FXTM Forex Trading Review In the Philippines (Forextime)
- Demo Accounts
- User-friendly platform
- Video Tutorials for beginners
|Free Demo Account|
|US Traders Allowed|
- Easy and fast account openings
- Negative balance protection for European Union clients and UK clients
- Excellent customer service
- No bank license
- Not listed in stock exchange market
- Monthly inactivity fee
Cryptocurrency is a medium for exchanging currencies digitally all over the world. It has become so popular that big firms are beginning to use it. Alongside cryptocurrency, Forex, CFDs, and Spreads have risen in both popularity and use. International trading with these digital currencies are now common. This has introduced a whole new sector of trade. Many agencies are formed based on capitalizing from these trades. Fxtm is one of them.
Fxtm is a leading forex broker. Its trade offerings are forex, CFD, and commodities. Like most forex brokers, Fxtm is not available in the US and some other countries for regulatory affairs.
That being said, let us go through a detailed fxtm review. What is fxtm trading? Is it safe? How does fxtm spread work? Should you invest in fxtm forex? Let’s find out.
What is Fxtm?
Fxtm is a forex broker – the name stands for ForexTime. Its headquarter is in Limassol, Cyprus. It was established in 2011 and recognized as one of the fastest growing forex brokers globally. It offers you to trade with cryptocurrency, forex, and commodity CFD. It is monitored by the Financial Services Commission of the Republic of Mauritius and Cysec. It has been nominated as the Best Education Provider and ECN broker in 2020 too.
Fxtm promises to give its clients the most efficient and convenient trading experience possible with its wide variety of accounts, platforms, and trade instruments.
Trade Instruments and Offerings of Fxtm
Fxtm gives you the choice of trading with a variety of selections. It has Forex, CFD, Indices, Spot Metal, Cryptocurrency, and Stocks.
With fxtm, you can get 24/5 access to the international market for currency exchange. Moreover, it will develop statistics and requotes for your concern.
CFD trading and investments are considered as potential safe bets. It brings diversification in your investments.
Fxtm cryptocurrency lets you trade with famous digital currencies like bitcoins, ripple, litecoin, and ethereum too. You must maintain caution, though, – cryptocurrency is highly vulnerable to economic changes.
Fxtm accepts accounts from all over the world. But it doesn’t allow accounts from some countries, especially the US, for regulatory issues.
Fxtm account opening is quite simple and easy. You will find a link named Fxtm login. From there, you will go to the Sign up page. You will be provided with boxes for inputting personal data such as name, phone, email, and country. Then you have to go through a test.
The purpose of this test is to simply test your knowledge about trading. After that, select your desired account type. Then you must verify your identity and your residence address by uploading a scanned copy of ID card and bank statements. After activation, you can deposit money in your account. Fxtm minimum deposit varies from account to account.
When it comes to fxtm account types, it offers seven options: Standard account, Stock CFD account, ECN account, ECN Zero account, ECN Stock account, Cent account, and FXTM Pro account.
Here is a basic table for comparing them.
|ECN Stock||ECN Zero||FXTM Pro|
for non UK
and non EU
Fxtm demo account enables you to test your trading skills without any real investments. It also allows you to explore all the features of the trade platforms.
Fxtm is maintained and regulated by trustworthy financial authorities. Some of them are Cyprus Securities and Exchange Commission (License: 185112), Financial Conduct Authority (License: 777911), and the Republic of Mauritius (License: C113012295). For the UK and EU clients, Fxtm provides negative balance protection and investor protection. The amount of investor protection varies from country to country.
Fxtm has one of the best customer support management systems. It offers live chat, phone calls, and email. The only flaw is that it is not available for 24/7.
The live chat is very supportive and convenient. You can chat with their representative using Facebook messenger, WhatsApp , Viber, and Telegram.
The phone support is the best among these three options. You can connect with a representative within seconds. The representatives are very courteous, and they will solve your problems very maturely.
Email support is also good. You will receive answers within a few hours.
Overall, the customer service is over standard levels. The best part is that all of these are available in multiple languages.
In addition, Fxtm provides many educational materials, ebooks, tutorial videos about platforms and functions, webinar and demo accounts.
Fxtm has a simple, user-friendly web interface. The platform features MetaTrader 4 alongside MetaTrader 5. The layout of these platforms are highly customizable. However, the design is quite outdated compared to current standards.
Forex traders are generally very familiar with MetaTrader 4 and its successor – the MetaTrader 5. The platforms in Fxtm are quite basic like any other forex broker platform. It lacks the security of two step authentication. The search bar is a little old and complicated. But these platforms are highly customizable, and they provide you a clear view of reports.
Fxtm has a wide range of helpful tools. It has educational materials and tutorial videos for beginners, ebooks and webinars for research enthusiasts, and demo accounts for people who like to experiment.
The most unique tool is fxtm invest. This is a custom build fxtm tool Its copy trade mechanism allows you to trade with full confidence. No technical investment skills are required for using this tool.
Fxtm charges fees for all activities. The amount of fees differ from one account to another. It charges an inactivity fee of $5 per month after 6 months of inactivity. Stock CFD and non-trading fees are very high. On the other hand, fees for stock indexes are very low.
Deposit and Withdrawal
There are various options for deposits. Deposits can be done using credit/debit cards, bank wire, and electronic bank transfers. Third-party transactions are not accepted. You can deposit using one of the four base currencies. Fxtm base currencies are EUR, NGN, USD and GBP. There are no conversion fees.
Deposits are completely free except for bank transfers. Deposits usually take several business days to be completed via bank transfers. Bank transfers deposits will take many days. But it can be done instantly with a credit/debit card.
Fxtm withdrawal coomes with a fee as well. It has similar options for withdrawal except some digital wallets like Alfa-Click, Qestern Union, Dotpay, and Quick Pay. It generally takes one business day to complete withdrawal with credit cards.
Etoro vs Fxtm
Down here is a table that gives a rundown of etoro vs fxtm by comparing the two based on a few essential criteria:
|Risk||75% risk of losing money||75% risk of losing money|
|Trade Instruments||Forex, stock, CFD||Forex, CFD|
|Costs||High Stock fees||High Forex fees|
|Safety||Negative balance protection for EU and UK clients||Negative balance protection for EU and UK clients|
|Customer Service||Excellent||Above average|
What is Fxtm?
Fxtm is a forex broker established in 2011. It is well known for its quick growth in the trade business.
Is Fxtm safe?
Yes, Fxtm is regulated and licensed by multiple trustworthy financial authorities like Cyrus and Financial conduct authority. Moreover, your funds are transferred in a separate account for an additional layer of security.
Can you trade at Fxtm from the Philippines?
Yes. Fxtm allows traders from the Philippines.
How does Fxtm work?
Fxtm works like any other forex broker. You open an account with full verification, deposit money, invest in forex or CFDs, and withdraw money.
How to withdraw funds from Fctm?
Fxtm withdrawals require you to use bank accounts registered under your name. You have to pay fees for bank wire transfers.
How to use fxtm demo accounts?
Simply enter the log-in section. From there, you can access the demo account and use it. There are tutorial videos with detailed guidelines about demo accounts on the website too.
How to close a fxtm account?
For closing your account, you will first have to withdraw all the money from your fxtm account. Then select “Close my account.” After a few steps, your account will be closed.
Fxtm is a great place to start forex and CFD trade. It has excellent customer service and many educational tools for beginners. The Fxtm invest section is very useful for those who do not possess knowledge of investment techniques. In brief, we would recommend you to give fxtm a shot.Visit Broker