FXTM is relative newcomer having launched as recently as 2012. However the brokerage has already established self as one of the better known brokerages in the industry, in part due to the role played by Alpari co-founder Andrey Dashin. The brokerage has gone on to win a number of high-profile industry awards and has already gained a strong reputation among traders.
At the heart of the FXTM offering is the MetaTrader platform from specialist software developer MetaQuotes. MetaQuotes’ MetaTrader 4 and 5 platform have come to dominate the Forex industry and offer retail traders the ability to trade the financial markets using an institutional quality trading platform. The brokerage offers both MetaTrader 4 & 5 to prospective clients and with the platform setting industry standards those using the platform are unlikely to be disappointed.
ForexTime has ensured that the platform is available for a wide array of devices meaning that you can manage your trading account wherever you are in the world. This is important when trading financial markets as important developments can happen at any time. The platform offering should be enough to please most traders and gives traders the opportunity to automatically trade Forex markets using the platforms’ Expert Advisor capabilities.
The brokerage offers a variety of accounts. Those who decided to open a standard account with the brokerage can enjoy the benefits of instant execution and the ability to trade a wide range of markets all from one trading account. When compared to other equivalent dealing desk accounts, ForexTime shapes up very favourable with standard account spreads starting from 1.3pips on the EUR/USD. A standard Cent account with the brokerage can be opened with as little as $5, making the brokerage a great choice for those looking to take their first steps into the world of Forex trading.
In recent years non-dealing desk execution has becoming increasingly popular with traders continually searching for tighter spreads and lightening-fast execution. It just so happens that FXTM offers a range of ECN accounts, which offer spreads as low 0 pips (excluding commission). These accounts enjoy all the benefits of ECN/STP execution offering traders the chance to trade a wide selection currency pairings with some of the most competitive trading conditions available to retail traders.
FXTM offers four different ECN accounts and which account the trader ultimately opts for will depend on his or her specific needs. All of these ECN accounts are an excellent choice for those looking to use scalping or high-frequency trading strategies.
PAMM Investor Accounts
The brokerage has begun offering PAMM Investor accounts to prospective clients. Rather than trade for themselves clients who decide to open such an account can opt to have their funds managed by one of the approved FXTM Strategy Providers. This allows clients to simply leave funds in the hands of an individual who has passed the brokerages vetting procedure. This may be an attractive option for those who do not wish to trade themselves. Those interested in copy trading may want to take some time and consider FXTM’s PAMM offering as a credible alternative.
The brokerage has garnered a strong reputation in regards to customer service. The brokerage provides customer support in a range of European and world languages. ForexTime operates dedicated phone lines and email addresses for each of the brokerage’s supported languages. These efforts have helped set FXTM apart from some of their competitors and the support for such array of languages demonstrates the global reach of the brokerage.
FXTM is regulated by CySEC of Cyprus and has been since the brokerage was launched back in 2012. As Cyprus is a member of the European Union, the country complies with European financial regulation directives. This means that clients of the brokerage can feel safe in the knowledge that the will receive the minimum level of regulatory protection as set out in the EU’s Markets in Financial Instruments Directive (MiFID). This EU directive sets out minimum capital requirements, the requirement for client funds to be segregated, and requires financial services firms to contribute to Investor compensation schemes which is used to refund retail investors should a firm collapse.
All of these measures provide traders with invaluable protection and are considered a basic requirement by many traders. In fact Cypriot regulation goes above beyond the minimums required by the European Union. ForexTime has exemplary regulatory record and has never found itself on the receiving end of any regulatory action. All of this should help reassure traders in regards to the safety of their funds.
- Standard accounts offer a wide range of markets with just one account.
- ECN accounts from ForexTime offer extremely competitive trading conditions with spreads starting from 0 pips (excluding commission).
- Strong reputation and regulatory history.
- Excellent multi-lingual customer support.
- MetaTrader 4 and 5 available as standard.
- Limited instrument choice with ECN accounts.
- Scalping not permitted with Standard accounts.
Despite being a relative newcomer FXTM has been much praised by pundits within the FX industry having already picked up a number of prestigious awards. The brokerage can be commended on the wide account choice on offer, with the brokerage offering both dealing desk and non-dealing desk accounts. FXTM’s ECN accounts offer extremely competitive trading conditions and are worthy of serious consideration. The brokerage’s reputation for high quality multi-lingual customer service and the firm’s excellent regulatory record both speak strongly in favour of the brokerage.