized and designed at the partner’s request.
Deposits/Withdrawals
Deposits to FXTM can be made via wire transfers, credit cards, debit cards, Neteller, Skrill, CashU and other e-wallets.
Withdrawals are initiated by contacting the back office during standard business hours: 07:00 - 20:00 (GMT+2) (GMT+3 during Daylight Saving Time).
Customer Support
Customer service at FXTM is through Chat, Skype and telephone to a UK number. The website can be viewed in English, Arabic, Chinese, French, Indonesian, Spanish, Polish and Malaysian.
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Conclusion
The FXTM website is a pleasure to read. The text is large and the graphics are inviting. The tabs are clearly marked and respond easily with a click. FTXM seems to cover all the necessary areas of a Forex broker in the simplest and easiest manner.
