FXTM Review
Minimum: $5
Leverage: 1:1000
Headquarters: Cyprus
Licenses: FCA, CySEC
- licenses and security
- Available financial instruments
- Account types
- Trading costs
- Trading platforms
- Order execution speed
- global reputation
- Technical problems
- customers service
- Offers and rewards
- Partnership Program
- Market research and education
- forex assessment in arabic
About Forex Time?
Forex Time, better known by its trading name FXTM, was founded in 2011 when Alpari co-founder Andrey Dashin separated from the Russian broker and launched his own company under the FXTM brand name in Cyprus. Since then, the company has opened a number of offices around the world and is believed to be one of the fastest growing brokerage firms in the industry. The latest is her office in London, but is she really that good?!
FXTM Licenses
ForexTime UK As of 1/2/2018, ForexTime owns an FCA license in the UK as an “STP Forex Broker” license number is 777911
Forextime Ltd : In 2012 ForexTime obtained a CySec CySec license as a “Forex Market Maker” license number is 185/12
Forextime Ltd The company is also licensed as a forex broker by local authorities in Germany, France, Armenia and South Africa
Offshore licenses
It is especially important for Arabs to know the offshore licenses that the brokerage company owns, because they often register under that license. There are some offshore licenses that have no value, and others are constantly evolving and increasing restrictions on brokerage firms.
In the case of Forextime, the company owns the IFSC Belize license, one of the best offshore licenses under the name FT Global The license number is IFSC/60/345/TS/17 and all credit card transactions are done through that subsidiary company in Belize.
But recently, ForexTime has transferred its clients registered under Belize license to another company in Mauritius which is another offshore license weaker than Belize license.
The transfer process raised a lot of questions, especially since the company was not completely explicit when it said that it was a completely new license, although the license with the same number was obtained from a company EXINITY Since 2013, Alpari International is one of the brand names of Axiniti. Forex in Arabic communicated in several ways with Forex Time Company to clarify the matter, but they refused to clarify. You can read about the details of this matter in the following topic
Financial instruments in forex time
Financial instruments are not the strongest characteristic of Forex Time. , but it is also not the weakest thing in it, forex time
- 59 currency pairs
- 3 Cryptocurrencies as CFDs
- 2 metals + 3 commodities
- 14 indicators
- 180 out of stock
Note: The requirements for adding shares, which are much more difficult, differ from the requirements for adding forex pairs, so the more shares are increased, this indicates an increase in the size of the company, while adding forex pairs only requires a liquidity provider.
FXTM Account Types
FXTM offers a wide range of trading accounts, which can be divided into two groups: Standard (Standard accounts, CENT accounts, Shares) and ECN (ECN MetaTrader 4, ECN MT5, ECN ZERO, and Pro).
There is a special account for trading CFDs on stocks, called the Shares account, which links directly to the price lists of NYSE and NASDAQ products.
FXTM offers Islamic trading meaning zero swap, and it is available on all account types (except MT5) but although swap free is a free service in most brokers, in ForexTime additional commissions are deducted (updated last April 10th) as shown in the table below .
the husband | Swap free commission previously in dollars | Swap free commission is currently in dollars |
|---|---|---|
EURUSD | -15th | -8 |
GBPUSD | -25 | -8 |
NZDUSD | -4 | -2 |
USDCAD | -10 | -7 |
USDCHF | -15th | -8 |
USDJPY | -20 | -6 |
USDDKK | -4 | -1 |
USDHKD | -12 | -4 |
USDNOK | -8 | -5 |
USDSEK | -7 | -4 |
XAGUSD | -20 | -14 |
XAUUSD | -21 | -8 |
The price differences “spread” are rather high, and at the same time, there is no justification for this increase. Bonus and cash back offers are weak in proportion to the increase added to the spread, and there is not a single account type in the company without a trick. Usually when the spread is high on the regular accounts, there is a good enough bonus to compensate for that rise, or there is a kind of account in the company that equals the spread and the bonus, but in Forex Time, whatever your account type, even if it is an ECN, you will find that you lose a lot in trading costs without justification . Therefore we cannot give a good assessment of the account types and trading costs.
Withdrawal and Deposit at FXTM
In addition to the well-known methods, ForexTime is distinguished by the addition of local withdrawals in Egypt and some other countries, bearing in mind that its offices in Egypt are not licensed for licenses related to the forex market, as the market itself is not regulated in Egypt.
FXTM Offers
There are different offers, but they are weak, and the return commission system is very weak due to the size of the huge spreads, but one of the Forex Time offers is the latest and last offer with a deposit bonus of up to 5 thousand dollars, despite the bad conditions, but it is considered the best offer available in the company so far. Learn more and bonus conditions Press here
Partnership Program
A progressive program consisting of 8 different levels and commission up to 15$ per lot according to the traded financial instrument.
All payments are made on a monthly basis, but the commission is added to the account daily.
– Your bonus level and trading volume are reset to zero every Monday
– You are promoted based on the volume of traded contracts and the number of your active clients
FXTM INVEST
PAMM accounts service combined with social trading. Unfortunately, the program is far from transparent and easy to manipulate. There are no restrictions, as the minimum amount is $200 to open a Strategy Manager account. And $100 to invest.
Forex Peace Army Review
The number of reviews in Forex Peace Army in each company, you can infer from it how famous the company is globally. Then the evaluation determines whether this reputation is positive or negative. But you should know that some companies put dozens of positive reviews for them.
In the case of ForexTime, we find the number of reviews is very low, which is only 95 reviews, with an overall rating of 2.7 out of 5. It is worth noting that the largest companies in the industry have thousands of reviews.
Is FXTM a scam?
The company is licensed by reputable regulatory bodies, even if there is some lack of clarity in the offshore license. There is also a lack of clarity in the matter of swap free, so it should be easy to know that there are other commissions related to Islamic accounts. However, we received many complaints about bad support. It is clear that it is an ongoing problem in the broker and of course it negatively affects the trader.
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