If you are want to read the ForexTime broker review, it means that you’re either a beginning trader looking for a broker or an expert trader looking to change or add a broker. No matter what the case is, we understand how frustrating it must be to weigh the pros and the cons, considering the saturated market. That’s why were here to help. Read this 2020 broker review for FXTM – ForexTime, and by the end of it, we can assure you that you’ll come to a decision!
What is Forex Trading?
Before you start trading, it is important to know the basics. Since Forex is a part of the company name of this broker, one must know what it means. Forex is an abbreviation of the words Foreign and Exchange. Forex essentially deals with the currency trading market. Traders buy, sell, and exchange different currencies. How do you earn through Forex? Simple! Traders buy currencies at a low price and sell it when the price increases. The difference between the selling and buying point of the currency is the traders’ income. Now that you know what Forex is, you’re all prepared to start trading!
What is ForexTime?
One of the oldest competitors in the market, ForexTime, or FXTM, is an online trading company. Andrey Valerievich Dashin developed it in in 2011, who also owns the Alpari Group. FXTM is one of the leading FX, indices, commodities, shares, and cryptocurrencies trader. It is available globally and has more than 2 million users. Their network traverses over Europe, Middle East, Africa, Latin America, and Asia, with 3 different regulators verifying their legitimacy!
Trading Products of FXTM
Before you join hands with a broker, it’s important to know what they financial instruments they offer. The more options a broker has, the more routes you’ll have to invest your money. Or if the broker has an expertise in a single asset, you’ll know accordingly. ForexTime, or FXTM, deals in the following products:
FXTM gives you access to more than 48 major currency pairs to sell, exchange, and trade. Not only that, but it also offers you 24/7 access to the Foreign Exchange Market! Considering that Forex is the most liquid market out there, the returns are usually high.
Yes, that’s right! Now you can trade precious metals like gold and silver directly with FXTM. Investing in spot metals during times of uncertainty is very common as it’s a good and safe trade. Now in the Corona pandemic you’ll see the gold market has risen.
Using feeds from both NASDAQ and NYSE, FXTM allows you to invest in CFDs of various American and European shares. What is a CFD? It is an abbreviation for Contract for Difference where you speculate on the increasing or decreasing price points of the asset without owning the underlying asset.
CFDs on Commodities
Not only does FXTM allow CFDs on shares, but it also allows you to trade on CFDs for various commodities like gas and oil products.
FXTM allows you to invest in CFDs of indices from all over the world, including but not limited to Australia, Germany, the United Kingdom, and America.
Above options aren’t enough for you? No problem as ForexTime allows you to invest in CFDs for cryptocurrencies as well. It has Bitcoin, Litecoin, Ethereum, and Ripple CFDs for you to ride the digital wave in!
Last but definitely not the least is stock trading, a common yet popular investment. Invest in a company’s increasing or falling stocks to make easy money.
In the current age of experience, a web presence isn’t a privilege it’s a necessity. It comes as no surprise that ForexTime has completed this necessity and that too in the best of ways! One of the attributes of a good website is that it isn’t cluttered and is informative, and in our opinion, ForexTime’s website fulfils that standard to a T. Once you enter FXTM’s homepage, www.forextime.com, an immediate sense of professionalism washes over you. The fact that this website can be translated into 17 other languages apart from English is inclusive and allows you to access the website in a language that suits you the best!
The homepage has a pleasing aesthetic while being approachable and easy to use. All options are listed on top of the homepage, each leading to a different page. These were:
- About Us
- Trading Accounts
- Trading Platforms
- Trading Instruments
- FXTM Invest
- Market Analysis
The About Us section is highly detail-oriented, unlike many other websites, and gives an honest insight into the numbers, awards, and workings of the company. Not only that it also gives a glimpse of people associated with the company. The other options are pretty coherent and self-explanatory as well.
Another thing about this website that’s impressive is that they don’t discriminate between experienced and amateur brokers. The Education section caters to both equally and helps one understand the tricks and techniques of trading, and then apply them.
FXTM Website is very informative about the various types of accounts they offer. An FXTM account is easy to open and its function within 2-3 days. FXTM allows you to choose from the following 2 types of accounts:
Not ready for a big commitment yet? No problem! ForexTime offers a demo account like many of its competitors. Each of the demo accounts offers a deeper insight into the rates, and working of the company. Practice before you show off those refined trading skills!
This is where the real action happens. ForexTime offers various types of live accounts, each with its own characteristics. You can choose the one that’s best suited to you and your talents. These are the accounts it offers:
- Standard Account
- Cent / Micro Account
- Shares Account
- ECN Account
- ECN Zero Account
- FXTM Pro Account
FXTM Mobile App
This new trading app, FXTM, has great benefits and features, and that is why it is highly suggested that FXTM is downloaded on your phones already. If you have a limited memory space on your phone, no worries, because FXTM does not require you to download any extra trading platform, as they have their own built-in platforms. So the starting process will take no more than a few seconds.
Other than that, you can easily use the app on your tablet, laptop, or any other device if your mobile phone is not available at the moment and start the trading right away. No hassle if it is an Android or an iPhone as it’s available for both!
Additionally, if you’re in a hurry to buy or sell, you can enable the 1 click trading for the process to be done in a much faster manner. This app will also allow you to open, close, and modify your positions, as well as, track your open and closed positions in seconds. In short, this app will not only make your life easier but will make the entire process of trading much more convenient and quicker.
How do I set up my FXTM Mobile App?
It is very simple to set up your new FXTM app. If you’re an existing FXTM user, you will first have to download the app from either App Store or Google Play, of course. After your download is completed, you will simply have to sign in to MyFXTM, and then select your trading account, and you’re good to go. However, if you’re a new FXTM user, you will also have to first download the app from either the App Store or Google Play. Then you’ll have to register yourself with FXTM. The next step would be to choose whether you want to open a live account or a demo account. When you’re done with that, you’re ready with the necessary part. Happy Trading!
In the current age, it’s all about globalization and forming connections, therefore it’s very important to know what events are being sponsored by different companies to see the market range and value. UN Patron of the Oceans, FXTM Indy 500 Project and the Sahara Force India Formula 1 Team.
Since its inauguration in 2011, FXTM has won tons of awards to vouch for its credibility and experience. Way back in 2013, it was awarded the “Best Forex Newcomer Award” by Foreign Exchange Awards. A year later in 2014, they were named as the Fastest Growing ECN Broker in Asia by Global Finance and Banking Awards.
In 2015, 2016 and 2017, ForexTime was named as the Best Forex Broker by Forex Report Awards, European CEO Awards, and Global Investor MENA Awards. Just recently, in 2019, FXTM was lauded as the Best European Forex Affiliate Broker Programme by Global Forex Awards. A list of all their achievements can be read on their website, here.
What do people think of FXTM?
Since it is almost a decade old broker, it has certainly garnered a reputation. Just like every other broker, there are certain positive as well as negative reviews for this one. Although, most of the reviews for this one are positive.
The positive reviews were overwhelming. These reviewers were highly satisfied with the service and recommend it to everyone. They were very pleased with the quick withdrawal and deposit times. Others also appreciated the occasional seminars and webinars that FXTM held on their website to update their clients with the latest tricks and techniques to ensure their success. Traders also lauded their customer service.
On the contrary, there were some negative reviews. These reviews mostly complained about high spreads. Others complained about their accounts being blocked without any reason or explanation whatsoever, although after complaining most of their issues were resolved.
Do keep in mind that these reviews should be taken against a grain of salt as many are also made by competitors to defame their opponent.
ForexTime has an award-winning customer service, so it comes as no doubt that they are always available through various outlets. No matter what your query is, their representatives are always ready to answer it 24 hours, all 7 days of the week. Not only that, many reviewers’ positive reviews noted that they weren’t only available but were also accommodating to each complaint and question.
Is it safe? Or a scam?
One can guarantee that ForexTime is a well-established company and not just a scam, by the fact that it is regulated by more than one authority. Yes, you read that right. FXTM has not one, but three regulators, each overlooking a client population of a different region.
EU countries (except the UK) are regulated by Cyprus Securities and Exchange Commission (CySEC). The United Kingdom, on the other hand, comes under the regulations of the Financial Conduct Authority (FCA). International clients from around the world are under the regulation of the Financial Services Commission of Mauritius. Safe to say, that FXTM is safe to trade with!
After going through deep research and analysis in this ForexTime broker review for you, we’ve decided that ForexTime is an authentic broker and a very good one at that too. Considering their strict regulatory authorities can safely invest their money with them! The customer service is highly reliable and admired, therefore any queries and questions won’t be unanswered or unattended for too long. We would suggest you go for this broker, check out their demo accounts, and learn various trading tricks with them. Good luck trading!
Another great broker is eToro, read our eToro review here.