FXTM broker review: is it trustworthy?
Searching for a legit broker can turn into a difficult challenge. There are too many scams that do not let users withdraw their funds. How to avoid such services? One must read many reviews and customer opinions on the Web. That is why we have created this FXTM broker review.
FXTM or, as it is also known, Forex Time was founded in 2011. The main founder is Andrey Dashin. He is a trading expert who is also a shareholder of Alpari, another online brokerage company. This shows that the owner is a person who understands the principles of trading and knows how to give his clients the best trading experience.
The FXTM broker is regulated by different authorities. These include the UK FCA and CySEC. These are reputable authorities and their presence shows that this broker can be trusted. Nevertheless, it is too early to write anything about the trustability because other important details have not been reviewed yet.
What can you trade with FXTM?
The broker mainly works with currency pairs. However, other products are available too. The selection of assets is quite competitive. Have a look yourself:
- 48 currency pairs
- 11 stock index CFDs
- 166 stock CFDs
- 6 commodity CFDs
- 4 cryptocurrencies
Not many companies can boast of having such a wide variety of choices. FXTM is a clear winner in comparison with many other brokers like Instaforex and others.
In addition, FXTM also provides real stocks for clients that are not in the EU zone. There are two stock markets that you can work with: NYSE and NASDAQ.
Fees at FXTM
Another important detail are the commissions that are charged by the broker. If we speak about stock index CFDs or forex, the fees are very low in comparison with competitive companies. However, stock CFDs have very high fees and this is something to consider if you prefer working with them. We shall not give a specific number because they vary a lot, so we recommend visiting the FXTM website and checking them out on your own.
Minimum deposit and withdrawal methods
When you make a deposit, you get to choose from 4 base fiat currency: EUR, USD, GBP, and NGN. It is important to note that the NGN currency is only available for residents of Nigeria.
You can use bank transfers, bank cards, and electronic wallets for both deposits and withdrawals. The list of electronic wallets includes Neteller, Qiwi, Yandex. Money, and others.
In the screenshot above, you can see that there are no deposit commissions for each of the listed methods. However, the processing time varies. It can take up to 5 business days with bank transfers and 2 hours with bank cards.
Nevertheless, depending on the method you choose, you have to pay a fee for withdrawing your funds. Here is a list so that it would be easier to understand:
- $3 for bank cards
- €20 for wire transfers
- 1.5% for Yandex.Money or Qiwi
- No commissions for Neteller
Basically, the fees are not that big if we do not look at the pay for using wire transfers. Overall, the variety of options is wide enough and that makes the usage of the service more convenient.
FXTM works with the MetaTrader software. This includes the 4th and 5th versions of the application. It is available in all account types and supports a huge variety of languages. For the best trading experience, the software is accessible on desktop, web, and mobile. This way, you can trade from wherever you are and never miss an opportunity to earn a couple of dollars.
The software includes a big number of charts, instruments, signals, and other things that are important for a trader. Generally, you get everything you would normally get while working with the MetaTrader software, so there is nothing to be surprised of.
A lot of clients on the Web seem to be satisfied by the way the customer support works here. If you encounter any issues, you can request assistance through a live chat, via a phone call, or an email. A variety of languages is supported: English, Russian, Chinese, Farsi, Vietnamese, Arabic, and others.
The answers from each option are usually received very quickly and are quite professional. However, a major drawback is that the service does not work 24/7 and you might have to wait for some time if you try to reach out for an agent while they are not working.
Customer reviews on FXTM
There are not many reviews about FXTM on the Web. From those that we have found on Trustpilot, 13% were “Excellent” and 39% were “Great”. At the same time, 8% were “Poor” and 18% were “Bad”. These statistics are not very good. Generally, most of the real reviews were negative. Almost every positive commentary was spam that mentioned getting a refund from following a specific address.
Here is what a user with the nickname Nellka writes about the service. She mentions that the spreads are often above $1 and it looks like the company is interfering with the trades of its clients. This is not good.
We have searched for some opinions on other websites and they also appeared to be negative. For example, the user from the screenshot below states that his money was lost during an attempt to withdraw it. We do not know whether the situation was solved by now.
To sum up
Although FXTM may seem to be a legit broker in the beginning, once we got to the user reviews the tables turned. Users complain about a lot of different issues: slippage, gigantic spreads, problems with withdrawals, etc. This is a negative sign and it is not recommended to work with this company.
How about your experience with FXTM?