FXTM Review 2024: Scam Test & In-depth Analysis Report

FXTM is a forex and CFD broker that offers a wide range of trading instruments, platforms, and services. It is one of the leading brokers for emerging and frontier markets, with a strong presence in Africa, Asia, and Latin America. In this FXTM review, we will examine the broker’s features, fees, regulation, research, education, and customer support. We will also give our verdict on whether FXTM is a scam or a reliable broker.

Summary

• FXTM is a highly regulated and transparent broker, with licenses from FCA, CySEC, FSCA, and FSC.
• FXTM offers both commission-free and commission-based forex accounts, with competitive spreads and low swap rates.
• FXTM has a decent selection of trading instruments, including 60 currency pairs, 8 commodities, 21 index CFDs, 802 equity CFDs, and 639 US-listed stocks.
• FXTM provides traders with the MT4/MT5 trading platforms, which are enhanced with six plugins and a pivot points strategy. It also has its own mobile app, FXTM Trader, and a copy trading platform, FXTM Invest.
• FXTM has a three-member research team that produces market commentary, analysis, videos, podcasts, and trading signals. It also has a comprehensive educational section, with a video library and written content for beginner traders.
• FXTM has a responsive and helpful customer support team, available 24/5 via phone, email, live chat, and social media. It also has local offices in several countries and languages.
• FXTM has a referral program that offers a bonus for both the referrer and the referee. It also has a loyalty program that rewards traders with cashback and discounts.

FXTM Overview

FXTM was founded in 2011 by Andrey Dashin, the co-founder of Alpari, one of the largest forex brokers in the world. FXTM’s mission is to provide traders with superior trading conditions, innovative technology, and exceptional customer service. FXTM has grown rapidly since its inception, expanding its global reach and customer base. It currently has over 3 million registered clients from 180 countries, and executes more than 250 million orders per year.

FXTM is a highly regulated and transparent broker, with licenses from some of the most reputable financial authorities in the world. It is regulated by the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) in Cyprus, the Financial Sector Conduct Authority (FSCA) in South Africa, and the Financial Services Commission (FSC) in Mauritius. FXTM is also a member of the Investor Compensation Fund (ICF) in Cyprus and the Financial Services Compensation Scheme (FSCS) in the UK, which protect clients’ funds in case of the broker’s insolvency. Moreover, FXTM’s financial statements are audited by PricewaterhouseCoopers (PwC), one of the Big Four accounting firms, which ensures the accuracy and reliability of the broker’s financial reporting.

FXTM offers a wide range of trading instruments, platforms, and services to cater to different types of traders and investors. It offers both commission-free and commission-based forex accounts, with competitive spreads and low swap rates. It also offers leverage up to 1:2000 and a professional account for institutional traders. FXTM has a decent selection of trading instruments, including 60 currency pairs, 8 commodities, 21 index CFDs, 802 equity CFDs, and 639 US-listed stocks. It also provides traders with the MT4/MT5 trading platforms, which are enhanced with six plugins and a pivot points strategy. It also has its own mobile app, FXTM Trader, which is user-friendly and easy to use. Additionally, it has a proprietary copy trading platform, FXTM Invest, where investors can follow strategy managers and share in their profits.

FXTM has a three-member research team that produces market commentary, analysis, videos, podcasts, and trading signals. It also has a comprehensive educational section, with a video library and written content for beginner traders. FXTM also organizes webinars, seminars, and workshops around the world, where traders can learn from experts and network with peers. FXTM has a responsive and helpful customer support team, available 24/5 via phone, email, live chat, and social media. It also has local offices in several countries and languages, such as Nigeria, India, Pakistan, Thailand, Vietnam, and Indonesia.

FXTM has a referral program that offers a bonus for both the referrer and the referee. The referrer can earn up to $10,000, while the referee can get a $50 trading credit. FXTM also has a loyalty program that rewards traders with cashback and discounts, depending on their trading volume and account type.

Trading Costs

FXTM offers both commission-free and commission-based forex accounts, with different trading costs and conditions. The commission-free accounts are the Standard, Cent, and Stock CFD accounts, while the commission-based accounts are the ECN, ECN Zero, and Pro accounts. The table below summarizes the main features and fees of each account type:

As you can see, the commission-based accounts have lower spreads and higher commissions, while the commission-free accounts have higher spreads and no commissions. The commission-based accounts are more suitable for scalpers and high-volume traders, who can benefit from the tight spreads and low swap rates. The commission-free accounts are more suitable for beginners and low-volume traders, who can trade with a lower minimum deposit and no commission fees.

The trading costs of FXTM are competitive and transparent, as the broker does not charge any hidden fees or markups. However, there are some other fees that traders should be aware of, such as:

• Deposit and withdrawal fees: FXTM does not charge any fees for deposits and withdrawals, except for bank wire transfers, which may incur fees from the banks involved. FXTM also covers the fees for the first withdrawal request each month, but subsequent requests may incur fees depending on the payment method.
• Inactivity fee: FXTM charges an inactivity fee of $5 per month for accounts that have been inactive for more than 6 months. The fee is deducted from the account balance until it reaches zero or the account becomes active again.
• Conversion fee: FXTM charges a conversion fee for accounts that have a different currency than the base currency of the trading instrument. The conversion fee is calculated based on the daily closing rate of the instrument and the account currency, plus a markup of 0.5%.

Trading Instruments

FXTM has a decent selection of trading instruments, covering various asset classes and markets. It offers 60 currency pairs, 8 commodities, 21 index CFDs, 802 equity CFDs, and 639 US-listed stocks. The table below shows the main trading instruments offered by FXTM:

FXTM’s trading instruments are diverse and flexible, as they allow traders to access different markets and opportunities. However, FXTM’s selection of instruments is not as extensive as some other brokers, as it does not offer cryptocurrencies, ETFs, bonds, or options. Moreover, some instruments are only available for certain account types, such as the stock CFDs and the US-listed

Trading Platforms

FXTM provides traders with the MT4/MT5 trading platforms, which are the most popular and widely used platforms in the forex industry. MT4/MT5 are known for their reliability, functionality, and customization options. They offer advanced charting tools, technical indicators, trading robots, and market signals. They also support multiple order types, execution modes, and trading styles.

FXTM has enhanced the MT4/MT5 platforms with six plugins and a pivot points strategy, which add more features and benefits to the traders. The six plugins are:

• FXTM Pivot Points Strategy: This plugin helps traders identify potential support and resistance levels, based on four different calculation methods: Standard, Fibonacci, Camarilla, and Woodie.
• FXTM Trading Signals: This plugin provides traders with buy and sell signals, based on 14 popular indicators, such as MACD, RSI, and Bollinger Bands. It also shows the success rate and profit factor of each signal.
• FXTM Trader’s Dashboard: This plugin shows traders the market sentiment, the volatility, and the trading sessions of different instruments and timeframes.
• FXTM Market Data: This plugin gives traders access to historical data and statistics of various instruments, such as the average spread, the maximum spread, the percentage of bullish and bearish candles, and the average daily range.
• FXTM Trade Terminal: This plugin allows traders to manage multiple accounts and orders from one interface. It also offers risk management tools, such as stop loss, take profit, trailing stop, and break-even.
• FXTM Mini Terminal: This plugin is a simplified version of the FXTM Trade Terminal, which enables traders to execute orders quickly and easily from the chart.

FXTM also has its own mobile app, FXTM Trader, which is available for both Android and iOS devices. FXTM Trader is a user-friendly and convenient app that allows traders to access the markets anytime and anywhere. It offers the following features:

• Real-time quotes and charts
• One-click trading and order management
• Live market news and analysis
• Economic calendar and trading signals
• Account summary and history
• Deposit and withdrawal options
• Customer support and feedback

Additionally, FXTM has a proprietary copy trading platform, FXTM Invest, where investors can follow strategy managers and share in their profits. FXTM Invest is a social trading platform that connects investors with experienced and successful traders, who can offer their strategies for a fee. Investors can choose from hundreds of strategy managers, based on their performance, risk level, and trading style. They can also monitor and control their investments, and withdraw their funds at any time. FXTM Invest is a great way for investors to diversify their portfolio, learn from experts, and earn passive income.

Research and Education

FXTM has a three-member research team that produces market commentary, analysis, videos, podcasts, and trading signals. The research team consists of:

• Hussein Sayed: The Chief Market Strategist for the Gulf and MENA region, and a CNBC Arabia anchor and host of the popular show Bursat Al Alam.
• Lukman Otunuga: The Senior Research Analyst, who provides in-depth analysis and insights on the global financial markets, with a focus on Africa.
• Han Tan: The Market Analyst, who covers the Asian markets and provides commentary on forex, commodities, and equities.

The research team publishes daily, weekly, and monthly reports on the FXTM website and blog, covering the latest market trends, news, and events. They also produce videos and podcasts, where they discuss and debate various topics and issues affecting the markets. They also provide live trading signals, which are based on technical and fundamental analysis, and show the entry, exit, and stop loss levels for different instruments.

FXTM also has a comprehensive educational section, with a video library and written content for beginner traders. The video library covers the basics of forex trading, such as what is forex, how to trade, and how to use the MT4/MT5 platforms. The written content includes articles, guides, glossaries, and FAQs, which explain the key concepts and terms of forex trading, such as leverage, margin, spreads, and commissions. FXTM also organizes webinars, seminars, and workshops around the world, where traders can learn from experts and network with peers. FXTM’s webinars cover various topics, such as technical analysis, trading strategies, risk management, and market psychology. FXTM’s seminars and workshops are held in different countries and languages, such as Nigeria, India, Pakistan, Thailand, Vietnam, and Indonesia. They offer practical and interactive sessions, where traders can get hands-on experience and feedback from the FXTM team.

FXTM’s research and education are valuable and useful resources for traders of all levels and backgrounds. They help traders stay informed, educated, and prepared for the dynamic and volatile markets. They also help traders develop and improve their trading skills, knowledge, and confidence.

Customer Support

FXTM has a responsive and helpful customer support team, available 24/5 via phone, email, live chat, and social media. The customer support team can assist traders with various issues and inquiries, such as account opening, verification, deposit, withdrawal, trading, platform, and technical problems. The customer support team can also provide general information and guidance on FXTM’s products and services.

FXTM has local offices in several countries and languages, such as Nigeria, India, Pakistan, Thailand, Vietnam, and Indonesia. Traders can contact the local representatives and agents, who can offer more personalized and tailored support and solutions. FXTM also has a dedicated customer feedback system, where traders can share their opinions, suggestions, and complaints, and receive a response within five business days.

FXTM’s customer support is one of the best in the industry, as it has won several awards and recognitions, such as the Best Customer Service Global 2017 by the Global Brands Magazine, the Best Trading Experience 2019 by the World Finance Forex Awards, and the Best Customer Service 2020 by the European CEO Awards.

Referral Program

FXTM has a referral program that offers a bonus for both the referrer and the referee. The referral program is a simple and easy way for traders to earn extra income and rewards, by inviting their friends and family to join FXTM.

The referrer can earn up to $10,000, depending on the number of referrals and their trading activity. The referee can get a $50 trading credit, which can be used for trading or withdrawn after meeting the trading volume requirement. The table below shows the referral bonus structure:

To participate in the referral program, the referrer needs to have a verified FXTM account and a minimum deposit of $100. The referrer can invite their referrals by sending them a unique referral link, which can be found in the FXTM dashboard. The referee needs to register with FXTM using the referral link, verify their account, and make a minimum deposit of $100. The referrer and the referee will receive their bonuses within 30 days after the referee meets the trading volume requirement of 1 standard lot per $5 bonus.

The referral program is a great way for traders to share the benefits of FXTM with their friends and family, and earn some extra cash and trading credit. The referral program is also unlimited, which means that traders can invite as many referrals as they want, and receive more bonuses and rewards.

Final Verdict

FXTM is a reputable and reliable broker, that offers a wide range of trading instruments, platforms, and services. It is highly regulated, transparent, and audited, which ensures the safety and security of the clients’ funds and data. It also offers competitive and transparent trading costs, with both commission-free and commission-based forex accounts. It also provides traders with the MT4/MT5 trading platforms, which are enhanced with six plugins and a pivot points strategy. It also has its own mobile app, FXTM Trader, and a copy trading platform, FXTM Invest.

FXTM also has a three-member research team that produces market commentary, analysis, videos, podcasts, and trading signals. It also has a comprehensive educational section, with a video library and written content for beginner traders. It also organizes webinars, seminars, and workshops around the world, where traders can learn from experts and network with peers. FXTM also has a responsive and helpful customer support team, available 24/5 via phone, email, live chat, and social media. It also has local offices in several countries and languages, such as Nigeria, India, Pakistan, Thailand, Vietnam, and Indonesia.

FXTM also has a referral program that offers a bonus for both the referrer and the referee. It also has a loyalty program that rewards traders with cashback and discounts, depending on their trading volume and account type.

FXTM is a broker that caters to different types of traders and investors, with different levels of experience, risk appetite, and trading style. It is a broker that offers superior trading conditions, innovative technology, and exceptional customer service. It is a broker that we highly recommend for anyone who is looking for a trustworthy and professional forex and CFD broker.