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Overall

Forex Time (FXTM) is a MetaTrader broker that offers forex and CFD traders multiple account options for both MT4 and MT5 platforms. Although some of its products are segmented by account type, the broker has fair pricing and competitive spreads in its Pro and ECN accounts.

By Steven Hatzakis / April 3rd, 2018 / Updated: August 15th, 2018

help 70
Trust Score
Dislikes
  • Leverage caps and margin restrictions on ECN accounts
  • Certain range of markets segmented across account types
  • On ECN accounts, stop and limit levels can be added only post execution
  • Low max order size of 30 standard lots per trade

Review Sections:

Forex Time (FXTM) was founded in 2011 by forex industry veteran Andrey Dashin, who is also a key shareholder of the online broker Alpari. Since FXTM’s launch, the broker has expanded its platforms to include the suite of trading applications developed by MetaQuotes Software Corporation, which includes MetaTrader 4 (MT4) and MetaTrader 5 (MT5).

Today, FXTM remains a MetaTrader-only broker and offers seven account types that provide traders with access to 59 currency pairs as well as CFDs on 173 single-stock shares, 11 indices, six metals, three energy contracts, and three cryptocurrencies. The broker also provides social copy trading through its FXTM Invest offering.

The FXTM brand has obtained regulatory licenses in several jurisdictions, including throughout the EU via its CySEC-regulated brand in Cyprus under ForexTime Limited. It was also licensed in South Africa by the Financial Services Board (FSB). In addition, FXTM is regulated in Belize by the IFSC under its FT Global Limited entity.

Trust Score

Trading with a forex broker traders can trust is crucial to success. Unfortunately, forex fraud and scams are common in the industry.

Here at ForexBrokers.com, we maintain the largest independent regulatory database available on the web. Using 28 different variables, we have created a proprietary 1-100 score (the higher the better) of overall trustworthiness, which we call the Trust Score. Here is our trust summary of ForexTime (FXTM).

ForexTime
Trust Score70
Year Founded2011
Publicly-Traded Company (Listed) No
Regulated in Major Hub Yes
Regulated in Emerging Hub Yes
Authorised in the European Union Yes
CFTC Registered (USA) No
FCA Regulated (UK) No
IIROC Authorised (Canada) No
FINMA Authorised (Switzerland) No
ASIC Authorised (Australia) No
SFC Authorised (Hong Kong) No
MAS Authorised (Singapore) No
FSA Authorised (Japan) No
FMA Authorised (New Zealand) No
CySEC Authorised (Cyprus) Yes

Offering of Investments

The following table summarizes the different investment products available to ForexTime (FXTM) clients.

ForexTime
Minimum Initial Deposit$100
Currency Pairs (Total Forex pairs)59
CFDs - Total Offered193
Exchange Traded Securities: US No
Exchange Traded Securities: International No
Cryptocurrency traded as actual No
Cryptocurrency traded as CFD No

Commissions & Fees

FXTM offers seven different accounts types where the execution method, range of markets, available platform, and commissions and fees may vary.

Behind the Pro account, spreads are lowest on the ECN account.

Three accounts are offered under the Standard category, in which the execution method is instant. These include the Cent account for forex and metals trading, the Standard account, which has lower comparable spreads for forex trading and less restrictions on max trade size, and the Shares account for single-stock CFDs.

However, FXTM’s most competitive offering in terms of trading costs is on its four other account types, including the commission-based ECN Account, the ECN MT5, the commission-free ECN Zero account, and finally the FXTM Pro account for traders who deposit at least $25,000.

FXTM Forex Time EUR USD spreads

On the commission-based (ECN) accounts, the Round Turn (RT) commission is $4 per 100,000 units (one standard lot) based on $2 per side per standard lot. After the Pro account, the next lowest spreads are on the ECN account.

For example, in the ECN Account, FXTM lists typical spreads of 0.6 pips on the EUR/USD pair, which means the all-in cost is 1 pip after factoring in the RT commission equivalent of 0.4 pips.

ForexTime
Average Spread EUR/USD - Standard0.80
All-in Cost EUR/USD - Active1.00
Active Trader or Premium/VIP Yes

Customer Service

For our 2018 Forex Review, 129 customer service phone tests were conducted over three months. The data collected is institutional grade. On average, three questions were asked for each test. To score each test, the tests were divided into three separate groups and scores were given for the time taken to connect with each support representative and the ability of each representative to professionally (and thoroughly) answer each question. A Net Promoter Score was also given for the overall experience.

Results:

  • Average Connection Time: <1 minute
  • Average Net Promoter Score: 6 / 10
  • Average Professionalism Score: 6.4 / 10
  • Overall Score: 6.8 / 10
  • Ranking: 23rd (43 brokers)

Research

FXTM provides research in the form of daily technical and fundamental news analysis from its in-house team of analysts, who post blog updates and daily videos as well as a quarterly market forecast report.

Twice daily, FXTM provides trading signals on over a dozen instruments, including eight currency pairs with stop-loss and multiple take-profit levels.

The broker provides an economic calendar powered by FXStreet, which also streams the news headlines in its platforms and website.

FXTM Forex Time research economic calendar

Twice daily, FXTM provides trading signals on over a dozen instruments, including eight currency pairs with stop-loss and multiple take-profit levels. This offering is powered by the firm’s in-house staff and includes scenario analysis. It also uses three technical indicators for additional confirmation, and is displayed via the client web portal.

ForexTime
Daily Market Commentary Yes
Forex News (Top-Tier Sources) Yes
AutoChartist No
Trading Central (Recognia) No
Delkos Research No
Acuity Trading No
Social Trading / Copy-Trading Yes
Social Sentiment - Currency Pairs No
Client Webinars No
Client Webinars (Archived) Yes
Videos - Beginner Trading Videos Yes
Economic Calendar Yes
Calendar Includes Forecasts Yes
Economic News Sentiment Yes
Trade Ideas - Backtesting Yes

Platforms & Tools

FXTM is a MetaTrader-only broker offering the standard, out-of-the-box experience. This means it offers the suite of platforms from MetaQuotes Software Corporation, developer of the popular MT4 and MT5 platforms for desktop, mobile, and web. To learn more about MT4 and MT5, read our full MetaTrader Guide.

MetaTrader4-Desktop-Forex-Brokers

While MetaTrader 4 and MetaTrader 5 come standard, with little variation in functionality from broker to broker, significant differences exist in how the platform is set up for trading spreads and commissions, execution, and other tools, features, and administrative areas.

Besides spreads, the range of instruments, and account types, here is a summary of the differences in features between the available MT4 platform setup and the default MetaTrader experience:

  • News headlines stream from FXStreet
  • Offers MT4 web and MT5 web
  • MT4 and MT5 installation file wrapped in Windows Emulator for MAC OS Installation

Separate from the native signals markets in MetaTrader, the broker offers additional auto-trading via its FXTM Invest platform, with over 750 strategy providers to follow. These can be used only with an ECN Zero account via the myFXTM portal.

FXTM Invest

ForexTime
Virtual Trading (Demo) Yes
Desktop Platform (Windows) Yes
Desktop Platform (Mac) No
Web Platform Yes
Social Trading / Copy-Trading Yes
Proprietary Yes
MetaTrader4 (MT4) Yes
MetaTrader5 (MT5) Yes
cTrader No
Currenex No
ZuluTrade No
MirrorTrader No
Charting - Drawing Tools (Total)31
Charting - Indicators / Studies (Total)51
Watchlists - Total Fields7
Order Type - Trailing Stop Yes

Mobile Trading

Since FXTM is a MetaTrader-only broker, iOS and Android versions of the MT4 and MT5 app come standard and are both available for download from the Apple iTunes store and Android Playstore, respectively. For more on the apps, read our MetaTrader Guide.

Metatrader4 mobile charts

While FXTM also has its own mobile app, this is for account administration to sync with the MyForexTime portal; no trading can be conducted on the app.

ForexTime
Android App Yes
Apple iOS App Yes
Charting - Draw Trend Lines Yes
Charting - Can Turn Horizontally Yes
Charting - Technical Studies/Indicators30
Watch List Syncing No
Trading - Forex Yes
Trading - CFDs Yes
Alerts - Basic Fields Yes

Other Notes

In 2017, FXTM launched CFD trading on cryptocurrencies including Bitcoin, Litecoin and Ethereum, helping the broker cater to the increasing interest in obtaining exposure on digital assets. FXTM’s offering for Bitcoin as a CFD is fair with a max trade size of 5 bitcoins; however, it falls short with weekend trading, which is not yet available.

It is worth noting that on all market execution accounts (ECN), stop-loss and take-profit levels can only be added after the market order is executed. This restriction limits a trader’s ability to use the pending order feature, as stop-loss and limit levels cannot be added in advance. An alternative to this is to use the other three (Standard) account types, which follow instant execution where this limitation does not apply.

In terms of leverage, there are tiered levels for margin depending on trade size, per account, comparable to tiered levels other brokers use.

Final Thoughts

FXTM provides traders with multiple account options where there are pros and cons to each, ranging from margin to execution method, variety of markets, and pricing. For example, one of the pros of the ECN accounts is more competitive pricing, yet the stop-loss and limit levels can be added only post-execution, compared to the standard accounts.

In addition, traders wanting features from more than one account would need to open multiple accounts, such as in the case of trading single-stock CFDs and forex, as these cannot be done from the same account.

All in all, for traders who know exactly what they want to trade and which trading conditions are most important to them, FXTM provides multiple options for MT4 and MT5. Adding cryptocurrency CFDs beyond just bitcoin was also a positive addition to FXTM’s offering, despite the limitation of weekend trading being unavailable.

traders with less experience might have a hard time deciding. Ideally, we would like to see some of the account features combined; for example, it would be useful if FXTM centralized its multi-asset offerings from different markets into one place. Lastly, the broker fares better for research with its own auto trading platform and in-house signals.

Methodology

For our 2018 Forex Broker Review we assessed, rated, and ranked 43 international forex brokers. Each FX broker was graded on 140 variables. Learn more.

Forex Risk Disclaimer

"There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses."Learn more.


Steven Hatzakis

Reviewed by Steven Hatzakis Steven Hatzakis is the Global Director of Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. Steven is an active fintech and crypto industry researcher and advises blockchain companies at the board level. Over the past 19 years, Steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.

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Ratings Overall

Summary

Commissions & Fees
Offering of Investments
Platforms & Tools
Research
Customer Service
Mobile Trading
Education

Best in Class

2018
27 of 43

Overall

Commissions & Fees

Commission Notes

Trading costs, including spreads plus any commissions, will vary at FXTM depending on the account that is established.

  • The following excerpt from FXTM compares highlights across the three Standard accounts available:

FXTM Standard account comparison

The firm also has less favorable margin rates on its Pro account, where leverage is capped at 200:1 for trades up to five million units. On its other ECN accounts, the same leverage can be obtained up to six million and even higher leverage for smaller trade sizes, making the Pro account less flexible for larger positions.

    • The following excerpt from FXTM compares highlights across the four ECN accounts available:

    FXTM ECN Account comparison

    Finally, the threshold for when a stop out liquidation is triggered increases from 50% to 100% for ECN accounts in the hour before the close of trading on Friday. This would affect traders holding positions through the weekend as a stop out could trigger more easily.


Trading CFDs, FX, and cryptocurrencies involves a high degree of risk. All data was obtained from a published web site as of 4/03/2018 and is believed to be accurate, but is not guaranteed. The ForexBrokers.com staff is constantly working with its online broker representatives to obtain the latest data. If you believe any data listed above is inaccurate, please contact us using the link at the bottom of this page.

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