Top Forex Brokers:ForexTime Review
Background
New brokers frequently appear on the scene, but occasionally, the new entrant is a brainchild of a highly successful entrepreneur that is expanding into a new sector of the market with a proven formula for success. Such is the case with ForexTime.com (FXTM), the latest hit from Andrey Dashin, the creator of the well-received Alpari line of forex brokerage companies. In 1998 and in subsequent years, Dashin focused on developing both the European and U.S. retail forex trading markets, but his latest venture is designed to capture nearly everything else. Apparently, his formula is working again, since, in two short years, FXTM has received numerous awards for its efforts. The firm is headquartered in Cyprus and was founded in 2012.
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The company is one of the fastest growing brokers in the industry, and, in order to support this rapid rise in global clients, ForexTime recently announced that they had moved into new quarters, a five-story FXTM Tower in Limassol. A cursory review of corporate press releases reveals a story of continuing achievements, based on integrity and transparency. Independent reviewers on the web also give high marks, so the management team must be doing a lot of things correctly. From a regulatory perspective, FXTM has covered a number of bases. FT Global Ltd recently obtained a regulatory license from the International Financial Services Commission (IFSC) of Belize, a non-EU regulatory body. CySEC, MiFID, and the FCA of the UK have already given their blessings, as well. Safety and security are key priorities with FXTM.
FXTM’s product and service offering is all encompassing. You will find everything that you are searching for and more. Traditional back-office dealing desk modules are present, but if you desire the more professionally oriented ECN/STP set up, then they have that covered, too. Formats are supported by the MT4 and MT5 platform protocols, and mobile trading is no problem. You can trade from 65 currency pairs, but there are also CFDs, Futures, Spot Metals, ETFs, and more. Customer support is top of the line, and information feeds, educational materials, charting tools, and free flowing commentary make your trading experience ideal. If you like contests and promotions or social trading, then you will not be disappointed. It is difficult to find any area within FXTM lacking. If you reside in one of their covered markets, then they are worth a good look and your patronage.
** ForexTime Does NOT accept Traders from US & Canada
Unique Features of Trading with ForexTime
Why trade with ForexTime.com? The firm lists these reasons:
- Founded in Cyprus in 2012 by Andrey Dashin, the man behind the highly successful Alpari group of forex brokers;
- Very experienced management team committed to quality service;
- Regulated by CYSEC under license number 185/12 and registered with the UK FCA under reference number 600475;
- Traders may choose from three dealing-desk and four ECN platforms (one is Islamic), each driven by MT4 and MT5 technology;
- Mobile trading applications are supported;
- Free Demo system with all accounts;
- 65 forex currency pairs and additional opportunities in CFDs, Futures, ETFs, Precious Metals and Commodities;
- Minimum deposit as low as $1;
- Deep bank liquidity ensures tight trading spreads and fast execution;
- Hedging, EAs, and scalping strategies permitted;
- Dealing desk with three standard account classifications, and full ECN/STP trading model for professional accounts – fixed and variable pricing options relate to account choice;
- Leverage up to 1,000:1;
- Customer service representatives are bilingual and may be accessed “24X7” by email, live chat, Skype, or direct telephone line to one of several satellite offices;
- Promotions and contests on an ongoing basis;
- Learning center support includes streaming news feeds, commentary, webinars, and free training courses;
- Social trading features, charting tools, email and mobile alerts, and streaming news feeds are included in the basis package;
- Client funds segregated in Tier-One banks at all times for protection, in strict compliance with regulatory standards.
- ForexTime Does NOT accept Traders from US & Canada
Spreads and Leverage
Tight spreads are the norm for both variable and fixed pricing formats, whether traditional or ECN/STP setups. Leverage can be as high as 1,000:1.
Platform
The software backbone for FXTM relies on the highly popular Metatrader series of trading platforms, both MT4 and MT5 varieties. Account classifications relate back to both varieties, with three categories for both traditional and ECN/STP services. An ECN Islamic account completes the offering, and all accounts come with a free demo account with no expiration period. Mobile applications are also supported for the on-the-go trader. The latest in SSL technology encrypts all sensitive data, keeping any hackers at bay.
Deposits and Withdrawals
ForexTime has also installed a broad series of options to make deposits and withdrawals an easy proposition. Credit and debit cards, along with bank wires, are the main vehicles, but the management team, due to the global nature of the firm, has implemented numerous other local payment methods known only in more underdeveloped markets. More payment methods are being added monthly, with eighteen at last count. Clients are cautioned to keep legally required ID data on file to ensure a rapid response on any withdrawal request.
Beginner Support
Beginners and veterans alike will appreciate the firm’s educational academy. Current webinars are being added weekly to supplement an abundance of learning materials already available on the site. Your ability to assess market conditions will be enhanced by daily commentary, streaming news, signals, and alerts, and dedicated account managers can provide additional insights when accessed via live chat, email, or direct phone line any time of day.
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Conclusion
Few firms have entered the forex brokerage market with such a flourish, as has ForexTime. This management team understands what it takes to please a highly demanding global clientele. Prestigious awards and favorable testimonials are the icing on the cake. As their website states, “We've always placed great emphasis on honesty, integrity and transparency in everything we do. Whether it is in the trading terms, tools or products we offer, our main priority is to provide our clients with a secure environment to trade in.” With so many things going for it, ForexTime is very worthy of your attentive consideration.
