FXTM is one of the most well-known forex and CFD brokers. This evaluation covers account kinds, trading apps, demo accounts, and, of course, the trading platform, which includes MT4.
The company provides a variety of trading platforms. Metatrader 4 or Metatrader 5 can be used on a desktop or laptop computer. These are all-around trading platforms with a great track record.
The instruments offered will vary depending on the trader’s country of residence.
- Indices and commodities CFDs
- Spot Metals (Gold, Silver)
- Stock CFDs
The firm also introduced 11 new dynamic indexes for currency and stock baskets, with six forex indices and five stock indices each. Stock indices track trending trade areas, whereas currency indices track leading currencies. This is a fantastic opportunity to trade fresh, innovative financial goods at a competitive price.
Spreads and commissions
For Forex traders, the commission percentage is minimal, and it is about in line with the industry average for CFD trades. Spreads as low as zero pips and fees as low as $0.2 per lot are possible with ECN account choices. Spreads are slightly greater on a standard account, but they remain quite competitive.
Users can choose between two separate applications on the website. The first is a Metatrader 4 mobile app that allows you to trade on the go. This app is available for both Android and iOS users to download. This software allows users access to all of MT4’s capabilities, allowing them to trade effectively while on the road. It does not, however, offer users access to the MT5 platform’s sophisticated features and information.
The MyFXTM trading app is the second app available on the Apple App Store or Google Play. The following features have been added to provide a better trading experience:
- Over 250 financial instruments
- Trade control panel
- Real-time updates
- One-click trading
It is a great all-in-one mobile trading app and a great addition to online platforms.
Deposits can be replenished in the following ways:
The following methods are available for withdrawing funds:
Visa, Maestro, and MasterCard are all accepted. The majority of these transactions are completed on the same day. Withdrawals can be made in US dollars, pounds sterling, or euros. 2 EUR/3 USD/2GBP is the commission rate.
Neteller withdrawals are processed the same day. Withdrawals are available in US dollars, pounds sterling, and euros. There is no commission to pay. Skrill withdrawals, likewise, are commission-free and handled the same day.
The only currencies accessible are GBP and EUR, and bank transactions take 24 hours to complete. Bank transfers include a commission of ten euros.
The broker provides a high-quality demo account that traders can use to refine their trading skills before making a real-money investment. Forex has a reputation for being a dangerous form of trading, so make sure you have the necessary abilities before you start “trading for real.”
The amount and quality of educational materials accessible are two areas where the broker excels. Users have access to a diverse selection of content in a variety of media. Webinars, seminars, articles, and a dictionary of words are among the available resources.
Regulation and licensing
CYSEC (Cyprus regulator), FCA (UK financial authorities), and FSC (Financial Services Commission) all regulate the broker (Mauritius regulator).
CYSEC and FCA are well-known for being rigorous financial regulators. FXTM must exhibit a high degree of financial reporting and fair, transparent, and fair trading to be regulated and licensed by these agencies.
Three account types are offered:
- Minimum: the most available one. The minimum deposit is low, spreads are narrow, and there is no commission. Without paging, instant execution and selection are possible. The maximum number of open orders and the maximum number of assets are also limited.
- Standard: FXTM’s most affordable trading account. Which is better, MT4 or MT5? (swap-free on MT4). Spreads start at 0.0 and commissions are relatively low. There is a plethora of markets and currency pairs to choose from, as well as an infinite number of open orders.
- MT4 or MT5 (advanced) (no swap on MT4). Spreads start at 1.5 and there is no commission. Market depth, market execution, and limitless orders are all available.
All accounts operate with a minimum order level of 0.01 lots.
Most clients’ demands, especially Islamic clients, are met by this portfolio of accounts. All accounts come with a variety of features and can be tailored to meet specific needs.
European working hours are 8 a.m. to 8 p.m. Customers can contact customer service by phone, email, or online chat during this period.
As a well-established trading platform and broker, FXTM has several important advantages over many of its competitors.
The site places a strong emphasis on customer service and training. The organization is conscious of its obligations to its customers. They also offer a large range of trading platforms and accounts to select from, so no matter what type of trader you are, you can choose an account that meets your requirements.
Fees are in the low to medium range on average. The number of ways that traders can contact customer assistance is impressive.
With so many benefits, it’s no surprise that this broker is well-known and well-liked.