FXTM is in many ways one of the most sought-after forex brokers in the forex trading scene. That’s because it has established itself as one of the most supportive forex brokers in the industry. FXTM not only provides and incredible forex trading platform, but it also ensures that you have all the support that you need to trade profitably.
Before we go any further. Here is a brief history of FXTM.
FXTM is a forex broker out of Cyprus. The parent company was launched in 1998 in Cyprus, and its forex brokerage services were launched in 2001. That is over two decades of providing stellar forex brokerage services. Apart from that, you’d be glad to known that FXTM has been the benchmark for many other forex brokers that have after it. It has been setting the standards for all the other forex brokers in the industry.
Many people often wonder, is fxtm scam or legit? what is the minimum amount to invest in forex? What is the fxtm minimum deposit?
In this FXTM review, we are going to explore FXTM in a bit of detail, and find out what it has to offer to individual traders. The aim is to help you find out whether FXTM is your ideal forex broker. You need to work with a forex broker that ensures you have everything necessary for forex trading.
There are many considerations that every trader ought to make before deciding to work with a particular forex broker. However, there are three very essential aspects of every forex broker, that determine how suitable it is for you are an individual trader. They are;
- Trading accounts
- Customer support and service
- Regulation and reputation
Let’s dive right into it and find out whether FXTM is the best forex broker for you, based on these three parameters.
FXTM Trading Accounts
If there is one major reason to choose FXTM as your forex broker, then it is its trading accounts. FXTM gas six trading accounts that are divided into two tiers. FXTM forex broker has two tiers of trading accounts to ensure it can accommodate different types of traders. Note that every type of trader has a unique approach to forex trading, and would therefore want to have different types of tools and resources on their trading accounts.
Here are the FXTM trading accounts.
- Cent Account
- Standard Account
- Shares account
- ECN Zero account
- ECN account
What’s the difference between Standard and ECN accounts?
As mentioned above, the essence of having a variety of trading accounts is to ensure every kind of trader has a platform that caters to their trading style. The standard accounts could be described as beginner accounts. It is always best that you start with a trading account that does not force you to take too much risks. The standard accounts are quite ideal in that regard.
First they have low minimum deposits. The cent account will only require you to deposit a minimum of $10, while the standard and pro accounts will require a minimum deposit $100. The fxtm standard account minimum deposit ensures no one is locked out of the platform. The only difference between the standard account and the shares account is that the standard account is for a single person, while the shares account can be held by a group of traders or a legal entity. FXTM is in many ways the best forex broker for beginner 2019. It also is the best forex broker with low minimum deposit 2019.
The other aspect of the standard accounts is that the spreads are always fixed. While taking a position, you are always sure of the maximum profit you can make from it, and what level of risk you are dealing. This is quite ideal if you are a beginner trader. It is one of the best forex broker with demo account 2019.
ECN accounts, on the other hand, can be described as trading accounts for experienced traders. ECN accounts varying spreads. That means you can tweak your positions be consolidating them with new ones to vary the spreads, and possibly attract more profit. This requires a trader with some trading experience though.
One more thing about ECN account, is that their minimum deposits are significantly higher. The ECN standard account need a minimum deposit of $200. The ECN account is accessed by depositing a minimum of $500, and the pro account will require you to have at least $2500. Clearly, the ECN accounts are perfect options for seasoned traders who have significant trading balances in their accounts.
FXTM has a demo account too. The fxtm demo account, is very resourceful and will ensure you have a great start with forex trading.
FXTM Customer Support and Service
FXTM provides what is arguably the most impressive customer service you can get from a forex broker. First, FXTM has ample trading support for all kinds of traders on its platforms. The kind of trading support you get on FXTM helps you get closer to getting a profit from your trading efforts. ECN accounts comes with significantly more trading support that the standard accounts.
Regardless of which FXTM trading account you are trading on; you will receive a lot of support. As mentioned above, their customer service is always above board. They customer service is available 24/7, and their response is always swift. Not to mention that they are always ready to solve your problems, and ensure you are able to trade seamlessly. FXTM legit operations is one of the reasons, why it is such a popular broker.
FXTM Regulation and Reputation
Regulation and reputation are at the center of the success of every forex broker. It is a very significant aspect of forex brokerage. Why is that so? Lately, the internet has become a haven for scammers and fraudsters. Forex brokers are one of the channels used by these unscrupulous characters to reap where they did not sow. Some of the brokers are outright scammers as well.
Regulations ensure that individual forex traders are protected and they will not be taken advantage of forex broker. We’d like to confirm that you will not have to worry about the safety of your funds while trading on FXTM. FXTM is an above board forex broker, that has no blemish in its reputation.
First, FXTM is a forex broker out of Cyprus. It, therefore, follows that FXTM is regulated by CySec. FXTM is also regulated by FCA and ESMA. All these bodies have the mandate to oversee the operations of the broker and ensure that you are adequately protected. In the case of FXTM, they serve to cement its reputation, and create more confidence among individual traders. As mentioned earlier, FXTM has more than enough proven that it is a forex broker that has traders’ best interests at heart.
Money Transfer Methods
We will cap the discussion by discussing the channels through which you can deposit and withdraw funds from your FXTM trading accounts. This fxtm copy trading review would not be complete if we did not talk about money transfer methods. This is a very essential conversation, because money transfer methods can be the difference between you and being able to trade on FXTM. It also determines how economical it is for you to trade on FXTM.
The money transfer methods on FXTM can be divided into three categories. They are;
- Credit/Debit cards
- Wire/Bank transfers
There is no question about the convenience offered by Credit/Debit cards. Credit/Debit cards have been the method of choice for many people, when it comes to transacting online. You can fund your FXTM trading account using any of the major cards. Here are some examples of cards you can use.
- Visa Electron
- Maestro, etc.
Note that your card-service provider or the bank you are using might charge you for the transfer. Keep in mind that FXTM does not charge anything when you deposit funds. If you fund your account using a card, you’ll be expected to receive your withdrawals into that same card. FXTM does charge a small amount for each withdrawal. Card deposits and withdrawals are usually quite swift. In most instances, the transaction is completed instantly. That means your funds reflect in your account a few moments after you’ve sent your deposit, and you also receive the funds a few moments after FXTM sends them after you’ve made a withdrawal request.
E-wallets are a very convenient method of making deposit and receiving withdrawals as well. A good number of the popular e-wallet platforms are available on FXTM. Some of the most notable ones include;
- Neteller, etc.
Just like the cards, e-wallet transactions are usually instant. Also, they are quite economical. In most cases, e-wallet will not charge you anything to send or receive funds. Usually, you are charged when sending funds from one country into another. The charges you will incur are always dependent on where you are sending your deposit from.
There is nothing much to write home about wire transfers. They are the oldest method of depositing and receiving funds. Bank transfers are used where there is no other method available. That’s why they remain one of the methods available on FXTM, because they are never susceptible to breakdowns or down times.
Wire transfers are not the most economical method of transferring your funds on FXTM. It is an ideal method if your transfer a lot of money though. As mentioned, it might be the only method available in some countries.
At this Juncture, you should have a pretty clear idea of what kind of forex broker FXTM is. FXTM impresses on every front. Regardless of where you are in world, FXTM would be a perfect forex broker if you have access to its platforms. The forextime review should help you get started with forex trading in a seamless manner.