ForexTime (FXTM) Review
- Instrument Variety
- Leverage: (30:1)
- Scalping: Allowed
- Spreads: 0.5p / $0.5 per lot
- Regulation: CySEC
- History: Clean
- User Feedback:
FXTM is a reliable broker with reasonable margins and good support. If you are looking to do some trading with a reliable broker with good reputation, it’s FXTM.
- Company: ForexTime (FXTM) is the trading name of ForexTime Ltd.
- Founded: 2012, by Andrey Dashin the co-founder of Alpari.
- Account Types: Standard MT4, ECN.MT4, ECN.MT5, ECN Zero, Cent Account
- Payment Options: Bank Transfer, Moneybookers, Neteller, Credit and Debit Cards.
- Platforms: MetaTrader 4 & 5, MetaTrader 4 & 5 for Mobile and Tablets.
- Accounts Available In: GBP, EUR and USD.
- Regulation: Regulated by CySEC of Cyprus.
- Social Trading: MetaTrader Signal Service.
- Support Options: Live Chat, Phone and Email.
The ForexTime offering is centred around, MetaQuotes very popular MetaTrader platform. Unlike many Foreign exchange brokerages ForexTime offers both the MetaTrader 4 and 5 platforms to clients. The MetaTrader platform is a favourite with many and the ForexTime version of the platform works just as one would expect, allowing traders automatically trade the markets using Expert Advisors. ForexTime also offer great support to those who want to trade on the move, offering traders MetaTrader 4 & 5 for Android, Iphone and Windows mobile. Similarly the brokerage offers support for Ipads and Android tablet devices. ForexTime offer an impressive range of platforms to clients, though those who are not fans of MetaTrader may want to look elsewhere.
- Leverage: Floating up to 30:1
- Scalping: Allowed.
- Expert Advisors: Allowed.
- Hedging: Allowed.
- Trailing Stop: Yes.
- Spreads: From 0.5 pips with a standard account, from 0 pips with an ECN account.
- Commission: $0.50-2 per lot with ECN accounts.
ForexTime offer an impressive amount of leverage with floating leverage up to 30:1.While this is an impressive degree of leverage, traders need to be aware that leverage can increase both the magnitude of their profits and losses. Both the use of Expert Advisors and scalping strategies are permitted which will be a positive to many traders who want to either scalp or automate their trading. The most impressive thing about the offering from ForexTime is the spreads offered to its clientele. Even those who don’t have an ECN account can take advantage of very competitive spreads. When it comes to the rates of commission charged ForexTime’s ECN accounts are particularly impressive charging very competitive rates of commission. Rather innovatively ForexTime offer a ECN account where traders can share their profits with the brokerage rather than pay commission which is certainly very interesting. Overall, the trading conditions on offer at ForexTime are very favourable.
- Number of Currency Pairings: 60 pairings; major, minor and exotic.
- Other Instruments: Spot Metals, Commodities, Shares through Contracts-for-difference.
ForexTime as the name suggests is focused on Foreign exchange trading, with the brokerage offering a comprehensive range of currency pairings. Clients of ForexTime should be able to trade all the currency pairings they desire with the brokerage offering a comprehensive range of major, minor and exotic currency pairings. In addition to offering spot Forex, the brokerage also offers a range of CFD’s allowing traders to trade commodities, spot metals, and shares. This is quite an impressive range of financial instruments and will surely be attractive to those who want to trade a range of different instruments.
- Contact Methods: Live Chat, Phone and Email.
ForexTime seem to have taken a solid approach when it comes to providing customer support, with it being easy to access customer support. The brokerage does its best to deal with customer problems should they arise. Overall the customer service experience at ForexTime seems pretty good and I haven’t seen anything to suggest otherwise.
- Regulated: By CySEC of Cyprus.
- MiFID Regulated: Yes, ForexTime are able to accept clients throughout the European Union.
- US Traders: No, ForexTime lacks the adequate CTFC and NFA regulation.
- Regulatory Record: Clean regulatory record.
ForexTime Limited gained a CySEC licence in early 2013, before the brand was launched to the general public. As Cyprus is a member of European Union the brokerage is able to take on clients from all European Economic Area countries. MiFID ensures that clients of ForexTime receive a minimum standard of financial regulation, giving clients that extra peace of mind. While the firm doesn’t have a particularly long track record, the firm currently has a totally spotless regulatory record.
ForexTime, may be a good choice for those looking for a competitive regulated ECN brokerage. The brokerage also boasts a range of non-Forex instruments. Those looking for a competitive ECN brokerage should consider seriously consider ForexTime.
What did you think of our ForexTime review? If you have experience with the brokerage, please feel free to share in the comments.