FXTM trader review, is fxtm trader legit or scam.
FXTM, short for Forex Time, is a rapidly growing and reputable Forex and CFD broker that has earned recognition as one of the best in the world.
With a large client base and top-notch offerings, FXTM places a strong emphasis on reliable trading conditions and comprehensive education. The broker operates on a global scale, providing access to over 1000 financial instruments, including currencies, stocks, commodities, and more, with low spreads and quick execution times.
Established in 2011 with headquarters in Limassol, Cyprus, FXTM has since expanded its presence to other locations in Europe, the UK, and South Africa. The company is authorized by several regulators, including the Financial Conduct Authority, and has seen impressive growth, particularly in Africa and Asia.
As a Forex and CFD broker, FXTM offers its services to a worldwide audience from over 150 countries, with offices located in Europe, Africa, and Asia.
The broker has low deposit requirements and favorable trading conditions, along with excellent customer service and a comprehensive education center. With over 750,000 active accounts and a positive trader feedback rate of over 90%, FXTM is considered a safe and reliable broker by the trading community.
While FXTM does have a withdrawal fee and higher stock spreads, the broker's favorable trading conditions and comprehensive offerings make up for these limitations.
The broker also takes an active role in social responsibility and supports various sporting events, such as sponsoring the Sahara Force India Formula 1 team.
Regulation & Safety of Funds with FXTM
FXTM offers a safe trading environment for its clients.
The company is regulated by a:
• Tier-1 regulator.
• Two Tier-2 regulators.
• And multiple Tier-3 regulators.
Ensuring that it operates in accordance with industry standards.
Nigerian traders who trade with FXTM are registered under the IFSC regulation, adding an extra layer of protection to their investments.
Regulatory oversight of FXTM includes:
• Cyprus Securities Exchange Commission (CySEC):
FXTM is regulated by the Cyprus Securities Exchange Commission (CySEC) since 13-December-2012 with license number 185/12.
• International Financial Services Commission (IFSC):
FXTM is licensed by the International Financial Services Commission (IFSC) in Belize with license numbers IFSC/60/345/TS and IFSC/60/345/APM.
• Financial Conduct Authority (FCA):
FXTM has recently received accreditation from the Financial Conduct Authority (FCA) as ForexTime UK Limited under license number 777911.
In South Africa, FXTM has been granted a forex license (FSP number 46614) by the FSCA and is operating as a regulated broker in the country.
Additionally, the parent company of FXTM (Exinity Group) has been approved as a non-dealing forex broker by the CMA in Kenya.
Thanks to its multiple regulators, FXTM is a trusted broker in terms of the safety of your funds. Although FXTM registers its Nigerian clients under offshore regulation to offer higher leverage, the broker's multi-regulated status makes it a low-risk option for depositing funds for trading CFDs.
To date, there have been no complaints about FXTM regarding the withdrawal of profits or any investor concerns related to the safety of funds.
On the contrary, traders have generally reported timely processing of withdrawals and prompt resolution of any investor concerns.
In conclusion, FXTM is a regulated and safe choice for traders in Nigeria and outside Nigeria. The broker's multiple regulators and lack of complaints about safety of funds make it an attractive option for those looking to trade forex with confidence.
FXTM account types.
FXTM is a forex broker that offers traders a variety of account types to choose from.
When it comes to trading fees, FXTM's Standard accounts tend to be higher compared to other brokers in the market. However, their ECN accounts, specifically the Advantage Account, offer lower fees.
• Let's take a closer look at FXTM's fees, including any hidden charges.
The Advantage Account offers low spreads, with an average of 1.9 pips for the EUR/USD pair. Although this is higher than other brokers like Hotforex and XM, the spread can be as low as 0 pips + a commission of USD 4.88.
This makes FXTM's fees competitive in the market. In addition, the Advantage Account has a low commission starting at $4.88 per lot, and it gets lower with higher trading volumes.
FXTM doesn't charge any fees for deposits, even for local bank transfers in Nigeria, so you'll receive the full amount of your deposit.
Withdrawals are also fee-free for local bank transfers in Nigeria and via e-wallets such as Skrill. However, there may be charges for withdrawals using other methods.
In conclusion, FXTM's Standard accounts have higher trading and non-trading fees compared to other brokers. However, traders looking for low fees should opt for the Advantage Account, which offers the lowest spread (plus commission) and lower commission fees. This account is ideal for traders who trade high volumes, as they will benefit from the lower fees offered by FXTM's ECN account type.
How to get started with FXTM - account opening.
Starting your trading journey with FXTM is simple and easy. To open a trading account with FXTM, you need to follow these steps:
• 1: Go to the FXTM home page and click on the "Open Account" button.
• 2: On the Open Account page, fill in the details under the "Registration" section and verify your email by clicking "Send PIN." Once you receive the code, enter it and proceed to the next step.
• 3: Complete your profile by entering the necessary information.
• 4: With your account set up, it's time to choose the type of Trading Account you would like to have. We suggest selecting the FXTM Standard Plan and NGN as your account currency.
• 5: Now that your live trading account is open, it's time to add funds by making your first deposit.
Deposits made with a card or wallet will reflect instantly, while bank transfer or bank deposit may take a few hours to process, depending on your selected payment method.
FXTM offer trading tools for traders.
FXTM offers a diverse range of financial instruments for its traders, including Forex, CFDs on spot metals, share CFDs, commodity future CFDs, and cryptocurrency CFDs.
Let's take a closer look at each instrument and what it offers:
• Forex.
As one of the most popular forms of trading, FXTM offers all major currency pairs, as well as minor currencies and exotic pairs, providing users with ample opportunity to trade. The broker offers tight spreads on their MetaTrader 4 platforms, with 24/5 trading availability.
• Spot Metals.
Users of FXTM can trade in spot metals such as gold and silver, with the option to choose their preferred lot size. The broker offers competitive spreads on their ECN MetaTrader platforms.
• Share CFDs With FXTM.
users can access the stock market by trading in share CFDs, giving them the advantage of instant trade execution and low margin requirements. The broker offers CFDs in over 180 major company shares.
• Commodity Future CFDs.
By trading in commodity future CFDs, users have the ability to trade in three major commodities, with instant order execution and low margin requirements. Although there are risks involved, this financial instrument also has the potential for large profits.
• Cryptocurrency CFDs.
FXTM offers trading in a range of cryptocurrencies, all pegged against the US Dollar. Deposits and withdrawals can be made using various instruments, including Bitcoin.
Overall, FXTM's comprehensive range of financial instruments provides traders with a diverse portfolio and the ability to book profits and diversify their investments. The broker's tight spreads also make them a leading choice among traders.
FXTM deposits and withdrawals review.
FXTM provides its customers in Nigeria with accessible and reliable payment options for deposits and withdrawals.
With a variety of methods available, users can choose the one that best suits their needs and budget, with some options offering instant funding and others requiring a few hours to process.
Deposit Methods.
• Local Bank Transfer.
Traders can add funds to their accounts quickly and easily through bank transfers to:
• GT Bank.
• Diamond Bank.
• First Bank.
• or Zenith Bank.
• Credit/Debit Cards.
Investors can use Visa or Mastercard for online payments, as well as Bitcoin, Perfect Money, and Webmoney.
• Withdrawal Methods.
• Local Bank Transfer.
Users can receive their earnings within 48 hours through local bank transfer, with a fee of 1.5% of the withdrawal amount.
• Wallets.
Withdrawals can also be made through Bitcoin, Perfect Money, and Webmoney with almost no fees.
FXTM bonuses review.
FXTM, a leading forex broker, offers a range of exciting promotions and bonuses for traders in Nigeria.
In this review, we will take a closer look at the most noteworthy FXTM bonuses currently available to traders in Nigeria.
• 30% Deposit Bonus - (No longer available).
Unfortunately, this offer has expired and is no longer available.
However, FXTM may introduce new bonus offers in the future, so be sure to check their website for updates.
When this offer was live, traders in Nigeria could receive a 30% deposit bonus when they signed up through the special bonus page on FXTM's website. The bonus had a maximum limit of $300, and traders simply had to make their first deposit to receive it. For example, if a trader deposited ₦100,000, they would receive a ₦30,000 bonus, bringing their trading balance to ₦130,000.
• $30 Tradable Credit - (No longer available).
New FXTM traders in Nigeria could receive a $30 tradable credit in their accounts.
This credit could be used to place live orders, and all that was required was a minimum deposit of ₦1000 within 6 months of signing up with FXTM.
This promotion was ideal for new traders as it allowed them to test their strategies in live markets and make real profits without having to make a minimum number of trades to receive the credit.
• FXTM Loyalty Cashback.
FXTM sets itself apart from other brokers by rewarding its traders in real, withdrawable cash.
This loyalty cashback scheme can last up to 6 months, and traders can earn rebates by trading through FXTM's platform. Additionally, if a trader registers their account and trades through FXTM's Trader app, their loyalty points are doubled for every trade. This unique loyalty cashback scheme is not available with any other broker in the market.
In conclusion, FXTM offers a range of superior promotions and bonuses compared to other brokers operating in Nigeria.
The availability of deposit bonuses, tradable credits for new traders, and withdrawable loyalty cashbacks make FXTM an attractive choice for any trader looking for bonuses and promotional schemes.
FXTM customer support service review.
FXTM Nigeria is renowned for its top-notch customer support services.
The company offers a wide range of support channels to assist its clients with their queries and concerns.
• Let's take a closer look at the different support options available to FXTM clients in Nigeria:
• Local Address & Phone Numbers.
FXTM Nigeria has a 24/5 customer support team that can be reached via email and local phone numbers.
In addition, the company has established local offices in Lagos and Abuja to provide better support and education to retail traders. Clients can reach out to the FXTM customer support team via their Lagos office address, which is located at 3rd Floor, 5 Allen Avenue, Ikeja, Lagos, Nigeria.
They can also call the support team on +234 803 4573 593 or +234 803 153 4373 or send an email to nigeria@fxtm.com.
• Live Chat Support.
FXTM also offers a 24/5 live chat support system. Clients can contact the support team via the live chat option located on the bottom right screen of the website.
Our research showed that the live chat support was prompt and responsive, providing quick assistance for most queries. However, for some questions, we found that the support team redirected us to email.
• Free Forex Education.
FXTM provides free educational seminars in Nigeria for both beginner and expert traders. The company also offers a wealth of educational resources, including articles, videos, and webinars, to help traders enhance their forex knowledge.
In conclusion, FXTM Nigeria provides exceptional customer support services that are unmatched by other forex brokers in the market. The company's wide range of support options, including local offices, phone numbers, live chat, and educational resources, make it an excellent choice for traders who are looking for reliable and efficient support services.
Is FXTM legit or scam?
FXTM is considered a safe broker for traders in Nigeria.
They are regulated by 3 top-tier regulators (FCA, CySEC & FSCA) and have multiple licenses from other foreign regulators.
Additionally, their client funds are kept in segregated accounts and they have robust security measures in place to protect traders' personal and financial information.
What Payment Methods are available in FXTM?
FXTM offers multiple payment methods for depositing and withdrawing funds, including bank transfers, credit/debit cards, e-wallets, and more. For traders in Nigeria, FXTM offers local bank transfer options in Naira, allowing for faster and more convenient transactions.
Overall, FXTM's regulatory status, safety measures, and multiple payment options make it a reliable and trustworthy choice for Nigerian traders looking for a safe and secure forex broker.
In addition.
It is important to note that before beginning to trade with FXTM, users must verify their accounts. This process involves providing proof of ID and address, a standard KYC procedure followed by most Forex brokers.
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