Forex Time FXTM Review

FXTM (Forex Time) Review

Account types

Forex Time offers several different trading accounts, which can be thought of as belonging to two groups: the standard account, and the ECN account. With the standard accounts, you get exactly what you would expect, a typical account that can be anything from the Standard type of currency count, the Cent account, and there Shares account, used for trading CFDs on stock chares that is connected to the NYSE and NASDAQ price listings. With ECN account, you have the ECN MT4 account, ECN MT5 account, ECN Zero, and Pro accounts.

Beyond that, there is also the possibility of trading a swap free Islamic account, which involves a small fee of $1.70 per lot. Forex Time allows micro, many, and standard lots available on all account types.

Trading conditions and deposits

Initial deposit

To open up an account with FXTM, you can start with as little as five dollars to begin. However, some of the more specialized or ECN accounts could ask for more in the way of deposit, extending all the way to the Pro account which begins at $25,000. As with most multi-tiered brokerages, spreads and commissions vary depending on the account size, but suffice to say the larger accounts do get the better conditions.

Forex Time offers a ton of deposit and withdrawal methods, most of which have either no fee, or very minor to say the least. Anything from Bitcoin to bank wires, credit cards, and even many of the world’s global payment systems are accepted.

Spreads and commissions

Most of the accounts that Forex Time offers are commission free. This includes standard, ECN Zero, and Pro accounts. However, with the ECN MT4 and MT5 accounts, there is a small commission fee of four dollars per standard lot round-trip.

Floating spreads are offered by this broker, but very depending on the account side. The tightest spreads of course are available on the ECN and Pro accounts, but obviously with the large initial deposit for Pro accounts, they are meant for institutional clients. As an example, with the ECN MT4 account, typical spreads start at just 0.4 pips in the EUR/USD pair. If you include the commission in that scenario, $2 x 2, this brings the trading cost for EUR/USD to roughly 0.8 pips per lot.

Leverage

Forex Time offers high leverage levels, as much as 1:1000. However, in regard to cryptocurrency CFDs, the leverage drops down to 1:10, as they tend to be much more volatile and dangerous than normal Forex markets.

Security of funds and company information

Forex Time is a multitier broker that has offices around the world and is regulated in various national regulatory bodies such as the UK’s Financial Conduct Authority (FCA), the Cyprus Commodities and Exchange Commission (CySEC), and in some of their peripheral companies, are regulated in other such countries such as South Africa. The company was founded in 2011 by one of the cofounders of Alpari.

Range of markets

Forex Time offers a large range of markets, including currencies, CFDs on commodities, CFDs on Indices, Spot Metals, Share CFDs, and Cryptocurrency CFDs. This opens up a world of trading, as you can go along the New Zealand dollar, while shorting the US dollar. At the same time, you could look into some other exotic Forex pairs such as the Swiss franc versus the Norwegian krone. Beyond that, you have the ability to trade the energy markets, the world’s major Indices, four of the world’s most popular crypto’s, and of course spot metals, and a long list of US shares.

As the world has become much more interconnected, it’s important that you have the ability to diversify your holdings. With the truly global reach of its markets offerings, Forex Time gives you the ability to do so. Forex Time presently offers over 250 financial instruments to choose from.

Added values

Forex Time offers daily market analysis, as well as quarterly market forecasts. There are e-books, trading seminars, trading webinars, a glossary, and a plethora of educational materials that the trader can delve into.

The post Forex Time FXTM Review appeared first on The Diary of a Trader.