User Review( votes)
For those online traders looking for the perfect FX broker, FXTM (ForexTime) is here to serve that purpose.
• Ease of deposits and withdrawals
• Traders’ funds’ safety
• Easy trading terms
• Regulated and complies to the set rules
• Popular in Africa (SA, Nigeria, Kanya and other countries)
• No regulatory bodies in some African countries
If you want to get assured that your trading with FXTM is secured, you will have to know that various jurisdictions authorize and regulates this brand. One of these jurisdictions includes Cyprus Securities and Exchange Commission that has controlled it with the CIF license number 185/12.
FXTM got licensed by the Financial Sector Conduct Authority (FSCA). It is a licensing body based in South Africa. Besides, the brand got registered with the Financial Conduct Authority, based in the UK.
To see the future of a trading company, you need to trace how it has been performing within the first few years after getting established. As for FXTM, the company has been able to make revolutionary progress within a short time after it started. It’s from this progress that is able to gather various global awards, which boosts the clients’ confidence.
As the company grows, its mission only becomes clearer, and in the process, its commitment to its partners and clients is getting stronger. According to them, every award received acts as a sign of recognition of the company’s commitment with the clients and partner, which in turn makes them get extremely honored when they get recommended by the most prestigious award bodies in the trading industry.
Besides, the awards they get act as testimonies to their international character regarding their outstanding and innovative customer services. The following are some of the achievements and accomplishments they have been able to record within the short time they have been in the industry.
Types of Accounts
Live Trading Accounts
FXTM has live trading accounts, with each of them having its own goal and objectives. Also, each live account is suited to a different kind of investor. All these live trading accounts reveal different opportunity windows to the currency world. It is what makes FXTM a favorite trading partner to most investors for with this account.
Here all traders are well catered for. The live trading account covers traders of different levels of experience, from the newcomers to the experienced ones, from small depositors to those who deposit huge amounts. The list of live trading accounts offered act as a gateway to the financial aspirations of most traders.
Demo Trading Accounts
If a newcomer is not comfortable with starting with a live trading account, he may opt to begin practicing on a forex demo account. At ForexTime, the number of demo accounts on offer is more than those who would wish to exercise on them.
The company advises newbies to start with these accounts before practicing on live reports. Also, all the live trading accounts offered have mirror reflections of a demo. It is advisable for traders interested in developing their trading skills to choose from of the demo accounts types offered and see how they will enjoy trading with them.
MT4 and MT5 Trading Platforms
Forex Time offers the best of MT platforms for Windows and Mac.
- MetaTrader 4
- MetaTrader 5
Most traders have been waiting for these platforms, especially the updated version of the Meta Trader 5 trading platform that provides for the hedging option. The company is now glad to report that the updates are now available and they can easily get downloaded by all FXTM clients looking forward to having these versions.
With the new versions, the clients can now discover the newly released features and the critical differences between MetaTrader 4 and MetaTrader 5 trading platforms.
The following are some of these differences:
- MT4 supports four types of order execution while MT5 supports 3.
- MT4 has a partial edit option for a trade with a maximum volume execution, where the volume doesn’t exceed the amount requested by the client, while MT5 has no partial order filling policies.
- MT4 has six pending order types while MT5 has 4.
- Both have hedging options, where they have multiple positions for a financial instrument, both in the opposite and same direction.
However, it’s important to note that the MT4 is not getting replaced by MT5. You see, MT4 is already accessible to the clients; thus all its accounts will continue to be supported by FXTM.
On the recommendation regarding the best platform for beginners, FXTM advises one to try both MT4 and MT5 and familiarize themselves with the tools and interfaces offered by both. It’s after tasting both of them that one will be able to choose the best trading platform based on his personal experiences, knowledge, and preference.
You can download both the MT4 and MT5 terminals and use them before deciding on the one that best suits your trading style.
Both the live trading account and the demo accounts are linked to MT4 and MT5 trading platforms. By choosing a trading account, you will as well be picking the trading platform.
FXTM Trading Instruments
The following are trading instruments offered by ForexTime:
- Overview currency pairs (Forex Trading)
- CFDs on Commodities
- CFDs on Indices
- Spot Metals
- Share CFDs
The relationship between the Swap short and Swap long illustrate a positive trading development for all instruments, such that the probability of losing your capital is so acute.
How to Make a Deposit and Withdrawals at FXTM
At FXTM, a trader can easily make deposits to a live trading account without spending a lot of time. The company is continuously offering you various deposits and withdrawal options to make the processes faster and efficient. The following are some of the deposit and withdrawal options;
- Ghanan Local Transfers
- Nigeria Local Bank Wire Transfer
What Makes ForexTime Different from Other FX Brokers?
FXTM is unique from other Forex brokers in some ways. The following are some of the things that make them stand out from the crowd.
Regulation, the safety of funds and legal issues
Various bodies across the globe regulate FXTM. They understand that compliance and regulation are the most crucial things that clients consider when looking for forex brokers. Some of the brokers competing with Forex Time are unregulated, and thus, they do whatever they want with their traders’ funds. By being regulated and licensed, traders can lay their trust in them.
Safety of traders’ funds
Since licensing bodies regulate them, they comply with the set rules that are towards safeguarding their traders’ funds. It is the key reason why forex traders need to be regulated. Since various jurisdictions regulate FXTM, they are forced to keep all their clients’ funds separate in segregated accounts so as not use them on other reasons other than serving the clients’ trade needs.
Frequently Asked Questions (FAQs)
What are the steps involved in withdrawing funds from the account?
- Go to “My money” section and choose the payment method you wish to use.
- Choose the wallet or FXTM account that you want to withdraw the funds from. Complete the necessary fields.
- State the reason as to why you want to withdraw the funds and enter the PIN that was sent to you via SMS or email. Click ‘Submit.’
Am I supposed to withdraw funds using the same method I used to deposit?
Yes. One must use the same method used to deposit funds into one’s account.
The card I used to deposit got lost. What should I do?
Once your card gets lost, send us an email with the official document from the card’s issuer that states that the card got lost. We will guide you on what to do.
Is it possible to cancel a withdrawal request?
Yes. Go to ‘My Money’ section. Under the ‘My Transfer’ tab, click “cancel.
Overall rating of ForexTime
For now, FXTM is among the highest rated Forex brokers in Africa, especially in Nigeria, South Africa and Kenya. Following its many awards, it’s evident that their progress is not going unnoticed. It means that their services are highly regarded thus earning them a high reputation from the public.
Why Choose FXTM?
The broker is very reliable, especially due to simplicity, transparency, and clarity. FXTM educate you and leave you to make your choice. They are also ready to assist their clients in any query regarding forex trading. They aim to make your trading life easy to have a unique trading experience.
Besides, the following are some other reasons as to why you should choose FXTM as your trading partner:
- They have excellent trading terms
- Fast execution
- Low minimum deposits
- Deep interbank liquidity
- Expert advisors on forex trading
FXTM offers you various account types and leaves you to choose what best suits your trading. It also offers you a wide variety of trading instruments:
- Precious metals and commodities
- Over 50 Currency Pairs
- Ease of deposits and withdrawals
- Traders’ funds’ safety
- Easy trading terms
- Regulated and complies to the set rules
- Popular in Africa (SA, Nigeria, Kanya and other countries)
- No regulatory bodies in some African countries
It is difficult to pick the right forex broker given that there are hundreds of them in the market. Getting a trustworthy one can take a lot of time. However, having FXTM has well proven that your security as an online trader is well guaranteed, seeing that these brokers are registered and regulated to ensure that your capital is in safe hands.
If you’ve been looking for a caring trading partner, ForexTime is your friend in FX trading.
FXTM (ForexTime) #1 Review in Africa 2019 – Is it Reliable Broker?