FXTM Review – Are They a Scam?

FTXM Overview

Founded2011
PlatformMetatrader4 (MT4) for PC, MetaTrader5 (MT5) for PC, MT4 WebTrader, MT5 WebTrader, MT4 MultiTerminal
Minimum account size$100
Minimum lot size0.01
Tradable assets250+
Maximum margin1:1000
Spread on EUR/USD0.1 pips
Payment methodsDebit/Credit Cards, VIPNeteller, VIPSkrill / Moneybookers, Alfa-Click Alfa-Click RUR, WebMoney, Western Union, Payza, Dotpay, Yandex.Money, QIWI, Rietumu Banka, Promsvyasbank, PPF Banka, Nigerian Local Bank Wire
Demo accountYes
Accepts South African tradersYes
RegulatedCySEC (Cyprus), FSB (South Africa), FCA (UK), IFSC (Belize)
SupportEmail, Phone, Live Chat, Whatsapp, Viber, Telegram, Facebook
Websitewww.forextime.com

 

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Pros

  • Locally regulated by the FSB
  • Up to 1:1000 leverage
  • Tight spreads
  • Fast execution

Cons

  • No local phone support for South African traders but can be contacted via several messaging systems

FTXM or ForexTime was founded in 2011. According to this online brokerage firm’s website, they have a unique vision “to provide unparalleled superior trading conditions, advanced education and state-of-the-art trading tools in the forex industry”. Were they able to fulfill this vision? Let’s find out in this detailed review.

Platform

Aside from the popular MetaTrader 4, they also offer the new MetaTrader5 platform for desktops and mobile devices. They have MT4 for PC, MT5 for PC, MT4 WebTrader, MT5 WebTrader and MT4 MultiTerminal. This merits a Platform score of 10/10.

Design

All the platforms have loading times of less than a minute and we find the designs to be well enhanced for trading. Such optimization deserves a Design score of 5/5.

fxtm platform

Minimum Deposit

Their $100 minimum initial deposit requirement comparatively lower than the requirements of most brokers in the market and can be an advantage for traders who don’t want to start with a huge capital. This warrants a minimum deposit score of 4/5.

Minimum Lot Size

If you want to invest with a small trade volume then you’ll be able to take advantage of the allowed 0.01 lot size as this can help you in lowering down the risks. This deserves a Minimum Trade Score of 4/5.

Tradable Assets

They have more than 250 tradable instruments which includes forex, spot metals, CFDs on commodity futures, shares, ETFs, indices and even cryptocurrencies. This gives you plenty of trading opportunities especially if you want to explore more markets in the future. For this reason we are giving this broker a Tradable assets score of 4/5.

fxtm assets

Payouts

Depending on the account type, you may enjoy tight spreads from 0.1 pips even major currency pairs. With the EUR/USD pair, you may enjoy spreads for as low as 0.1 pips which means you are charged less for each trade. This a rate warrants a Payouts score of 10/10.

Withdrawal Time

At FTXM, it only takes 24 hours to process withdrawals. That is fast compared to how long other brokers process cash-outs which could take days or more than a week so we are giving them a Withdrawal Time score of 10/10.

Deposit and Withdrawal Methods

You can deposit money into your account yusing debit or credit cards, VIPNeteller, VIPSkrill / Moneybookers, Alfa-Click Alfa-Click RUR, WebMoney, Western Union, Payza, Dotpay, Yandex.Money, QIWI, Rietumu Banka, Promsvyasbank, PPF Banka and Nigerian Local Bank Wire. Such coverage warrants this broker with a Deposit and Withdrawal Methods score of 5/5.

fxtm deposit

Customer Support

Although they do not have a local phone support for South African clients, this minor disadvantage is well outweighed by the variety of ways to get in touch with their customer service department. You can reach them via phone, email, live chat, Whatsapp, Viber, Telegram and Facebook. We were easily able to communicate with their agents and they were able to provide us with prompt and straightforward answers and it’s the reason why we are granting them a Support score of 13/15.

fxtm support

Quote Accuracy

All of the platforms were able to execute our Buy and Sell orders quickly and we never experienced any re-quotes even when markets are highly volatile. This deserves a Quote Accuracy Score of 10/10.

Reputation

This brokerage company has been operating since 2011 and is licensed by international financial authorities including the Financial Services Board in South Africa. This and also their good standing in the forex trading industry based on our extensive research merits a Reputation score of 15/20.

Conclusion

FXTM not only has a range of platforms to offer but also a number of key advantages that will definitely give their clients a unique trading experience. The wide variety of account types, the diverse range of products and the exceptional client service are more than enough for you to consider this locally regulated investment company to be your brokerage.

Final Score: 90/100

 
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