Currency trading is one of my main sources of income which is why it is important for me to trade with a broker that has all the qualifications that I’m looking for. It has to be credible, regulated and needs to beable to execute trades quickly. A good friend of mine recommended that I check out FXTM which has been in the business for a few years already. After doing a background check, I learned that the company was founded in 2012 and is currently licensed and regulated by the Cyprus Securities and Exchange Commission. What got me interested about them is that they don’t have any minimum deposit requirements and they take pride in having a platform that executes trades in milliseconds which means that there are no requotes.
The demo account was really helpful as I was able to test out the platform with real market conditions. And since I can deposit any amount, I immediately switched to the live trading account to fully test its features. The platform was very easy to use and I was glad to discover that they also support mobile trading which is a must for me since I am always on the go. The platform speed was also commendable for I was able to execute all of my trades without encountering any requotes! And when it comes to customer support, I was able to easily get in touch with their agents and get immediate answers from them via live chat. Overall, my experience with this broker was highly satisfactory and rewarding. Read further for my full review.
Demo Account: A key educational tool
The demo account is a great help especially for beginners to learn the ropes of forex trading. It’s possible to access the markets and experiment with different trading strategies under real market conditions. And since it’s free, there’s absolutely nothing to lose by trying this feature.
Bonuses: Alternative monthly promotions
Unfortunately they do not offer welcome bonuses but as an alternative, they have various monthly deals that are worth checking out such as cashback rebates and bonuses for every traded lot.
Platform: State-of-the-art technology
They offer the industry’s leading MT4 and MT5 platforms that are available for PCs, MACs and even on mobile devices. With this range of options, there are many ways to enter the currency market and start trading. They also have the technology for fast market execution eliminating the possibility of re-quotes even when market prices are rapidly changing.
Mobile Trading: Optimized apps
Also available are platforms that can run on iOS and Android devices making trading possible even when you’re on the go. Now it’s so much easier thanks to the user-friendly interface that comes with all the important features that can be accessed directly from my mobile device.
Minimum Lot Size: Reduced risks
The lot size can be set to a minimum of 0.01. This is a great advantage since it would be easier for me to control the risks with a much lower value.
Maximum Leverage: As much as 1000 times!
With their floating leverage system, the leverage can go for as high as 1:1000 unveiling a lot of trading opportunities since it is possible to deposit a small percentage with a large trading volume. However it is important to remember that the leverage may incur losses as well so always be careful when using this feature.
Spreads: Very tight
FXTM offers tight spreads starting at 0.1 pips. This is definitely beneficial for trading as the profit potential is even greater since the returns are much higher and I’m paying far less upfront to trade.
Tradable Instruments: Wide variety
There’s a wide spectrum of instruments to choose from with this broker. They offer more than 100 options to trade forex, spot metals, ETFs and CFDs.
Deposit and Withdrawal
Minimum Deposit: Zero!
One of the biggest advantages of being an FXTM member is that there is no minimum deposit requirement. That means I have the liberty to transfer any amount on my account and trade on currencies and other assets without worrying about my budget.
Deposit Methods: Simple and straight forward
It’s easy to fund the account since they support various credit card brands such as Visa, MasterCard, Maestro and China Union Pay. It’s also possible to make a deposit via bankwire and e-wallets like Neteller, Moneybookers (Skrill), WebMoney, Western Union Quick Pay and Payza.
Withdrawal Methods: Hassle-free refunds
Even withdrawing the money is made easy because there are plenty of withdrawal options to choose from.
Withdrawal Processing Time: 2 days maximum
It may only take up to 2 business days for a withdrawal request to be processed with this broker. This is much more improved compared to other brokers that usually take more than a week.
Channels: Various methods
Communication with the support department is very easy because they can be reached via phone, email or live chat.
Availability: No weekend support
Their support is available from Monday to Friday 7:00pm to 8:00pm GMT+2
Supported Languages: Various options
They support a number of languages and this includes English, Chinese, Czech, French, Indian, Indonesian, Italian, Malaysian, Nigerian, Polish, Korean, Spanish, Thai and Greek.
User Reviews score: 9.0
This score was provided by various users and its value is taken from the accumulated votes that were given by actual traders who have tested this broker.
Platform Design: Smooth platform layout
The interface doesn’t come with a lot of visual effects and was intended to be simple. They haven’t gone overboard in the design department with the result that it runs extremely fast for a smooth trading experience.
Support: Attentive and professionally trained
What’s great about their customer service team is that they have been well-trained to attend to any kind of customer issue regardless if it’s just an inquiry or a technical problem. They simply know how to resolve any kind of query or concern.
Reputation: Exhibits credibility through positive reviews
FXTM is licensed and regulated by the Cyprus Securities and Exchange Commission and has been awarded as the Best Forex Newcomer by the World Finance in 2013. These recognitions and the various positive reviews from financial experts and online traders substantiate that they have a very good reputation.
Editor’s Score: 90
FXTM not only offers a range of platform solutions but they also have ideal trading conditions which can benefit their clients. The zero minimum deposit is a welcome advantage and their regulation from the CySEC guarantees that the trading funds are protected. Thanks to their pioneering technologies and ultra-fast execution times, the process of forex trading has been well-streamlined from registration right up to the order execution.