FXTM Review

Account Types

If you were expecting to find two or three accounts to choose from, then you are in for a big surprise. FXTM has a diverse list of 7 accounts. They fall into 2 categories; standard accounts, of which there are three and ECN accounts, of which there are 4. Then there is a demo version of every account so that you get the chance to familiarise yourself with the platform first.

Standard Account

The Standard Account is pretty much what you would expect from most standard Forex accounts. You can open the account with a minimum deposit of $100 and enjoy spreads from 1.5 pips. There is 57 major, minor and exotic currency pairs available to trade.

Cent Account

The Cent Account is like a mini Forex account for mini traders. The account currency operates in cents rather than dollars and pence rather than pounds. You deposit $5 rather than $100, and the spreads start from 1.3 pips. You can get all of the benefits of a Standard Account with 25 major and minor pairs available to trade in.

Shares Account

The Shares Account still requires the same deposit as a Standard Account, but you trade in share CFDs rather than currency pairs.

ECN Account

A deposit of $500, spreads from 0.1 and 45 major, minor and exotic pairs are just some of the features of the ECN Account.

ECN Zero Account

$200 deposit is required to open the Zero Account, and the spreads on offer are from 0.5 pips. There are 47 currency pairs available.

ECN MT5 Account

For a $500 deposit, you can open an FXTM ECN MT5 Account and enjoy spreads from 0.2 pips. The maximum volume per trade, like the ECN Account and ECN Zero Account, is 100.

Pro Account

The FXTM Pro Account is for serious traders with serious trading volumes. To open this account, a minimum deposit of $25,000 is required and, as you would expect, the benefits are increased.

Bonuses And Promotions

FXTM offer a loyalty scheme for clients in the Promotions section of their website. This loyalty scheme is designed to save you cash on your future trades. Every time you make a trade, you are awarded points. As the points accumulate you will save money on trades.

There are also other opportunities to earn rewards as FXTM offer trading contests. The top contestants will receive cash prizes from the overall cash prize fund. There are a couple of contests available that you can enter on the website under the Promotions section.

Deposits And Withdrawals

To fund your account, you will need one of many accepted payment methods, including major credit cards, payment wallets and wire transfer. With most forms of payment, the funds take up to two hours to process and then you can start trading. In the case of wire transfer it can take much longer; three to five business days.

Withdrawals are simple and don't take long. With most payment methods, you get same-day withdrawals, not something that every broker offers. There is a $3 processing fee for a credit card withdrawal, with percentage fees for payment wallets and a more substantial fixed fee for wire transfers.

Customer Support

At the top of the site, in a clearly labelled position, you will find a "get in touch" tab. If you click this you are given the option to check the FAQ section, open up a live chatbox or "contact us". If you click the contact us tab you will find several ways to get in touch with someone. There is a list of country numbers along with email addresses and office addresses. There are also several email addresses for specific departments like "Account Opening" and "Disputes/Complaints".

In addition to the usual contact methods you can also see the links to all of their social media accounts; Facebook and Twitter always a good fall back if you have no joy getting the answers you need through the traditional methods.

Conclusion

FXTM is a well-established name in the world of Forex trading with respect for different cultures and preferred methods of trading. They do not offer their services to those countries that prohibit Forex trading and display their licensing and regulation. They are a highly visible broker with all the answers to your questions displayed on their website.

When it comes to technology, they are very advanced with a dynamic range of platforms and accounts all designed to give you precisely what you want. Their mission is to save time and make the process as easy as possible. With competitive spreads, leverage and other features like Stop loss, they offer everything you would expect from a good broker.