ForexTime (FXTM) is an international broker that has been founded in the year 2011 and it is one of the most rapidly growing brokers in the industry that recently exceeded the client mark of 1 million clients. They allow you to trade in 50 pairs of currencies, indices, spot metals, CFDs and share CFDs. All their accounts have multi-platform support which means you can trade through your tablets, laptop and mobile phones as well. Read on the brief review of FXTM.
A quick glance of FXTM
- Founded in the year: 2011
- Website: www.forextime.com
- Minimum deposit: 2000 Naira
- Address: Lagos, 3rd Floor, Allen Avenue, Nigeria
- Leverage: 1:1000
- Trade Instruments: More than 50 currency pairs, spot metals, stocks, 4 cryptocurrencies
- Trade platforms: MT4, MT5, Mobile app and Webtrader
Safety and regulation of funds
FXTM is considered as a regulated forex broker and hence traders can feel safe while trading with them. Few FXTM regulations are as follows:
- Cyprus Securities Exchange Commission (CySEC)
- IFSC or International Financial Services Commission
- FCA or Financial Conduct Authority
- FSCA in South Africa
All of the above mentioned regulations make them a trustworthy and reputable broker as long as safety is concerned.
Fees for trading with FXTM
The trading fees are higher than several other brokers. Here is an overview of the fees charged by FXTM.
- Low-spread ECN accounts: With standard account, FXTM offers 2 pips on average for USD/EUR and this is higher than other brokers.
- 0 deposit charges: There aren’t any charges on Fund Deposit with FXTM and hence you can get 100% on the deposit that you make.
- 1.5% charges on withdrawal: On withdrawals, FXTM charges 1.5% of the amount provided you choose local bank transfer. Opt for e-wallet withdrawal to avoid these fees.
Types of Account with FXTM
FXTM offers 6 Live Trading accounts and Free Demo accounts. Read on to take a look at the account types:
- FXTM Demo account
Here the broker offers a free $100,000 demo account that new traders can design to sharpen their skills of trading. You’ve got to register with the website to use the demo account.
- 3 Standard Naira accounts
FXTM is the only broker that lets Nigerian traders to maintain accounts in Nairas and this implies that you can deposit in NGN and can withdraw profits in Nigerian bank accounts. The 3 standard account types – Cent account, standard account and Shares account along with ECN accounts can be funded in Nigerian Nairas.
Opening an account with FXTM
In order to create an FXTM account, choose a trade plan as per your needs. Here are the steps to start a trading account:
- From the home page of FXTM, click on Open account
- Fill the details under the section called Registration
- Complete the profile by feeding in required details
- Choose the type of trading account
- Make your first deposit to add funds to your personal account
Various trade instruments
FXTM lets its users to trade through a plethora of instruments as follows:
- Forex: This is probably the most common form of trading and they offer you to trade with major pairs of currencies like JPY/USD and USD/EUR. The traders can even use exotic pairs of currencies and their services are available 24X7.
- Share CFDs: Through these, you can access the stock market without requiring owning any asset. You can get CFDs in more than 180 major companies like Microsoft, Amazon, Apple and Alibaba.
- Spot metals: Traders can trade spot metals like silver and gold and they can exploit tight spreads as well.
- CFDs on Commodity Futures: The users may trade 3 commodities including US Crude, UK Brent and US Natural Gas. There are risks attached as well.
- CFDs on Cryptocurrencies: There is also a wide range of cryptocurrencies like Ethereum, Bitcoin, Ripple and Litecoin.
Withdrawals and deposits
Few deposit methods are local bank transfer and Nigerian debit or credit cards. Withdrawal methods are local bank transfer and e-wallets.
The 30% deposit bonus was previously there and it was available till 30th June, 2019. This promo is open to Nigerian traders with bonus limit of $300. One more bonus offer was $30 tradable credit which has also expired and is no longer given to traders. In case you register the account and trade through FXTM’s trader app, the loyalty points can be doubled for each trade. The bonuses and promotions are superior to other brokers.
Can FXTM be recommended?
With its low spreads along with ECN account, trusted regulations, order execution and good customer care support, it can certainly be recommended in Nigeria. However, their fees are a little bit higher than the other brokers and hence traders don’t consider it to be the best among the lot.