Welcome to the tradingapps.org review of FXTM (also referred to as ForexTime). Before we get started with the review, I’d like to express my personal recommendation for the FXTM broker & app – it’s one of the best I’ve seen in all of our reviews. If you’re looking for a transparent & reliable broker, this could be the one for you.
|Instruments||Stocks, Crypto, Forex, Indices, Commodities|
|Languages||English, Arabic, Chinese, Korean|
|Trading Platforms||Web & Mobile Apps|
|Minimum Deposit||$100 USD/€100 EUR/£100 GBP|
What is FXTM?
FXTM is a trading app which offers trading on Forex, Indices, Stocks, Metals and more. It is trusted by thousands of traders every day and provides a quality trading experience with low fees, exceptional free educational information and a wide array of tools. FXTM’s journey began in 2011 and is going as strong as ever today.
Responsive & Modern App
The FXTM Trader app is one of the best trading apps we’ve seen from a user-experience point of view. It looks super modern, is highly functional and extremely easy to use.
FXTM provides free Forex educational videos to help beginner traders learn about the market and how to trade it. This is a great feature and really adds to the value you get from using FXTM as your Forex broker. These videos are detailed, easy-to-follow and go into good depth about various trading subjects.
Market Outlook Updates
Get a trading professionals outlook on the market with the free updates by FXTM directly inside the app. This feature is really handy as it allow you to learn about the market updates & developments on the go. It saves you a ton of time and is perfect for those who want to trade the Forex market professionally.
The native charts on FXTM have in-built indicators which help you perform technical analysis on any Forex pair available to trade on the app. Once thing that we think could be improved with the charts is the horizontal scrolling, you can’t leave any blank space on the right hand side – this isn’t a huge problem, just something that could be improved in our opinion. On the whole though, the charts are easy to use and packed full of useful features. We also really like how you can trade directly from the chart screen.
Forex Trading Tools
On the main account page of the FXTM app you can view all of the tools offered. This includes free strategy tools, webinars and more. We’re impressed with how much the FXTM app provides traders in regards to tools, it makes the user experience leaps and bounds ahead of its competitors. It’s a win-win for everyone, FXTM want you to be a better trader, and so do you.
Trust & Safety
Is FXTM safe?
Yes. We believe that FXTM is a safe trading app.
FXTM is present in three different countries as three separate companies, which strengthens the safe reputation this broker has within the industry. The three companies and their respective regulations are as follows.
FXTM UK Company: ForexTime UK Limited is a registered company in England and Wales with the company number 10599136. This company is based in London, England. FXTM holds a coveted licence (777911) from the FCA (Financial Conduct Authority).
FXTM Cypriot Company: ForexTime Limited is a registered company in Cyprus with the company number 310361. This company is based in Limassol, Cyprus. CYSEC regulates this branch of the FXTM corporation.
FXTM Mauritian Company: Exinity Limited is a registered company in Mauritius. This arm of FXTM handles all business outside of the UK & the EU.
You can be sure that your funds are as safe as they can be with FXTM since they have put all the possible safeguarding measures in place to ensure the security of your hard earned money. Below, we cover the ways in which your funds are protected.
ForexTime UK Limited is part of the Financial Services Compensation Scheme (protected up to £85,000 in case of insolvency)
All funds are segregated as standard in top-tier EU banks, this ensures that clients funds (your funds) are never mixed with external investments of the company’s or alike.
In addition to all of the preventative measures taken by FXTM in their back-end and off-site systems, it is clear that they have also have built their mobile app with fund & data safety as the number one priority. During our testing, we noticed that each time you want to access the app, you have to input your passcode (which you set on signup), meaning that even if someone can get into your phone, they can’t access your FXTM account without this passcode.
Is FXTM a scam?
There is no evidence to suggest that FXTM is a scam. They are a fully regulated company and abide by strict rules & security practices. They employ high levels of transparency which helps to instil trust with their clients.
Trading & Account
What can you trade on FXTM?
FXTM is primarily a Forex trading app, although they do offer more trading pairs than meets the eye! We noticed that you can even trade Stocks & Shares from the app along with Indices, Metals and more. This is brilliant for those who may want to expand their trading activities to other areas. However, we do think that this should be made more apparent on the website, because at first glance, FXTM looks like it only offers trading for Forex pairs. Here’s a list of what you can trade on the FXTM mobile & desktop apps.
Check out the video below to see all the instruments offered on the FXTM app.
There are 3 main account types offered on the FXTM mobile & web apps. This is a perfectly suitable range and provides traders with a good choice of accounts to suit their needs, at the end of the day, every trader has different needs, so brokers should account for this – and FXTM do.
Here’s a table which provides details on the different FXTM account types.
|Standard||Standard trading account for all instruments on the FXTM app apart from shares||USD / EUR / GBP||30x|
|Cent||Account for trading Spot Metals & Forex||US Cent / EU Cent / GBP Pence||30x|
|Shares||Share CFD trading account||USD / EUR / GBP||5x|
FXTM offers something called leverage trading on many of the instruments offered on the trading app. This allows you to trade with more than your account balance which can increase profits, but also increase losses.
The maximum leverage available on FXTM is 30x, meaning that you can trade with 30 times more than your account balance (for example, if you deposit $1,000, you can trade up to $30,000 worth of trades at one time).
It is important to note that, if you are a more advanced trader, you can get in touch with FXTM and increase your maximum leverage to 1000x.
Changing leverage on the FXTM app is simple and easy to do, simply go to the account you wish to change leverage for and edit it. We’ve put together a small tutorial video on how to do this below.
How to register on FXTM
To get started with the FXTM app, follow the instructions below.
- Visit website
Go to the FXTM website using this link
Follow the instructions to sign up
- Get the app
Download the FXTM app on the Google Play Store or the Apple App Store
You can now get started with a demo or live account and start trading on the financial markets
Demo accounts allow you to practice trading without having to risk your real money. FXTM offers a demo account for all traders on the mobile and web apps. As standard, the demo account is $5000/€5000/£5000 depending on your account currency.
You can upgrade to a live account and downgrade to a demo account at anytime of your choosing. You can do this instantly in the app.
The fee structure on FXTM is super simple, which is really nice to see. When it comes to FXTM, you know what you’re paying in regards to fees, unlike other brokers who have hidden fees amongst complex fee schedules.
The fee for 1 trade is 4 units of your account currency per lot (€/£/$).
To break this down, it is $2/€2/£2 per lot, per side.
So let’s make a little example.
You want to trade 10 lots of the forex pair GBP/USD and your account currency is USD ($).
When you open the trade, you will be charged $20 in fees (10 lots x $2 fee).
When you close the trade, you will be charged $20 in fees (10 lots x $2 fee).
So the total fee amounts to $40 ($20 per trade side x 2).
We’re really happy with these fees and the transparency shown by FXTM, you know that you’re not going to get hit with any hidden fees when you make a trade.
FXTM does however, have an inactivity fee if you don’t use the account within a 6 month period. This is $5/€5/£5/₦5 per month depending on your account currency. This is to cover any banking fees FXTM may be subject to.
Deposit & Withdrawal
FXTM offers a wide range of deposit methods to suit you as a trader. FXTM are transparent about the deposit methods with regards to how long each method takes, any fees attached and which currencies are accepted. See the table we’ve made below for a more detailed look at the methods available.
|Visa||2 hours||No fees|
|Maestro||2 hours||No fees|
|Mastercard||2 hours||No fees|
|Neteller||2 hours||No fees|
|Skrill||2 hours||No fees|
|Barclays Bank||3-5 Business Days||No fees|
How to deposit on FXTM
Follow the instructions below to deposit on FXTM.
- Sign into your FXTM account (Don’t have one yet? Sign up free today)
- Open the app and click ‘Deposit’ on the account you wish to deposit to
- Select which method you would like to use
- Proceed to make your deposit
The minimum deposit on FXTM is $100/€100/£100.
This is a good level in our opinion, it’s ideal for beginner traders and is a lot lower than many other brokers.
Be careful, many other FXTM reviews out there claim that the minimum deposit is $500/€500/£500 – this is incorrect.
Are there any deposit fees on FXTM?
No, there are no deposit fees for any FXTM accounts. However, your bank/payment provider may charge a fee, so be sure to check with them first.
You can withdraw from your FXTM account with the same method which you used to deposit onto your account. Unfortunately, you cannot choose a different account to withdraw to, it must be the same as the deposit method you used. This is for security reasons but something to keep in mind when making a deposit onto FXTM – if you plan in advance, this isn’t an issue.
How to withdraw from FXTM?
To withdraw from the FXTM app, follow the steps provided below.
- Login to your FXTM account (Not signed up yet? Click here)
- Go to the section labelled ‘My Money’
- Select method (same as you used to deposit) and select ‘Withdraw’
- Select a reason for your withdrawal enter your pin and submit the withdrawal
There is no minimum withdrawal on FXTM. This is a brilliant feature and a must-have in our opinion for brokers. There is no reason why you shouldn’t be able to withdraw a small amount from your account – it’s your money!
Are there any withdrawal fees on FXTM?
No, there are no withdrawal fees on FXTM.
Bonuses & Promotions
From time-to-time, FXTM offers bonuses & promotions for new traders. See this page to see whether there are any bonuses available for FXTM.
FXTM has a dedicated support team available Monday – Friday 06:00-18:00 GMT. We’re really impressed that they have incorporated social channels into their support workflow, this makes it really easy for traders to get in touch.
|Phone||+44 20 3734 1025|
|Live Chat||Live Chat|
|+44 7395 261 391|
|Viber||+44 7395 261 391|
FXTM App Review: FAQs
FXTM App Download (IOS & Android)
Follow the instructions provided below to download the FXTM app and get started trading.
Download FXTM App for iPhone (IOS)
- Sign up for an FXTM account (free)
- Go to the Apple App Store
- Search ‘FXTM Trader’
- Download the app
- Sign in
- Start trading
Download FXTM App for iPad (IOS)
- Register on FXTM
- Go to the App Store
- Search ‘FXTM Trader’
- Click ‘Get’
- Open the app and sign in
- Make a deposit
- Begin trading
Download FXTM App for Android
- Create an FXTM account (free)
- Go to the Google Play Store
- Search ‘FXTM Trader’
- Select ‘Install’
- Open the app, sign in and make a deposit
- Get started trading once you’re comfortable
To conclude, we really enjoyed using the FXTM app and think that it is ideal for traders of all abilities, from beginners, right through to advanced. The main highlight of FXTM in our opinion is the wide range of free tools & education available on the platform. You are able to get access to tools worth $1000s for nothing, so even if you don’t want to trade using FXTM, it’s worth signing up just to get these free tools. It’s not often we’re this impressed with a broker. If you want to give FXTM a try, you can sign up for a free demo account and get started trading in minutes.