a.   Is FXTM regulated?

The FXTM broker is regulated by many financial authorities in different countries like:

• FCA: The Financial Conduct Authority of UK
• CySEC: The Cyprus Securities and Exchange Commission
• FSCA: The Financial Conduct Authority of UK

b.   Is FXTM a scam?

FXTM safety is divided into 2 parts: the safety of the broker itself and the safety of the client.

Broker safety

FXTM is considered safe as it’s regulated by the top-tier financial authority FCA in the UK.

Also, FXTM broker has a long track record from 2011 and has survived from different economic disasters until now. FXTM has also over 3 million clients all over the world.

Client protection

As FXTM is regulated by the FCA and other financial authorities, there are a number of client protection amounts in different countries as the table shows below:

FXTM Legal Entities Table

Disclaimer:

From March 2021, FXTM ends its retail operations in the EEA, and only the professional clients will be able to use FXTM.

Also, FXTM has a negative balance protection on forex and CFD trading for the clients from the European Union only.

FXTM allows forex, CFD, and cryptocurrencies trading as well as real stocks and metals, but it comes behind a lot of competitors in its offering. FXTM’s number of options for trading are low, especially in the stock CFDs and real stocks.

While there are a number of trading options that are not available like ETFs, mutual funds, bonds, options, and futures.

Disclaimer: CFDs have a high risk of losing money rapidly. 79% of retail investor accounts lose money due to leverage when trading CFDs with this provider. CFDs are not complying with the islamic religion. And if you want to trade in CFDs you should consider a swap-free account to follow islamic rules.

Learn more about CFDs for muslims.

FXTM Offering of Investments

Notes:

• FCA bans the sale of cryptocurrencies for the UK clients from January 2021.
• FXTM offers commission-free real stocks for the non-EU clients.

Social Trading

Unlike a lot of brokers, FXTM offers a social trading option for the non-UK clients. This type of trading includes two parts: the investor and the strategy manager.

You can decide to be any of them. If you’re an investor you can filter the strategy managers according to their success fees, all-time-profit, and more. For strategy managers, they can get commissions per each winning trade.

FXTM - Investment managers

a.   Countries available

FXTM is available in a number of countries and has customers in Europe, Africa, and Asia. It has also over 3million clients from more than 180 countries.

FXTM countries

b.   Account types

FXTM has two types of accounts:

• Standard accounts
• ECN accounts

FXTM also offers a swap-free option that you can enable on all of its accounts except on the MetaTrader 5 platform or the exotic currencies.

Standard Accounts

FXTM - Standard accounts’ comparison

ECN Accounts

FXTM - ECN accounts’ comparison

Notes:

• FXTM provides demo accounts for some types to allow users to invest with 0% risk.
• NGN accounts are only available to clients in Nigeria

c.   How to open an account

You can open an FXTM account in minutes and get approval within 1 business day.

Steps:

1. Enter your email, name, country of residence, and mobile phone that you will need to verify by a PIN code.
2. Add some personal information like education level
3. Provide your current address
4. Answer some questions regarding your financial level of experience
5. Select the account type you want to open
6. Verify your identity by providing a copy of your passport / ID / driver’s license and a bank statement or utility bill.

FXTM - Account opening

Note:

• FXTM has an affiliate partner program option for those who want to earn money by advertising to FXTM.

a.   Commissions

FXTM gets no commissions except for the ECN account as the following:

b.   Trading Fees

Spreads differ from account to another according to its type as the following:

FXTM - Account Spreads

Forex fees: EUR/USD from 0.1, GBP/USD from 0.3, AUD/CAD from 2.5, EUR/HKD from 2.9

Stock CFD fees: Apple from 17, BP from 2, Google from 130

Stock Trading: Apple from 2, Amazon from 21

Real Stocks: From 2020, FXTM charges no commissions, and if you’re a non-EU you can trade in real stocks with $0 commissions.

Spot Metals: XAGEUR from 7.0, XAGUSD from 0.4, XAUUSD from 9.0

European Stock CFDs: Adidas from 19, Bayer from 4, Deutsche Post AG from 2

Disclaimer: CFDs have a high risk of losing money rapidly. 80% of retail investor accounts lose money due to leverage when trading CFDs with this provider. CFDs are not complying with the islamic religion. And if you want to trade in CFDs you should consider a swap-free account to follow islamic rules.

Learn more about CFDs for muslims.

c.   Non-trading fees

• Account fee: No
• Deposit fee: $0
• Withdrawal fees: $3 for credit cards, $20-$40 for bank transfers

(you can check the full withdrawal fees in withdrawal fees section)

• Inactivity fee: $5 per month after 6 months of inactivity

a.   Account Currencies

The FXTM account has 4 base currencies which are EUR, GBP, USD, NGN.

Notes:

• NGN is only available for the Nigerian residents.
• You will not be charged with conversion fees if your account has the same currency with your bank account or when you trade assets with the same currency of your account.
• If you want to avoid being charged with conversion fees, you can open a multi-currency bank account at a digital bank.

b.   Deposit

1. Options

FXTM supports depositing with bank transfers, credit cards, and bank transfers.

FXTM deposit methods

FXTM supports depositing using different electronic wallets and options like:

• Neteller, Skrill
• Cryptos (BTC, ETH, LTC, DASH)
• Quick Pay (Weastern Union)
• Alfa-Click, Yandex.Money, QIWI

Notes:

• Some of the options for bank transfers, credit cards, Bitcoin are available based on your country of residence.

2. Fees

FXTM charges no deposit fees using any of the depositing methods.

3. Time

• For credit cards and electronic wallets, the transfer is done in no time.
• For bank transfers, it may take several business days to transfer.

Deposit options and methods

Deposit using credit cards

Deposit using electronic wallets

Deposit using bank transfers

c.   Withdrawal

1. Options

Like the deposit, withdrawal options are through credit cards, electronic wallets, and bank transfers.

FXTM withdrawal methods

2. Fees

FXTM charges fees on most of the withdrawal options as the following images show.

3. Time

Withdrawal using credit cards and electronic wallets is done within a day, but for the bank transfers, it takes several business days.

Withdrawal options and methods

Withdrawal using credit cards

Withdrawal using electronic wallets

Withdrawal using bank transfers

FXTM uses a third-party platform for trading using the MT4 and MT5 platforms.

1.   Web

The web platform of the FXTM is provided by the MetaTrader with a highly customizable design that;s available in a number of languages. We will go through the MT4 platform as it’s supported by all of the account types described above.

a.    Languages

MetaTrader 4 is available in a number of languages like:

MT4 Languages

b.    User interface (UI)

FXTB has a very customizable UI that you can adjust according to your needs and preferences. On the other hand, it seems hard to find some of the features inside.

FXTM - web trading platform UI

c.    Login and Security

Unfortunately, the web platform does not provide a two-step verification method for logging in, and it does only support a one-step login.

d.    Searching

Searching using the MT4 platform has its pros and cons.

• Pros: you can search by categories and find assets.
• Cons: you can not type the name of the asset and search for it manually.

e.    Placing orders

MT4 has a simple order types which are:

1. Market
2. Limit
3. Stop
4. Trailing stop

In addition to those 4 types, there are other orders which are the time limit ‘Good ‘til time’ (GTT) and ‘Good 'til canceled’ (GTC).

There’s also an order confirmation feature in the web trading platform of MT4.

f.     Notifications and alerts

Unfortunately, the MT4 web trading platform does not have an option to set price alerts and notifications unlike the desktop version.

g.    Portfolio and reports

Under the ‘History’ tab, you can find your portfolio reports with a clear fee description.

2.   Desktop

The desktop version of the MT4 has the same UI as the web platform, but the main difference here is that you can set price alerts and notifications.

The desktop version of MT4 is available in the same languages, order types, searching, and reports like the web trading platform

FXTM - desktop trading platform UI

3.   Mobile Platform

The mobile trading platform of FXTM is provided as well from MetaTrader and has a user-friendly design with great search options and notifications. On the other hand, it does not come with a two-step verification login option nor touch face ID.

a.    Languages

There are a number of languages available in the mobile trading platform, but you can only change the language by setting it as a default in your device.

The languages available are:

FXTM - Mobile trading platform languages

b.    User interface (UI)

The user interface of the mobile trading platform is user-friendly and has a number of useful features.

FXTM - Mobile trading platform UI

c.    Login and security

Like the web and desktop version, there’s no two-step verification method in the mobile trading platform nor touch/ face ID.

d.    Searching

Unlike the web and desktop trading platforms, there is a good searching option in the mobile platform and you can search by typing the name of the asset you want to find.

FXTM Mobile trading platform - Search function

e.    Placing orders

The mobile trading platform has the same order types as the web and desktop platforms which are:

1. Market
2. Limit
3. Stop
4. Trailing stop

In addition to those 4 types, there are other orders which are the time limit ‘Good ‘til time’ (GTT) and ‘Good 'til canceled’ (GTC).

Note:

Unlike the web trading platform, there’s no order confirmation in the mobile trading platform.

f.     Notifications and alerts

Like the desktop version, the mobile trading platform has an option to set price alerts and notifications.

FXTM has a lot of research tools like news flow, trading ideas, and technica analysis. On the other hand, it lacks the fundamental data needed for the user.

a.   Sources

The research tools are available on:

• MetaTrader platforms
• The web trading platform
• The mobile trading platform

b.   Trading ideas

Under the ‘trading services’ section in the MyFXTM, you can find your trading ideas based on some technical tools.

FXTM trading ideas

c.   Fundamental data

Unfortunately, FXTM lacks the fundamental data research tools in any platform.

d.   Charting

You can view charts and filter them using 35+ indicators across the MetaTrader platforms. These indicators might be trendlines, Fibonacci retracement, and more.

On the other hand, it’s hard sometimes to do little tasks in the charts as the UI is not up to date.

FXTM charting tool

e.   Newsfeed

FXTM provides a newsfeed option to find market updates, research tools, forex news, and more.

There’s also an economic calendar to be up-to-date with the latest information in the trading industry.

FXTM newsfeed

f.     Other tools

In addition to the research tools mentioned previously, FXTM provides another tool which is the Pivot Points Strategy that helps you analyze the price direction well.

a.   Options

FXTM supports different customer service channels like the live chat, phone, and email. FXTM also has a fast response time across all of these channels.

Beside these channels, you can also chat with FXTM through WhatsApp, Viber, Telegram and Facebook Messenger.

The customer service option is available only within days Monday to Friday.

FXTM - Customer support

b.   Languages

The languages available for customer service are many with the support of major languages like Arabic, Czech, Chinese, English, Farsi, French, Hindi, Indonesian, Italian, Korean, Malaysian, Polish, Russian, Spanish, Urdu and Vietnamese.

c.   Experience

• For the live chat, it works very fine with faster responses and relevant answers.
• Phone calls also work fine with the support of many languages and countries.
• For the emails, the customer service team replies within a few hours without any problem.

FXTM provides great educational materials and options that you will like. These options are through:

• Demo account
• Tutorial videos
• Webinars
• Books and articles

Beside these options, FXTM provides seminars in some countries that you can attend. This option is very useful and not popular with other brokers.

FXTM Educational materials

What is MyFXTM?

• It’s your gateway to FXTM where you can open an account, deposit and withdraw, upload your verification documents, and more.

How long does it take to verify my account?

• After you upload your verification documents, it will take from 10 mins to 24 hours within a business day to verify your account.

Can I open more than one trading account?

• Yes, as many as you wish.

Does FXTM allow bot trading?

• Yes, it does.

Does FXTM give a bonus?

• Yes, for the ‘Get to know FXTM with 30 USD’ program.
• It’s applicable only to:

1. 1. Fully approved clients of FXTM
   2. Residents of Afghanistan and/or Thailand
   3. During the bonus period

Does FXTM allow scalping?

• Yes, it’s available for the ECN accounts.

How to enable the swap-free option in my account?

• Steps:

1. Go to the ‘Accounts Overview’ section within MyFXTM.
2. Select the green arrow next to ‘Deposit’ on the trading account you wish to change make swap-free.
3. Choose the ‘Enable swap-free mode’ option.
4. Please note that the swap-free option is available for clients in selected countries. If the option isn’t available on your account please contact FXTM.