This review is a result of months of tests and observation on FXTM’s offers and services. Specified in this short literature is the reviewer’s assessment on the firm’s trading instruments, partnered trading platforms, trading account types, and promotions and special offers.
This review also took into consideration other broker review sites’ evaluation of the firm and alludes to a number of actual client testimonies. As this is the case, this review is strengthened through a number of experiences and public opinions of just how FXTM is competent as a brokerage firm.
FXTM: An Overview
FXTM’s niche is clear. The firm specializes in online leveraged trading. What this means for traders is that they are able to get more returns may they be placing their speculations on either rising or falling prices on any trading instrument such as FX, indices, commodities, shares and cryptocurrencies.
FXTM is not discriminating in what trading level a client might be in. The firm aims to aid both novice and experienced traders in making lucrative trades that will ultimately help them build their trading portfolios.
FXTM was established back in 2011 and has since served over 2 million clients across 150 countries.
FXTM has bases of operations in Europe, the Middle East, Africa, Asia, and Latin America and are duly regulated in these regions.
FXTM, is a legal entity that is a registered brand name of Exinity Limited. It is regulated by the Financial Services Commission of Mauritius and operates under the license number C113012295.
In addition, since 2013 the firm had gathered a total of 45 awards including the “Fastest Growing Broker” (2013), “Best Investor Trading Institution” (2015), “Best Customer Service Global” (2017) “Best Trading Conditions” (2019), and “Best ECN Broker” (2020) to mention a few, strengthening its position as a trustworthy and legitimate broker.
Clients agree that FXTM’s web copy in its trading instruments overview page, “Trade with fast execution and tight spreads” is no mere claim. Users have actually experienced quick execution of their trades with competitively-priced spreads.
In this regard, the broker provides the following trading instruments:
1. Forex Currency Pairs – Clients are given access to the Foreign Exchange market 24/5. Clients are allowed to trade major, minor, and even exotic pairs.
2. Precious Metals – Clients would be able to trade precious metals price movements specifically, Gold and Silver.
3. Stock CFDs – Clients are privy to derived pricing from NASDAQ and NYSE; clients have access to shares of internationally-known companies.
4. Commodities Spot – Global markets of oil and natural gas may be accessed by FXTM traders.
5. CFD Indices (Spot) – Global Spot indices are traded through the firm in the most favorable trading hours.
6. Cryptocurrencies – The firm has provisions to trade BTC, ETH, LTC and XRP against the USD.
FXTM makes the two leading trading platforms from MetaQuotes, namely, MetaTrader4 and MetaTrader 5 available to its clients. The firm recognizes that MT4 and MT5 are well-received by the trading industry in that these offer outstanding trading conditions and even more competent trading tools.
Through the MT4 and the MT5, clients are given the benefit of a highly-advanced and intuitive trading platforms, comprehensive sets of trading tools, a multi-faceted support system for all traders across different nationalities, and compatibility with the industry’s leading operating systems.
These offerings alone make for FXTM’s positive image among its clients.
Catering to very specific trading whims and needs, FXTM provides clients from all walks of life with 6 types of trading accounts:
1. The Standard Account – Using the US Dollar, the GBP, and the NGN as transacting currencies, this account allows for the trading of instruments such as indices, cryptocurrencies, and spot metals. The account also permits hedging. In addition, clients are pleased that the Standard account does not charge for commissions.
2. The Cent Account – As the name already declares, this account is managed through cents. Small-scale traders are the primary consideration for offering this type of account. Clients can open this type of account with a minimum initial deposit of 5 dollars that will be reflected as 500 cents. It also offers tight floating spreads, has a Swap-free option, with trades being executed instantly. As currency units, the account makes use of United States cents, the Nigerian kobo, the Great British pence, and the Euro cents.
3. The Shares Account – Shares CFDs is the main focus of this type of account. Clients are availed of over 180 shares and charges nothing for commissions.
4. & 5. The ECN Account and the ECN Zero Account – These are special account types that offer tight floating spreads, hedging and scalping, with commissions that are charge-free.
6. The Pro Account – This account avails FXTM clients of tight spreads, zero commissions, no requote fast trade executions, floating leverage of up to 1:200, deep liquidity, and a swap-free option.
What clients are thrilled about with this broker is that it offers two programs that foster the users’ development and maturity in the trading industry.
1. The FXTM Loyalty Program
Through the firm’s Loyalty Program, clients would be able to get $5 to $10,000 with every trade. The firm does this through rewards that it provides regardless of account type. The cash that the trader would be getting may either be used for trading or may be withdrawn at any given point in time. For a user to avail of this he or she should first sign-up for an account or login through MyFXTM, register for the Loyalty Program, and then trade and receive cashbacks every week.
2. Refer a Friend
Through the Refer a Friend program, both the trader and the referred individual would be given the chance to earn $50. The client is encouraged to use the personalized referral link to disseminate the information on Social Media and other online platforms to get more returns.
Through MyFXTM’s “Refer a Friend Program” section, a client can keep track of all referral history, past or ongoing.
Clients assent that these programs are not only enticing but have given them venues to earn further and boost their trading morale. These the clients treat as icing to the cake to the already existing advantages that they had been getting from the broker.
Conclusion and Recommendations
Indeed a number of positive points have been made in the case of FXTM. Its trading instruments, trading platforms, and special programs create favorable trading conditions for clients from all orientations and levels.
And while this review recommends FXTM strongly, it is still advised that the reader research further and not rely on a single online broker review.