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FXTM or ForexTime is the financial trading arm of a firm situated in Cyprus called FT Global Services Ltd. and is a licensed and regulated broker by the Cyprus Securities Exchange Commission (CySEC). A multitude of activities are overseen by FT Global Services Ltd. in the capital market and it also specializes in offering a number of financial services to investors and traders in different parts of the globe. It chose to launch its forex operations in the form of ForexTime back in 2011 and the brand is promoted actively for establishing a strong presence in financial markets of the world. Over the years, numerous awards have been given to ForexTime for being the fastest growing Forex broker in Middle East, Europe, Africa and Asia.
ForexTime also has an office in Belize, which means that it is also regulated by the IFSC, but as far as traders are concerned, the CySEC regulation should be enough to offer them plenty of protection in terms of security of their funds and other broker problems. Due to this regulation, the platform maintains segregated accounts, adequate liquidity and also transparent in how it operates in the market.
Unique Features of Trading with ForexTime
When you start trading at ForexTime, you will be required to choose from three main account types and the best part is that they don’t have any restrictions about any minimum or maximum deposits. In addition, no commission is charged. The Standard account allows traders to use GBP, USD and EUR as base currencies whereas the Cent account is regarded as a micro account that offers gold and silver trading and 25 currency trading. The third option is the Share account, which is aimed at shares CFD trading.
Apart from these accounts, ForexTime also offers five ECN accounts, which are the ECN primary account, the FXTM ECN MT5 account, the ECN Zero account, the FXTM Pro Account and the Strategy Account. Each of these accounts have different commissions or spreads. The platform supports more than 18 languages and they also boast a 24×7 customer support team that are multi-lingual. They can be accessed through live chat, email or even direct telephone lines.
ForexTime not only allows you to trade in the forex market, but also a variety of other financial products such as spot metals, ETFs and CFDs on Commodity Futures.
Spreads and Leverages
Starting with the Standard account, traders can enjoy a leverage of 1: 1000, which is a massive amount of margin provided to traders. The minimum spreads for this account type is 1.3 pips. The spreads for the Cent account start from 1.5 pips and the maximum leverage for currency pairs is still 1:1000 and gold and silver leverage is 1:500. For the Share account, the spreads begin from 0.1 pips and the margin allowance is between 3% and 10%. As far as the ECN accounts are concerned, their spreads range between 0 and 0.5 pips and the leverage available is around 1:200.
In the category of trading solutions, ForexTime offers traders some great variety, which means that they don’t need to stress about the device they are using as the platform has everything covered. WebTrader is one of the most popular trading platforms being offered at ForexTime because no downloads are needed for this internet-based interface and it boasts some nifty features. Other options in trading platforms are the MetaTrader4 (MT4) and MetaTrader5 (MT5), which are also popular, but require downloading. Apart from that, there are also MetaTrader mobile apps that can be downloaded on tablets and smartphones and is compatible on both iOS and Android devices.
Deposits and Withdrawals
There are a host of methods that traders can use when they wish to make a deposit on ForexTime. Some of the solutions they have to offer include MasterCard, Maestro, Visa, Neteller, Web Money, China Union Pay, Skrill, DotPay, Bank Wire, Qiwy Wallet, Yandex Money, Payza, AlfaClick and Western Union. No fee or charges of any sort are taken by ForexTime when a deposit is being made. However, credit card companies and e-wallets may charge you so you need to be aware of that.
In order to make withdrawals easier for traders, ForexTime offers its clients special Virtual MasterCard that allows them to make faster withdrawals without having to pay any additional charges. If you are using other kinds of credit cards, there will be some commission charged, but you can still get your transactions processed on the very same day. If you are a trader who prefers using e-wallets because they allow faster withdrawals, it should be noted that they carry a substantial fee.
Beginner Support and Educational Material
In the aspect of education, ForexTime caters to both experienced and novice traders access to a host of webinars and tutorials no matter what type of account they sign up for. Those who are just dipping their toes in forex trading will be able to learn the basics with ease whereas experienced traders will be able to explore advanced topics such as technical analysis and risk management.
The videos that are available on the platform can also be viewed on smartphones. Industry experts present the live webinars and cover a wide range of subjects. Workshops and seminars by third parties are also supported on ForexTime that facilitate easy access to a horde of Forex opportunities and are held throughout the year.
Pros and Cons
There are tons of benefits that traders can enjoy with ForexTime and one of the most important ones are their bonuses and promotions. The platform is known to organize trading contests on a regular basis in which traders can showcase their skills and winners can reap in attractive cash prizes. There is also a ‘Refer a Friend’ program in which traders invite people in their circle and get a bonus when they sign up. The limited choice of assets available for trade might be a downside, but the advantages outweigh this.
Hence, the competitive spreads, the choice of trading accounts, the fact that it is a regulated broker and offers localized support for numerous countries and the selection of trading platforms have made ForexTime a great choice for traders.
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