FXTM’s three non-ECN accounts are the Standard, Cent, and Shares accounts. Cent accounts work in a balance of cents rather than dollars and have a tiny minimum deposit amount of $10. As you’ll find out in the following ForexTime FXTM review, this app stands out for its quick trades and withdrawals, which are facilitated by the MetaTrader platform. Through ForexTime FXTM, you can access numerous currency pairs, commodities, single-stock shares, and contracts for difference (CFDs).
Research and Education
Equity CFD trading is commission-free as Forextime joined the group of brokers catering to millennial and GenZ traders favoring no commissions. I want to stress once again that commission-free does not necessarily equal cheaper trading costs. Spreads are generally higher, often twice as high, than commission-based offers, and FXTM is no exception. You should not spend more than you can afford to lose scammed by xcritical and should ensure that you fully understand the risks involved. Before you use these products, please take into consideration your level of experience, financial objectives and seek independent advice if necessary. It is the responsibility of the Client to ascertain whether he/she is permitted to use the services of the FXTM brand based on the legal requirements in his/her country of residence.
- It offers a unique opportunity to hone your trading abilities in a controlled environment, with all values denominated in Nigerian kobo.
- Newcomers to foreign exchange trading will appreciate ForexTime’s vast library of educational resources.
- FXTM customers can use their accounts to trade currencies, CFDs, shares, and commodities.
- This may impact how, where and which companies / services we review and write about.
- FXTM is an international online broker offering financial services in various financial instruments.
LEVERAGE / MARGIN REQUIREMENTS
I like the regulatory framework at FXTM, ensuring traders have access to competitive trading conditions and superior protection. FXTM is a member of the Honk Kong-based Financial Commission, where the Compensation Fund protects traders up to €20,000 per claim. It is identical to what CySEC offers but does not come with regulatory restrictions.
Discover better trading today
The FXTM Advantage Account is highly sought after by retail forex traders in Nigeria. It provides the optimal combination of competitive trading conditions and access to diverse financial products tailored to the Nigerian market. This account type is well-suited for experienced traders looking to implement different trading strategies and offers significant benefits for Nigerian traders.
What’s the difference between the MT4 and MT5 trading platforms?
A $5 monthly inactivity fee applies after six months of dormancy. I find this reasonable and acceptable, and active traders will never face this cost. Here is the minimum spread for the EUR/USD and the trading costs per 1 standard lot in both. Whatever kind of trader you are, you can be confident that FXTM is a safe way to make foreign exchange trades.
FXTM will return funds to the payment processors used for deposits, and it appears that traders must withdraw profits exceeding them via bank wire only, which is expensive. The minimum deposit required to register an FXTM live trading account ranges from 8,100 NGN ($10) USD to 408,250 NGN ($500), depending on the account type. ✅ The demo account provides access to various trading tools and educational materials, empowering Nigerian traders to expand their knowledge and develop effective trading strategies. With the demo account, there is no need to worry about losing real funds.
Identify market trends and signals for entry and exit points
Its UK license may entitle account holders to state compensation in the event of broker bankruptcy of up to £85,000. I like that Forextime continues to adjust to market and regulatory changes, ensuring traders maintain a competitive edge. The degree of transparency is another positive I want to point out. Big Four accountancy PricewaterhouseCoopers Limited (PwC) audits published statistics per International Standard on Assurance Engagements (ISAE) 3000. Besides the wealth of informative educational materials on the FXTM site, this platform has a solid customer support service.
To compensate for no commissions, you’ll notice that your spreads are slightly wider, but still under the level of Standard Accounts. If you’re a new client to FXTM, it might be worth considering choosing the MetaTrader 5 (MT5) platform from the start. Our forex comparisons and broker reviews are reader supported and we may receive payment when you click on a link to a partner site. FXTM is a legit company, operating with four regulatory licenses and acquiring a fifth. Already using MetaTrader 4 or MetaTrader 5 with another broker? Switching to FXTM is quick and easy — sign up in minutes to discover better trading with a global award-winning team.
Trading with an ECN account results in a better rate thanks to a reduced average percentage in point (pip) values but requires a higher minimum deposit amount. FXTM Pro ECN accounts, for example, only offer super low spread values if a balance of 25,000 USD/EUR/GBP is maintained. As one of the successful brands running within Exinity Group, we’re specialists in giving you the potential to make financial returns on a range of financial markets. Whether you’re an experienced trader or completely new to it, we’re here to help you reach your goals.
As you can see by the multiple business divisions, FXTM is a truly global forex broker. As a result, their customer support is diverse and wide-reaching to match each client’s needs depending on the region. If you’re looking to take advantage of movements in an entire country’s stock market, you’re still able to trade index CFDs on MT4 with FXTM. FXTM’s Indices markets have some of the lowest spreads, making them a popular choice.
Whether you’re an experienced trader or completely new to it, we’re here to help you get more from the financial markets. ✅ The FXTM Islamic/Swap-Free account complies with Islamic principles by eliminating the collection or payment of interest or swap charges on overnight positions. This enables Nigerian traders to engage in trade without contravening their religious beliefs. ✅ Nigerian traders can https://xcritical.pro/ trade confidently on the FXTM Islamic/Swap-Free account, as it upholds transparency by refraining from imposing hidden fees. All transaction costs are visible, allowing traders to understand their trading expenses clearly. The Advantage Plus account from FXTM is designed to cater to proficient traders and professionals in Nigeria who seek enhanced capabilities and favorable trading conditions.
