Broker Review: What is FXTM exactly? Is FXTM a Scam?

Please continue to read if you want to know whether FXTM is a reliable forex broker.

In this article

WikiFX provides inquiry services in the forex field.

WikiFX evaluates the reliability of FXTM based on the facts.

What is WikiFX?

To explore whether FXTM is a scammer, we evaluated this broker based on various aspects, such as regulatory status.

1. Evaluate the reliability of FXTM based on its general information and regulatory status

To understand FXTM better, we explore it by analyzing three main perspectives:

A. General Info of FXTM

B. Regulatory Status

A. General Info of FXTM

FXTMs general info is shown below:

About FXTM

FXTM, or Forex Time, is a global forex and CFD broker founded in 2011. The company is headquartered in Cyprus. FXTM offers various tradable instruments, covering forex, metals, commodities, stocks, indices, and cryptocurrencies. However, this broker does not currently support trading on futures, options, and ETFs. The achievement of more than decades has brought this broker massive trust from the users.

Account Type& Minimum Deposit

FXTM offers three different types of trading accounts, which are the Advantage account, the Advantage Plus, and the Advantage Stocks account. All accounts require a minimum deposit requirement of 200. Each account type has its own unique features and benefits, such as different spreads, commissions, and trading instruments.

Leverage

FXTM offers leverage of up to 1:3000. It's recommended to use leverage wisely and only trades with funds you can afford to lose.

Spread and Commission

For the Advantage account, the spreads start from 0.0 pips, and $3.5 per lot traded on FX is charged. For the Advantage Plus account, the spreads start from 1.5 pips, but no commission. For the Advantage Stocks account, the spreads start from 6 cents, but no commission.

The spreads offered by FXTM are typically lower than those offered by many other brokers in the industry, particularly on the Advantage account. The Advantage Plus account, however, has slightly higher spreads, which is to be expected due to no commissions.

Trading Platform

FXTM offers three choices of trading platforms, including the popular MetaTrader 4 and 5 platforms, as well as their proprietary mobile trading app.

Deposit & Withdrawal

FXTM offers a variety of deposit and withdrawal options for its clients. Traders can deposit funds into their trading account using Kenyan/local transfers (local Indian payment methods: UPI and Netbanking, local Nigerian instant bank transfers, equity bank transfer, Ghanaian local transfer, Africa local solutions, M-Pesa, FasaPay, TC Pay Wallet), credit cards (Visa, MasterCard, Maestro, Google Pay), e-wallets (GlobePay, Skrill PayRedeem, Perfect Money, Neteller), and bank wire transfer.

B. Regulatory Status

What is a Legitimate License?

l The legitimate license is the business license issued by the financial regulatory institution of each country/region.

l Holding a license means that the broker is recognized and regulated by the regulatory authority, therefore your money is under protection to some extent.

l Whether a forex brokerage firm holds a legitimate license or not is one of the important factors in evaluating the reliability of forex brokers.

l The regulation's content and the difficulty of obtaining a license vary by country and agency issuing the license.

The legitimate license of FXTM

According to WikiFX, FXTM operates under a strong regulatory frame, and it has several entities that are regulated in different jurisdictions.

2. The feedback from X

To figure out whether X is a scam or not, we did a survey about this broker on X.

• FXTM has an official account on X. and it has around 50k followers.
• There are many market analyses related to this broker on X. and most posters are positive toward it.

3. Recent Events

In August 2024, FXTM launched the first Olympic trading competition. FXTM is excited to announce its first-ever Olympic Trading Competition, where traders from around the world can compete for the ultimate title of Trading King. This thrilling contest offers a grand prize of up to $18,000 for the top trader, along with weekly lucky draws where participants can win a brand-new iPad!

https://www.wikifx.com/en/newsdetail/202408216334615480.html

4. Special survey about FXTM from WikiFX

A. Scoring Criteria

WikiFX gives brokers a score from 0 to 10. The higher the score is, the more reliable the broker is.

FXTM has been given by WikiFX a decent rating of 9.20/10.

B. Field Investigation

• To help you fully understand the broker, WikiFX also investigates the brokers by sending surveyors to the brokers physical addresses.
• On WikiFX, you can visually check the physical addresses of brokers by pressing the “Survey” button.
• WikiFX did make an on-site survey on FXTMs address in Mauritius in 2024 and found its office.

5. Conclusion

All over, FXTM is a sophisticated broker that offers excellent trading services to its global clients. It is regulated and welcomed by many traders. It may be a good choice for you to start your trading journey. However, we still want to remind you of the potential risk in the forex trading. If you want to know more information about the reliability of certain brokers, you can open our website (https://www.WikiFX.com/en). Or you can download the WikiFX APP to find the most trusted broker for yourself.