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
- Registration and Client Portal Review
- FXTM Trading Conditions
- Account Types Review
- Trading Platform
- FXTM — Deposit and Withdrawal of Funds
- Affiliate Program, Education, Tools
- Is FXTM a Scam?
- Legal Information and License
- Forextime.com Domain Info
- Contacts Review
- Affiliation with Alpari
- Pros and Cons
- Frequently Asked Questions (FAQ)
FXTM General Information
|Phone number||+44 20 3734 1025|
|Address||35, Lamprou Konstantara, FXTM Tower, 4156, Kato Polemidia, Limassol, Cyprus|
|License||FCA 777911, CySEC 185/12, FSCA 46614, FSC C113012295|
|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/).
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 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.
|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).
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.
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.
Legal Information and License
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.
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.
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.
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.
Frequently Asked Questions (FAQ)
It is registered in Cyprus but also has a branch in Mauritius.
This is a legal broker in the EU. However, we don’t think it’s a good idea to trade here from other countries.
$10 is enough for trading on a micro account.