Forex Time, better known by its short form FXTM, is a newcomer to the online forex trading world, having only got its start in 2012. But don’t sell FXTM short just yet, because despite its newbie status, the broker has still achieved an impressive amount of success in a short span of time by winning several industry awards to date. Among some of the awards FXTM has garnered are the Best Newcomer 2013 award, and the Fastest Growing Forex Broker award, quite an accomplishment it is to be sure, not many firms can claim to have won awards within their first year of service.
Founded by Andrey Dashin, who also happens to be the creator of the Alpari line of forex brokerage firms which have been well received so far, FXTM’s has its headquarters located in Cyprus, and is being closely regulated by the International Financial Services Commission (IFSC) of Belize as well as the Financial Services Board (FSB). Since its inception, FXTM has become one of the fastest growing brokers in the online forex industry with a list of global clientele, and clearly its formula for success is working very well indeed to have accumulated awards despite being new on the brokerage scene as the firm still manages to hold its own among its other competitors.
What are Some of FXTM’s Best Features?
One of the broker’s best features is its easy to navigate website, which is not only easy to use but available in 18 different languages and counting, very impressive for a brokerage firm that has only been on the scene for a short span of time. FXTM offers both the Straight-Through Processing (STP) and popular ECN set up, with formats supported by the industry standard MT4 and MT5 platforms.
FXTM offers its clients a range of other financial services to choose from aside from the Forex pairs. Some of the broker firm’s other offerings include currency pairs, CFDs on Commodity Futures, ETFs and spot metals.
FXTM also offers a Portfolio Management system which allows investors to maximize their time while optimizing their portfolio. Experts in the Portfolio Management Department have the experience and the expertise needed to assist traders in maximizing their returns.
On top of that, FXTM also offers its clients a subscription to its signal services. What are these signal services? Well, they would provide those clients who subscribe to them with a daily market analysis portal, an economic calendar and a host of trading tool options to choose from which include a currency converter.
FXTM is also one of the few brokers that offer promotions and bonuses in the form of the Refer a Friend Program and trading contests. Trading contests are held on a regular basis where traders get to showcase their skills in the form of a friendly competition with attractive cash prizes up for grabs.
What Trading Platforms Are Supported by FXTM?
FXTM utilizes the ever popular MetaTrader trading platform options, which come in both the MT4 and MT5 options for the clients to choose from.
Free demo accounts are also offered by FXTM, and as a bonus, these demo accounts have no expiration date on them. FXTM also offers the ForexTime App which provides clients with a minute-by-minute update and analysis information so clients are able to trade on-the-go safely and securely with necessary security in place that helps to keep hackers far away so clients can trade safely with peace of mind.
FXTM’s Account Options
FXTM’s accounts are divided into two main category types, which are the standard accounts and the ECN accounts.
The standard accounts consist of three types of accounts under this category – Cents Accounts, Standard Accounts, and Shares Accounts.
The ECN account options, on the other hand, has five different categories to choose from – ECN Account, ECN Zero Account, FXTM ECN MT5 Account, Strategy Account, and FXTM Pro Account.
How Are Deposits & Withdrawals Done?
Deposits and withdrawals are done easily enough on FXTM. To initiate a withdrawal, clients simply need to contact the back office during their regular business hours to get things going. Withdrawals are also available through the same channels used to make deposits, and the processing time for these withdrawals would be within a period of 24 hours. A withdrawal fee will be charged depending on the type of withdrawal method that is being used.
Deposits, on the other hand, are done quickly and efficiently through wire transfers, credit cards or debit cards. There is also the option to conduct deposits through e-wallet services such as Neteller, CashU, Payza, OKPay, and Skrill to name just a few. Clients are free to choose which option would work best for them and provide the most convenience.
The Pros & Cons of Trading With FXTM
Some of the pros that come with using FXTM as a trading platform include:
A user-friendly website that is easy to navigate
Customer service support through Chat, Skype, and a UK telephone number
Multi-lingual customer service assistance available 24/7
An abundance of webinars and learning material available on the website to assist traders who need it
Mobile trading applications are supported
Payment options with no deposit fees
Minimum deposits are as low as $5
More than 30 different types of payment methods
One of the most secure trading platforms in the industry with a 128-bit encryption key that encrypts all transmitted data between the MT4 client and the server
Some of the cons clients can expect when using FXTM include:
Only MetaTrader platforms are available and supported for now
A limited choice of commodity assets at the moment
FXTM is certainly a force to be reckoned with, having been on the market for only a short amount of time but already bagging two awards to add to its credibility. The key to FXTM’s success lies in a team of managers who will do what it takes to ensure client satisfaction at every step of the way and a commitment to emphasizing regulations for optimum client safety.