Table of contents:
- 1 FXTM experiences 2020 – With this evaluation we point out whether the broker is fraud or serious!
- 1.1 2 – regulation by FCA and other financial regulators
- 1.2 Member of the Investor Compensation Fund (ICF)
- 1.3 trading offer at FXTM: more than 50 FX pairs
- 1.4 3 – trading conditions at FXTM: narrow spreads & leverage
- 1.5 4 – trading platform and mobile trading
- 1.6 5 – account opening: 6 different account models
- 1.7 6 – free demo account in the services
- 1.8 7 – service & educational offers: extensive further education area
- 1.9 8 – deposits and withdrawals: Deposits free of charge
- 1.10 9 – seriousness: regulation given and additionally special offers for traders
- 1.11 Further advantages
- 1.12 Numerous awards
- 1.13 10 – Conclusion: Good performance at FXTM
FXTM experiences 2020 – With this evaluation we point out whether the broker is fraud or serious!
Our experience with the Forex and CDF broker
Icon CleverFXTM is an award-winning broker, licensed in Cyprus and South Africa. Nevertheless, it is also listed with other financial supervisory authorities, such as BaFin. Traders can gain FXTM experience with more than 50 foreign currencies, trading major, minor and exotic currencies. A total of four different account models and a demo account are available.
As a trading platform, the broker offers two innovative heavyweights: MT4 and MT5. For all those who need a little more support when trading, there is a generously designed training area with countless information on the foreign exchange market. In addition, there are free analyses, seminars and much more.
Conditions for the FXTM trading account:
- Minimum deposit starting from 10 euro
- more than 50 currency pairs tradable
- tight spreads from 0.1 pips
- Trading via MT4 and MT5 (Desktop, WebTrader and Mobile App)
- Account management in EUR, USD, GBP and other currencies
- Deposits are free of charge; payout of winnings only with exceptions
- six different account models
- free demo account
- Extensive training area (especially in English language)Location and regulation: globally active brokers
2 – regulation by FCA and other financial regulators
Icon RegulationFXTM is a global Forex broker that is regulated by various financial regulators. For example, Forextime Limited, based in Cyprus, is regulated by the Cyprus Securities and Exchange Commission. In addition, the broker is licensed by the Financial Sector Conduct Authority (FSCA) (formerly Financial Services Board FSB) in South America, because according to our experience the broker is also active there. Registrations all over the world are also part of this. In Germany, for example, FXTM is listed with the Federal Financial Supervisory Authority. In addition, there are further registrations with the FCA, ATVP and in over 10 other countries.
Member of the Investor Compensation Fund (ICF)
In order to secure customer deposits in the best possible way, there is an additional protection. As our FXTM experience shows, the broker is a member of the Investor Compensation Fund (ICF), so that client funds are protected up to a sum of 20,000 euros per trading account.
Conclusion: FXTM is a globally regulated Forex broker that is licensed by CySEC and FSCA. It is also listed with numerous other financial supervisory authorities, including BaFin. For the protection of the customer funds the membership in the ICF exists, so that deposits up to 20,000 euro/trading account are secured.
trading offer at FXTM: more than 50 FX pairs
Icon thumbs upOur experience with FXTM shows that a total of more than 250 financial instruments are offered for trading. A large part is made up of currency pairs. Traders can invest in countless major currencies, minor currencies and exotic currencies and use live quotes. In the FXTM test we have found the following major currencies for trading:
Of course USDJPY should not be missing either. For the secondary currencies, traders can choose from the following currency pairs: USDCAD, AUDCHF, AUDNZD, AUDNZD, CADJPY, CADCHF, EURNZD and GBPNZD. While other Forex brokers provide hardly any exotics, FXTM is different. Traders can trade the following exotic currency pairs: GBPNZD, GBPNZD, USDCNH, USDMXN, USDSGD, USDTRY, USDTRY.
Although foreign exchange is one of the main components, spot metals are also available for trading. The offer is rounded off by CFDs on UK Brent, US Crude and US Natural Gas and CFDs on indices. Not to forget the stock CFDs, which the traders can also trade for diversification in the portfolio.
Conclusion: The FXTM experience shows that foreign exchange trading is offered with more than 50 major currencies, minor currencies and exotics. In addition there are numerous CFDs of different assets, so that the traders can fall back altogether to more than 250 financial instruments with the renowned Forex broker.
3 – trading conditions at FXTM: narrow spreads & leverage
Lupe_iconThe trading conditions are variable and are determined by the financial instruments and the trading account used. Those who decide to trade the forex can start with tight spreads starting from 1.3 pips on the standard account. Those who choose an ECN account specifically for securities even have a trading option starting at 0.1 pips. The prices for foreign exchange trading are provided as live quotes, so of course the spreads can always change. If the traders decide to trade CFDs, the private traders can use a maximum leverage of 1:30.
Trading hours in the foreign exchange market are limited, so according to our FXTM experience, traders can trade 24 hours a day, five days a week. The market opens first on Monday morning in Wellington New Zealand and closes last at 5pm (ET) in New York. During these time slots, traders have every opportunity to make profits from their trading activities by trading the forex market.
Conclusion: Trading conditions at Forex Broker vary depending on the account type and currency pair. Those who want and choose to trade CFDs can even use leverage of up to 1:30 and trade on the standard account with tight spreads starting at 1.3 pips.
4 – trading platform and mobile trading
Icon Smartphone MobileWe know how important it is for traders to have a reliable and above all sovereign trading platform. That’s why we took a closer look at the trading platforms offered by FXTM in the test. The result was clear and positive: The already known and technically well equipped MT4 is available for free download together with the MT5. Both trading platforms not only have numerous tools and indicators as well as sophisticated technology, but also offer possibilities for mobile applications.
Especially the MetaTrader 4 has proven itself as a specialist for foreign exchange trading, because its functionality is also perfectly suited for prospective traders. In addition, there are numerous tools and indicators, which significantly simplify chart analysis and provide significant support for trading decisions. For example, traders can access various time frames, indicators or a customizable user interface and receive the latest news for the forex market via push notifications.
The MT5 also undoubtedly has its strengths, as it is considered an innovative platform for forex trading. It provides traders with pre-programmed trading signals provided by the MQL5 community. In addition, the Level II data for the price analysis, which should be particularly interesting for ambitious traders.
Conclusion: The FXTM experiences in the test show that the MT4 and MT5 are available as free platforms for download. They can be used for the PC, Smartphone or Tablet. Advantageous are especially the numerous free indicators and tools, with which the price analysis is even easier for traders at the beginning of their trading career.
5 – account opening: 6 different account models
Icon Smartphone MobileMany Forex brokers only provide their clients with one account model, with FXTM it is completely different. Traders can choose from six different account models:
- three standard accounts
- three ECN accounts
The differences between the individual account models lie in the tradable financial instruments as well as the access requirements and trading conditions. For example, not all accounts can be held in Euro, USD or GBP, but the standard account can. Let’s take a look at what traders can expect when opening an account and what conditions are available.
If you want to open a standard account, you can do so for as little as 100 Euros and you don’t have to pay any commission on trading activities. The margin call is triggered at 80 percent, the stop out level is 50 percent. With the classic trading account, traders can trade 59 currency pairs. Who decides for the cent account, has a lower minimum deposit of 10 euros, but can only trade 25 currency pairs. In addition, there is also a standard account, which was, however, especially designed for stock CFDs. Forex traders cannot trade with it at all.
What remains in the FXTM test are the ECN accounts. Traders can use the standard account from 500 Euro, but must pay a commission of 2 USD per lot. There are 48 currency pairs with the MT4 and 33 currency pairs with the MT5. If the traders decide to use the ECN Zero Account, they can already become active from a deposit of 200 Euro.
Conclusion: There are a total of six different account models, whereby only four are designed for forex trading. Depending on the account model selected, trading is possible from as little as 10 euros (for the cent account). Who would like to use however the standard account and trade the complete pallet of the foreign exchange pairs, which selects the standard account and has a minimum deposit of 100 euro.
6 – free demo account in the services
Icon platformsIn addition to the six different account models with own capital, the free demo account is also part of the FXTM offer. Traders can easily register it online with a form and need only a few details:
- phone number
After the registration is completed within a few minutes, the traders receive access to the demo account and can trade all 250 offered financial instruments. In doing so, they act under conditions close to the market, as our experience in the FXTM test clearly shows. This means for traders, they have the smallest narrow spreads of for example between 0.1-0.5 pips at EUR/USD.
The demo account also gives traders access to a wide range of services, including a comprehensive training program. Traders can browse through the theoretical basics and implement their own trading strategies directly with the demo account without losing any of their own capital. For the optimal trading entry for foreign exchange trading as appropriate, as we find.
Result: FXTM offers its investors a free demo account, which is based on conditions close to the market. Traders can not only trade the countless currency pairs, but also CFDs on indices and more. Registration is completely free within seconds, so the demo account is quickly ready to use and traders can begin trading without delay.
7 – service & educational offers: extensive further education area
Icon Trading Account Training is not only important for prospective traders but also for successful traders. Therefore, it is understandable that we looked for it in the FXTM test. There are actually numerous further training offers, which are even available free of charge. The traders must make compromises however with the language selection, because it dominates English.
We did not find German training further contents in the FXTM test. Beside the bases, information to the foreign exchange trade and the Forexmarkt also numerous eBooks as well as free seminars and Webinars are available for the selection. The Trader can fall back even to a beginner Guide, which explains step by step the bases of the Forexhandel to them and illustrates, how strategically at the foreign exchange market one acts. In addition there are numerous videos, which likewise explain the basics of forex trading.
Our experience with FXTM has also been positive with regard to customer support, as the broker offers live support via various communication channels. Especially the online contact possibilities dominate, such as
- live chat
Dealers can also order a callback, although there is no telephone hotline. There is a point deduction in the test also for the language selection. Although the Forex Broker provides more than 30 languages for the support as well as its offers, the English language dominates here as well. For this, the traders have a contact person whom they can contact almost around the clock with a click of the mouse. Those who don’t want that can also fall back on the extensive FAQ area, in which the most important topics are already explained.
Conclusion: The further training offer is not only free of charge, but also enormous. The traders can fall back on basic knowledge, videos, seminars and much more to learn more about forex trading. In addition the different contact possibilities, which are offered above all on-line and in English language, are added.
8 – deposits and withdrawals: Deposits free of charge
Icon SavingTo become active with their own capital at FXTM, traders need to have their account capitalization. For this the global acting Forex Broker offers several interesting possibilities:
- Credit cards
- electronic purses
- Bank transfer
Depending on the payment method chosen, merchants can deposit in Euro, USD, GBP or other currencies without incurring any fees. There is a choice of renowned service providers such as Visa, Neteller, Skrill and MasterCard. How long the account capitalization takes also depends on the selected payment service provider. FXTM experience shows that the capital is usually available in the trading account within a few hours.
With the disbursements the Trader is somewhat limited, because usable for it are excluding the bank transfer, Neteller, Skrill as well as QIWI and Yandex.Money. There are also restrictions on the currencies and fees. If the traders decide for the bank transfer, they must count on costs of 20 euros. Payments with Neteller and Skrill are free of charge, but the situation is different with the other service providers, who charge a flat rate of 1.5 percent. According to experience the profits are available within 24 hours on the reference account of the traders, which speaks naturally for special speed.
Conclusion: FXTM accepts deposits in multiple currencies and through multiple payment providers. In addition to electronic wallets, you can choose to pay by credit card or bank transfer. While the deposits are completely free of charge, the traders have to reckon with additional costs of up to 20 Euro lump sum or 1.5 percent when paying out the winnings.
9 – seriousness: regulation given and additionally special offers for traders
Icon RiskIf we look at the seriousness of a Forex broker, various criteria are consulted. Regarding the license, FXTM makes a good impression, whereby also the customer funds are secured up to 20.000 Euro. In the test, however, we not only took a closer look at the seriousness and the trading offer, but also at the extras and services. Exactly of it the Forex Broker has to offer something exactly. Traders can access numerous free market analyses and use a free economic calendar with all important data. In addition there are the numerous bonus offers, like for example the special FXTM Loyalty program.
Traders have the chance to earn money by signing up with their ECN Zero or Standard Account and thus generate price advantages in trading activities. There are different levels for this, depending on the trading activities. This unique opportunity is hardly ever provided in a similar form by other brokers, so traders should definitely take advantage of this interesting opportunity. This unique service is of course free of charge.
FXTM offers its traders not only daily analysis, but also quarterly reports for market situations. Traders can view the trading professionals’ outlooks specifically for the Forex market or other markets, including video. This service is of course also provided as a free service by the broker.
In our test, FXTM scored well, but we were probably not the only ones who were positively impressed. Meanwhile the Forex Broker has won countless awards globally in recent years. These include the 2019 award for Best Investment Broker or “Best Trading Experience”. Such and similar awards can also be found for the years 2018, 2017, 2016 and before.
Conclusion: FXTM is not only one of the regulated providers, but also one of the award-winning – in the truest sense of the word. The Forex broker has managed to win over 15 awards for its Forex services on a global scale in recent years. We were also positively impressed in the test and even took pleasure in the special reward program for ambitious traders.
10 – Conclusion: Good performance at FXTM
Icon StrategyOur conclusion in the FXTM test is positive, because not only the trading offer, but also the conditions are convincing. The traders can invest more than 50 currency pairs and choose from four different account models. In total, there are even six account models to choose from, two of which are only for trading stock CFDs.
For prospective traders, the entry is even made easier with the free demo account, where the traders can act under near-market conditions. Not to be despised is also the extensive further training offer, although it is available mainly in English. The traders can still test extensively with the demo account and also take a closer look at the two renowned trading platforms, MT4 and MT5.
- Six different account models
- Countless payment service providers
- MetaTrader 4 and MT5 with numerous tools and indicators
- Mobile App for iPhone and mobile Android devices
- Customer funds secured up to 20,000 Euro