FXTM [forextime.com] Broker Review: Is It Legal?

FXTM - logo

FXTM (ForexTime) is a large international broker leading in the field of online trading. The company has been operating for 10 years and has attracted 4 million people from 150 countries during this time. To avoid another scam, we will carefully study the trading conditions and the broker’s official website, and also find customer reviews.

FXTM General Information

Website https://www.forextime.com/
Phone number +44 20 3734 1025
Email support@fxtm.com
Address 35, Lamprou Konstantara, FXTM Tower, 4156, Kato Polemidia, Limassol, Cyprus
License FCA 777911, CySEC 185/12, FSCA 46614, FSC C113012295
Minimum deposit $10
Assets Forex (currency pairs), CFD
Leverage To 1:30, also to 1:2000
Trading platform MetaTrader 4, MetaTrader 5, FXTM Trader App

Registration and Client Portal Review

FXTM is one of the brokers that have several website versions for different countries. Throughout the review, we will primarily focus on the FXTM Global division (https://www.forextime.com/).

FXTM - official website

The main page looks too simple for a licensed international broker. The user immediately sees an advertisement for an attractive lottery where you can win up to $100,000.

Below, FXTM lists its excellent benefits and invites you to start trading today. Too tempting to refuse.


Click the orange button “Open account”. Enter your personal and contact details and create a password. Then enter the PIN code that will be sent by e-mail and via SMS.

Extremely bad! We had to spend about half an hour registering. Besides, there are no UK and EU members on forextime.com. Only our со-worker from India was able to log in.

FXTM - client portal

FXTM gives tips that will help beginners navigate and complete the necessary sequence of actions. Users can deposit funds, download the appropriate platform, verify the profile, and change the settings. They have access to investment strategies, trading signals, and various promotions.

In addition, beginner traders can take advantage of educational webinars and ebooks. A demo account on WebTrader is also available in your client portal.

FXTM Trading Conditions

FXTM has developed a wide range of trading accounts. Some parameters may be changed depending on the trader’s country of residence.

Account Types Review

If you visit the international site (https://www.forextime.com), you will see a table with high-risk account types.

Terms Micro Advantage Advantage Plus
Minimum deposit 10$ 500$ 500$
Leverage Up to 1:1000 Up to 1:2000 Up to 1:2000
Spread From 1.5 pip From 0.0 From 1.5 pip
Maximum lot size per trade 10 Unlimited 100

The leverage looks literally out of this world. Also, pay attention to the unlimited lot size. Combined with the enormous leverage, this volume means that the broker must have billions of dollars to satisfy your executed trade. (Not to mention that you can lose your entire deposit in just one order).

Most likely, FXTM does not bring such transactions to the interbank market. Therefore, they are drawn and we have a dealing center that earns on your losses.

At the same time, we see adequate fixed leverage up to 1:30 on https://www.forextime.com/uk. Obviously, when working with the British, FXTM adheres to the requirements of the local regulator (FCA).

Trading Platform

The popular platforms MetaTrader 4 and MetaTrader 5 are used for trading here. Each version is available for Windows, Mac, iOS, and Android. The company also has its FXTM Trader application. It’s curious, only MT4 and Trader App are available in the UK branch.

FXTM does not provide direct download links for terminals (access is available only after registration).

Besides, we were not even able to log into Webtrader in our client portal. Even registration will not allow you to trade on a demo account without any problems.

FXTM — Deposit and Withdrawal of Funds

Deposits and withdrawals are made in a variety of ways:

  • Bank cards Visa, Mastercard, Maestro
  • Bank transfers
  • Electronic transfer systems (Neteller, Skrill, Perfect Money, etc.)
  • Local transfers (FasaPay, systems in India and Nigeria).

When depositing the account, no commissions are charged (except for credit cards).


You should upload the following documents to your client portal:

  • ID or passport
  • Utility bill or bank statement.

Trading on FXTM is only available after identity verification.

Affiliate Program, Education, Tools

FXTM has a lot of additional useful services. https://www.fxtmpartners.com offers to earn money by inviting partners. You can get up to $250 for each referral. There are special offers for Forex managers, bloggers, and webmasters. You can also just refer a friend and get $50 each. Finally, the broker runs seasonal promotions from time to time.

Of course, such a large broker is simply obliged to educate its clients. This is what FXTM does. On its website, you will find tutorial articles and videos, a glossary and market analysis, as well as special guides for beginners.

Pip calculator

The pip calculator from FXTM is especially popular. Thanks to it, traders can determine the amount of change in quotes and thus manage risks. The broker also provides other calculators (margin, profit, investment). The last one refers to the FXTM Invest program, which allows you to copy trades of experienced traders. All you have to do is deposit $100 and choose a Strategy Manager.

Surprise! There are no promotional materials or attractive marketing on the UK site. Its visitors get really useful educational and analytical services.

Is FXTM a Scam?

The broker has several licenses in different countries, but its offers do not always seem legal. Let’s try to find evidence of the company’s dishonest activities.

We have checked all legal entities and the licenses issued to them. FXTM works legally, as it says on its website, but there are some nuances. So, the FCA licenses Exinity UK Ltd and it’s only allowed to operate in the UK. Cypriot firm Forextime Ltd is licensed by CySEC and can serve EU citizens. However, we were unable to get to the version of the site www.forextime.com/eu.

FXTM - Mauritius license

Finally, the global department is served by Exinity Limited, which is incorporated in Mauritius. The license means that the dealer is entitled to provide a full range of services, excluding underwriting.

Googling revealed that this type of license is issued to brokers that work according to the Market Maker/B-Book model. It means that the Mauritian FXTM is a dealing center, as we assumed earlier.

Forextime.com Domain Info

The broker states that it was founded in 2011. The Internet Archive confirms this information. For some reason, ForexTime was located in New Zealand at that time. In 2013 it received a CySEC license. Please note that the domain name is registered to a person known as Stanislav Dashin.

FXTM - traffic

According to Similarweb, forextime.com’s audience has doubled over the past month to 1.6 million users. The broker is most popular in Egypt, Nigeria, and the USA.

FXTM has a branch and a license in Kenya. However, its website says that it does not cater to US citizens.

Contacts Review

The company can not be called closed to feedback. The UK and global versions have email addresses, phone numbers, and contacts for regional offices. You can also join FXTM on popular social networks and instant messengers.

Affiliation with Alpari

While gathering data about the broker, we found an interesting Wikipedia article (https://en.wikipedia.org/wiki/Alpari_Group). Andrey Dashin, the owner of FXTM, previously founded Alpari in Russia. Soon it entered international markets (UK, Cyprus, USA, India) and for some time provided brokerage services.

However, in all these countries, Alpari lost its license, and in some places was involved in financial fraud. Even in its home country of Russia, the company finally lost its Central Bank license in 2017.

Currently, https://www.alpari.org says that it is the trade name of the already familiar company Exinity Limited from Mauritius.

Pros and Cons

  • Licensed broker.
  • Long term of work.
  • Trading terms depend on the region of residence.
  • Lots of marketing material.
  • Problems during registration.
  • No demo account.
  • FXTM’s global division is a dealing center.
  • Affiliation with the scam broker Alpari.

FXTM Summary

FXTM - favi

FXTM is not a scam yet, but you can't be sure of anything when trading with this broker. It probably only provides a truly reliable service in the UK. Citizens of other countries should be content with intrusive marketing and the unreliability of the dealing center.

Website information content 6
Client Portal 7
Trading conditions 4
Trading platform 5
Deposit and withdrawal 8
Verification 5
Extra options 8
Licenses and guarantees 5
Work duration 6
Feedback 7

Frequently Asked Questions (FAQ)

Which Country Owns Fxtm?

It is registered in Cyprus but also has a branch in Mauritius.

How Reliable Is FXTM?

This is a legal broker in the EU. However, we don’t think it’s a good idea to trade here from other countries.

How Much Is the Minimum Deposit for FXTM?

$10 is enough for trading on a micro account.

robert brewer
Robert Brewer
Chief Expert

Robert is an experienced financial analyst based in California. He covers the most difficult topics on our site.

Robert is an experienced financial analyst based in California. He covers the most difficult topics on our site.

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Client Reviews

  1. Ponco

    Long execution of orders

    I would like to warn you that you are going to work with not the most honest broker. On the outside, this company looks great, but in fact, it is not. I would like to talk about the execution of orders. It’s not instant and takes about 3 seconds. What do you think? Is this OK? So much money was lost because of this fraud.

  2. Yrona

    Too bad you need a lot of documents for verification

    I am so happy that one day my friend recommended this platform to me. Everything is very clear, very solid, no annoying ads. The learning platform is great! I recommend FXTM to all my friends! Of course, I’m new to this business, but my friend did it. I hope I’m lucky 🙂

  3. Ifacy

    They are not responsible for their words

    This broker is not to be trusted. In fact, not everything is as great as we were promised initially. Trading is often interrupted as the MT4 and MT5 platforms crash. The most unpleasant thing is that there is also a problem with withdrawing funds. Money usually comes with long delays. Clients have to wait for weeks. Some get nothing at all. Great trade here is fake.