Forextime Forex Broker Review | Is Forextime a Scam?
FXTM or Forex Time, founded in 2011, is still considered a newcomer to the online Forex trading scene. However, within a span of few years, this broker has managed to carve out a name for itself by wining several industry awards such as “Best Newcomer 2013” and “Fastest Growing Forex Broker.” FXTM is regulated by various jurisdictions and has offices in Cyprus, the UK and Belize. Forextime Limited is regulated by CySEC, Forextime UK Limited is authorized by FCA and FT Global Limited is regulated by IFSC.
There are two main Forex trading accounts to choose from at FXTM (Standard and ECN Account). There is minimum deposit depending on the account. The Standard accounts are divided into Standard, Cent and Shares account with different contract specifications and minimum deposits. Similarly, the ECN Account is divided into ECN, ECN Zero and FXTMPro Accounts each one with different spreads or commissions.
When doing this review I was pleased to see that a demo account is provided for beginner traders who want to practice their trading before putting any of their own money at risk.
FXTM has just added a new account to its lineup. As of April, 2016, it is offering an account that specializes in trading CFDs in shares. With the new FXTM Shares Account, traders can select more than 180 US shares with 1:33 leverage on the famous MT4 platform which ensures instant execution. Major corporations such as Apple, Facebook, Alibaba, Twitter and Microsoft are included in the lineup.
As of January 2018, FXTM is offering CFD trading on cryptocurrencies under FT Global Limited, with a leverage up to 1:10.
Apart from standard Forex pairs, FXTM also offers trading for a range of other financial products such as CFDs on Commodity Futures, and CFDs on spot metals. FXTM recently expanded its product line to currency pairs, including the Chinese Yuan, as well as additional opportunities to trade spot metals paired with major currencies.
Through the FXTM Invest program, FXTM offers investors the ability to maximize the value of their time while optimizing their portfolio by following suitable Strategy Managers. There are a range of strategy managers that investors can choose from depending on their risk appetite.
In addition, the Multi Account Manager (MAM) feature offers a unique solution for professional traders who need to manage multiple accounts both simultaneously and efficiently.
FT Global Limited, loves promotions and offers them generously. At the time of this writing, there were few ongoing bonuses for this entiy. There was the Loyalty Cashback (T&Cs apply) as well as the 30% Bonus (T&Cs apply).
In addition, anyone switching to FTXM from another broker will receive $4 back for every lot traded (T&Cs apply).
Under FT Global Limited, there are also several trading contests. The Wheel of fortune raffle contest (on live accounts) and the FXTM Titan Contest (on demo accounts) – T&Cs apply. No other brokers I’ve reviewed offered a promotion to traders using a demo account so this promotion is truly unique.
Forextime Limited and Forextime UK Limited currently offer only the Loyalty Program to its professional and elective professional clients (T&Cs apply).
Not sure whether you’re eligible for a bonus? Here’s how the different branches of FXTM operate:
- Forextime Limited (CySEC entity) provides its services to Clients who reside in EEA and South Africa.
- Forextime UK Limited (FCA entity) provides its services to Clients who reside in UK.
- FT Global Limited provides its services to Clients who reside in all other countries excluding the USA, Belize, Japan, Quebec, Saskatchewan, British Columbia, EEA Countries, Haiti and Suriname
In the area of education, FXTM provides a host of tutorials and webinars which are available for all account holders. The tutorials are geared to both experienced traders as well as to those just wetting their feet in Forex trading and cover the basics of Forex as well as more advanced topics such as risk management and technical analysis. These videos can even be accessed on mobile devices by scanning the QR code.
Live webinars are presented by industry experts and cover a range of subjects such as Japanese Candlesticks, Trading the Alligator and more.
FXTM also supports seminars and workshops by third-parties that facilitate easy access to the Forex opportunities in countries across the world. These seminar sessions and events are held throughout the year. Trading bonuses and other gifts are offered by FT Global Limited or FXTMPartners and traders have the opportunity to connect with other Forex enthusiasts in the trader’s home country.
For their glossary, FXTM has compiled a broad and detailed list with explanations of key definitions in the simplest terms possible.