FXTM Review South Africa – Unbiased Pros & Cons Revealed (2021)

 

WHO IS FOREXTIME (FXTM)?

ForexTime (FXTM) is open to traders from around the globe, creating trading opportunities for more than 2 million clients from 150 countries over the last decade.

FXTM operates from offices in Africa, Asia, Latin America, Europe and the Middle East, and is compliant with international trading and financial regulations.

This brokerage offers over 250 instruments that can be traded on MetaTrader platforms, with record-breaking maximum leverages of 1:2000 on initial deposits.

FXTM has an impressive library of free educational resources, including webinars, eBooks and courses, and it accommodates clients who are interested in CopyTrading.

What makes FXTM unique is their trading contests and sponsorships extended to professional athletes, including BASEjumper, WTA finals, Sahara Force India, Patron of the Oceans and the Velokhaya Life Cycling Academy.

They also offer affiliate programs and career opportunities, and host events and webinars to keep their clients updated with market news and for networking.

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Time to open an account Immediate, with 1 day for verification
Bonus $50 referral reward
Publicly traded – listed on stock exchange No
Country of regulation  CySEC, FSCA, FCA, FSA
Trust score 85
Platforms MetaTrader 4, MetaTrader 5, WebTrader
Mobile App  iPhone, iPad, Android
Copy Trading  Yes
Islamic account Yes
Demo account Yes
Base currencies EUR, GBP, USD, NGN
Ave spread EUR/USD From 0.1 pips
Leverage  Up to 1:2000
Trading fees (low, average, high) Low 
Minimum deposit $10 – $500
Withdrawal fee $3
Currency pairs  48
Cryptocurrency trading  Yes
Deposit with electronic wallet  Yes

 

IS FOREXTIME SAFE?

FXTM operates under strict international regulations standards and is fully compliant with the:

  1. Financial Conduct Authority (FCA)
  2. Cyprus Securities and Exchange Commission (CySEC)
  3. Financial Services Commission (FSCA)

FXTM owns FCA and CIF licenses, along with an Investment Dealer license. All customer funds are held in protected accounts, held by high-ranking financial institutions. 

Unfortunately, residents of the USA, Suriname, Mauritius, Japan, Canada, Puerto Rico, Haiti, the Democratic Republic of Korea, the Occupied Area of Cyprus and Hong Kong, cannot access FXTM servers.

 

FOREXTIME REVIEW OF PRO AND CONS

Pros Cons
Exceptional customer support services Stock CFDs have high fees
High-quality educational resources Penalty fees for inactivity & withdrawal
Account creation is digital & swift Limited product portfolio
Stock index CFD has low costs Withdrawal fees applicable
Low fees on EUR/CHF & EUR/GBP No price alerts
Special credit/debit cards available  No login authentication features
Deposits & Withdrawals deposited within 3 days
Clear fee report
Dashboards & tools can be customized
Order confirmation alerts

 

LEVERAGE

Using leverage allows traders to enter markets with bigger deposits. Most brokerages offer this facility, but there is usually a maximum leverage of 1:500 because of the high risks associated with trading this way.

Traders who have more experience with leveraged trading will appreciate the offering at FXTM, which is one of the highest in the market at 1:2000. This means that deposits can be increased by up to 2000 times the initial amount.

When using FXTM Pro MT4 accounts, the leverage offered is up to 1:200 on FX majors, minors and spot metals, and 1:100 on exotic currencies.

FXTM Pro MT5 accounts offer a maximum leverage of 1:200 on all FX majors, minors, exotics and spot metals.

 

ACCOUNTS TYPES

Along with flexible leverage options, FXTM offers a total of 7 account types, ensuring that there is a trading solution for each type of trader.

Demo accounts can be used with Standard accounts, Cent accounts, ECN accounts and ECN Zero accounts. 

Standard accounts have instant execution speeds and ECN accounts have market execution speeds. There is no order limit on ECN accounts, but Standard accounts range from 100-300 maximum orders.

ECN accounts, Standard accounts and Stock CFD accounts support USD, EUR. GBP and NGN. Cent accounts are compatible with the US Cent, EU Cent, GBP Pence and the NGN kobo.

  1. Standard accounts (MT4/MT5) – Requires a minimum deposit of $100, with no commission charged and no limit on maximum deposits. Leverage floating from 1:2000 and spreads from 1.3.
  2. Cent accounts (MT4) – Requires a minimum deposit of $10, with no commission charged and no limit on maximum deposits. Fixed leverage from 1:1000 (FX) and 1:500(Spot metals), with spreads from 1.5.
  3. Stock CFD accounts (MT4) – Requires a minimum deposit of $100, with no commission charged and no limit on maximum deposits. Fixed leverage from 1:10(US shares) and 1:3 (EU shares), with spreads from 0.1. 
  4. Stocks accounts (MT5) – Requires a minimum deposit of $100 with no commission charged and no limit on maximum deposits. Leverage offering at 1:1 with tight spreads.
  5. ECN accounts (MT4/MT5) – Requires a minimum deposit of $500, with a commission of $2 per lot but without a limit on maximum deposits. Leverage floating from 1:2000 and spreads from 0.1.
  6. ECN Zero accounts (MT4/MT5) – Requires a minimum deposit of $200, with no commission fees and no limit on maximum deposits. Leverage floating from 1:2000 with spreads from 1.5.
  7. FXTM Pro accounts (MT4/MT5) – Requires a minimum deposit of $25,000. There is no commission charged and no limit on maximum deposits. Leverage floating from 1:200 and spreads starting from 0. 

Swap-free accounts are available for most account types, and these adhere to Sharia laws for persons of the Islamic faith.

 

MARKET INSTRUMENTS

FXTM has an excellent selection of instruments that can be traded in global markets. Their offering consists of Forex currencies, Spot metals, Stock CFDs, Spot commodities and Spot CFD indices.

The Forex market operates 24 hours during the business week and supports the majority of currency pairs, including FX majors, minors and exotics. 

A total average of $5 trillion moves through the markets daily, making Forex markets extremely liquid. 

If traders are interested in buying shares from some of the most popular international brands, FXTM offers stock CFDs in US and EU companies, with prices derived from NYSE and NASDAQ.

FXTM’s product offering also includes indices from the UK, the US, Australia and Germany, as well as some of the most popular cryptocurrencies. 

Crypto assets offered include Litecoin, Ripple, Bitcoin and Ethereum. 

 

FEES

No commission is charged on any of the accounts, except for a $2 commission on the ECN account, and there is no limit on deposits.

Accounts vary depending on which account is chosen, with Standard accounts having higher spreads and no commission fees, and ECN accounts have lower spreads, but commissions may be charged. 

The commission amount is decreased for accounts with higher balances or active trading history.

Despite the high fees on stock CFDs, FXTM charges minimal fees on stock index CFDs. There is also a $5 penalty fee for inactivity and withdrawals are generally not free.

 

DEPOSIT AND WITHDRAWAL

FXTM has flexible payment methods, accommodating for residents from most countries and charging no commission fees on any e-wallet, credit card or bank wire deposits.

No opportunity to trade will be missed with this brokerage, and most transactions will be processed within one day (24 hours).

FXTM accepts 11 forms of e-wallets, Bank Wire Transfers, credit cards from Visa, Mastercard and Maestro, along with local deposits from all major African, Asian and European countries.

Deposits with credit cards are free of charge, but there is a withdrawal fee of $3 USD on all credit card withdrawals.

No commission is charged on e-wallet deposits, but all withdrawals using e-wallet incur commission fees, with the exception of Skrill, Vload, TC Pay Wallet and Neteller.

Bank Wire Transfer deposits are free, but withdrawals using this method cost 30EUR. The processing time of a bank wire deposit is 3-5 business days, but withdrawals reflect within 24 hours. 

 

TRADING PLATFORMS

FXTM offers several great platforms to traders:

  • MetaTrader 4 – a popular multilingual trading platform with enhanced charting, analysis and researching tools
  • MetaTrader 5 – a more advanced version of MT4, enabling CopyTrading, APIs, alerts and access to a community platform.
  • MT WebTrader – trade securely using your computer, without installing any software
  • FXTM Platform – download software with fully functional account features and trading tools
  • Mobile Trading – use your mobile device to trade on the go. Fully compatible with IOS and Android 

Both MetaTrader platforms are free to download and are designed to improve the trader’s experience with innovative tools for technical and fundamental analysis, along with updates on market news and CopyTrading facilities.

FXTM Trader was developed by the FXTM team to specifically cater to the needs of traders on the move. 

The dashboard can be used to conveniently manage accounts, track live currency rates during the week, make deposits and withdrawals, and it provides access to advanced charting tools and indicators.

 

HOW TO OPEN A FOREXTIME ACCOUNT

Creating an FXTM account is easy and involves the following steps:

  1. Visit the website and select “Open account”
  2. Fill in all your details
  3. Supply documentation confirming identification and citizenship
  4. Answer some trading preference questions about trading goals and trading experience
  5. Accept terms and conditions and create a password
  6. Choose your payment option and fund your account
  7. Select your preferred trading instruments
  8. Download and install the trading platform
  9. Begin your trading journey!

 

CUSTOMER SUPPORT

FXTM’s multilingual customer support team can be reached via live chat, email and telephonically. 

A unique feature of FXTM support is their trading support facility, which analyses mistakes made by traders and provides feedback on improving strategies used.

The FXTM team is committed to helping all clients and their FAQ section answers some of the issues most encountered by clients, as well as explaining registration processes, how to do withdrawals and deposits, and information about trading tools and platforms, investment guidance and details about partnership programs.

If your questions remain unanswered, you can contact FXTM support directly through the website.

 

EDUCATION

FXTM provides a comprehensive library of educational content that can be accessed by anyone, free of charge.

There are four free e-Books, each covering major topics of online trading, in great detail. These e-Books provide context on trends, risk management, using strategies and reading charts.

The webinars explore matters of stock trading, chart analysis, orders and identifying trends. 

FXTM has also hosted seminars in the past, giving traders opportunities to network, learn and get certificates and prizes for participating.

FXTM offers a variety of in-depth educational courses for traders with all levels of experience, along with a glossary that can be used to gain a better understanding of the terminology used in trading.

 

RESEARCH

FXTM’s compatibility with MetaTrader platforms makes it ideal for doing technical analysis, analysing charts and tracking price movements. 

When combined with the educational content provided by FXTM, the research tools can be used to great lengths to experiment with different trading strategies or for context when using CopyTrading.

FXTM provides updated articles and market news, along with a section on market analyses on the website.

There is also an economic calendar that can be filtered based on trading or research preferences, and charting tools can be used along with research and analysis tools for greater chances of trading successfully and understanding how price movements, market trends and key economic indicators will impact trading activity.

 

AWARDS

FXTM has received numerous awards over the years:

Best Forex Broker Awards:

  • 2013 – Best Forex Newcomer, awarded by World Finance Awards
  • 2013 – Fastest Growing Forex Broker, awarded by Mena13
  • 2013 – Most Innovative Product, awarded by Mena13
  • 2014 – Fastest-Growing ECN Broker (Asia), awarded by the Global Banking & Finance Awards
  • 2014 – Most Educational Broker, awarded by FXEmpire
  • 2015 – Best Broker Eastern Asia, awarded by Forex Report Awards
  • 2015 – Best Broker for Online Trading, awarded by IAIR Awards
  • 2015 – Best Trading Institution, awarded by CNForex 
  • 2015 – Most Promising Forex Broker, awarded by CNForex
  • 2015 – Most Trusted Forex Broker (Dubai), awarded by Mena14
  • 2016 – Best Forex Brand (Nigeria), awarded by Global Brands Magazine
  • 2016 – Best FX Broker, awarded by European CEO Awards
  • 2017 – Best FX Broker (Asia), awarded by World Finance
  • 2017 – Best Online Forex Trading Company of the Year (Nigeria), awarded by BOICT Awards
  • 2017 – Firm of the Year (EU), awarded by the European Magazine Awards
  • 2017 – Forex Broker of the Year, awarded by the Global Investor Mena Awards
  • 2017 – Most Innovative Broker, awarded by FXEmpire
  • 2018 – Forex Brand of the Year (China), fxeye.com
  • 2018 – Most Innovative Broker, awarded by FXEmpire
  • 2019 – Best Investment Broker, awarded by the World Finance Awards
  • 2020 – Best ECN Broker, awarded by daytrading.com
  • 2020 – Best Forex Broker (Nigeria), awarded by forextrading.ng

 

Best Programme Awards:

  • 2014 – Best Partner Program (Asia) awarded by the Global Banking & Finance Awards
  • 2015 – Best Affiliate Programme, awarded by Forex Report Awards
  • 2019 – Best EU Forex Affiliate Programme, awarded by the Global Forex Awards

 

Performance Awards:

  • 2015 – Fastest Order Execution, awarded by Forex Traders Awards
  • 2016 – Best CEO in the Forex Industry, awarded by Business Worldwide
  • 2016 – Best Media Recommended Forex Brokers (China), awarded by Yocajr.com
  • 2016 – Best Sell-side Analysis Contributor, awarded by FXStreet Awards
  • 2016 – Top Customer Services Provider, awarded by the 9th Saudi Money Expo
  • 2017 – Best Customer Service globally, awarded by World Finance
  • 2018 – Best Forex Education Provider (Africa), awarded by the International Business Magazine
  • 2018 – Education and Reputation Forex Broker Award, awarded by hexun.com
  • 2018 – Market Award (China), awarded by fxeye.com
  • 2018 – Reputable Investor Education Award, awarded by hexun.com
  • 2019 – Best Trading Conditions, awarded by the World Finance Awards
  • 2019 – Best Trading Experience, awarded by the World Finance Awards
  • 2020 – Best Education Provider, awarded by fxdailyinfo.com
  • 2020 – Best Trading Experience, awarded by World Finance

 

CONCLUSION

FXTM is regulated by international authorities and operates as a fully licensed Forex broker. 

They have been rewarded generously for excellent service, innovative products and for maintaining a respectable reputation, making them a leader amongst Forex brokers globally.

They offer multiple types of accounts to accommodate all types of traders, along with flexible leverage options and compatibility with MetaTrader platforms. 

FXTM provides access to advanced trading and research tools to improve the trader’s journey and their chances of succeeding, and the vast library of educational content makes a good impression on new and expert traders alike. 

Their customer support team is committed to ensuring that all your questions are answered.