ForexTime Broker Review

As one of the world’s fastest-growing forex and CFD brokers, at Invezz we thought now was a good time to carry out a comprehensive review of ForexTime and understand the platform, its fees and the variety of instruments that can be traded as a ForexTime client.

What is ForexTime? FXTM – as it is also known in the industry – is committed to offering unparalleled trading services, including flexible leverage, low minimum deposits and highly competitive spreads. Discover more about ForexTime’s brokerage services in the table below:

ForexTime quick facts

  • Asset classes offered: Forex, Commodities, Indices, Sport Metals, Share CFDs
  • Minimum deposit: £/$/€ 100 (Standard Account), £/$/€ 5 (MetaTrader 4 Account with 1:30 Leverage), £/$/€ 100 (MetaTrader 4 Account)
  • Regulation/licence: FCA (UK), CySEC (Cyprus), IFSC (Belize)
  • Payment methods: Wire transfer, credit cards, PayPal, Skrill, Neteller, Payza, Western Union, Cheque
  • Main benefits: 7+ types of trading accounts available; trade 250+instruments via the FXTM Mobile Trading App; follow one of 600+ forex traders when you join the FXTM investment programme
  • Register for a ForexTime trading account today

How we reviewed ForexTime

If you’re wondering what our ForexTime review covers, you’ll be interested to hear that we test all CFD brokers like ForexTime in the same way. We’ll assess the ForexTime fees, the ForexTime mobile trader software, the ForexTime leverage on offer and its security and regulation to provide our users with absolute peace of mind.

It’s important for all Invezz users to know that our ForexTime review compares the FXTM platform on the same merits as all other cryptocurrency brokers that we’ve reviewed through the years.

Background

ForexTime was established by an entrepreneur named Andrey Dashin in December 2012. Mr Dashin has strong connections with the Alpari international binary trading broker, which helped ForexTime to expand fast to become one of the most talked about forex trading platforms in the market.

In 2018 alone, ForexTime bagged eight industry awards for the superior quality of its trading experience for retail and corporate clients in all four corners of the world. Some of the awards derived from as far afield as China, Nigeria and Russia respectively. Today, the company is headquartered in Limassol, Cyprus, where the broker was originally founded. It boasts a string of operating licenses that allows the platform to serve a global market of forex and cryptocurrency traders.

Regulation & Safety

At the time of writing, ForexTime.com is authorised and regulated in a number of jurisdictions, enabling FXTM to offer trading on forex and other commodities in all major continents:

  • Financial Conduct Authority (FCA)

    ForexTime has been authorised and regulated by the FCA since February 2018, allowing them to provide commodities CFD trading to UK-based retail traders. If you find yourself asking the question “is ForexTime safe?” rest assured that an FCA licence should give you the confidence to proceed and create a ForexTime login.

     

  • Cyprus Securities and Exchange Commission (CySEC)

    CySEC is the independent organisation responsible for overseeing the investment services market and transactions in transferable securities undertaken in the Republic of Cyprus – where ForexTime is headquartered.

     

  • International Financial Services Commission of Belize (IFSC)

    ForexTime’s FXTM Global platform is regulated by the IFSC, providing non-EU CFD traders with faster, more direct access to ForexTime trading products and services.

Fees

If ForexTime fees are one of the deciding factors regarding whether or not you create an account, you’ve come to the right place to find out more. Presently, ForexTime offers seven different trading accounts with differing fees, execution methods, trading platforms and ranges of available markets.

For the very best ForexTime trading fees, you’ll need to set up an FXTM PRO account, with minimum spreads of just 0.1 pips and typical spreads amounting to just 0.4 pips. FXTM PRO account holders must deposit a minimum of $25,000 to access these bargain basement fees.

Three trading accounts are offered under the ‘Standard’ category at ForexTime. The Standard account has typical spreads of two pips but has fewer restrictions on the maximum trade size, compared with the FXTM CENT account, created specifically for forex and metals trading.

Although no commission is charged on deposits to any ForexTime trading account, there are ForexTime withdrawal fees to consider:

  • Visa - €2/$3/£2 per withdrawal
  • Mastercard - €2/$3/£2 per withdrawal
  • Maestro - €2/$3/£2 per withdrawal

All withdrawals processed on the same business day.

  • Neteller – No commission
  • Skrill 1-Tap – No commission

Payment Methods

In order to support its global client base of almost 500,000 traders, ForexTime has sought to provide support for a substantial amount of payment methods for account deposits and withdrawals. A list of the options they offer are below.

  • Visa
  • MasterCard
  • Maestro
  • China Union Pay
  • Wire transfer
  • Alfa-Click
  • Baidu
  • Cash U
  • Neteller
  • Dixipay
  • Payza
  • Perfectmoney
  • QIWI
  • Skrill
  • WebMoney
  • WeChat
  • Yandex Money
  • FasaPay
  • Globepay
  • MyPay Pocket
  • And many, many more

Customer Support

What is ForexTime’s customer service like? Is it committed to providing its clients with the best possible CFD trading experience? Fortunately, FXTM offers multilingual customer support, which is much-needed given its truly global client base. Its proficiency in multiple languages can bring down communication barriers and make it easy for ForexTime to respond to client concerns.

Monday-to-Friday telephone support is offered from 6am to 6pm, while clients can email their issues or queries via the platform’s info@ email address. ForexTime attempts to keep up with the times and demands of its clients by offering live chat functionality via social channels such as WhatsApp, Telegram and Viber.

Unique Features & Trading Platform

ForexTime utilises state-of-the-art, innovative trading technology to give clients direct access to hundreds of markets, regardless of the device or platform they wish to use. The market-leading MetaTrader 4 trading platform is available through FXTM, while its successor, MetaTrader 5 is also available. FXTM’s very own Web Trader platform is also an option for those looking for direct access to trading markets via web browsers.

For newcomers to financial trading in all markets, ForexTime is a great place to learn. It offers a $1,000,000 free demo trading account, giving you the chance to execute trades and learn about market dynamics and the nuances of the trading software available. There are plenty of guides available via the FXTM platform and the customer support team are also on-hand to field any queries.

If you are considering trading on mobile devices, the ForexTime app is proving exceptionally popular, with 250+ instruments available to trade at your fingertips. Those thinking of creating a ForexTime login for the first time will also be enticed by a juicy welcome bonus of $30 tradeable credit available from the moment you create an FXTM trading account.

How to sign up in 5 quick steps

  1. Click the green ‘Register’ button to bring up the sign-up form

    FXTM Sign up page

    Signing up for a ForexTime trading account is easy using the above form

     

  2. Fill out the registration form
  3. Hit ‘Send PIN’ to receive your FXTM PIN to activate your trading account
  4. Click ‘Register Now’ to process your application
  5. Start your CFD trading journey with ForexTime!

ForexTime Advantages & Disadvantages

Pros

Minimum deposit only $5

FCA-regulated

Free demo accounts available

Maximum and flexible ForexTime leverage

Award-winning client service

Cons

US-based clients prohibited

Still a relatively new trading brokerage

Caps and restrictions on leverage and margin on ECN accounts

Conclusion

It’s always good to have options as a financial trader and as a ForexTime client you can be assured of a huge choice of trading accounts, designed around the needs of novice and experienced CFD traders.

Put simply, it is an intuitive platform that allows retail and corporate traders to trade the price of forex pairs, gold, oil and a plethora of other commodities using contracts for difference (CFDs).

Using CFDs, you will never physically own the instruments you trade. Instead, you trade the price action of the underlying market, profiting when you ‘Buy’ an instrument and the price goes up or when you ‘Sell/Short’ an instrument and its price falls. Although our ForexTime review confirms ForexTime trading on cryptocurrencies is not possible, it is still an innovative, forward-thinking platform to invest with and build a CFD portfolio.

We would recommend you give FXTM a try, even if only with their demo account to get try their features before sticking some money into an account. 

 

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