Top Forex Brokers : OctaFX Review

 

History and Background

OctaFX.com, a relative newcomer in the burgeoning forex broker industry scene, has already made a name for themselves in three short years. Formed in 2011, OctaFX is registered in Saint Vincent and the Grenadines under license number 19776 IBC 2011, but its operating center is run out of Jakarta, Indonesia. For this reason, it has focused on Asia as its primary market, although it services customers in over 100 countries around the globe. Licensing and regulation comes from its island’s regulatory authority, the Financial Services Authority (FSA). International regulation is in process, but the firm complies with global standards to gain your trust. U.S. clients, unfortunately, are not accepted at this time.

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When trying to choose from the plethora of available forex brokers, the prudent path is to review regulatory compliance and to note any significant awards or favorable reviews that your prospective firm has earned. From the standpoint of awards, OctaFX has been exemplary. The Global Banking and Finance Review and the Forex Report Magazine, two online portals that provide informative and independent news for the global banking and finance industry, recently recognized OctaFX as the “Best ECN Broker in Asia - 2014” and the “Best Broker Central Asia – 2014”, respectively. A separate page on the firm’s website is details no less than six awards garnered from 2012 through 2014.

The management team also elected to operate as a STP (Straight Through Processing) ECN broker, thereby permitting tight spreads, fast execution, no slippage, and no re-quotes for its clients. Trading options include major currency pairs, along with gold and silver. Their trading platforms begin with the highly popular Metatrader4 downloadable series, including mobile apps. They also offer a “cTrader” series of platforms that supports additional capabilities not found in MT4 modules. Promotional programs and contests abound on an ever-changing calendar to spark interest. From the CEO down to everyone on staff, “Perfectionism in its best sense, professionalism and goal-orientation is what distinguishes the OctaFX team.”

Features

Why trade with OctaFX.com? The firm lists these reasons:

• Founded in 2011 and headquartered in Saint Vincent and the Grenadines;
• Local FSA regulation and licensing body;
• Six major industry awards received for services in 2012 through 2014;
• STP/ECN format ensures no slippage, no re-quotes, tight spreads, and fast execution;
• No trading room or dealing desk in ECN environment trading against you;
• Four account types are offered, ranging from Micro to Mini for beginners, and to ECN for advanced traders;
• Customer service reps work “24X5” on market days to fulfill your every need for assistance;
• Metatrader4 versions available, together with a “cTrader” platform containing additional enhancements;
• State of the Art Network ensures stability, great execution, reliability, and deep liquidity from global banking providers;
• ECN fixed spreads begin as low as 0.2 pips;
• Up to 1:500 leverage with micro-lots (0.01 size) available for everyone;
• Client deposits are always held in safe and secure accounts, segregated from the firm’s operating capital;
• Scalping, hedging, trading on the news, and EAs are permitted at OctaFX.
• The firm is always conducting a contest or a new promotion for the benefit of its clients.  

Spreads and Leverage

As a non-dealing desk STP/ECN broker, OctaFX can guarantee very tight spreads from 0.2 pips, no slippage, and no re-quotes. Leverage up to 500:1 is also offered, even on small micro lot positions.

Platform

OctaFX offers two different trading platforms for your use, each allowing for unlimited access from your desktop, laptop, or mobile device. First, OctaFX grants access to the highly popular MetaTrader series of forex trading platforms. The MT4 set will support your android, iphone, or any WinMobile OS compliant device. Secondly, the firm also provides “cTrader”, what the company states as the new standard in forex trading. Access is similar to MT4, including Apple compatibility, but there are a few additional bells and whistles that make it worth your wile to test out on their free demo system. The latest technology in 128-bit SSL protection routines are utilized to encrypt all trading session and personal data, providing peace of mind from any unexpected compromise from the hacking community.

Deposits and Withdrawals

Deposit and withdrawals can be made through normal channels, like Bank Wire Transfers, Visa / MasterCard, Skrill (Moneybookers), and CashU, but other domestic payment methods are also supported with new ones being added monthly. Your deposit may be in USD or EUR, and the minimum deposit is $5 for a Micro account balance. A typical withdrawal request will be processed immediately with a confirming email following, as long as personal ID information is on file and in order. International anti-money laundering legislation requires that every global forex broker follow specific rules before any withdrawal request can be approved.

Beginner's and Customer Support

Customer service representatives in Jakarta, Indonesia are eager to provide support in several languages. They can be accessed “24X5”, each and every business day. OctaFX notes that these reps handle over 2,000 inquiries each day and resolve queries in five minutes on average, a testament to their professional ability to respond in a timely fashion. Email, live chat, and toll-free phone lines provide access. The company also supplies market news, research, and a convenient economic calendar.

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Conclusion

OctaFX has already garnered a number of prestigious industry awards and favorable testimonials, a good basis for choosing this relatively new entrant in the forex broker arena. They are also one of the few brokers willing to share volume data online. For example, on average, 500 new clients, 50,000 profitable trades, and $4 billion in value traded happen on a daily basis. OctaFX also acts in full compliance with international legislation and regulatory standards, in addition to local oversight. FXEmpire, a reputable forex site in London offered these words of praise, “OctaFX have managed to conquer the hearts and minds of many of their clients with the effort and dedication that they put into providing top notch services to their clients. For those who are in the market for a reliable and efficient forex broker, OctaFX certainly comes highly recommended.”

Best Forex Brokers :OctaFX Review

OctaFX, founded in 2011, is an online Forex broker that is based in London, United Kingdom. OctaFX was acknowledged by Global Banking and Finance Review as the fastest growing micro broker in 2012 based on the high quality services which it provides to its clients. It is also the recipient of the Best Broker in Eastern Europe and Asia Award for 2014.

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Accounts

There are three types of trading accounts provided by OctaFX--the MetaTrader4 Micro, the MetaTrader4 ECN and ctrader ECN accounts. In the MetaTrader4 Micro account, there are 12 currency pairs to choose from as well as Gold and Silver. A minimum deposit of $5 is required to open this account.

A minimum deposit of $50 is required for the MetaTrader4 ECN trading account. There is a choice of 28 currency pairs and Gold and Silver and all the features of the Micro account are available.

The cTrader ECN account also requires only $5 to open and offers trading in 48 different currency pairs + Gold and Silver.

Leverage of 1:500 is offered for all accounts and Expert Advisors, hedging and scalping are allowed.

OctaFX Account Types

The OctaFX demo account can be set up using any of the three accounts. An Islamic account for those who abide by the Shariya laws is also available using the MetatTraer4 Micro and MetaTrader4 ECN accounts. Floating spreads on these accounts are as low as 0.2pips and there is a 50% bonus on first deposits. All account holders can participate in the many other promotions and bonus programs.

It was nice to see a separate spread listing for each of the different accounts.

Bonuses/Promotions

OctaFX has more bonuses and promotions going on at one time than any other broker I have ever reviewed.

In addition to receiving the 50% deposit bonus offered when opening a new trading account, traders at OctaFX can enter the "OctaFX Supercharged" contest held by Octa Markets Incorporated which runs until 13/05/2016. Each round of the competition consists of a four week span. Points are awarded according to account volume and the owner of the account with the highest points by the end of the contest will be proclaimed the winner. The runner-ups (2nd to 10th positions) will be qualified for secondary prizes. The top three prizes are a Tesla Model S, Smart Fortwo and Renault Twizy. Additional prizes consist of Mac and Apple products and a monthly prize of an iPhone 6 worth $400 is also awarded.

OctaFX Contest Leader Board

There are two demo contests. The main aim of the cTrader Weekly Demo Contest remains the same while environment changes: Anyone trading with the cTrader demo account that ends the week with the highest profit receives the prize from OctaFX-- $400 is distributed between five lucky traders. A contest round lasts one week – from Monday Market opening to Friday Market closing.

With the OctaFX Champion Demo Contest offers a total prize fund of $1,000 a month for trading in a demo account using any possible trading techniques such as EAs, scalping, or hedging

When doing this OctaFX review, a Facebook Weekly Prediction Contest with a weekly bonus of $10 - $50 bonus was being offered.

Education

I found the detailed explanation of ECN trading to be extremely clear and informative. The fact that this page was posted as a totally separate topic and not part of any other section of the website is an indication of the broker’s interest in providing the necessary tools for successful trading.

ECN Trading Diagram

OctaFX offers daily Forex news, financial prognosis and other related data on the state of global markets from several informative and reliable sources. An interesting feature offered by OctaFX is the ability to filter the news according to topic and currency pair.

There is also a listing of real-time live quotes and interest rates from various banks around the world.

The OctaFX currency calculator calculates the required margin, pips price and many other parameters for each Forex pair and two types of calendars are posted on the OctaFX site: An economic calendar list all the important news releases for the coming week and the values are updated after the news is released.

The holiday calendar lists the central bank and the national holidays of most countries across the globe.

Deposits/Withdrawals

Funds can be deposited into OctaFX accounts via bank transfers, credit cards, Neteller, Skrill, Easypay and other online payment systems. There is no commission for any deposit.

Withdrawals are made in the same way the deposit was made. A usual withdrawal request takes about 1 hour to be processed.

Customer Support

Customer service is provided 24/5 by Chat, email and phone to Hong Kong and other locations in Southeast Asia in English, Bahasa Indonesia and Chinese. The Jakarta support center can be contacted by SMS to smartphones or to blackberries. An online form can also be filled out and a representative will respond to any questions and concerns.

OctaFX points out that their support reps handle over 2,000 inquiries each day and resolve queries in five minutes on average, a testament to their professional ability to respond in a timely fashion.

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Conclusion

OctaFX seems to have it covered in most areas. There is a choice of different account types, several platforms including the popular MT4 platform and several unique trading tools. For those who are in the market for a reliable and efficient Forex broker, OctaFX is recommended.

Top Forex Brokers : HotForex Review

Background

Being “customer responsive” is a proven path to success, especially in the forex brokerage industry, but many firms profess more than they deliver. Not so with HotForex.com, which may be one of the best in the industry at giving their clients what they want and then some. The firm’s offerings and features are bristling with new additions that are tailored to suit specific segments of the global community of traders. If you feel out of sorts with your broker or that the trading environment is not ideal for your individual trading strategies, then HotForex, also known as HF Markets Ltd., may be the broker that you have been searching for. If you prefer binary options, then they can fill that need, as well. Unfortunately, they do not accept U.S. clients at this time.

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At HotForex, you can trade traditional forex pairs or binary options, but you can also dabble in CFDs for commodities, stocks, and indices. Formed in 2008 with headquarters in Mauritius, HotForex offers a dual-regulatory compliance regime for their European operations. The Financial Services Commission (FSC) handles compliance in Mauritius, while CySEC regulations apply to its Cyprus operating center. Multiple-language capabilities have attracted a broad-based global customer base of loyal fans, many persuaded to join in due to the 14 prestigious industry awards that the firm has earned over the past seven years. There are also plentiful bonus and award programs to tempt you, whether you are a new, old, big-lot or small-lot trader. HotForex does not discriminate. Micro accounts begin at $5 and progress from there. There are also other specialized accounts that access new social trading and zero-spread trading accounts.

HotForex is a Straight-Through-Processor (STP) that has aligned its liquidity providers to accommodate all types of traders, including scalpers and automated traders. You may download the popular Metatrader4 platform series or access one of many customized operating systems that permit web-based and mobile action to flourish on any operating system. Tight spreads are the rule, and you will find higher leverage limits than offered at most all other brokers. Support materials are excellent and in abundance, and customer service is top-of-the-line, as well. “Honesty, Openness and Transparency” is the firm’s byline, a “HOT” combination from a hot forex broker making its mark.  

Unique Features of Trading with HotForex

Why trade with HotForex.com? The firm lists these reasons:

• Formed in 2008 in the Republic of Mauritius by industry professionals;
• Regulated by the FSC in Mauritius and CySEC in Cyprus;
• All deposits are safe in segregated accounts with Tier-1 international banks;
• Trade traditional forex pairs or CFDs for stocks, commodities, and indices with over 200 asset choices in 20 markets;
• If you prefer binary options, their subsidiary, OptionTrade.com, can handle your needs with a single click from the HotForex website;
• MT4 trading platform formats, combined with customized web-based versions for access via any all operating system;
• Three standard accounts with escalating benefits: Micro ($5 - $499, Leverage 1000:1); Premium ($500 - $39,999, Leverage 400:1); VIP (Over $40,000, Leverage 300:1);
• Specialized accounts: “No-Swap Islamic” account and a Currenex account to provide near zero-spreads for scalpers and automated traders requiring near-zero fixed spreads;
• No U.S. clients accepted at this time;
• New social trading features will let you “connect with other traders, discuss strategies and news, follow and copy the most successful portfolios and quickly expand your network by identifying more trading opportunities;”
• Multiple deposit methods supported;
• Proprietary debit card for quick withdrawal applications;
• Website in 25 languages, many of which are supported by customer service 24X5 each trading day; 

Spreads & Leverage

HotForex offers primarily variable tight spreads, but they also offer a specialized fixed spread account for scalpers and automated traders that equates to Interbank spread prices. Leverage also varies by account classification. For Micro, Premium, and VIP, leverage conditions are respectively 1000:1, 400:1, and 300:1.

Platform

You will not encounter access problems with HotForex. If you prefer MT4 software, then downloads are available, but if your operating system balks or you prefer a web-based solution or mobile app, then look no further. HotForex has custom made a number of software solutions, all state-of-the-art, and each will make your trading experience an enjoyable one from the get go. Mobile access is a snap, any time of day and via any Internet-capable devise, whether a phone, a tablet, or a laptop. The latest in 256-bit SSL technology also encrypts all personal and trading session data for security purposes.

Deposits and Withdrawals

HotForex accepts all major credit and debit cards, bank wire transfers, and additional services like Cashu, Skrill (Moneybookers), Neteller, Ukash, and Webmoney. As with all global brokers, you will need to submit legally mandated identity information before any withdrawal request can be approved and processed. The firm will, if you request, then provide you with its proprietary debit card that can be used for direct purchases or withdrawals at ATMs, all funded by your account balances. For safety purposes and in compliance with regulatory standards, all client deposits are segregated from operating capital in accounts with major Tier-1 banks, like Barclays.

Beginner Support

Bi-lingual customer service representatives speak a dozen or more languages and can be reached “24X5” via phone, email, live chat, or even Skype. The website can actually be read in 25 languages. The firm’s educational center is filled with training materials, videos, charting tools, free signal alerts, daily commentary, and more, for both beginners and veterans.

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Conclusion

HotForex has gone over the top to give its customers what they truly want. The firm exemplifies the true meaning of the words “full-service” and “one-stop-shop”. If you want it, you will find it here: competitive spreads and leverage; special account features; customized trading platforms for all operating systems; social trading; accommodative fees for scalpers and EA enthusiasts; and all wrapped together with excellent customer service and support materials. You will be hard pressed to find another broker that tries this hard to win you over, and, judging by its awards and favorable testimonials, the trading public agrees that HotForex is definitely “HOT” and top tier.

Best Forex Brokers :Hot Forex Review

HotForex (licensed under the name HF Markets Ltd.) is an ECN Forex broker that offers competitive trading conditions and a wider range of currency pairs than most other ECN brokers offer. Although it offers the standard MetaTrader4 platform, few other aspects of this brokerage are standard, including its wide range of major and exotic currency pairsand a website fully translated into 19 very common languages :
German, Spanish, Italian, French, Malay, Bengali, Bulgarian, Russian, Arabic, Persian, Indonesian, Japanese, Chinese (Simplified), Chinese (Traditional), Polish, Portuguese, Greek, Thai, and English.

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Persue this comprehensive HotForex review to see if HotForex is hot…or not.

General Information

Founded in: 2010
Headquarters: Mauritius
Maximum leverage: 1:1000 (Micro Account), 1:400 (Premium and Islamic accounts) 
Minimum deposit: $5 (Micro Account)
Minimum lot size: 0.01 lots
Languages available: English, Arabic, Russian, Spanish, Chinese, Farsi, Indonesian, Thai, Japanese, Georgian, German, French, Italian, and more.
Regulation: FSC and CySEC

Trading Platform

HotForex trading platform (Click image to enlarge)

HotForex offers a standard MT4 trading platform that can be downloaded directly onto the trader’s desktop. The broker’s MT4 platform is also available in PDA and smartphone versions for traders who enjoy trading on the go. The Hot WebTrader is also available for those who prefer a browser-based Forex trading platform. Most recently HotForex added more platforms to their database which include iPhone, Smartphone, PAMM, Android, iPad, and Blackberry. Coming soon to HotForex will be ZuluTrader and MirrorTrader.

Features

Unlike other broker websites that flaunt Forex education centers or trading tools, the HotForex website focuses almost exclusively on the company’s favorable trading conditions and rollover policies. Still, HotForex does offer an ample Forex education center as well as notable trading tools for those who look at the bottom of the website instead of at the top. Among the tools we appreciated most during our HotForex review were the Fibonacci calculator, the Pivot Point calculator and the pip calculator, none of which are specifically unique, but all of which are useful for intermediate to advanced Forex traders.

What we found even more helpful though was the free access to TradeSignals.com (with a standard account) and the choice between a 50% withdrawal bonus and a 15% rescue bonus, both of which are worthwhile, if you ask us.

Customer Support

When it comes to customer support, the HotForex team is both transparent and available. International phone numbers are available in 10 different languages, and email queries can be sent to 6 different virtual destinations, to ensure that they’re reaching the right desk. We emailed the HotForex team on a Monday and received a response in 1 hour and 40 minutes, which was quite a fair response time.

Email from HotForex (Click image to enlarge)

Chat support is also available 24/5. During our HotForex review we had the opportunity to chat with the support team multiple times and we repeatedly received courteous, helpful service.

Chat with HotForex (Click image to enlarge)

Ease of Use

Registering for HotForex was markedly easier than registering for many other Forex brokers, because traders are able to choose their account type directly in the registration page, and to compare all account options directly on the registration page before making this decision. We were also relieved by the fact that we didn’t need to answer pages of probing personal questions we did with some other brokers. Submitting identification documents is required in order to finalize the opening of a live account. Two forms of identification are required. The first is a national ID such as a driver’s license, passport or government-issued ID. The other is a confirmation of address in the form of a bill or bank statement. A government-issued ID may also be used for this purpose if it has an address on it.

HotForex registration popup (Click image to enlarge)

Registration for HotForex is done in a popup window that allows you to choose your account type straight off, a feature that found extremely useful. The details of each account change depending on which account type is checked off. Likewise, traders can choose between two different bonuses when they open their live account.

One thing we noticed that was a bit unexpected was that while the site is available in more than 15 (and slightly unusual) languages, deposits can only be made in EUR and USD. Likewise, HotForex accepts seven different funding options including credit card, wire transfer, AlertPay, Webmoney, PerfectMoney, Neteller and China UnionPay, MoneyBookers, cash-U and U-Kash. However we noticed PayPal as a popular option was missing from this list. Still, there were more than ample options to choose from and we had no trouble funding or withdrawing from our HotForex account. We were also satisfied that payments are processed within 24 hours and not within 42 or 72 hours which is standard for many other Forex brokers.

Finally, we were impressed to see that trades can be closed by phone in the event that access to the trading platform isn’t available or the trader has connectivity issues, and that traders with all account types can benefit from this service.

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Final Thoughts

HotForex caters both to new traders and advanced traders, though throughout our HotForex review we couldn’t help feel that experienced traders might find more to love about this brokerage, because of their interesting currency pairs and availability of the MT4 platform only. If you’re looking for an ECN broker with fast execution, competitive trading conditions and exotic currency pairs, HotForex may be just the broker for you.

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.

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.