FXTM Review 2023: Scam Test & In-depth Analysis Report

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FXTM, popular as Forex Time, is one of the oldest trading houses. The company has been in operation since 2011 and is an ideal choice for high-volume traders as well as those who prefer copy trading solutions.

Being in the industry for over 10 years, the broker has grown to offer over 250+ assets across the Forex, CFD, Stock and Indices market.

In this FXTM review 2023, we will take a deep dive and assess how well this broker performs in its role as an international multi-asset financial trading platform.

What Is FXTM All About?

FXTM is an online broker that offers CFD trading services on forex, commodities, indices, cryptocurrencies and shares. The broker has been active since 2011. 

The broker is headquartered in Cyprus and is regulated by the Cyprus Securities and Exchange Commission (CySEC) and the Financial Conduct Authority (FCA) in the United Kingdom. 

The platform’s stand-out features include high leverage, a wide range of platforms and various account types to fit different traders.

Due to its immense popularity and customer-centric services, the broker has won several awards & accolades, including 

  • World Financial Award 2022 For The Best Education Program 
  • Best Trading Platform Nigeria 2021
  • Best Trading Experience 2021
  • World Financial Award 2022 For The Most Trusted Broker

How Trusted Is FXTM?

FXTM is a highly trusted broker due to its multiple regulatory licenses & proven track record in the industry. The platform hold licenses from the Cyprus Securities and Exchange Commission with CIF license number 185/12, licensed by the Financial Sector Conduct Authority (FSCA) of South Africa, with FSP No. 46614.

Meanwhile, ForexTime Ltd – the parent company behind FXTM, operates different entities in various jurisdictions, which are as follows.

  • Exinity Capital East Africa Ltd (www.forextime.com) is regulated by the Capital Markets Authority of the Republic of Kenya with a Non-Dealing Online Foreign Exchange Broker license number 135.
  • Exinity UK Limited (www.forextime.com/uk) is authorized and regulated by the Financial Conduct Authority with license number 777911.
  • Exinity Limited (www.forextime.com) is regulated by the Financial Services Commission of the Republic of Mauritius with an Investment Dealer License with license number C113012295.

The multiple regulations and operations in different jurisdictions indicate that FXTM is the safest and most trustworthy broker. Henceforth, it is not a scam. 

Has FXTM Scammed Anyone?

While researching for the FXTM review 2023, we encountered several complaints regarding the broker. However, our experience was totally different. We have been actively trading on the platform for over a year and didn’t experience anything odd. 

While most of the reviews were related to withdrawals & deposits, we didn’t find anyone complaining about being scammed. 

What Can You Trade On FXTM?

The platform’s product offering is somewhat different from other brokers. It allows both spot & CFD trading on 250+ underlying assets across the major markets, including 

  • Forex
  • Forex Indices
  • Spot Mets
  • CFD on Commodities
  • CFD on Indices
  • CFD on Stocks
  • Stock Baskets

Based on our findings from FXTM Review 2023, we can say there is no dearth of assets for trading. However, it still misses out on covering Cryptocurrencies. 

What Are FXTM Account Types Available & Features They Offer?

FXTM offers several different account types for its clients, including a free demo, Micro, Advantage & Advantage Plus account. However, the available options may vary depending on the region, regulations, and features.

For beginners looking to get started with the platform, we simplified the hassle of choosing the best account type through a comparison table. Closely look at all the conditions and choose the one that suits your requirements. 

Features Micro Account Advantage Account Advantage plus Account
Minimum Deposit $10 $500 $500
Average Spreads 1.5 Pips 0.00 Pips 1.5 Pips
Commission N/A Average of $0.4-$2 based on volume N/A
Trading Instruments
  • FX
  • Metals
  • Commodities
  • FX indices
  • Stock baskets
  • FX
  • Metals
  • Commodities
  • Indices
  • FX indices
  • Stock baskets
  • Stock CFDs (only MT5)
  • Stocks (only MT5)
  • FX
  • Metals
  • Commodities
  • Indices
  • FX indices
  • Stock baskets
  • Stock CFDs (only MT5)
  • Stocks (only MT5)
Order Execution Instant Market Market
Maximum Leverage FX – 1:3 to 1:1000* (fixed) Metals – 1:500* (fixed) Up to 1:2000* (floating) Up to 1:2000* (floating)
Margin Call 60% 80% 80%
Swap Fee Free Free Free
Maximum Orders 300 Unlimited Unlimited
Maximum Volume Per Order 1 100 100
Maximum Pending Orders 100 300 300

FXTM Sign Up: Step-by-Step Account Opening Procedure

To sign up for FXTM, you can follow the below-mentioned steps:

  • Visit – www.forextime.com and click on the “Open an Account” button.
  • Complete the registration form with your personal information, such as your name, address, and contact information. 
  • Verify your email address and phone number via OTP sent.
  • Add the mandatory documents for KYC (Know Your Customer) and AML (Anti-Money Laundering) compliance, which are necessary for regulatory compliance. This can include a copy of your government-issued ID, PoA, and PoI.
  • Review the terms and conditions and accept them.

After submitting the registration form and completing the verification process, your account will be activated, and you can start trading.

FXTM Fees Explained 

FXTM, like most other forex brokers, charges a specific fee for different transactions and services. Mostly, the cost of your trading depends on the account type you have chosen, but generally, some of the most common fees you may encounter include.


  • Micro Account – 1.5 Pips (Average)
  • Advantage Account – 0.00 Pips
  • Advantage Plus Account – 1.5 Pips


  • Micro Account – Commission-free
  • Advantage Account – Average of $0.4-$2 based on volume
  • Advantage Plus Account – Commission-free


  • Average Swap Short – (-9.67)
  • Average Swap Long – (5.9)

What Are The Conditions For Deposits & Withdrawals On FXTM?

The broker offers a variety of payment options for deposits & withdrawals. At the same time, no fee is levied on any of these transactions. Through this FXTM Review 2023, let’s look at the deposits & withdrawal conditions of the platform. 

Supported Payment Methods For Deposits & Withdrawals

  • Credit/debit cards: Visa, Mastercard, and Maestro
  • E-wallets: Skrill, Neteller, PayRedeem, Perfect Money, and GlobePay
  • Bank transfers: Online banking, wire transfer
  • Local Transfers: UPI, Netbanking

What Is The Minimum Deposit For FXTM?

The minimum deposit required to open an account with this broker may vary depending on your chosen account type. Generally, the minimum deposit requirements are as follows:

  • Micro Account – $10
  • Advantage Account – $500
  • Advantage Plus Account – $500

The minimum deposit requirements are subject to change based on new campaigns, so it is important to refer to the broker’s official website before making a deposit. 

What Trading Platforms Does FXTM Support?

The broker offers trading services through two of the most advanced platforms: MetaTrader4 & MetaTrader5, along with a dedicated mobile application. Let’s find out the specifications of each platform. 

FXTM MetaTrader4 (MT4)

  • 30+ Technical Indicators
  • Multi Account Manager (Mam)
  • Available in 20+ languages
  • VPS
  • Easy-to-read, interactive charts
  • Real-time Updates
  • Available for FX, commodities, CFDs, and indices

MetaTrader5 (MT5)

  • 80+ Technical Indicators
  • Available for major global stocks, stock CFDs, FX, commodities, and indices.
  • Multi Account Manager (Mam)
  • Available in 20+ languages
  • VPS
  • Easy-to-read, interactive charts
  • Real-time Updates


  • Available for iOS, Windows & Android
  • 80+ Technical Indicators
  • Available for major global stocks, stock CFDs, FX, commodities, and indices.
  • Multi Account Manager (Mam)
  • Available in 20+ languages
  • VPS
  • Easy-to-read, interactive charts
  • Real-time Updates

How Effective Is FXTM’s Educational & Research Resources?

During our analysis for FXTM Review 2023, we found the broker’s educational & research resources to be appropriate for both beginner & professional traders. 

The platform’s functions, such as Expert Trader, Trading Videos, Glossary, and Guides, are an excellent way for entry-level traders to learn the fundamentals of trading. 

Meanwhile, expert traders can enhance their trading experience through advanced research tools such as Daily Market Analysis, Market Analyst Team, PIP Calculator, Profit Calculator, Margin Calculator, Trading Signals and Economic Calendar. 

What Leverage Does FXTM Offer?

The broker’s maximum leverage varies depending on the account type and asset you choose to trade in. However, our FXTM Review analysis found the available leverage ratio & margin requirements to be in accordance with global industry standards. 

Maximum Leverage

  • Micro Account: FX – 1:3 to 1:1000* (fixed) Metals – 1:500* (fixed).
  • Advantage & Advantage Plus Account: Up to 1:2000* (floating)

Margin Requirements

  • Micro Account: 60%
  • Advantage & Advantage Plus Account: 80%

Ongoing Promotions & Bonuses

The broker is currently running a referral program campaign, offering $50 to both referral & referee. After activating your account, you get a unique referral link. Anyone signing up through this link will earn a bonus for both of you. 

How Does Copy Trading Work At Forextime (FXTM)?

The platform’s copy trading feature makes it stand out; it lets you copy everything from your strategy managers’ trades. The minimum requirement to start copy trading on ForexTime is $100. 

How Can You Contact FXTM Support?

The broker offers commendable customer support services through its professional team round-the-clock. We tried calling the support team to get some information for FXTM Review 2023. Our experience was great; the best part is that it covers a wide global area through dedicated phone & email support.

Here are the contact details for FX TM customer support services:

Email: support@fxtm.com

  • India Toll-Free Phone Number: 000800 100 4352
  • Kenya: +254 207 640 415
  • Indonesia: 007 803 321 8183
  • Nigeria: +234 1 460 1586, +234 908 735 2313, +234 803 457 3593
  • South Korea: 003 0813 2643

Why Do We Recommend FXTM?

  • Lightning-fast Trade Execution
  • Fully Licensed & Well-positioned
  • Copy Trading Feature
  • Round-The-Clock Customer Support
  • Rich Educational Content
  • An Advanced Mobile Application
  • Free Demo Account 
  • Low-Cost Trading

Final Verdict On FXTM Review 2023

The assessment report & research-backed findings from FXTM Review 2023 revealed that the broker’s services make it a top choice among both retail & institutional clients.

Meanwhile, the trading platforms offered are advanced & straightforward at the same time, and the educational offering is impressive. What we liked the most about this broker is its minimum deposit requirements, meaning you can start with as little as $10

Concluding this review, we would only say it is a highly recommended broker. So, open your account now and start trading right away.


How Can I Delete My Account From FXTM?

You can request permanent account deletion through email to customer support. Remember to add a valid reason along with with your request. 

Is FXTM Legal in India?

Yes, the broker legally operates in India as it holds multiple regulatory licenses. Apart from this, it also offers dedicated customer support to its Indian clients. 

Does FXTM Allow Scalping?

Yes, the broker allows scalping and hedging strategies. 

How Long Does FXTM Withdrawal Take?

While most withdrawals are processed instantly, in exceptional cases, it may take up to 3-5 business days. 

Does FXTM Take A Commission?

The platform charges a specific commission on advantage accounts which is an averagely $0.4-$2 based on volume.

How Much Do I Need To Start FXTM?

The minimum amount to start trading with this broker is $10 for a micro account. 

Which One Is Better, OctaFX Or FXTM?

FXTM is better than OctaFX as it focuses more on offering services to both beginners & professionals, while OCTAFX is less beginner-friendly. 

How Can I Deposit Funds Into My Account?

  • From the My Money section, click on ‘Deposit.’
  • Choose your preferred payment method and click ‘Deposit.’
  • Confirm your details on the next page and follow the instructions to complete the transaction. 

Does Fxtm Have An Inactivity Fee?

No, the platform doesn’t charge any inactivity fees; however, there is a SWAP fee on positions that remained open overnight. 

How Can You Withdraw From FXTM?

  • From the My Money section, Open the Withdrawal page.
  • Choose the account or wallet you wish to withdraw funds.
  • Confirm your details on the next page and follow the instructions to complete the transaction.