FXTM Review 2024

FXTM boasts competitive CFD and forex fees, along with a swift and fully digital account opening process. Their customer service is praised for its prompt and pertinent responses. However, drawbacks include inactivity and withdrawal fees. Education services are lacking, and the product portfolio is somewhat limited.

FXTM Account Types

The platform boasts three types of accounts, catering to traders with different experience levels. Whether you are a beginner or an experienced trader, you can find the account type that suits your needs. Let’s take a look at them:

Register for Account

Simply sign up online for a FXTM account.

Verify Your Account

Upload the required documents to verify your identity.

Make a Secure Deposit

Fund your account using FXTM's flexible payment options.

You’re Ready to Trade

Connect to your trading account and start investing in global markets.

Customer Service

This broker offers excellent customer service, available anytime, anywhere. Besides live chat, you can also reach them via:

Why choose FXTM

FXTM, an international CFD and forex broker, is regulated by the UK’s FCA, CySEC of Cyprus, and the Mauritian FSC. It’s important to note that as of March 2021, FXTM ceased retail operations in the European Economic Area (EEA) under CySEC regulation, limiting services to professional clients only in this region.

FXTM offers low CFD and forex fees, with a fast and fully digital account opening process. Customer service is generally praised for its prompt and relevant responses. However, the broker imposes an inactivity fee and a withdrawal fee. Additionally, its education services are lacking, and the product portfolio is somewhat limited.

BrokerChooser awarded FXTM a rating of 4.1 out of 5, based on the analysis of over 600 criteria and live account testing.

Pros: Low fees, Fast and digital account opening, Quality customer service

Cons: Inactivity and withdrawal fees, Limited educational resources, Restricted product range

FXTM Highlights for 2024

FXTM’s fees are considered average within the industry, although more competitive spreads are offered through the Advantage account type. The broker is regulated by two top-tier authorities, the FCA and CySEC, contributing to its reputation as a relatively safe option for traders.

Clients have the flexibility to choose between the popular MetaTrader 4 and MetaTrader 5 platforms for both desktop and web use. Additionally, the user-friendly FXTM Trader mobile app enables clients to trade on the go.

In terms of education, FXTM offers a comprehensive range of resources, including in-depth articles, video tutorials, and a section dedicated to trading strategies with clear examples. However, there is room for improvement in the variety of available trading instruments, with CFDs on stocks no longer accessible for UK clients.

Novice traders can benefit from dedicated account representatives and access to demo accounts. Meanwhile, advanced traders can leverage custom MT4 Indicators, VPS Trading, and Professional designation, which provides access to greater leverage.

What Sets FXTM Apart?

Clients have the flexibility to select from various account types tailored to different trader profiles. FXTM ensures personalized support by providing clients with dedicated support representatives. Additionally, FXTM stands out for its oversight by two top-tier regulators and for offering a proprietary mobile app.

Who is FXTM for?

FXTM presents a solid option for novice traders with its demo account, dependable customer service, and comprehensive educational resources. Experienced traders can leverage the advanced features of MetaTrader and benefit from lower trading costs by opting for the Advantage account type.

Stability and Transparency

In our evaluation of the Trust category, we consider factors such as stability and transparency. This entails examining the broker’s operating history, company size, and the availability of pertinent information.

Established in 2011, FXTM boasts a significant track record in the industry. Headquartered in Limassol, Cyprus, the company operates with over 800 employees across more than ten offices globally, as indicated on its LinkedIn page.

Our research indicates a commendable level of transparency regarding FXTM’s regulatory status, with all entities and regulators listed in the website’s footer.

Key information such as spreads, commissions, and the Client Agreement are readily accessible on the Account Comparison and Account Opening Agreements pages, respectively. Additionally, the About Us page offers a comprehensive overview of the company’s background and history.

Overall, we rate FXTM as exhibiting a high level of transparency, surpassing industry standards.

Research

FXTM provides comprehensive daily market analysis covering major economic events, offering technical insights to assist traders in identifying potential trading opportunities. Articles delve into fundamental factors like central bank policies and highlight critical support and resistance levels. Weekly forecasts aid traders in preparing for upcoming sessions, while ‘trade of the week’ articles spotlight specific instruments of interest. Traders can stay updated with the latest news and reports through the active FXTM Twitter account.

The FXTM website hosts a robust economic calendar, detailing upcoming releases along with the expected market impact, actual figures, consensus forecasts, deviations from consensus, and figures from prior releases.

Moreover, traders can access a variety of custom MT4 indicators, such as the Pivot SR Levels indicator, to enhance their analysis. These indicators are readily available for download from the FXTM website.

Education

FXTM offers an extensive array of educational resources, including dozens of articles aimed at providing new traders with a solid foundation. These articles delve into practical topics such as trend identification and the use of oscillators, catering to both beginners and experienced traders seeking to fill knowledge gaps. Additionally, concise and easy-to-understand educational videos cover essential trading and technical analysis concepts, explaining terms like swaps and margin, as well as fundamental themes like different chart types, primarily targeting beginners.

The platform features a dedicated section elucidating trading strategy concepts and delineating the rules for nine distinct forex trading strategies, including the ‘Bladerunner Trade’. Traders can access an archive of previous webinars on the website, with recordings dating back to August 2020, covering various trading strategies. Furthermore, clients can benefit from five ebooks covering topics such as cryptocurrencies, Japanese Candlestick strategies, successful trader habits, and Elliott Wave Theory.

The Bottom Line

With a substantial operating history spanning over a decade and a global presence, FXTM emerges as a prominent and well-established player in the forex and CFD brokerage industry, boasting a staff of over 800 employees.

Operated under the supervision of four regulators, including two top-tier authorities, FXTM is regarded as a relatively safe broker. However, clients utilizing the offshore entity should be mindful of their limited protections.

While the range of tradable instruments and available platforms at FXTM may be considered basic, the broker excels in providing high-quality educational materials and customer service, surpassing industry standards. Additionally, with various account types catering to different trader profiles, FXTM is deemed suitable for both novice and experienced traders.

TABLE OF CONTENTS

General Information

Customer Service

Trading

Account

TABLE OF CONTENTS

FXTM Account Types

Register for Account

Verify Your Account

Make a Secure Deposit

You’re Ready to Trade

Customer Service

Why choose FXTM

FXTM Highlights for 2024

What Sets FXTM Apart?

Who is FXTM for?

Stability and Transparency

Research

Education

The Bottom Line

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