FXTM Broker Review

FXTM Review - CySEC and FCA Regulated Broker with oustanding customer service

Overall Rating

Our in-depth FXTM Review

The award-winning FXTM brand was created in 2011 by Andrey Dashin. His vision was to produce a broker suitable for traders of any level. It is obvious he has been successful. The broker is fully licensed and regulated by several regulators including CySEC and the FCA. Currently, FXTM has over 1 million clients. Our FXTM review looks at all the key features of this Top 4 rated broker.

FXTM CySEC Regulation

Despite the fact that FXTM is a fairly new broker, it already holds a solid position in the industry.  This is definitely due to their experienced management team that understands the needs of their clientele, strongly abides by regulations and focuses on the security of their clients’ investments and funds.

PROS

Regulated in multiple jurisdictions, has an outstanding reputation among its competitors and management team with over 30+ years’ experience.

Offers a large variety of trading instruments, including CFDs on Stocks, Indices and Commodities as well as Cryptocurrencies.

24/7 customer service support available in 30+ languages.

Offers a variety of tools for education such as training courses, webinars, etc for all trader levels.

Social trading features are available and easy to use.

Very low minimum deposit.

CONS

Inactivity' fee - they occur when an account has been inactive for a period of 6 months.

Margin restrictions as well as leverage caps.

Our Rating

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  • Tradable Assets

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  • Spreads

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  • Trader Education

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  • Customer Service

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Management

Our FXTM review starts with a look at the management behind the brand. The broker boats an impressive line-up of seasoned professionals with long experience in the forex and CFD markets.

Andrey Dashin is the founder and majority shareholder of FXTM. Mr. Dashin was born in Russia and has worked in the financial industry all of his life. His initial focus was mostly on the banking sector, but when the Russian financial crisis hit in 1998, Mr. Dashin decided to learn more about the forex industry. His first company is Alpari, which was a leading forex brokerage firm in Russia.

Alpari was established in 2004 in London. The UK branch was initially a successful venture and was a leading City forex broker. The company has several offices in different countries, including Cyprus. Alpari entered insolvency after devastating losses that occurred when the Swiss National Bank removed the franc's cap against the euro, and the franc soared by almost 30%.

Alpari Russia, on the other hand, is a highly successful brokerage firm that won multiple national awards, such as the 'Financial Pearl of Russia', which serves over a million clients globally and has a significant turnover.

Andrey Dashin is not only a businessman but also a humanitarian. He established a charitable fund called Andrey and Julia Dashin's Foundation together with his wife, Julia. The charity offers financial support to the less fortunate in Cyprus and Mauritius. The charity collaborates with NGOs such as the Cyprus Autistic Association, Cyprus Anti-Cancer Association, Cyprus Red Cross, and more.

The minority shareholder and managing partner of FXTM is Olga Rybalkina. She has worked in the forex industry for many years, initially starting her career in Alpari. In 2012, Ms. Rybalkina was promoted to CEO at FXTM, and eventually, in 2018, she became a Managing Partner at the group.

The current CEO of FXTM is Nicholas Defteras, is a certified Chartered Accountant who has worked in top tier accounting firms in London. Nicholas joined FXTM in 2014 as Chief Operating Officer, and eventually, in 2018, he was promoted to CEO and since then has worked tirelessly to ensure the company follows its strategic objectives.

Sergey Chumarov joined FXTM in 2012 as Chief Technology Officer, having worked at Alpari previously, since 1999. He is very passionate and knowledgeable about IT and works very hard to oversee all the technical operations of FXTM.

The current Chief Financial Officer of FXTM is George Kyriakoudes. He joined FXTM in 2013 after working in London at PWC. Initially, he joined as Senior Internal Auditor and eventually got promoted to Head of Risk Management and Reporting in 2014 and finally to Chief Financial Officer in 2016.

Valeriya Kolesnik is the Chief Operating Officer of FXTM. She has previously worked in the banking sector before joining Alpari in 2011 and eventually moving to FXTM in 2012 as Back Office Manager. Valeriya was promoted to Chief Operating Officer in 2016.

FXTM also has two independent, non-executive directors: Phillippos Mannaris, who is a qualified actuary and partner of at Aon, while Yiannis Misirlis is the Founding Director of Imperio Group, a leading property developer in Cyprus.

FXTM Trading Accounts

FXTM offers a variety of trading accounts that suit the needs of all investors. Since every investor has their own goals and expectations, the broker created two categories that each contain three account types to choose from, all listed below in our FXTM review:

FXTM Standard Accounts

The Standard account at FXTM is the most basic, simple account you can get with the least features. There is a demo account available, which means you can try out the account and platform before opening a live account. Unfortunately, the Standard account of FXTM does not offer MetaTrader 5 (MT5) but only the MetaTrader 4 (MT4). You can open an account in either EURO, USD or GBP. The minimum deposit for the standard account is 100 USD/EUR/GBP, and there is no maximum deposit. FXTM does not charge commission on this account type but instead integrates its fee into the spread. Spreads start at 1.3 pips. Margin call is 80%, while Stop Out is 50%. Swap-free or (Islamic accounts) are also available for those who abide by Sharia law. Leverage is up to 1:30 following recent regulations that have been enforced by ESMA.

The minimum volume in lots per trade is 0.01 for this type of account, step lot is 0.01, and the maximum volume in lots per trade is 30. Maximum number of orders is 100, while the maximum volume in lots of orders is 200, and the maximum number of pending orders is 100.

The Cent account at FXTM is an excellent account for beginners as it allows you to trade cents versus dollars, euros, or pounds. There is a demo account available, which means you can try out the account and platform before opening a live account. Unfortunately, the Cent account of FXTM does not offer MetaTrader 5 (MT5) but only the MetaTrader 4 (MT4). You can open an account in either EU Cent, US Cent, or GBP Pence. The minimum deposit for the standard account is 10 USD/EUR/GBP, and there is no maximum deposit. FXTM does not charge commission on this account type but instead integrates its fee into the spread. Spreads start at 1.5 pips. Margin call is 80%, while Stop Out is 50%. Swap-free (Islamic accounts) are also available for those who abide by Sharia law. Leverage is up to 1:30 following recent regulations that have been enforced by ESMA.

The minimum volume in lots per trade is 0.01 for this type of account, step lot is 0.01, and the maximum volume in lots per trade is 1. Maximum number of orders is 300, while the maximum volume in lots of orders is 10, and the maximum number of pending orders is 100.

The Shares account at FXTM is designed specifically and exclusively for trading shares. Unfortunately, a demo account is not available. The Shares account of FXTM does not offer MetaTrader 5 (MT5) but only the MetaTrader 4 (MT4). You can open an account in either EURO, USD or GBP. The minimum deposit for the standard account is 100 USD/EUR/GBP, and there is no maximum deposit. FXTM does not charge commission on this account type but instead integrates its fee into the spread. Spreads start at 0.1 pips. Margin call is 80%, while Stop Out is 50%. Swap-free (Islamic accounts) are also available for those who abide by Sharia law. Leverage is fixed at 1:5.

The minimum volume in lots per trade is 0.01 for this type of account, step lot is 0.01, and the maximum volume in lots per trade is 10. Maximum number of orders is 100, while the maximum volume in lots of orders is 20, and the maximum number of pending orders is 100.

FXTM Standard Trading Accounts

FXTM ECN Accounts

The ECN account at FXTM is the basic ECN account that offers ECN execution – this means that traders have direct access to market rates. There is a demo account available, which means you can try out the account and platform before opening a live account. The ECN account offers both MetaTrader 5 (MT5) and MetaTrader 4 (MT4). FXTM Invest is available too, which is the broker's tool for copy trading. You can open an account in either EURO, USD or GBP. The minimum deposit for the ECN account is 500 USD/EUR/GBP, and there is no maximum deposit. FXTM charges $2 commission per lot on this type of account. Spreads start at 0.1 pips. Margin call is 80%, while Stop Out is 50%. Swap-free or (Islamic accounts) are also available for those who abide by Sharia law (only MT4). Leverage is up to 1:30 following recent regulations that have been enforced by ESMA.

The minimum volume in lots per trade is 0.01 for this type of account, step lot is 0.01, and the maximum volume in lots per trade is 100. Maximum number of orders is unlimited, as is maximum volume in lots of orders. Maximum number of pending orders is 300.

The ECN Zero account at FXTM is different from other accounts of ECN because it does not charge commission. There is a demo account available, which means you can try out the account and platform before opening a live account. The ECN Zero account offers both MetaTrader 5 (MT5) and MetaTrader 4 (MT4). FXTM Invest is available too, which is the broker's tool for copy trading. You can open an account in either EURO, USD or GBP. The minimum deposit for the ECN account is 200 USD/EUR/GBP and there is no maximum deposit. The broker's fee is integrated into the spread, which starts at 1.5 pips. Margin call is 80%, while Stop Out is 50%. Swap-free or (Islamic accounts) are also available for those who abide by Sharia law (only MT4). Leverage is up to 1:30 following recent regulations that have been enforced by ESMA.

The minimum volume in lots per trade is 0.01 for this type of account, step lot is 0.01, and the maximum volume in lots per trade is 100. Maximum number of orders is unlimited, as is the maximum volume in lots of orders. Maximum number of pending orders is 300.

The FXTM Pro account is an advanced account for experienced traders. There is no demo account available. FXTM Pro account offers both MetaTrader 5 (MT5) and MetaTrader 4 (MT4). FXTM invest is not available. You can open an account in either EURO, USD or GBP. The minimum deposit for the FXTM Pro account is 25,000 USD/EUR/GBP, and there is no maximum deposit. No commission is charged, and the broker's fee is integrated into the spread, which starts at 0 pips. Margin call is 80%, while Stop Out is 50%. Swap-free or (Islamic accounts) are also available for those who abide by Sharia law (only MT4). Leverage is up to 1:30 following recent regulations that have been enforced by ESMA.

The minimum volume in lots per trade is 0.01 for this type of account, step lot is 0.01, and the maximum volume in lots per trade is 250. Maximum number of orders is unlimited, as is the maximum volume in lots of orders. Maximum number of pending orders is 300.

To trade professionally, you need to qualify at least two of FXTM's criteria:

  • Traded significantly sized CFDS over the past year – 10 lots at least.
  • Have a sizeable portfolio of at least half a million euros, which includes both cash and financial instruments
  • Have at least one year's experience working in the financial sector with proven knowledge of transactions or services.
FXTM ECN Trading Accounts

FXTM Trading Conditions

Mostly, FXTM does not charge commission and instead integrates the broker's fee into the spread. The broker does, however, charge floating commissions on ECN accounts when a position is left opened and doubled at certain levels.

Client's total trading volume is calculated on a monthly basis - commissions will be charged at the maximum level, and should trading volumes increase during the month, FXTM will automatically reduce them to reflect the volumes traded.

FXTM offers tight spreads to its clients and good trading conditions. The broker charges a very low inactivity fee of just $5 per month after six months of inactivity. We found that FXTM is very transparent with their fees.

There are various deposit and withdrawal methods available at FXTM, such as Visa, Mastercard, Maestro, bank wire, and various e-wallets like Neteller, Skrill/Moneybookers, Alfa-Click, Western Union Quickpay, DotPay, Yandex Money and QIQI. There are no deposit fees.

All the same, methods are available for withdrawing funds. FXTM does charge withdrawal fees: for Visa, Mastercard, and Maestro withdrawals, the broker charges 2 USD/EUR/GBP per withdrawal. No charges are applied when withdrawing with Neteller and Skrill/Moneybookers, but when withdrawing with Yandex Money or QIWI, a fee of 1.5% based on the amount you withdraw. For bank wire, the withdrawal fee is 25 GBP/20 EUR.

FXTM offers its services to clients in over 33 countries – the broker is regulated by CySEC and follows the guidelines of its regulator strictly. Primarily, this means that FXTM keeps clients' funds in segregated accounts, which means that clients' money is kept separately from the company's own funds.

In addition to this, FXTM follows the regulations of MiFID, which is a European directive that regulates investment firms in the EEA. FXTM is also part of the Investor Compensation Fund, which means that if the company loses clients' funds due to financial problems, its clients can get compensated.

Furthermore, FXTM uses the network security protocol SSL to ensure all communications with their clients, as well as transactions, are kept safe.

Leverage at FXTM is limited with 1:30 maximum and varies depending on the financial instrument. For example, for major currency pairs, leverage is 1:30 max, while for minor and exotic pairs, it's up to 1:20.

FXTM Trading Platforms

FXTM offers third-party platforms created by the fintech company MetaQuotes: MT4 (MetaTrader 4) and MT5 (MetaTrader 5). Most people think that MT5 is an upgrade of MT4, but that's not correct. Instead, the platforms serve different functions.

MT4 has a simple interface that is familiar to most forex brokers as the platform has been around since 2005. It is customizable, which means you can add extra tools and features to it. The interface of the MT5 is more modern and upgraded since the platform is much newer. The layout is similar, but some extra advantages and benefits are not offered by MT4.

The platforms were built through different programming languages – MT4 was built through MQL4, while MT5 was built through MQL5. This means that additional programs and tools designed run on MT4, cannot run on MT5. Some programmers believe that MQL5 is easier to code in.

MT4 offers nine timeframes, while MT5 offers 21 timeframes. Furthermore, MT4 has four types of pending orders which are: buy stop, buy limit, sell limit, and sell stop. MT5 offers six types of pending orders, the extra ones being buy stop-limit and sell stop-limit.

Both platforms allow hedging, but MT5 also allows netting. There are 38 technical indicators available on MT5, while on MT4, there are only 30. Furthermore, MT5 offers more tools that MT4 does not, such as Market Depth and an Economic Calendar.

Both platforms offer WebTrader and work on most popular browsers, such as Google Chrome, Mozilla Firefox, Safari, Internet Explorer, Opera, and Microsoft Edge. In addition to this, both platforms are available as software, and they are highly compatible with most operating systems like Windows, Mac OS, and iOS and Android mobile devices.

FXTM offers a wide variety of instruments for trading:

  • Forex - Major, minor, and exotic currency pairs.
  • Spot Metals - Hard commodities like Gold and Silver.
  • CFDs – Through CFD trading, investors can bid on price change without owning the asset. FXTM offers CFDs on shares, commodities, and indices.

Unfortunately, FXTM does not offer cryptocurrencies for trading.

FXTM Invest

Our FXTM review wouldn't be complete without a look at FXTM Invest, a new tool which allows clients to copy trade. This means that you can copy trades of more experienced investors, which in turn can provide you with a higher return. FXTM calls their professional traders' Strategy Managers' who allow others to copy their trades for a fee.

FXTM Invest ranks its Strategy Managers based on their trading performance. Users can search and filter Strategy managers based on criteria like their past performance, the experience, or their trading style.

FXTM values traders' education and education; the broker invests a lot of time and attention to that area. There are various valuable resources available to traders, such as:

  • Forex Glossary – Investment terminology with throughout definitions.
  • In-depth FAQ
  • Beginner's Guide
  • E-Books
  • Educational videos for both beginners and advanced traders.
  • Educational articles prepared by a certified technical analyst.
  • Forex Trading Webinars
  • Live Forex Trading Seminars and Workshops
  • Daily Market Analysis and Market Outlook
  • Market Analysis Videos.
FXTM Broker Review

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