The desktop MT4 platform is a comprehensive trading solution designed for traders who require a highly customizable environment. As one of the most widely used platforms in the Forex industry, MT4 offers powerful charting capabilities, 30+ technical indicators, and multiple timeframes for in-depth market analysis. In addition to standard trading fees, FXTM charges several additional fees that traders should consider. Withdrawal fees apply to most payment methods, with costs varying depending on the provider and region, potentially affecting traders who make frequent withdrawals.
How to Open FXTM Demo Account?
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Trading share CFDs gives you access to 20 major shares with spreads as tight as 0.1 pips and leverage varying based on experience when you open a Standard Shares account. The desktop versions of both MT4 and MT5 come with much the same solid performance and functional layout as is the case with each other broker offering the third-party trading platform. With that, traders have the ability to incorporate an extensive array of professional indicators and completely customize their charts and viewing experience. FXTM broker was founded in 2011 and has continued to grow as a forex brokerage. FXTM has garnered a wide variety of traders as clients throughout its years and continues to gain attention in the broker industry. The education section includes useful videos on how and when to place different types of orders.
This FXTM forex broker review shows that it is a regulated broker that provides access to several financial assets. The platform is user-friendly and has a solid interface, making it easy for traders to navigate. It has over 1,000 trading assets and multiple account types to serve different clients depending on their trading style and experience.
They offer a brief overview and an informative take on market events. FXTM also maintains its FXTM Trading Signals service for traders seeking actionable research. FXTM allows traders to expand their forex trading knowledge thanks to a plethora of educational content. The market analysis and education sections of their website are some of the most in-depth that we’ve come across. It is important to note that to access crypto financial instruments, you will need to sign up for an FXTM subsidiary outside of the UK. The UK’s financial authority, the FCA, recently changed regulation banning retail traders from trading cryptocurrencies.
Commissions and Fees
However, for FXTM UK, the process involves submitting a support ticket via a contact form, which can lead to longer wait times. The tier system reflects the level of regulatory strictness and client protection, with Tier 1 providing the most comprehensive safeguards. Index and Commodity CFDs swap charges are typically calculated as a percentage or based on a specific formula for the product. All information on 55brokers.com is only published for general information purposes. We do not present any investment advice or guarantees for the accuracy and reliability of the information. FXTM leverage is determined by various measures and firstly set according to the regulatory requirement in one region or another.
Fees & Costs
As an example, Credit Card withdrawal features a $3 fee, while Bank Transfer will cost $30, and WebMoney will charge 2% above the requested amount. For the Cons, there is a withdrawal fee, and Stock spreads are rather higher, also conditions vary for each entity. Whether you’re scalping EUR/USD at 0.0 spreads (with fixed $7 commissions per $100K traded) or deploying advanced strategies on MT4, MT5, cTrader, TradingView or NinjaTrader—you’re in full control. They include bank wires and a broad range of domestic banking solutions for countries, which I find excellent.
FXTM’s institutional partners calculate the daily swap rates using risk-management analysis. So, each forex currency pair has its forex swap charge, and interest is paid on currency sold and received on currency bought. From the table above, the spreads offered by FXTM MT4 Accounts are quite higher than those offered by the big names in the industry — for example, IC Markets, IG Markets, and Fusion Markets. After creating your live account within a few minutes, you will be required to wait for about 24 hours to verify your live account.
How do I open an FXTM account?
Used primarily for testing purposes under live conditions, they have an amazingly low minimum deposit level. As the name suggests, your account balance is always displayed in cents. For clients who reside in South Africa, there is an FXTM Standard account minimum deposit requirement of $/€/£100, $/€/£200 for ECN Zero accounts, and $/€/£500 for ECN accounts.
- Execution speed for market orders ranged from 373 to 435 milliseconds.
- Having the choice of the Advantage or Advantage Plus is also good for more advanced traders.
- This account has market execution with no re-quotes and spreads starting from 1.5 pips.
- Currency conversion fees also apply if funds are withdrawn in a different currency, which could affect overall costs.
- Two of the main account types offered by the broker do not charge any commission.
- Platform tutorial videos – There are various tutorial videos on how to use the MT4 trading platform.
We’d be more than happy if you’d share your fxtm broker review experience working with us with your friends. However, I also found room for improvement in the spreads in the Advantage Plus account. FXTM also provides a range of custom add-ons for MT4 within the client portal, including a Pivot Point Indicator, Pip Value Calculator, Spread Indicator, and a Market Data to CSV tool. Available leverage differs according to the asset class, with the most leverage available with CFDs on forex and metals and the least with CFDs on shares. The range of deposit methods is better than average for the industry, and processing times are fast. When testing phone support, I experienced short wait times and received helpful responses.
- The former ranks among the more expensive ones, but the latter account is one of the best ones available.
- ForexTime no longer offers different ECN accounts & Standard accounts.
- The broker provides traders with MT4 and MT5 demo account, which they can use to practice their trading strategies before implementing them on the live trading accounts.
There are lots of useful links in the footer of the homepage, and a handy help section (including a fairly comprehensive FAQ page) in the main menu. FXTM has reasonable trading fees and a choice of accounts with different pricing models, including commission-free and swap-free trading. This shows that industry experts really do think that the firm offers a better service than many of its competitors. FXTM offers a variety of extra tools aimed at improving the overall trading experience. They help streamline automation, deliver valuable market insights, and boost the efficiency of trade execution. FXTM offers a limited selection of trading assets compared to the market average.
Compare ForexTime FXTM Review: Everything You Need to Know Before Trading to other brokers
This average spread on major forex currency pairs like GBP/USD and EUR/GBP is 0.5. In addition to the above features, FXTM also offers users a quality demo account so you can try the platform for yourself before investing any money. It’s important to note that FXTM in Europe only accepts professional clients as of March 2021. As pro traders are sufficiently experienced, the FXTM demo account is not available for them.
