FXTM Review | Is Forextime Company Legit or Scam?

FXTM Review: ForexTime is a brokerage company that offers trading of CFDs, stocks, commodities, and indices.

They have been in business for up to 10 years with an excellent reputation for delivering great service to their clients. Of course, they’re not perfect. But they have a lot of positive reviews from happy customers who have had a good experience with them.

So, is ForexTime legit or a scam? To answer this question, we need to take a closer look at what it is they offer and compare it to other companies in the same category.

In the following sections, we will take a close look at ForexTime and see how they stack up as an FX broker as well as whether they’re worth your time. If you want to know if Forextime is legit or a scam, then keep reading!

Table of Contents

What exactly is FXTM?

The FXTM or Forex Time company, which was founded in 2011 and has its headquarters in Cyprus (Limassol), has been acknowledged as one of the world’s fastest-growing and best forex brokers by the Financial Conduct Authority and other regulators.

Because of its concentration in Africa and Asia, the company has seen tremendous and quick growth within Europe and beyond in a relatively short period.

With its accessible trading across the world, regardless of the trader’s competence, the broker establishes its core on trustworthy trading conditions and extensive education and brings trading throughout the globe.

However, a network of FXTM offices is around Europe, with headquarters in the United Kingdom and present in South Africa.

Review: Pros and Cons of FXTM

FXTM is a well-known and regulated broker with various regulated companies around the world.

Account opening is simple, and FXTM has one of the most reasonable deposit requirements.

Trading conditions are favorable, with low spreads, outstanding customer support, and Forex education.

The withdrawal charge is one of the disadvantages, and stock spreads are generally high.

FXTM Review: Notable Things to Know About ForexTime

Headquarters: Cyprus and other entities across the world Regulations include CySEC, FCA, FSCA, and FSC.
MT4 and MT5 are the platforms available.
250+ financial instruments, over 50 currency pairs, CFDs on Cryptocurrencies, Spot metal, Shares, Commodities, and Indices are among the instruments available.
5 pips EUR/USD spread
Demo Accounts are now available.
It requires a minimum deposit of $200.
Base currencies: a variety of base currencies are available.
Available features to Educate yourself with the Professional FXTM Education Center.
Customer service is available 24 hours a day, five days a week.

Is FXTM a secure investment or a rip-off?

No, FXTM is not a scam; it is a well-regulated broker business comprised of three entities:

ForexTime Ltd
ForexTime UK Ltd, and
Exinity Limited

All of which provide trading services to over 10,000 clients from over 135 countries. Furthermore, it is also worth noting that FXTM follows all relevant regulatory rules in every region where it operates.

This is the most important question because investor accounts lose money, and if you trade with an unregulated organization, the danger of losing money is significantly higher.

Is FXTM a reputable firm?

Yes, FXTM is a legitimate broker since each of the organizations and brands it represents is licensed and regulated by several different jurisdictions across the world.

Forex Time Ltd is regulated by the Cyprus Securities and Exchange Commission (CySEC), recognized by the South African Financial Services Commission (FSCA), and supervised by the Mauritius-based offshore body FSC.

Also, the Financial Conduct Authority regulates the FXTM UK brand, a well-known sharp regulator with principles based on European MiFID and ICF that allow cross-broker activity.

What protections does FXTM have in place?

Because FXTM’s license signifies that it complies with the tight regulatory standards, traders’ funds are segregated from the broker’s operating funds and held in prominent and renowned EU banks.

FXTM is also a member of the Investor Compensation Fund, which compensates investors in the event of a company’s insolvency and protects against negative balance, and other standards that authority assess regularly.

FXTM Review on their Leverage

When trading with FXTM, you may choose between fixed and adjustable leverage. Leverage is a very valuable instrument, especially for smaller traders, because it allows you to raise your potential gains quickly by multiplying your original account balance a certain number of times.

What is the amount of risk?

Although, keep in mind that proper leverage should be applied to various products, as this might raise your risk and potential losses. A variety of factors determines FXTM leverage:

Regional regulatory requirements is the first.

Then there’s the trader’s expertise and knowledge, so always check with the customer service team to see which one applies to you.

So, if you want to trade with higher leverage ratios, such as 1:400, 1:500, or even 1:1000, you can open an FXTM account with a specific organization that enables such high leverage levels.

Accounts offered in FXTM

FXTM offers separate Forex trading and investment accounts. Based on your preferred trading transactions, instrument, and trading size, giving you three account kinds to choose from:

Micro Account
Advantage Account
Advantage Plus Account

So, let’s take a deeper look at FXTM Accounts, which are classified as Micro, Advantage, and Advantage Plus.

Micro Account – FXTM’s most accessible account, with a low minimum deposit and quick execution.
Advantage Account, has an average cost of $0.40 – $2 based on volume and spreads as low as 0.0.
Advantage Plus Account – a partner account with no commission (only the spread) with spreads starting at 1.5 pips.

Furthermore, always double-check which entity you’ll be trading with, as FXTM’s offerings may change slightly.

Conclusion

In conclusion, FXTM provides excellent trading opportunities for both novice and expert traders and investors. There are other benefits, such as the account variety, allowing traders choose the best option for them.

Check out their site to sign up today.