FOREX BROKER REVIEW - ForexTime

 
  1. The foreign exchange market or Forex is a global decentralized market for trading currencies.

    Founded by Andrey Dashin in December 2012, ForexTime is considered a newcomer to the online forex trading scene. Nevertheless within a span of two short years, this broker has managed to carve out a name for itself by wining several awards such as “Best Newcomer 2013” and “Fastest Growing Forex Broker” from the industry. The success of ForexTime (FXTM) can be said to be largely due to its founder Andrey Dashin who happened to be also the co-founder of the leading forex online broker Alpari. Another key reason for the success of FXTM is the commitment of the company in delivering first class service to their clients. Apart from forex, FXTM also offer trading for a range of other financial products such as: 

    • CFDs on Commodity Futures
    • ETF CFDs
    • Share CFDs
    • Spot Metals

    Trading Platforms

    Trading at ForexTime is available on either MetaTrader 4 (MT4) or MetaTrader 5 (MT5) platforms. These platforms are available as Web based as well as download versions. As for traders wishing mobility, they can install mobile versions of MT4 and MT5 on their mobiles devices. The guys at FXTM have certainly worked hard to make life for their traders as easy as possible. As for professional traders who want the best possible spreads, they also have the choice of ECN MT4 or ECN MT5 platforms to work with.

     Account Types

     Apart from diversity in products, FXTM also provide their traders with choices of trading accounts. The trading accounts are categorized into Standard accounts and ECN accounts. 

     Standard Accounts

     Standard accounts are divided into the following:

    • FXTM Cent
    • FXTM Fixed Spread
    • FXTM Standard
    •  

     ECN Accounts

    As for ECN accounts, they are categorized into:

    • FXTM ECN
    • FXTM ECN MT5
    • FXTM ECN ZERO
    • FXTM ECN ZERO Amanah (Islamic Trading Account)
    •  

    The good thing about FXTM is that they don’t impose a minimum deposit requirement. Traders can start trading with whatever amount they feel comfortable with. However, to qualify for rebates, you need to meet their minimum initial deposit requirements.

     Commission & Spreads

    The spreads payable at FXTM depends on the type of trading account that the trader is trading from. For FXTM Standard accounts, the spread starts from 0.1 pips. As for FXTM Fixed Spread and FXTM Cent trading accounts, the spreads are fixed from 2.1 pips. With ECN trading accounts, no spreads are payable but traders are imposed a commission for services rendered. The rate depends on the volume of trades transacted. 

     Customer Support

    One of FXTM’s strong points is their exceptional customer service. Apart from having multi-lingual support staffs to assist traders with their problems, their personal accounts managers are also multi-lingual. Their services make one feel as if you are the only trader that they are attending to. Help is always available on hand through email, live chat, Skype or the telephone. 

     Reliability

    Based in Cyprus, FXTM is a regulated broker under the Cyprus Securities Exchange Commission (CYSEC) with the license number: 185/12. As a regulated entity under CYSEC, this mean FXTM is MiFID compliant and is authorized to accept clients from all EEA countries. In addition, FXTM is also a registered entity with the British FCA. by adhering to proper regulatory requirements, FXTM is able to offer their traders the peace of mind when trading. 

     Pros

    • Attractive prizes for completion
    • Choices of Fixed or variable spread
    • ECN account available  
    • Exceptional Customer support
    • Fast and efficient trade executions
    • Multiple choices of platforms
    • No minimum deposit requirement
    • Offer very tight spreads (starting from 0 pips)

     Conclusion

    In summary, FXTM does seem to offer its traders one of the best trading environment that they can hope for. The support team are dedicated and are determined to render in any way possible to assist traders with any problems that they have. In addition, the management team should also be commended for their continued efforts to provide traders with new promotions and attractive prizes. Regardless whether one is a novice or experienced trader, FXTM makes everybody feel special.



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