Established in 2011, FXTM is a global forex and CFD broker headquartered in Limassol, Cyprus. FXTM offers trading in forex and CFDs on commodities and indices via the MetaTrader platform and the FXTM Trader App. FXTM is regulated in multiple jurisdictions, and all client funds are segregated from the firm’s assets and held in top-tier banks. FXTM has offices in Europe, Africa, Asia, and Latin America and has served 4 million clients across 180 countries, according to the company website.
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Clients can choose from among several account types to suit different trader profiles. FXTM provides clients with a dedicated support representative. FXTM also distinguishes itself by being overseen by two top-tier regulators and by offering a proprietary mobile app.
With a demo account, reliable customer service, and in-depth educational resources, FXTM is a solid choice for traders new to the markets. Experienced traders can take advantage of the advanced features of MetaTrader and lower trading costs through the Advantage account type.
In our review of FXTM, we focused on the services provided by Exinity UK Ltd. (forextime.com/uk), regulated by the UK Financial Conduct Authority (FCA). We conducted our tests using the MetaTrader 4 platform. Some features and services may vary depending on where you reside.
☑️ Regulations | CySEC (Cyprus), FSCA (South Africa), FSCM (Mauritius), FCA (United Kingdom) |
🗺 Supported Languages | Turkish, Korean, Hebrew, English, Danish, Russian, French, Indonesian, Latvian, Thai, Slovak, Czech, Arabic, Estonian, Hungarian, Bulgarian, Italian, Spanish, Chinese, Croatian, Farsi, Japanese, Swedish, Serbian, Malaysian, German |
💰 Products | Currencies, Stocks, Indices, Commodities |
💵 Min Deposit | |
💹 Max Leverage | 1:30 (CySEC ), 1:500 (FSCA), 1:3000 (FSCM), 1:30 (FCA) |
🖥 Trading Desk Type | No dealing desk, ECN, Market Maker |
📊 Trading Platforms | MT5, MT4, Web Platform, Mobile Platform |
💳 Deposit Options | Local Deposit, Maestro, Wire Transfer, Skrill, Neteller, Credit Card, Visa, Mastercard, GooglePay, PayRedeem |
💳 Withdrawal Options | Wire Transfer, Neteller, Skrill, Credit Card, PerfectMoney, Maestro, Visa, Mastercard, PayRedeem, GlobePay |
🤴 Demo Account | Yes |
🗓 Foundation Year | 2011 |
🌎 Headquarters Country | Cyprus |
FXTM is regulated in multiple jurisdictions across the globe. The UK entity of FXTM is regulated by the Financial Conduct Authority (FCA). UK clients benefit from negative balance protection, segregated funds, and a compensation fund in the event of broker insolvency. We judged that FXTM has a high level of transparency.
This section will cover how the different entities of FXTM are regulated and how this impacts you as a trader. We rate regulators on a scale of 1 to 3, with 1 reflecting the highest level of trust.
Different regulators provide different levels of protection. For example, FXTM clients in the United Kingdom benefit from the oversight of the FCA. The FCA requires that clients have negative balance protection, which means they cannot lose more than their deposit.
In addition, when trading with a broker authorized by the FCA, client funds are protected by the Financial Services Compensation Scheme (FSCS). The FSCS protects investments of up to £85,000 if a firm becomes insolvent. By contrast, a trader working with a broker entity regulated offshore would not necessarily have these benefits.
The table below lists the protections and benefits by the entity, regulator, and region.
Entity | Exinity UK Ltd | ForexTime Ltd | Exinity Limited |
Country/Region | UK | EU & South Africa | Mauritius |
Regulation | FCA | CySEC & FSCA | FSC |
Segregated Funds | Yes | Yes | Yes |
Negative Balance Protection | Yes | Yes | No |
Compensation Scheme | Yes (FSCS Up to £85,000) | Yes, for EU (ICF Up to €20,000) | No |
Standard Leverage | 1:30 | 1:30 | 1:1000 |
Regulatory requirements are subject to change. We gathered the data listed above in June 2022.
In our tests for the Trust category, we also cover factors relating to stability and transparency. Here, we focus on how long the broker has been in business, the size of the company, and how transparent they are in terms of readily available information.
FXTM launched in 2011, reflecting a substantial operating history. According to its LinkedIn page, the company is headquartered in Limassol, Cyprus. The FXTM website states that the group of companies has over 800 employees in more than ten offices worldwide.
In our research, FXTM showed a good level of transparency in its regulatory status, with a listing of all entities and regulators in the website’s footer.
Spreads and commissions are outlined on the Account Comparison page. The Client Agreement can be found on the Account Opening Agreements page. The background and history of the company are broadly outlined on the About Us page. Overall, we rate FXTM as having a high level of transparency, better than average for the industry.
Trading costs at FXTM vary by account type. I assess that the Advantage account offers the most competitive spreads but also charges commissions. Swap fees and inactivity fees are at a standard level.
We tested the spreads at FXTM across different asset classes using the MetaTrader 4 platform. The test was performed at 8 AM GMT and 3 PM GMT on June 10th, 2022. 8 AM GMT is the London open when there is a high level of liquidity in the forex market and tighter spreads in currency pairs. 3 PM GMT is during the New York trading session.
Instrument | Spread AM | Spread PM |
EUR/USD | 2 Pips | 2 Pips |
GBP/JPY | 6.2 Pips | 5.2 Pips |
Gold | 36 Pips | 43 Pips |
Swap fees (the cost of holding a position overnight) were average at FXTM.
In the table below, you can see the Swap Long (the cost/credit of holding a buy position overnight) and the Swap Short (the cost/credit of maintaining a sell position overnight) for one full-sized contract. A full-sized contract is 100,000 units of the base currency (the first currency quoted in the pair). We recorded the data on June 9th, 2022.
Instrument | Swap Long | Swap Short |
EUR/USD | Charge of $5.70 | Credit of $1.20 |
GBP/JPY | Credit of $0.60 | Charge of $7.40 |
FXTM charges a monthly inactivity fee of 5 EUR/USD/GBP/NGN to accounts that have been dormant for six consecutive months.
Spreads, swaps, and inactivity fees at FXTM are roughly average for the forex and CFD industry. More competitive trading costs are available via the Advantage account type, which gives a discount based on trading volume but requires a higher account balance.
FXTM offers MetaTrader 4 and MetaTrader 5 for desktop and web. For trading on the go, clients can use the proprietary FXTM Trader mobile app. The MetaTrader platform has advanced functionality but is not highly intuitive and may take beginners some time to master. The FXTM Trader mobile app has an attractive, user-friendly interface but is relatively basic in its functionality.
FXTM offers MetaTrader 4 for desktop, which includes advanced functions such as copy trading and automated trading.
MetaTrader 4 is available in 39 languages, from Arabic to Vietnamese. The platform provides popular features such as:
MetaTrader also delivers when it comes to the range of available order types. The platform offers the following order types:
Charting features are robust. MetaTrader 4 offers:
MetaTrader is also popular due to its copy trading and automated trading features.
The MetaTrader 4 desktop platform is one of the most feature-rich and popular trading platforms in the world. It does not have the most beautiful interface, and it does require some time and effort to learn, but that is typical of advanced platforms.
The MetaTrader Web Platform (WebTrader) is a slightly stripped-down version of the desktop platform. It allows you to trade without any additional software; only an internet connection is required. The Web Platform enables users to trade directly from any browser and operating system.
Popular features include:
Copy-trading and automated trading are also only available on the MT4 desktop platform.
The FXTM app has a modern and intuitive look and feel. Watchlists, tracking of open, pending, and closed positions, 1-click trading, and trading from the chart are among the key features available via the app. Standard order types are available, including market orders, limit orders and stop-loss orders.
Charting via the app features:
FXTM analysis and news are available, so traders can stay on top of the markets while on the move. Clients can also top up funds and make withdrawals through the app. Overall we rate the FXTM Trader App as well designed and especially good for beginners. However, it lacks some popular features such as price alerts and trailing stop-loss orders.
FXTM Trader Mobile App Languages |
English | Arabic | Chinese | Korean |
FXTM uses Market Execution which involves orders going directly to the market through an Electronic Communication Network (ECN) and being executed in milliseconds.
FXTM offers trading in forex and CFDs on commodities and indices. CFDs on stocks are currently not available for new clients in the UK. FXTM is relatively strong in the number of available CFDs on indices and the variety of major, minor and exotic currency pairs.
CFDs (Contract for Differences) are financial derivative products that allow traders to speculate in various markets without owning the underlying assets. Tradable instruments at FXTM include the following assets:
In the tables below, you can see a selection highlighting the variety of instruments available at FXTM:
Forex Majors | Forex Minors |
GBP/USD | EUR/USD | USD/JPY | EUR/NZD | CAD/JPY | AUD/NZD |
CFDs on Commodities | CFDs on Indices |
WTI Crude Oil | Gold | Natural Gas | Dax 30 | UK 100 | AUS 200 |
FXTM offers customer support via live chat, phone, and email during office hours ( Monday to Friday, 6 am to 4 pm GMT / GMT+1 DST). Clients of FXTM are assigned a dedicated customer solutions representative. We rated support at FXTM as reliable and better than average for the industry.
We tested customer support with various queries, ranging from tradable instruments to the base currencies available. Chat support responded immediately, and emails were typically responded to within one business day. Via phone, we also received solid support from well-informed agents.
To receive support via chat, clients must use Telegram or Facebook messenger. This requires already having or setting up an account with either one. We found that Telegram worked well, and it was convenient to have all the prior chat questions and answers remaining in the chat window, which is not always the case with chat software used by brokers.
Via chat, customer support is available in English and Chinese. In addition, relationship managers who speak English, Chinese, Spanish, French, Polish, Italian, and Arabic are available for FXTM clients.
Deposits and withdrawals at FXTM can be made via bank wire transfer, credit/debit card, and digital wallet. Processing times are about average for the industry. Deposits are free, but fees are charged for withdrawals via bank transfer and credit card.
In the tables below, we break down the fees and processing times for each deposit and withdrawal method.
Deposit Method | Fees | Processing Time |
Bank Wire | 0% | 3-5 Business Days |
Visa | 0% | 2 Hours |
Mastercard | 0% | 2 Hours |
Maestro | 0% | 2 Hours |
Skrill | 0% | 2 Hours |
Neteller | 0% | 2 Hours |
Withdrawal Method | Fees | Processing Time |
Bank Wire | 10 EUR / 5 GBP | 3-5 Business Days |
Visa | 2 EUR/ 3 USD/ 2 GBP | 2 Hours |
Mastercard | 2 EUR/ 3 USD/ 2 GBP | 2 Hours |
Maestro | 2 EUR/ 3 USD/ 2 GBP | 2 Hours |
Skrill | 0% | 1 Business Day |
Neteller | 0% | Same business day |
FXTM offers a good range of deposit and withdrawal methods and processing times are about average for the industry. While there are fees for withdrawals via bank transfer and credit/debit card, they are relatively low.
The account opening process at FXTM is fully digital and can be completed quickly via the company website. FXTM offers two account types: Advantage and Advantage Plus.
To open an individual account at the Exinity UK Ltd., prospective clients must answer a series of questions covering the following:
Prospective clients must verify their identity by uploading a copy of their passport, national ID card, or driving licence. In addition, they must provide proof of residence using a bank statement, utility bill, tenancy contract, or residence certificate.
FXTM offers two account types – Advantage and Advantage Plus. The features of each account type are broken down in the table below:
Feature | Advantage | Advantage Plus |
Minimum deposit | $/€/£ 500 | $/€/£ 500 |
Spreads | From 0.0 | From 1.5 |
Trading Instruments | FX, Metals, Commodities, Indices | FX, Metals, Commodities, Indices |
Commission | Average of $0.40 – $2 based on volume | Zero |
Platforms | MT4 | MT4 |
Currency | USD / EUR / GBP | USD / EUR / GBP |
Leverage | Up to 1:30 | Up to 1:30 |
Order execution | Market Execution | Market Execution |
FXTM offers demo accounts for MetaTrader 4, MetaTrader 5, and the FXTM Trader App. Demo accounts are especially important for beginners as they allow them to practice their strategies and get comfortable with the trading platform without risking real money.
The demo account features live quotes and simulates live market conditions in assets such as forex and CFDs on commodities and indices. Once users are up to speed on a demo account, they can easily switch over to a live account.
Professional clients can trade using a higher leverage level of up to 1:300 but lose a certain level of protection. Professional account holders are responsible for ensuring that their accounts do not fall into a negative balance.
To qualify for a professional account, clients must meet at least two of the criteria outlined below:
FXTM offers a swap-free Islamic account that adheres to the principles of Sharia law. To activate this option, FXTM asks clients to provide an official document that shows their religion.
One of the reasons that traders are attracted to the forex and CFD markets is the high degree of available leverage. Leverage is the use of borrowed funds to increase the size of your trading positions beyond what would be possible using only the cash in your account.
For UK clients, FXTM (Exinity UK Ltd.) offers clients leverage of up to 1:30. This means that with an account of $1,000, you can control up to $30,000 worth of positions in the market. Leverage is often described as a ‘double-edged sword’ as it can hurt you as much as it helps you. Traders must remember that it can amplify both their profits and their losses.
FXTM takes clients from the majority of countries globally. However, the FXTM brand does not provide services to residents of the USA, Mauritius, Japan, Canada, Haiti, Suriname, the Democratic Republic of Korea, Puerto Rico, Brazil, the Occupied Area of Cyprus, and Hong Kong.
FXTM shines in the area of market analysis, with an in-house team producing insightful articles daily. Content covers fundamental and technical analysis and is mainly focused on the forex market.
FXTM’s daily market analysis covers major economic events and includes technical insights to help traders find trading ideas. Articles help explain fundamental forces such as central bank policy and highlight key support and resistance levels. Weekly forecasts help orient traders for coming sessions, and ‘trade of the week’ articles highlight specific instruments in play. Traders can follow the latest news and reports via the FXTM Twitter account, which is quite active.
The FXTM website features a robust economic calendar, which lists upcoming releases, the expected level of market impact, the actual figure, the consensus forecast, the deviation from the consensus, and the figure from the prior release.
A selection of custom MT4 indicators, such as the Pivot SR Levels indicator, can help give traders an edge in their analysis and are available to be downloaded from the FXTM website.
FXTM excels in its educational offering, with articles, ebooks, and video content to help guide clients. The quality of educational materials are better than average for the industry.
FXTM provides dozens of educational articles to help give new traders a solid foundation. Practical themes such as identifying trends and how to use oscillators are covered in depth. These articles are useful for both beginners and experienced traders who may have gaps in their knowledge. In addition, short, easy-to-understand educational videos cover key trading and technical analysis concepts. Terms such as swaps and margin are explained along with basic themes such as the different chart types. The video content is mostly geared towards beginners.
FXTM has a useful section explaining trading strategy concepts and outlining the rules to nine different forex trading strategies, for example the ‘Bladerunner Trade’. Traders can find an archive of previous webinars on the website, the most recent being from August of 2020. These include many recordings relating to trading strategies. Five ebooks are available to clients, covering cryptocurrencies, Japanese Candlestick strategies, the habits of successful traders, and Elliott Wave Theory.
FXTM has a substantial operating history of more than a decade, a global presence, and a staff numbering over 800, making it a relatively large and established player in the world of forex and CFD brokerage.
With operations overseen by four regulators, including two top-tier regulators, we rate FXTM as a relatively safe broker. Clients with the offshore entity should be aware that their protections are limited.
The tradable instruments and available platforms are rather basic at FXTM. However, educational materials and the quality of customer service are better than average. With the different available account types, we rate this broker as suitable for both beginners and experienced traders.
Headquarters Country | Cyprus |
Foundation Year | 2011 |
Regulations | CySEC (Cyprus), FSCA (South Africa), FSCM (Mauritius), FCA (United Kingdom) |
Publicly Traded | No |
Number Of Employees | 800 |
Trading Desk Type | No dealing desk, ECN, Market Maker |
Trading Platforms | MT5, MT4, Web Platform, Mobile Platform |
Restricted Countries | Belize, United States, Japan |
Supported Languages | Turkish, Korean, Hebrew, English, Danish, Russian, French, Indonesian, Latvian, Thai, Slovak, Czech, Arabic, Estonian, Hungarian, Bulgarian, Italian, Spanish, Chinese, Croatian, Farsi, Japanese, Swedish, Serbian, Malaysian, German |
Max Leverage | 1:30 (CySEC ), 1:500 (FSCA), 1:3000 (FSCM), 1:30 (FCA) |
Deposit Options | Local Deposit, Maestro, Wire Transfer, Skrill, Neteller, Credit Card, Visa, Mastercard, GooglePay, PayRedeem |
Withdrawal Options | Wire Transfer, Neteller, Skrill, Credit Card, PerfectMoney, Maestro, Visa, Mastercard, PayRedeem, GlobePay |
Products | Currencies, Stocks, Indices, Commodities |
Demo Account | Yes |
OCO Orders | No |
Offers Hedging | No |
Automated Trading | Yes |
API Trading | No |
Guaranteed Stop Loss | Yes |
Guaranteed Limit Orders | Yes |
Guaranteed Fills / Liquidity | No |
Economic calendar | Yes |
Trading From Chart | Yes |
One-Click Trading | Yes |
Expert Advisor | No |
Social Trading | Yes |
Autochartist | No |
Trading Signals | Yes |
24 Hours Support | Yes |
Support During Weekends | No |
Live Chat | Yes |
Daily Market Commentary | Yes |
News (Top-Tier Sources) | Yes |
Webinars | Yes |
Deposit Fee | No |
Withdrawal Fee | No |
Inactivity Fee | No |
Dan Blystone began his career in the trading industry in 1998 on the floor of the Chicago Mercantile Exchange. Later Dan gained insight into the forex industry during his time as a Series 3 licenced futures and forex broker. He also traded at a couple of different prop trading firms in Chicago. Dan is well-equipped to recommend the best forex brokers due to his extensive experience and understanding of the brokerage industry.
At FXEmpire, we strive to provide unbiased, thorough and accurate broker reviews by industry experts to help our users make smarter financial decisions.