FXTM Review by TradeForex.NG
- Low minimum deposit
- Naira Accounts
- No Dealing Desk (NDD) technology
- Deep interbank liquidity
- Expert Advisors / Logarithmic Trading allowed
Forextime (FXTM), named the “2017 Best Online Forex Trading Company of the Year Nigeria”, and the “2016 Best Forex Brand Nigeria” before that, is one of the world’s fastest growing brokers that has come a long way in a short time. The company is based in Cyprus, with an established branch in the UK, and is regularly mentioned in media such as The Guardian, Reuters, and The New York Times. So what do Forextime have to offer clients exactly? Read our FXTM review to find out more.
ForexTime Limited (www.forextime.com/eu) is regulated by the Cyprus Securities and Exchange Commission with CIF license number 185/12, licensed by the Financial Services Board (FSB) of South Africa, with FSP No. 46614. They are also registered with the Financial Conduct Authority of the UK with the number 600475 and have an established branch in the UK.
Forex Time (FXTM) offer clients Forex (Currencies), Spot Metals (Gold & Silver), Shares CFDs, ETF CFDs, CFDs on Commodity & CFDs on Index Funds Futures.
FXTM keep clients’ funds segregated completely with the operational funds of the company and in top-tier EU banks.
They are also a member of the Investor Compensation Fund, a scheme which protects eligible retail clients and pays them relevant compensation in the event that the broker fails to return funds and financial instruments belonging clients, due to financial problems.
You can trade using MetaTrader 4 and 5 on PC, MAC, mobile or tablet, web versions and MultiTerminal (which lets you manage multiple accounts from the same platform).
Forex Time operates a True ECN model. They offer many account types (including Islamic accounts), you can choose from Standard and Cent with instant execution. Also ECN MT4, ECN MT5, ECN Zero, FXTM Pro and Strategy Account, leverage varying from 1:1 to 1:1000.
In addition to high leverage, trade with low spreads, from 0.1 pips.
Minimum volume to trade is 0.01 lots – maximum depends on the account type
Standard account – 100 $/€/£
Cent account – 5 $/€/£
Strategy Account – 100 $/€/£
ECN Zero – 200 $/€/£ ECN MT4 – 500 $/€/£
FXTM ECN MT5 – 500 $/€/£
FXTM Pro – 25000 $/€/£
Investment Account – 100 $/€/£
Forex Time commission is only charged on the (MT4) ECN Account and the FXTM ECN MT5.
-On MT5,the commission is fixed at $4.00 per lot. ($2.00 when position opens and $2.00 when position closes)
-On ECN MT4 account is calculated per lot at 4 units of the trading account Currency.
To get your trading account approved you must submit the following documents:
Proof of Identity Document (original, full image, color copy):
Passport/ National ID Card/ Driving License/
Proof of Address Document:
Utility Bill (Electricity/ Telephone/ Water) OR a Bank/ Credit Card Statement issued within the last 6 months.
No mobile telephone bills and documents which contain a P.O. Box address.
A Closer Look at FXTM
FXTM offer Naira trading accounts exclusively for Nigerian citizens and residents. With a Naira account you are able to fund it with local Nigerian bank wires without the currency conversion fees (or commission fees from FXTM), or with internal transfers (which are subject to internal conversion rates). You can use any of the banks listed below:
- Diamond Bank
- First Bank Plc
- Guaranty Trust Bank
- Keystone Bank
- Standard Chartered Bank
- Zenith Bank
To open an account in Naira, first log in to ‘MyFXTM’ or register if you have not done so already, open a new account and then choose NGN as the account currency. You will then be able to fund it and start trading.
Good Customer Service
The FXTM support staff are very friendly and are available 24 hours a day, 5 days a week via Live chat, email and phone.
FXTM offer both trading and technical support and can help you identify any trading mistakes to improve your strategy. Their explanations are in depth and quite helpful, however clients can wait up to a lengthy five business days for a response to an issue.
Money can be withdrawn via Visa, Mastercard, Maestro for a fee of 3 USD , or via their FXTM Virtual Mastercard (via Lamda Card Services) for free, however you should check with Lamda about their own fees incurred by using their card services here.
Bank wires and a variety of e-wallets are also accepted methods of deposit and withdrawal; all withdrawal methods accept bitcoin are processed within the same day, sometimes within only a few minutes. Neteller accepts NGN so you can deposit and withdraw directly in Naira without converting.
Card deposits and most e-wallet methods are processed within 2 hours, (Western Union Quick Pay can take upto 48 hours), and bank wire via Deutsche Handelsbank or Rietumum Banka is processed from 3 to 5 business days.
Regular Bonuses and Promotions
FXTM are always offering clients multiple promotions of some sort. At the time of writing this review, they are offering the FXTM Loyalty Programme, which is intended to let clients reduce the cost of every trade. It’s available on the ECN Zero, or Standard Account and is made up of 5 levels. The level you are on can be different each time you trade as it depends on your account balance, and as a result, the maximum savings you can make will also differ. The higher your balance, the more you can save on a trade. Check out the table below to show the levels in more detail:
|Loyalty Levels||Balance||0-100 Lots||100+ Lots||Maximum
|Level 1||0 – 14,999||$1||$2||$300|
FXTM Review Summary
To conclude our FXTM review, we find that this broker offers great customer service if you don’t mind waiting up to five business days, a good choice of account types, and fast withdrawals in impressive time. This is a broker to pay attention to, and with their dedication towards Nigerian traders, their Naira account option makes it a great choice!
We hope you enjoyed our FXTM review. To open an account, click here.