FXTM, commonly known as Forex Time, is one of the world’s fastest-growing and top forex brokers. The Cyprus-based firm first opened for business in 2011. The company’s quick expansion across Europe and into Africa and Asia in a short period is evidence of its success.
This broker builds its business on a solid foundation of trustworthy trading conditions and comprehensive education, making international trading accessible anywhere in the world. FXTM has branches throughout Europe, with its headquarters in the UK and a permanent presence in South Africa.
Table of Contents
Advantages and Disadvantages
Pros
Lots of good stuff to think about, as should be anticipated from such a significant broker. Following are the Pros of the broker:
- First, there is a wide variety of account types to pick from. All sorts of accounts, from the primary “Advantage” to “Advantage Plus” to “Micro” to “Islamic” to “Profession.
- Even while the minimum deposit for Advantage account types is higher, at only $10, it is still among the lowest available.
- The fact that spreads are still relatively modest is a further positive aspect. If you have an ECN account, you can begin trading with zero pips. If you’re interested in copy trading, you’ll be pleased to know that FXTM offers its own exclusive copy trading platform.
Cons
- The accessible asset set is relatively small, especially for such a widely-recommended broker. They only accept the US dollar, the Euro, and the British pound as their foundation currency. As a result, you may incur conversion costs.
- After only six months of inactivity, you’ll be hit with a $5 monthly inactivity fee, and you might even have to pay a withdrawal commission on top of everything else.
Does FXTM pose any security risks?
FXTM is not a fraud but a group of legitimate businesses operating under the FXTM brand name. These businesses include ForexTime Ltd, ForexTime UK Ltd, and Exinity Limited, serving over 10,000 customers in over 135 different countries. It’s also noteworthy that FXTM complies with all applicable regulatory rules in each region where it conducts business, earning us a high trustworthiness rating.
Accounts
FXTM has two types of trading accounts: Forex and Invest. Furthermore, depending on your preferred trading transactions, instrument, and trading size, you can choose between three account types: micro, advantage, and advantage plus.
To read a comprehensive FXTM review written by industry professionals, click here.
How to open an FXTM account?
Although FXTM welcomes customers from virtually everywhere in the world, certain restrictions may apply to those living in Japan, the United States, and other countries with similar regulatory regimes.
To open an account with FXTM, click the FXTM sign-in link, and you’ll be taken through a short and easy registration process.
Step by Step Procedure of Account Opening
- Go to the FXTM Member Sign-In Page
- In the blanks, provide your name, postal address, email address, and contact number.
- Provide details about your trading experience and goals to an online questionnaire.
- Check the appropriate account box.
- You must upload identification verification to your account to complete the verification process. Validation of your identi
fication, residence, and means of support may be required.
- Money can be deposited into the account after it has been activated and validated.
Mobile & Platform
To continue, here is a rundown of the FXTM trading platforms you might anticipate seeing.
- Charting and Trading tools
- MetaTrader 4
- MetaTrader 5
- FXTM trader is a mobile trading platform
Assistance to Clients
FXTM’s dedication to its customers is shown in the high quality of the customer care it provides via various channels (Online Live Chat, Phone, Emails, Messenger Applications, etc.).
In addition to its excellent reputation amongst its clientele, FXTM offers multilingual support, meaning that you may get in touch with someone for assistance no matter what language you happen to be fluent in.
Taxes in the UK
In the UK, those who engage in foreign exchange trading are subject to either a capital gain or income tax. The capital gains tax rate is 18% or 28%, depending on whether the profits come from selling equities, real estate, or foreign currency. Generally, a tax rate of 20% applies to gains made trading foreign currencies.
Learn more about the implications of tax on forex trading UK by clicking the link.
The Bottom Line
Finally, FXTM Review concludes that the trading potential offered by FXTM is suitable for both novice and seasoned market participants. Additionally, ForexTime has tight spreads from 0.1 pips and low deposit requirements, and the account variety is impressive, allowing any trader to choose the best suitable option, whether, with flexible or floating leverage, leverage determined based on the trader’s experience and knowledge.
