Contents
- 1 FXTM Basics
- 2 Our Opinion About FXTM
- 3 Key Benefits
- 4 FXTM Regulation and Safety
- 5 Regulation In Nigeria
- 6 FXTM Fund Safety
- 7 FXTM Awards
- 8 FXTM: Legit or Scam?
- 9 FXTM Trading Assets
- 10 FXTM Trading Instruments
- 11 FXTM Account Types
- 12 Micro Account
- 13 Advantage Account
- 14 Advantage Plus Account
- 15 Demo Accounts
- 16 PAMM Accounts
- 17 Islamic Swap-Free Accounts
- 18 Naira Accounts
- 19 FTXM Leverage
- 20 FXTM Spreads
- 21 FXTM Commission
- 22 FXTM How To Register An Account
- 23 FXTM Registration: How To Verify An Account
- 24 FXTM Base Currencies
- 25 FXTM Payment Methods
- 26 FXTM Deposits
- 27 Minimum Deposits
- 28 Naira Deposit
- 29 FXTM Withdrawals
- 30 Withdrawal Methods
- 31 Withdrawal Times
- 32 Withdrawal Fees
- 33 Trading Platforms
- 34 Education and Research
- 35 FXTM Trading Hours
- 36 FXTM Customer Support
- 37 Conclusion
- 38 FXTM Broker Review FAQ
- 39 FXTM Forex Broker Review – Similar Brokers
FXTM Basics
| 🏛️ Based in | Limassol, Cyprus |
|---|---|
| ⚖️ Regulation | CySEC, FCA, FSB |
| 💰 Minimum Deposit | $50 (20000 Naira) |
| 💳 Deposit Options | VISA, MasterCard, Bank Wire, Skrill, Neteller, Fasa Pay, Perfect Money. |
| 💳 Withdrawal Options | VISA, MasterCard, Bank Wire, Skrill, Neteller, Fasa Pay, Perfect Money. |
| 📌Open an account | Start Trading with FXTM |
Our Opinion About FXTM
FXTM was first established in 2010. It is one of the fastest growing forex brokers in the forex industry with 4,000,000+ clients worldwide. They offer an excellent online trading experience, and have won many forex awards in recognition of their service.
As a regulated forex broker, FXTM offers a secure online trading environment and a high level of client fund protection. There are 3 main account types. They come with an impressive selection of 170+ online trading instruments including currency pairs, precious metals, stocks, indices, and commodities. They also come with great trading conditions including tight spreads, high leverage, and low commissions.
As an industry-leading broker, FXTM has the very best trading technology. They have both MT4 and MT5 – two of the best online trading platforms. They also have a nice range of trading tools including reading signals, trading calculators and an economic calendar. If you’re looking for a little extra help, they also have free market analysis and free educational resources. Could this be the right broker for you? Read our review to find out.
Key Benefits
FXTM Regulation and Safety
FXTM is a regulated forex broker. This means that they are registered with the relevant financial authorities and operate under regulatory insight. They have three main licences and registrations. These are:
- CySEC – ForexTime Limited is regulated by the Cyprus Securities and Exchange Commission (CySEC), with licence number 185/12.
- FCA – ForexTime Limited is registered with the UK Financial Conduct Authority, with licence number 600475.
- FSC – Exinity Limited is regulated by the Financial Services Commission of the Republic of Mauritius, with licence number C113012295.
CySEC and the FCA are both highly reputable financial authorities. They have strict regulatory requirements and monitor forex brokers closely. The FSC is another well-known regulatory authority. They have less stringent regulatory requirements but still monitor companies.
Regulation In Nigeria
Nigerian clients can register under the Exinity Limited subsidiary, which is regulated by the FSC Mauritius,. This means that Nigerian clients can access better trading conditions such as higher leverage,and even bonus credit, when available.
FXTM Fund Safety
FXTM is a reputable forex broker. When it comes to fund safety, they choose to go beyond their basic regulatory requirements, and offer more comprehensive client fund protection measures. FXTM keeps all client funds in segregated accounts, separate from its operating capital. This means that they can never use client funds for their own operational purposes. FXTM also ensures that negative balance protection is available on a discretionary basis This means that they can never allow client funds to fall below zero.
FXTM is also a trustworthy forex broker. When it comes to fund safety, they choose to offer extra protection via investor schemes. For example, Exinity Limited is also a member of the Financial Commission, an international organisation dedicated to resolving disputes in the forex industry. Accordingly, the Compensation Fund will cover judgments that have been made by the Financial Commission of up to €20,000 per client.
FXTM Awards
FXTM has a great reputation. They are well-known for both their high quality trading conditions and excellent online trading experience. In recent years, they have won several major industry awards in recognition of their online trading services. These include:
- Best Trading Experience 2021 (World Finance)
- Best Education Provider Nigeria 2021 (World Business Outlook)
- Best Trading Platform Nigeria 2021 (World Business Outlook)
- Most Trusted Broker Nigeria 2021 (World Business Outlook)
- Best European Forex Affiliate Broker Programme 2019 (Global Forex Awards)
- Best Trading Conditions 2019 (World Finance Awards)
- Best investment Broker 2019 (World Finance Awards)
- Best Forex Education Provider Africa 2018 (International Business Magazine)
- Best Trading Conditions 2018 (World Finance).
FXTM: Legit or Scam?
FXTM is a legitimate forex broker. They have been offering online trading services for many years and have a large, international client base. They are regulated by some of the best financial authorities in the world and operate in line with all local regulatory requirements. In terms of services, they have a good range of account types and trading conditions. They also have a good selection of payment methods and a high level of client fund protection. In our opinion, they are a reputable and trustworthy forex broker.
FXTM Trading Assets
FXTM has a variety of asset classes including currency pairs, precious metals, stocks, indices, and commodities. They have 250+ trading instruments in total.
FXTM Trading Instruments
- Forex pairs: FXTM offers a nice range of forex instruments. You can choose from 62 forex pairs to trade, including majors, minors, and exotics.
- Spot Metals: FXTM offers a good range of spot metals. You can choose from five silver and gold crosses with the EUR, USD, and GBP.
- Spot Indices: FXTM offers a small range of indices. You can choose from 11 spot indices, including the UK100, Dax30, and the AUS200.
- Stock CFDs: FXTM offers 172 stock CFDs to trade, including popular US tech companies and multinational energy companies.
- Commodities: FXTM offers 3 spot commodities. You can choose from UK Brent, US Crude, and US Natural Gas.
FXTM Account Types
FXTM has three different account types. These are the Micro account, the Advantage account, and the Advantage Plus account. If preferred, they also offer a Demo account, an Islamic swap-free account, and a PAMM account.
| Type | Spreads | Min. Deposit | Max. Leverage | Commission |
|---|---|---|---|---|
| Micro | From 1.5 pips | $10 | 1:1000 | $0 |
| Advantage | From 0.0 pips | $200 | 1:3000 | $0.4-$2.0 |
| Advantage Plus | From 1.5 pips | $200 | 1:2000 | $0 |
Micro Account
This is their micro trading account. As such, it is a great choice for new traders looking for an account with great trading conditions and low minimum deposits. It comes with an average spread of 1.5 pips on EUR/USD and zero commission trading. It also comes with high FXTM leverage of up to 1:1000. The FXTM minimum deposit for this account is $10. It is worth noting that the FXTM Micro account is only available on MT4.
Advantage Account
This is their standard trading account. As such, it is a great choice for intermediate traders looking for an account with great trading conditions and low trading costs. It comes with an average spread of 0.0 pips on EUR/USD, and variable commission of $0.4 to $2.0 per side, depending on trade volume. It also comes with high leverage of up to 1:2000. The FXTM minimum deposit for this account is $200. It is worth noting that the FXTM Advantage account is available on MT4 and MT5,
Advantage Plus Account
This is their standard trading account. As such, it is a great choice for intermediate traders looking for an account with great trading conditions and competitive spreads. It comes with an average spread of 1.5 pips on EUR/USD, and zero commission. It also comes with high FXTM leverage of up to 1:2000. The FXTM minimum deposit for this account is $200. It is worth noting that the FXTM Advantage Plus account is available on MT4 and MT5,
Demo Accounts
FXTM also offers a demo trading account. With a demo account you can improve your trading skills and familiarise yourself with different trading strategies. You can get a feel for the market and for what forex trading is about. FXTM demo accounts operate using a virtual balance, and will remain active as long as you log in at least once a fortnight.
PAMM Accounts
FXTM has a PAMM account service. To find out more about FXTM Managed accounts, you need to contact the customer support team.
Islamic Swap-Free Accounts
All accounts are available as Islamic swap-free options. When the swap-free mode is enabled, the account will not accrue interest for carrying positions overnight. Therefore, it is perfectly suitable for Muslim traders as it complies fully with the no-riba tenets of Sharia law. The swap-free option is usually available for seven days, depending on the trading instrument you are trading. If you keep positions open more than the swap-free allowance days, the swap-free fee (daily fee) will be charged, which is 12.90 USD per day.
Naira Accounts
FXTM offers Naira trading accounts exclusively for Nigerian citizens and residents. You can fund your account via local Nigerian bank wires. There are no currency conversion fees or commission fees from FXTM. To open an account in Naira, simply choose NGN as the account currency when you sign up.
FTXM Leverage
Traders in Nigeria can get access to high leverage. The leverage available depends on your account type. For example, you can get up to 1:1000 with the FXTM Micro account, and up to 1:2000 leverage with the FXTM Advantage account and the Advantage Plus account.
FXTM Spreads
Traders in Nigeria can get access to competitive spreads. The FXTM spreads available depend on your account type. For example, you can get spreads from 1.5 pips on EUR/USD with the FXTM Micro account and the Advantage Plus account. You can also get spreads from 0.0 pips with the FXTM Advantage Account.
FXTM Commission
Traders in Nigeria can get access to low commission. The commission fee depends on your account type. For example, there are no commission fees on the FXTM Micro account. You can trade with an average of between $0.40 and $2 commission (according to the trading volume) on the FXTM Advantage Account. There are no commission fees on the Advantage Plus account.
FXTM How To Register An Account
As part of our FXTM review, we looked at their online registration requirements. If you live in Nigeria, then you are eligible to open an online trading account at FXTM under their Exinity subsidiary. The registration process is quite simple and you can register online.
The first step is to register online. This is so that FXTM can gather some basic personal data and create your account. At this stage of the registration process, all you need to do is choose an email address and password. These will be your login details.
The next step is to take a short test about online trading. This is so that FXTM can determine whether their online trading services are suitable for you. At this stage, all you need to do is show FXTM that you have the skills and knowledge needed to trade properly. If you pass the test, you will be fully registered and ready to open an account.
The final step is to complete the KYC process, submit your documents, and choose your preferred account type. This is so that FXTM can process your trades. At this stage, all you need to do is deposit funds, using your chosen FXTM payment method.
FXTM Registration: How To Verify An Account
To open a live trading account you’ll need to show FXTM a proof of ID and a proof of address. This is so that they can check your identity and verify your account. The FXTM verification process is simple. You can provide copies of your National ID card, Passport or Driving License . You can also provide copies of a utility bill or a bank statement registered in your name. After you have verified your account, you can add funds and start trading.
FXTM Base Currencies
FXTM offers four base currencies: USD, EUR, GBP, and NGN. This is good for forex traders in Nigeria, who are likely to have NGN bank accounts. and can therefore avoid paying conversion fees on their deposits and withdrawals.
FXTM Payment Methods
FXTM Deposits
FXTM offers a good range of payment options. You can make deposits using a debit card, credit card or bank transfer. You can also deposit using one of the available e-wallets: Skrill, Neteller, Fasa Pay, and Perfect Money. There are no deposit fees. The processing time varies depending on which payment method you choose. For example, deposits made using a debit card and credit card are processed within two hours. Whereas deposits made using Skrill and Neteller are processed instantly.
Minimum Deposits
The minimum deposit varies depending on which account type you choose. For example, the Micro Account minimum deposit is $50. However, the Advantage account minimum deposit is $200. The Advantage Plus account minimum deposit is also $200.
Naira Deposit
FXTM offers Naira trading accounts. This means that you can make Naira deposits and fund your account using Naira as the base currency. This is very helpful as it means that you will not have to pay any currency conversion fees.
FXTM Withdrawals
Withdrawal Methods
FXTM offers a good range of withdrawal options. You can make deposits using a debit card, credit card or bank transfer. You can also withdraw money using one of the available e-wallets: Skrill, Neteller, Fasa Pay, and Perfect Money. There are some withdrawal fees.
Withdrawal Times
The withdrawal time varies depending on your payment method. For example, withdrawals made using a debit card or credit card are processed within two to three working days. Withdrawals made via wire transfers are processed within 24 hours. Withdrawals made via Skrill are processed within one business day. And withdrawals made via Neteller are processed within the same business day.
Withdrawal Fees
The withdrawal fees vary depending on your payment method. For example, withdrawals made using a debit card or credit card have a $3 fee. Withdrawals made via wire transfers have a $10 fee. Withdrawals made via Skrill or Neteller are free..
Trading Platforms
You can trade using the FXTM MT4 and MT5 trading platforms. The trading conditions available on your platform vary slightly depending on which account type you choose.
MetaTrader 4 – MetaTrader4 (MT4) is one of the best trading platforms for new forex traders. It has a user-friendly design and comes with helpful online trading tools. You can use its platform to trade all of the top CFD trading instruments including forex, shares, and indices. The FXTM MT4 platform also comes with advanced charting tools, 4 order execution types, 30 technical indicators and 23 analytical objects. You can use these tools to master your technical analysis and implement better trading strategies.
MetaTrader5 – MetaTrader5 (MT5) is also another great choice for beginner traders in Nigeria. It has a simple design and an easy-to-use interface. As with MetaTrader4, you can use it to access and trade all your favourite trading instruments. The FXTM MT5 platform also has a wide selection of trading tools including 6 order execution types, 38 indicators, and 37 analytical objects. As such, it has better functionality and enables you to make more sophisticated trades.
Trading Tools
FXTM has many helpful trading tools. These include trading signals, trading strategies, trading calculators, MT4 indicators, and a VPS service.
- Trading Signals – FTXM offers free trading signals. The signals are developed in-house by a team of market experts.. They cover a range of trading instruments, and come with recommended take-profit levels and stop-loss levels.
- Trading Strategy – FXTM offers a free trading strategy. It is called the FXTM Pivot Points Strategy. The strategy is also managed in-house and is designed to help you understand market sentiment and price direction.
- MT4 Indicators – FXTM provides several additional MT4 indicators including a Spread Indicator and an Order Indicator. They are designed to help you analyse the markets, manage risk, and trade more effectively.
- Currency Converter – FXTM provides a free currency converter. It is designed to help traders understand how much their currency is worth in another foreign currency. You can use it to determine how much local currency you need to deposit in order to meet FXTM’s minimum deposit requirements.
- Profit Calculator – FXTM provides a free profit calculator. It is designed to help you determine your potential profit or loss on a trade. As such, you can use it to help plan your trades and better manage your risk.
- Market Analysis – FXTM provides free market articles, written by their in-house market analysis team. They also provide a market news timeline with direct feeds, as well as weekly market analysis videos.
- VPS Service – FXTM also offers free VPS services. The FXTM (Forextime) VPS services are available on both demo and live accounts. However, they only offer this service to a limited number of clients. To find out if you qualify for free VPS services, you need to open an account and contact your assigned Account Manager.
Education and Research
When it comes to education, FXTM is committed to helping new and experienced traders get more out of their trading. It offers a selection of free education materials designed to help you develop a basic understanding of the forex market and how forex trading works. These include beginner guides, eBooks, trading videos, educational articles, trading strategies, and a forex glossary. However, you can only access the materials if you open an account. They also offer in-person seminars.
FXTM Trading Hours
FTXM operates during standard trading hours. You can open trades whenever the forex market is open. Trading hours may vary on public holidays.
FXTM Customer Support
The FXTM support staff are very friendly and are available 24 hours a day, 5 days a week. You can contact them via live chat, email, and phone.
Conclusion
To conclude, we think FXTM is a world-class broker with excellent trading services. It offers great trading conditions, cutting-edge trading technology, and excellent customer service. We also think that its Naira account and its dedication to serving the Nigerian market make it a great choice for traders!
FXTM Broker Review FAQ
FXTM is part of the Exinity Group. The Exinity Group currently consists of two main forex brands – FXTM and Alpari. Alpari was first launched in 1998, and FXTM was first launched in 2011. Together, the brands have built a leading global presence in online trading serving over two million clients in 150 countries from regulated centres across four continents. The Exinity Group plans to launch another five brands in the future.
Yes, FXTM (Forextime) is a legit forex broker. They are an international company with offices in key locations around the world. In terms of their services, they offer a good selection of account types and excellent online trading conditions. They also have a good range of trading instruments including forex, stocks, and cryptocurrencies. Furthermore, FXTM has a good selection of payment methods and offers a fast, smooth withdrawal process. In our opinion, they are a legit forex broker.
Yes, FXTM (Forextime) is a regulated forex broker. FXTM has a licence from the Cyprus Securities and Exchange Commission (No. 185/12), FXTM also has licences from the Financial Services Board (FSB) of South Africa (No. 46614). and the Financial Conduct Authority of the UK (No. 600475). As such, FXTM is a licensed broker that operates under a high level of regulatory oversight
Yes, FXTM (Forextime) is a trustworthy forex broker. They are an established broker that has been offering online trading services for over a decade. They have a huge clientbase and are trusted by more than 4 million forex traders worldwide. Furthermore, FXTM has won many industry rewards in recognition of its great services.. They also offer excellent accounts, fantastic trading support, and great customer service. FXTM is a reliable company and you are unlikely to have issues with this forex broker.
Yes, FXTM (Forextime) is a safe forex broker. When it comes to fund safety, they choose to go beyond their basic regulatory requirements, and offer more comprehensive client fund protection measures. FXTM keeps all client funds in segregated accounts, separate from its operating capital. This means that they can never use client funds for their own operational purposes. In our opinion, FXTM is a safe company to trade with.
The best account type for new forex traders is the FXTM Micro Account. This is because it has the lowest minimum deposit, whilst still offering great trading conditions.
Yes, FXTM in Nigeria does have a Micro account. The FXTM micro account is a good choice for new traders looking for an account with good trading conditions and low trading costs. The FXTM minimum deposit for this account is $10.
No, FXTM in Nigeria does not have a Cent Account. However, it offers three other live accounts with good trading conditions. The FXTM Micro account has a low minimum deposit, at just $10, making it a good option for new traders looking to start small.
No, FXTM in Nigeria does not have a dedicated ECN account. However, FXTM is an established ECN broker offering high leverage, competitive pricing, and fast trade execution. This means that you can benefit from excellent trading conditions on all its accounts.
Yes, FXTM in Nigeria does offer Naira accounts. Having an Naira trading account can be very helpful for forex traders with Naira bank accounts. This is because it means you won’t have to pay conversion fees on your deposits or withdrawals.
No, FXTM in Nigeria does not currently offer any ZAR accounts. The primary base currencies for its trading accounts are USD, EUR, GBP, and NGN. This means that if you want to fund your account using ZAR, you may have to pay conversion fees on your deposits or withdrawals.
Yes, FXTM in Nigeria offers three live trading accounts. These are the Micro account, the Advantage account, and the Advantage Plus account. All of the FXTM live accounts come with high leverage, competitive pricing, and fast trade execution.
FXTM spreads are good. They depend on your account type. For example, you can get FXTM spreads from 1.5 pips on EUR/USD with theMicro account and the Advantage Plus account. You can also get FXTM spreads from 0.0 pips with the Advantage Account.
No, unfortunately, FXTM crypto trading is not available in Nigeria. FXTM bitcoin trading is also unavailable. However, FXTM does offer many other popular trading assets including forex, stocks, indices, and commodities.
No, unfortunately, FXTM copy trading is not available in Nigeria. However, FXTM does offer many other popular trading tools including trading calculators, economic calendars, trading signals, trading strategies, and extra chart indicators.
FXTM is not offering any sign-up bonuses, welcome bonuses, deposit bonuses, or free bonuses at the moment. However, it is always worth checking again in the future
It is not expensive to start trading with FXTM in Nigeria. They have three main account types. Their most affordable option is the Micro Account. The minimum deposit FXTM for the Micro Account is $50. FXTM gives you the option of opening a trading account, using Nigerian Naira, enabling you to avoid initial currency conversion fees.
As part of the account registration process, you will need to send FXTM copies of certain verification documents. This is so that they can check your identity and activate your trading account. They usually request two main types of documents – a proof of ID (such as a passport) and a proof of address (such as a bank statement or utility bill).
FXTM in Nigeria offers a good range of payment options. You can make deposits using a debit card, credit card or bank transfer. You can also deposit using one of the available e-wallets: Skrill, Neteller, Fasa Pay, and Perfect Money. There are no deposit fees. The processing time varies depending on which payment method you choose. For example, deposits made using a debit card and credit card are processed within two hours. Whereas deposits made using Skrill and Neteller are processed instantly.
FXTM in Nigeria offers a good range of withdrawal options. You can make deposits using a debit card, credit card, bank transfer, Skrill, Neteller, Fasa Pay, or Perfect Money. The withdrawal time varies depending on your payment method. For example, withdrawals via a debit card or credit card take two to three working days. Withdrawals via wire transfer take 24 hours. Withdrawals via Skrill take one business day. The minimum withdrawals on FXTM are quite high, for added convenience.
FXTM is one of the best forex brokers in the industry. They have great trading accounts with low minimum deposits and low trading costs. They also have a wide range of trading instruments, trading platforms, and trading tools. However, if you want to look at alternative options, there are many great forex brokers as well. We recommend looking at HotForex, FXPro, FXPrimus, and Instaforex.
Yes, FXTM offers excellent account options. It has a wide range of educational materials and trading tools, making it a good option for beginners. It also has great trading conditions and a VPS service, making it an appealing option for professional traders. For more information, check out the FXTM review summary.
Ready to start trading? Register for an online trading account with FXTM here.
FXTM Forex Broker Review – Similar Brokers
FXTM is a great forex broker. However, if you want to look at all your options, there are also many other good brokers in Nigeria you could consider. Here are some brokers similar to FXTM.
Looking for more information? Check out some of our other forex broker reviews.