FXTM Review 2024

Regulations: CySEC (Cyprus), FCA (UK), FSCA (South Africa), FSC (Mauritius), CMA (Kenya)

Instruments: 60 Forex pairs, 8 Commodities, 21 Index CFDs, 802 Equity CFDs, 639 US-listed stocks

FXTM offers two main account types to cater to different trading preferences: the “Advantage Plus” account, which is commission-free, and the “Advantage” account, which is commission-based. Both account types require a minimum deposit of $200, making them accessible to a wide range of traders. While the Advantage Plus account eliminates commission fees, it does come with relatively higher spreads, making it less cost-effective for traders who prioritize lower trading costs.

On the other hand, the “Advantage” account is highly recommended for traders, as it offers some of the best trading conditions in the industry. Despite charging a commission, the overall trading costs are significantly lower due to the tight spreads available in this account. For high-frequency traders, scalpers, or those looking to minimize costs, the commission-based Advantage account is an excellent choice, offering a more competitive environment compared to the commission-free option.
 

FXTM Pro Account

The "FXTM Pro Account" Specifically designed for professional traders, institutional traders, and hedge funds, this account requires a minimum deposit of $25,000 (or currency equivalent) to open. FXTM Pro account holders benefit from commission-free raw spreads starting from 0 pips, with spreads averaging above 0.2 pips. This competitive spread structure allows FXTM to earn revenue from trading volume, making it one of the best offers for professional traders in the industry.

The FXTM Pro Account provides some of the lowest trading costs for liquid currency pairs, with costs ranging between $0.00 and $2.00 per standard lot, and offers maximum leverage of 1:200. Traders using this account enjoy full flexibility with no restrictions on trading strategies, and they can access both the MT4 and MT5 trading platforms. The minimum transaction size is 0.01 lots, offering further flexibility for professional traders.

Additional features of the FXTM Pro Account include account base currencies in USD, EUR, and GBP, with NGN accounts available for Nigerian traders. There is no maximum deposit limit, deep liquidity from Tier-1 providers, and market execution without requotes or last-look pricing. The margin call is set at 80% (rising to 130% over the weekend), and the stop-out level is 50% (increasing to 100% over weekends). The FXTM Pro Account also allows for up to 250 lots per trade, with a maximum of 300 pending orders and unlimited open positions. This account includes 43 currency pairs, two spot metals, and nine spot CFDs, making it an excellent choice for professionals looking for high liquidity and superior trading conditions.

FXTM offers a wide range of payment options, with 16 methods available for deposits and withdrawals. These include traditional bank wires and a variety of domestic banking solutions tailored to specific countries, which is an excellent feature for traders seeking localized options. Additionally, FXTM supports popular e-wallet services such as Skrill, GlobePay, Pay Redeem, Perfect Money, Neteller, FasaPay, and M-Pesa, giving traders flexibility in managing their funds. All deposits and withdrawals are processed through the MyFXTM back office, where traders can easily manage their transactions.

FXTM offers a wide range of payment options, with 16 methods available for deposits and withdrawals. These include traditional bank wires and a variety of domestic banking solutions tailored to specific countries, which is an excellent feature for traders seeking localized options. Additionally, FXTM supports popular e-wallet services such as Skrill, GlobePay, Pay Redeem, Perfect Money, Neteller, FasaPay, and M-Pesa, giving traders flexibility in managing their funds. All deposits and withdrawals are processed through the MyFXTM back office, where traders can easily manage their transactions.

While FXTM does not charge internal deposit fees, it does levy fees on withdrawals, which is an unfortunate drawback. Traders may also encounter third-party processing fees and currency conversion charges, depending on the payment method used. Processing times vary across methods, ranging from instant transactions to up to ten business days.
 

FXTM offers both commission-free and commission-based Forex accounts, providing options for different types of traders. The commission-free accounts tend to be more expensive due to higher spreads, while the commission-based accounts stand out as one of the most cost-effective in the industry.

For traders using the commission-based Advantage account, spreads can start as low as 0.0 pips, with a commission ranging from $0.80 to $4.00 per round lot, making it one of the best pricing environments available. The Advantage Plus account, which is commission-free, has spreads starting at 1.5 pips, resulting in a higher trading cost compared to the commission-based option.

In addition, FXTM charges no deposit fees, making it more convenient for traders managing their accounts. However, an inactivity fee of $5 per month is applied after six months of inactivity. While FXTM offers commission-free equity CFD trading, it’s essential to note that commission-free doesn’t necessarily mean cheaper. Spreads in these accounts tend to be higher, sometimes double compared to commission-based offers, and FXTM follows this trend. For traders seeking the lowest costs, the commission-based accounts remain the most competitive option in FXTM's offering.

Swap Rates and Overnight Trading Costs

One of the most overlooked trading costs is the swap rate on leveraged overnight positions. Depending on the trading strategy, swap rates can significantly impact overall trading expenses, particularly for traders holding positions overnight.

For traders using the MT4/MT5 platforms, accessing swap rates is straightforward. By right-clicking on the desired symbol in the Market Watch window, selecting "Specification," and scrolling down to view the Swap Long and Swap Short details, traders can easily review these costs. FXTM offers competitive swap rates for its commission-based accounts, but it’s essential to understand how these rates impact overall costs depending on the duration a position is held.

FXTM keeps swap rates relatively low, particularly for its commission-based accounts, which helps reduce the impact of these fees on longer-term trades. Additionally, Hong Kong equities, which come with additional fees, are still priced competitively, further ensuring that FXTM remains a cost-effective broker for traders who hold positions overnight or across multiple days.
 

FXTM occasionally offers a "Sign-up Bonus." In the past, FXTM provided a $10 signup bonus that was valid for 30 days. While traders could withdraw any profits earned using the bonus, the bonus amount itself was non-withdrawable after the promotion expired. 
The "Referral Bonus" is currently available at FXTM, offering $50 for both the referrer and the referred trader, with a maximum payout of $500. It's important to note that this is not an affiliate program, and geographic restrictions apply. The referrer must have a pre-existing relationship with the person they are referring, and terms and conditions should be reviewed carefully to ensure eligibility. For those interested in affiliate programs, FXTM also offers a separate program with generous payouts. 

One of the best offers available at FXTM is the "volume-based discount" for the commission-based FXTM Advantage account. With a minimum deposit of $200, traders can benefit from long-term cost savings through reduced trading costs, making it an excellent choice for frequent traders looking to enhance profitability. 

Additionally, FXTM hosts "trading contests" with various prizes, but traders are encouraged to carefully read the terms and conditions before participating to fully understand the rules and requirements of these promotions.
 

FXTM caters to a broad range of international traders, including those from the UK, India, Malaysia, and the Philippines. The broker’s global presence and localized banking solutions make it a popular choice for traders in many regions. However, FXTM does not accept clients who are residents of Canada or the United States.