FXTM CRYPTO BROKER REVIEW

FXTM is fully licensed and regulated to offer real money trading to clients in multiple jurisdictions. The company is owned by ForexTime Limited, and regulated by CySEC with license #185/12.

It is also fully licensed and regulated by the FSB in South Africa, and the FCA in the UK. FXTM features MetaTrader 4 and MetaTrader 5 for PC as well as MT4 WebTrader, MT 5 WebTrader and MT 4 multiterminal platforms. This makes it easy to trade currency options on the go, or from the comforts of home.

Traders at FXTM can enjoy a demo trading account with $1 million in practice funding with the free demo account, inclusive of a comprehensive set of trading tools and resources, guides, and personalized support in 16 languages. The range of trading instruments includes Contracts for Difference on Exchange Traded Funds and indices, Contracts for Difference on commodity futures, share CFDs (180+ stocks available on your MT4 shares trading accounts), gold and silver, and currency pairs trading.

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LIST OF TRADABLE INSTRUMENTS AT FXTM

FXTM does not currently offer Bitcoin, Ethereum, Bitcoin Cash, Ethereum Classic, Ripple Dash or Litecoin to traders, however there are hundreds of other financial instruments available. These include the following Forex options: FX majors (AUD/JPY, EUR/CHF, GBP/AUD, USD/CHF, NZD/JPY, etc.), FX minors (AUD/CAD, EUR/NOK, NZD/CAD, USD/SGD, SGD/JPY, etc.), FX exotics (EUR/PLN, GBP/DKK, USD/CZK, USD/ZAR, etc.). There are also a combination of spot metals available including silver versus EUR, silver versus USD, gold versus EUR, gold versus GBP, gold versus USD etc.

There are dozens of CFD shares trading options available with low relative spreads, and wide-ranging trading sessions typically starting from 4:31 PM through 10:59 PM. The commodities include US natural gas, US crude oil and UK Brent crude oil. Trading times can range from 1 AM or 3 AM through 10:45 PM/11:45 PM. Typically the spot commodities markets take a trading break between 11:45 PM and 1 AM or 3 AM. Spot indices include the UK 100, the Wall Street 30, the Germany 30, the France 40 etc. Trading times vary and trading breaks are typically between 11:30 PM and 1:30 AM the next day, depending on the index. Gold bullion requires traders to place a minimum contract size of 0.001, with a transaction fee of 1.5 and a storage fee of 1.44.

TRADING PLATFORMS AT FXTM

At the time of writing this review, FXTM did not offer any cryptocurrency trading options on its platforms. Nonetheless, ForexTime (FXTM) offers multiple world-class trading platforms in MetaTrader 4 and MetaTrader 5. These allow traders to enjoy up-to-date trading sessions on hundreds of assets, direct to Mac, personal computer, tablet, or smartphone.

World-class technology makes it possible to enjoy the fully downloadable MT4 with expert advisors (EA’s), multilingual and multicurrency support and access to a range of instruments. MT4 is available on multiple options including WebTrader, Mac, PC, iOS, and Android. Simply click on the appropriate link to download MT4 onto your preferred device.

MetaTrader 5 (MT 5) is available for Mac, PC, Android or iOS devices. Among the many benefits of using this advanced trading platform are multiple execution modes for trades, a wide range of order types, MQL5 trading signals and level II data. Among others, ForexTime offers several different types of accounts to traders. It’s important to choose your preferred account type before you start trading to derive maximum benefit from your activity. There are several different types of accounts, including an ECN account with no maximum deposit, and a FXTM ECN Pro account with no maximum deposit. However, the minimum deposit for the ECN account is $500/€500/£500, and the minimum deposit for the FXTM Pro account is £25,000/ €25,000/$25,000. The company charges $2 per lot with the ECN account.

DEPOSIT AND WITHDRAWAL OPTIONS

FXTM offers a full spread of banking options for traders, including Visa, MasterCard, Maestro, Neteller, Skrill, WebMoney, Western Union, bank wire options and Nigeria local bank wire transfer. Depending on your preferred banking method, processing times can be as little as 2 hours with no fees or commissions, and all major currencies are accepted (EUR, GBP and USD). Other currencies include the CZK, PLN, and CNY. With bank wires, expect processing times between 3 and 5 business days with the European banking options provided.

Withdrawals are available via similar methods, except that you can expect certain fees and commissions to be levied on credit cards, and specific e-wallets like Skrill, WebMoney, Yandex and Qiwi Wallet. For bank wires, the fees are typically higher and it’s a good idea to contact customer support at FXTM before you use these options for withdrawal purposes. The good news is that these withdrawals are processed on the same business day.

BOTTOM LINE

Overall, FXTM (ForexTime) is a reputable brokerage with a wide range of financial instruments available to traders across multiple jurisdictions. However, one of the drawbacks at this broker is that it does not offer Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Ripple, Litecoin or DASH. While many of its competitors are now heavily immersed in digital currency trading, FXTM has been caught unawares and will have to play catch-up to meet the needs of this burgeoning new market.