Score

6.27 /10
Average

FXTM

United Kingdom

5-10 years

Regulated in United Kingdom

Straight Through Processing(STP)

MT4 Full License

Global Business

Suspicious Overrun

High potential risk

Offshore Regulated

AAA
AA

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Comparison

Quantity 40

Exposure

Open Account
Website

Score

Regulatory Index6.98

Business Index6.23

Risk Management Index0.00

Software Index7.84

License Index7.10

The WikiFX Score of this broker is reduced because of too many complaints!
Open Account
Website

Licenses

VPS Special
*Only support this broker's real account

Dual-core processor

100%

2GRam

100%

60GHarddisk

50%

Open for free

Regulatory disclosure

Danger

ID BAPPEBTI
2022-02-02
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2021-01-01

Broker Information

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WikiFX Risk Alerts 3
Previous Detection : 2024-09-17
  • The number of the complaints received by WikiFX have reached 35 for this broker in the past 3 months. Please be aware of the risk and the potential scam!
  • This broker exceeds the business scope regulated by South Africa FSCA(license number: 50320)National Futures Association-UNFX Non-Forex License. Please be aware of the risk!

WikiFX Verification

FXTM · Benchmark
Average transaction speed(ms)
467.4
The highest transaction speed(ms)
1 Perfect
The highest speed of opening positions(ms)
9 Perfect
The highest speed of closing position(ms)
1 Perfect
The lowest speed of opening positions(ms)
1991 Poor
The lowest speed of closing position(ms)
1984
Ranking: 2 / 132
Test user 5,180
Transactions 40,294
Ocuppied margin $24,637,184 USD
Data Source WikiFX Data provide
Updated: 2024-09-13 01:09:00
Pyramid scheme complaint
Expose
Others

Communications with customer service are useless

After the loss of 4,683 US dollars, the platform deleted the RMB deposit link, resulting in the inability to deposit funds through online banking. The amount of loss in transaction record data is changed to withdrawal. Background management lacks realistic results, resulting in inability to correctly count the specific circumstances of losses.

2022-07-07 14:38
Scam

Unethical Practices and Legal Violations

ForexTime's blatant disregard for Indian legalities is appalling. Despite being deemed illegal in India, they persist in servicing Indian clients, jeopardizing their safety. I've lodged a complaint with the Ombudsman of Mauritius, urging swift action to suspend their FSC Mauritius license unless they cease Indian operations immediately. This unethical conduct must not go unnoticed; I urge everyone to think twice before engaging with Forextime. Is offering services in a banned country ethical or unethical? It's unequivocally unethical. Explicitly stating non-compliance with Indian laws on their reply to my email while profiting from Indian residents is audacious . Anyone can check the official website of the Reserve Bank of India to verify it's illegal status. My account closure is a result of my complaint against Forextime to the Financial Services Commission, Mauritius. They engage in illicit practices by accepting deposits through local Indian banks, a clear violation amounting to money laundering. Registering with them poses a significant risk, as they might shut down at any time, leading to the loss of your funds. It's highly requested to not sign up and fall for a dubious platform.

2024-01-06 10:30
Unable to Withdraw

cannot withdraw

Be Aware ! especially for asian people. you cannot depo using bank transfer and fxtm force you to use visa/master debit/credit card. When you try to wd, your payment option will not available, and they ask for bank statement that include your car with transaction to fxtm which will not available if you use visa debit. STAY AWAY FROM THIS BROKER !!

2021-12-24 08:03
Others

15,000 USD was stolen from my account, please compensate me for the loss.

On the afternoon of March 5, 2023, I suddenly received 5 text message reminders that the withdrawal was successful. I thought it was a joke, so I went to the toilet with a smile. Thinking that something was wrong, I quickly logged in to the account. All the funds in the account were suddenly transferred to Fu. I opened my USD wallet and was withdrawing money like crazy. I quickly changed my password and I was still withdrawing money during the modification process. Since I didn’t leave the account manager’s phone number at that time, all the previous manual customer pages of FXTO turned into robots, turning me into a robot. I was so anxious that I could only send an email to the official to stop my withdrawal. My total account balance was about 53,000USD. 1,700USD was transferred out to 1,500 USD from the first account, and 46,000USD was transferred out from the second account, which was about 52,000USD. I held a position margin. It was not enough to close the position. I took 15,000USD from the virtual currency channel of the wallet, leaving more than 30,000 USD. The withdrawal was completed very quickly in more than ten minutes. My wallet address was bound and verified, but the 15,000USD withdrew did not arrive in my account. Wallet, I quickly took out the remaining amount through the bound bank card. Futuo is too unsafe. The platform even withdraws funds without personal verification and cannot guarantee the safety of funds. The final reply from customer service said that my email information was leaked to ensure that third parties cannot access my email. The key problem is that Futuo did not make any The verification code will not be sent to the email address, so what is the use of accessing my email address. This led to my debt crisis, with a total loss of over 20,000USD

2024-03-18 10:40
Unable to Withdraw

FXTM is a scam platform! No withdrawral for various reasons!

It has been impossible to withdraw funds since December, and the handling fees deducted when withdrawing funds will not be returned. The reasons used include incomplete information, wrong bank information, unaccounted handling fees, in short, various reasons for not withdrawing funds. To put it bluntly, I just want to keep delaying until all the idle and withdrawal fees are deducted! This is a scam platform! Don't be fooled!

2024-01-24 13:49
Scam

Induced deposits with anniversary activities, and then a series of problems followed

Picture[1] On April 9th, a friend told me that the business had an anniversary event and asked me to contact customer service to see if I had the right to participate, so I was confused and passively participated. Figure [2] On April 10th, the first application for withdrawal of funds failed. The customer service refused to withdraw funds on the grounds that the anniversary activities were not completed, and said that the activities that were not completed within the specified time would be handed over to the judicial department and reported for levy letter. Figure [3] On April 11th, I borrowed money from a friend. Due to the transfer limit, I made a deposit of 320,000 yen and completed 50% of the progress of the activity. Figure [4] The platform could not be accessed on April 12th and 13th, the official statement is system maintenance and upgrade; on April 14th, the deposit of 331,000 yen was completed to complete the anniversary event. Figure [5] On April 14th, the second withdrawal failed. The customer service asked me to pay 20% of the account balance as the violation fee on the grounds that my account maliciously attacked the platform system data and caused a high profit violation, otherwise the account will be frozen. On April 15th, deposit 342,500 yen as a deposit. Figure [6] On April 17th, the deposit arrived. Figure [7] From April 18th to 22nd, I contacted customer service about the withdrawal of funds, and I have been inquiring all the time, but there is no result; I later informed that the profit part needs to pay 50% of the account balance as personal income tax before the withdrawal can be resumed. business. Figure [8] On April 24th, the illegal payment was refunded to the account. Figure [9] On April 24, it was found that the account main body of the old version was inconsistent with the account main body of the new version. I asked customer service, the customer service explained it, and sent an email to Exness's official mailbox for verification, but no reply was received.

2022-04-24 23:33
    Sources
    FXTM · Company summary
    FXTMBasic Infromation
    Registered CountryUnited Kingdom
    Founded in2011
    HeadquartersCyprus, UK, Belize
    Regulated ByFCA, CYSEC, FSCA (Out of Scope Business), FSC ( offshore)
    Minimum Deposit$10
    LeverageUp to 1:2000
    Account TypesMicro, Advantage, and Advantage Plus
    Demo AccountYes
    Trading InstrumentsForex, Commodities, Indices, Shares, Cryptocurrencies
    Trading PlatformsMetaTrader 4, MetaTrader 5, FXTM Trader
    Mobile TradingYes
    Islamic AccountYes
    Payment MethodsCredit/Debit Cards, Bank Wire, E-wallets
    Minimum Spread on EUR/USDFrom 0.1 pips
    Customer Support24/5 Live Chat, Email, Phone
    Educational ResourcesYes
    Negative Balance ProtectionYes

    FXTM Information

    FXTM, or Forex Time, is a global forex and CFD broker founded in 2011. The company is headquartered in Cyprus and is regulated by the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC), and other regulatory bodies in various countries. FXTM offers a variety of trading instruments, including forex, commodities, indices, shares, and cryptocurrencies.

    FXTM is its extensive range of account types, which cater to traders of all experience levels and preferences. The broker offers five different account types, including the Micro, Advantage, and Advantage Plus accounts, as well as demo accounts and Islamic accounts. In terms of trading fees, FXTM offers variable spreads on most of its instruments, with spreads starting from as low as 0.1 pips.

    FXTM also offers multiple choices of trading platforms, including the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms. These platforms are available in desktop, web, and mobile versions, which allows traders to trade on the go and from anywhere in the world.

    basic-info

    Is FXTM Legit?

    FXTM operates under a strong regulatory frame, and it has several entities that are regulated in different jurisdictions:

    Regulated CountryRegulated AuthorityRegulated EntityLicense TypeLicense Number
    CYSECForextime LtdMarket Making(MM)185/12
    FCAExinity UK LtdStraight Through Processing(STP)777911
    FSCEXINITY LIMITEDRetail Forex LicenseC113012295
    FSCAEXINITY LIMITEDFinancial Service Corporate50320

    FXTM Pros and Cons

    FXTM is a well-known broker that offers various trading services to its clients, including forex, commodities, and CFDs. Some of the pros we'll cover include their range of account types, competitive spreads, and excellent customer support, while some of the cons we'll discuss include the lack of cryptocurrency trading and high withdrawal fees.

    While there are many benefits to trading with FXTM, there are also some drawbacks to consider. In this table, we'll take a closer look at the pros and cons of trading with FXTM, so you can make the right choice about whether this broker is right for you.

    ProsCons
    • Regulated by top-tier financial authorities, FCA and CYSEC
    • Limited product offerings compared to some competitors
    • Tailored account types for different trading needs
    • High inactivity fee
    • Low minimum deposit requirements
    • Limited research tools and resources
    • Demo Accounts Available
    • Islamic Accounts Available
    • Access to MT4 and MT5
    • Multiple funding and withdrawal options
    • Rich Eductaional Resources
    • Rich Trading Tools
    • High-quality customer support

    Market Intruments

    FXTM offers over 1,000 tradable instruments, covering Forex Pairs, Stocks, Indices, Precious Metals, Commodities, and Cryptocurrency. However, this broker does not currently support trading on Futures, Options, and ETFs.

    Tradable Assets Supported
    Forex
    Stock
    Indices
    Precious Metal
    Commodities
    Cryptocurrency
    Futures
    Options
    ETFs

    market-instruments
    ProsCons
    • Offers popular and mainstream markets to trade,
    • Limited selection of individual stocks compared to some competitors
    • Competitive spreads and commissions
    • Margin requirements on some instruments may be higher than other brokers
    • Access to both major and minor forex pairs, as well as exotic currency pairs
    • Limited cryptocurrency offerings compared to some competitors
    • Opportunity to diversify portfolio with a variety of markets
    • The number of CFDs on commodities may be limited compared to other brokers
    • Offers both MetaTrader 4 and MetaTrader 5 platforms for trading
    • Availability of certain markets may vary depending on the trader's location

    Account Types

    FXTM offers three different types of trading accounts, which are the Micro account, the Advantage account, and the Advantage Plus account. The Micro account requires a minimum deposit of $10, the Advantage account requires a minimum deposit of $100, and the Advantage Plus account requires a minimum deposit of $500.

    Each account type has its own unique features and benefits, such as different minimum deposit requirements, leverage ratios, and spreads, allowing traders to choose the one that suits them best. The Micro account is ideal for novice traders with a limited budget, while the Advantage account is suitable for experienced traders who require advanced trading tools and a competitive trading environment. The Advantage Plus account is designed for professional traders who require high-volume trading and personalized support from a dedicated account manager.

    account-types
    ProsCons
    • Micro account has low initial deposit
    • Micro account has higher spreads compared to other types
    • Advantage account has low spreads
    • Advantage account has a higher minimum deposit
    • Advantage Plus account offers lower commissions
    • Advantage Plus account has the highest minimum deposit

    Demo Accounts

    FXTM offers demo accounts for all its account types, including Micro, Advantage, and Advantage Plus. These demo accounts allow traders to test their trading strategies in a risk-free environment using virtual funds. Demo accounts are also useful for new traders who want to learn how to trade before committing real money to live trading.

    demo-account
    demo-account

    How to Open an Account?

    • To open an account with FXTM, you first need to visit their website and click on the “OPEN ACCOUNT” button on the top right-hand corner of the page.
    open-account
    • This will take you to the account registration page where you will need to fill out some basic personal information like your name, email address, and phone number.
    open-account
    • Next, you will be asked to choose the type of account you want to open. FXTM offers three main account types - Micro, Advantage, and Advantage Plus, each with its own features and benefits. You will also need to select the base currency of your account and agree to the terms and conditions of the broker.
    • Once you have selected your account type and base currency, you will be prompted to provide some additional personal information like your date of birth, occupation, and address. You will also need to answer a few questions about your trading experience and investment goals.
    • After you have completed the registration process, you will need to verify your account by providing some additional documents like a copy of your ID or passport and a proof of address like a utility bill or bank statement.
    • Finally, once your account is verified, you can then make your first deposit and start trading.

    Leverage

    FXTM offers leverage of up to 1:2000, depending on the account type and trading instrument. The highest leverage is available for forex trading on the FXTM Pro account, while the other account types offer leverage up to 1:30 for EU traders and up to 1:2000 for non-EU traders. It's recommended to use leverage wisely and only trade with funds you can afford to lose. FXTM also offers negative balance protection, which ensures that traders can not lose more than their account balance.

    leverage

    Spreads & Commissions

    For the Micro account, the spreads start from 1.5 pips, and no commission is charged. For the Advantage account, the spreads start from 1.1 pips, and a commission of $2 is charged per lot. For the Advantage Plus account, the spreads start from 0.0 pips, and a commission of $4 is charged per lot.

    The spreads offered by FXTM are typically lower than those offered by many other brokers in the industry, particularly on the Advantage and Advantage Plus accounts. The Micro account, however, has slightly higher spreads, which is to be expected due to the smaller minimum deposit requirement.

    spread-commission

    Here we have created a comparison table of the average spreads and commissions offered by FXTM and some other popular forex brokers such as IC Markets, Exness, and FP Markets:

    BrokerEUR/USD SpreadCommissionMinimum Deposit
    FXTM (Micro)1.5 pipsNo commission$10
    FXTM (Advantage)0.5 pipsNo commission$100
    FXTM (Advantage Plus)0.1 pipsNo commission$500
    IC Markets (Raw Spread)0.1 pips$7 round turn$200
    Exness (Raw Spread)0.3 pipsNo commission$1
    FP Markets (Raw Spread)0.0 pips$7 round turn$100

    Non-Trading Fees

    Apart from trading fees, FXTM charges some non-trading fees that traders should also consider before choosing this broker. Some of the non-trading fees charged by FXTM include inactivity fee, withdrawal fee, deposit fee, and overnight fee. The inactivity fee is charged when a trader does not perform any trading activity on their account for a period of 6 months. The fee charged is $5 per month.

    Withdrawal fees depend on the method used, with bank transfers attracting a higher fee compared to e-wallets.

    Deposit fees are not charged for most methods, but a 2.5% fee is charged when depositing via Neteller.

    Overnight fees are charged when a position is held open overnight, and they are different based on the instrument being traded.

    Here is a table showing the comparison of non-trading fees charged by FXTM and some other popular forex brokers:

    BrokerInactivity FeeDeposit FeeWithdrawal Fee
    FXTM$5/month after 6 months of inactivityFreeFees may occur
    Avatrade$50/quarter after 3 months of inactivityFreeFees may occur
    IC Markets$0FreeFees may occur
    Exness$0FreeFees may occur
    FP Markets$0FreeFees may occur

    Trading Platforms

    FXTM offers three chocies of trading platforms, including the popular MetaTrader 4 and 5 platforms, as well as their proprietary trading platform called FXTM Trader.

    trading-platform

    Here's a table comparing the trading platforms offered by FXTM, IC Markets, Avatrade, and Exness

    BrokerPlatform TypesDesktopWeb-BasedMobile
    FXTMMT4, MT5, FXTM Trader
    IC MarketsMT4, MT5, cTrader
    AvatradeMT4, AvaTradeGO, WebTrader
    ExnessMT4, MT5

    FXTM Copy Trading

    FXTM Invest is an advanced copy trading feature offered by FXTM, designed to make trading accessible to investors of all experience levels. With a low entry threshold of just $100, this platform allows users to automatically replicate the trades of experienced Strategy Managers. FXTM Invest stands out for its attractive pricing model, offering zero spreads on major FX pairs and a performance-based fee structure where investors only pay when their chosen Strategy Manager generates profits.

    The process of getting started with FXTM Invest is streamlined into five simple steps: signing up or logging in to MyFXTM, selecting a Strategy Manager, opening an Invest account, making a deposit, and then watching as the system automatically copies your chosen manager's trades. This user-friendly approach, combined with the ability to maintain full control over your funds, makes FXTM Invest an appealing option for those looking to tap into the forex market with the guidance of seasoned professionals.

    FXTM Copy Trading

    Deposit & Withdrawal

    FXTM offers a variety of deposit and withdrawal options for its clients. Traders can deposit funds into their trading account using credit/debit cards, bank wire transfers, e-wallets, and other online payment methods.

    For credit/debit card deposits, FXTM accepts Visa, Mastercard, and Maestro. There are no deposit fees for credit/debit card transactions, and funds are usually credited to the trading account instantly.

    Bank wire transfers are also available as a deposit option. This method takes longer to process compared to other deposit methods and may incur charges from the bank. The minimum deposit amount for bank wire transfers varies depending on the currency selected, and it may take up to five business days for funds to appear in the trading account.

    E-wallets such as Skrill, Neteller, and WebMoney are also accepted by FXTM. Deposits made through e-wallets are usually credited to the trading account instantly and are free of charge. The minimum deposit amount for e-wallet transactions varies depending on the selected e-wallet.

    Withdrawals can be made using the same methods as deposits, with the exception of Mastercard. Withdrawals made through credit/debit cards may take up to three business days, while withdrawals made through e-wallets are usually processed within 24 hours. Bank wire transfers may take up to five business days for the funds to be credited to the trader's bank account.

    FXTM charge withdrawal fees for some methods. Traders are advised to check the fees and processing times associated with each method before making a deposit or withdrawal.

    deposit-withdrawal
    ProsCons
    • Multiple deposit and withdrawal methods
    • Some withdrawal methods may have higher fees
    • No deposit fees
    • Minimum withdrawal amounts may be higher than other brokers
    • Fast deposit and withdrawal processing times
    • Some deposit methods may not be available in certain regions
    • Supports various currencies for transactions

    Customer Support

    FXTM is known for providing excellent customer support to its clients, including live chat, email, and phone support. The customer support team is available 24/5 and is multilingual, which means clients can communicate with them in their preferred language.

    FXTM also provides an extensive FAQ section on their website that covers various topics, such as account opening, deposit and withdrawal methods, trading platforms, and more. This section is helpful for clients who prefer to find answers to their questions without contacting the support team.

    Customer Support
    ProsCons
    • Live chat support available
    • No 24/7 customer support
    • Fast response times
    • No phone support for some countries
    • Knowledgeable and helpful staff
    • Limited educational resources for clients
    • Various support channels available
    • A FAQs section

    Educational Resources

    FXTM offers various educational resources including webinars, seminars, articles, e-books, educational videos, and more.

    Webinars and seminars are live sessions conducted by market experts and analysts who provide insights and analysis on market trends and trading strategies. The sessions cover a wide range of topics, including technical and fundamental analysis, risk management, and trading psychology. The webinars and seminars are interactive, allowing clients to ask questions and get feedback from experts.

    FXTM also provides a wide range of educational articles and e-books that cover a variety of trading topics. These resources are available to all clients, regardless of their account type, and can be accessed on the FXTM website.

    Educational Resources

    Conclusion

    FXTM is a well-regulated and respected forex broker with a wide range of market instruments, competitive trading conditions, and user-friendly trading platforms. They offer various account types with reasonable minimum deposits and leverage options. FXTM's customer support is also responsive and helpful, while their educational resources can be useful for both novice and experienced traders.

    However, there are also some potential drawbacks to consider. FXTM's non-trading fees, such as withdrawal fees, can be high, and their spreads can be wider than some of their competitors.

    FAQs

    Is FXTM legit ?

    Yes, FXTM is regulated by top-tier financial authorities such as the Financial Conduct Authority (FCA) in the UK and the Cyprus Securities and Exchange Commission (CySEC).

    What trading instruments are available on FXTM?

    FXTM offers a range of trading instruments including forex, spot metals, CFD commodities, stock CFDs, and CFDs on indices.

    What types of trading accounts are available on FXTM?

    FXTM offers three main types of trading accounts: the Micro account, Advantage account, and Advantage Plus account.

    What is the minimum deposit required to open an account on FXTM?

    The minimum deposit required for each account type on FXTM is as follows: Micro account - $10, Advantage account - $100, and Advantage Plus account - $500.

    What trading platforms are available on FXTM?

    FXTM offers two chocies of trading platforms including the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms.

    Risk Warning

    Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies. In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then.

    News

    NewsFXTM launched the first Olympic Trading Competition

    FXTM Launches the First Olympic Trading Competition: Battle for the Trading Throne!

    WikiFX
    2024-08-21 17:34
    FXTM launched the first Olympic Trading Competition

    ExposureCySEC Revokes FXTM's CIF License After Voluntary Renunciation

    CySEC withdraws FXTM's CIF license following the company's voluntary renunciation, marking a significant exit from the EU market for the trading firm.

    WikiFX
    2024-05-27 13:43
    CySEC Revokes FXTM's CIF License After Voluntary Renunciation

    ExposureThis Broker is Providing Services in India against RBI Warning

    "FXTM is providing services to clients in India against an RBI warning." a user from India filed a complaint against FXTM dated January 6, 2024 On Wikfx,.

    WikiFX
    2024-01-09 18:07
    This Broker is  Providing Services in India against RBI Warning

    ExposureScammers defrauded investor of 135,000 naira with cryptocurrency in the name of top broker FXTM!

    Forextime(FXTM), a forex company with a high reputation in the United Kingdom, has more than 10 years of forex business. FXTM not only owns a strong customer service team for traders but also has a very sound regulatory system.

    WikiFX
    2020-05-19 16:02
    Scammers defrauded investor of 135,000 naira with cryptocurrency in the name of top broker FXTM!

    User Reviews

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    星辰9516
    3-6months
    富拓诈骗平台,入金非常快,出金却很难,大家小心
    富拓诈骗平台,入金非常快,出金却很难,大家小心
    Translate to English
    2024-09-06 12:20
    Reply
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    0
    MuhammadRamiz
    0-3months
    This broker provides low spread and good charting options for newbie traders. Especially in news time i figured out to have normal rates in candles. I would prefer to keep working for it.
    This broker provides low spread and good charting options for newbie traders. Especially in news time i figured out to have normal rates in candles. I would prefer to keep working for it.
    Translate to English
    2024-08-13 01:33
    Reply
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