FXTM company: Is it a legitimate broker or a scam? This comprehensive review answers this critical question and more.
The FXTM company, fxtm.com, claims to offer innovative trading tools and global market access. For starters, “FXTM” is short for “ForexTime”.
FXTM claims to serve both beginner and professional traders. It also states that it has been in the market for over a decade, presenting itself as a reputable broker. But how legitimate is this entity really? And is it worth your trust and investment?
FXTM Company Overview
Founded in 2011, in Cyprus, the FXTM company has allegedly grown into a global brokerage firm. The company offers forex, commodities, indices, and CFDs. It purportedly offers tight spreads, fast execution, and excellent customer service, and also claims to empower traders with educational tools and real-time market analysis.
Headquartered in Limassol, Cyprus, it supposedly operates in over 180 countries through multiple regulated subsidiaries, including:
- UK—Exinity UK Limited(www.forextime.com). It’s regulated by the UK’s FCA. The FCA of the UK is a tier 1 regulator.
- Cyprus—ForexTime Ltd(formerly licensed by Cyprus’s CySEC until ForexTime LTD voluntarily renounced the license).
- Mauritius—Exinity Limited(www.fxtm.com). It is approved by Mauritius’s FSC.
- Kenya—Exinity Capital East Africa Ltd(www.fxtm.com). It’s licensed by Kenya’s CMA.
- UAE—Exinity ME Limited. It is regulated by the ADGM, a government-established financial regulatory entity in Dubai.
- South Africa’s Financial Sector Conduct Authority—(FSCA).
NOTE: FXTM does not operate in the United States, and Canada, and does not accept clients who are residents of these countries. For other prohibited countries, be sure to check the company’s official page.
What Do Real Users Say?
User feedback paints a mixed picture of the FXTM company. Some traders applaud their educational resources and intuitive platform. Others complain about hidden fees and slow withdrawals.
In our FXTM review, we explored common complaints and praises. Many traders find the FXTM app easy to use. It offers a clean interface and several built-in tools. However, some users express concerns about high spreads during volatile periods.
One common issue mentioned is inconsistent customer support. Some traders report helpful responses. Others claim their issues were never resolved.
Additionally, some traders reported slippage and requotes, pointing out that these issues significantly affected their trade outcomes. These sentiments raise questions about FXTM’s trade execution reliability.
FXTM App
The FXTM app is available on both Android and iOS. This app lets users trade anytime and manage their accounts on the go.
It provides:
- Deposit and withdrawal functionalities
- Live quotes
- Advanced charting
- Real-time market analysis
Many users consider this app one of FXTM’s strengths.
Regardless, some users have reported bugs and lag in the app. These could lead to trading delays, especially during peak times. Additionally, a few users have warned that the FXTM app may sometimes fail to reflect accurate trade history, making it difficult to track performance properly.
Despite these issues, the FXTM app remains widely used. For traders who prioritize mobile trading, it’s a useful tool. However, testing the app with a demo account is advisable.
FXTM Minimum Deposit and Account Types
The FXTM minimum deposit depends on the account type in which you are interested. For example, for a Micro Account, the FXTM minimum deposit is as low as $10. Meanwhile, the Advantage and Advantage Plus accounts require $500 as the FXTM minimum deposit.
Such low barriers to entry attract many novice traders. However, it’s important to understand the implications of each account type since spreads, leverage, and commissions vary. For instance, Advantage accounts offer tighter spreads but include a commission per trade.
Some traders feel misled by unclear account conditions. It’s crucial to read all terms before committing to the FXTM company. Make sure you understand what your FXTM minimum deposit covers.
Is the FXTM Company Legitimate?
As noted earlier, the FXTM company is licensed by top-tier regulators, including the UK’s FCA. This suggests a level of transparency and adherence to financial standards.
The FXTM company also uses segregated accounts for client funds. This means your money isn’t mixed with the broker’s operational funds, reducing the risk of fund misuse.
Still, legitimacy goes beyond regulation. Users must consider the FXTM company’s behavior under stress, like high market volatility. Some traders claim the broker alters conditions during peak trading hours.
The FXTM company also enforces KYC (Know Your Customer) policies. This is standard for regulated brokers. However, some traders find the verification process slow and overly demanding.
So, is the FXTM company legit? On paper, yes. However, user experiences vary widely.
FXTM Withdrawal and Deposit Experience
Smooth withdrawals are a key sign of a trustworthy broker.
In our FXTM review, withdrawal experiences were inconsistent. Some users received funds within two days. Others reported delays lasting up to two weeks.
FXTM supports many deposit and withdrawal methods:
- Bank transfers
- Credit cards
- E-wallets
The FXTM app allows for quick deposits too. However, withdrawal processing may vary depending on the payment method.
A fee applies to some withdrawal methods. However, this is not clearly stated during the deposit process. Some users feel misled by the hidden costs.
Many complaints in several FXTM review forums are about the withdrawal process. To avoid disappointments, always check the terms before depositing funds. And keep screenshots of transactions for future reference.
FXTM Company Educational Tools and Support
The FXTM company invests in educational tools. They offer webinars, eBooks, and video tutorials. These are useful for beginner traders. The company also provides regular market analysis.
But is education enough to protect your funds? Unfortunately, no. Some traders assume educational resources guarantee success. While the broker offers insights, it does not eliminate trading risks.
Live chat, email, and phone support methods are available. Users report mixed experiences in this process. Some get quick answers. Others wait days for help.
However, language support is extensive, benefiting global users. Regardless, support quality appears to vary depending on your region.
FXTM Company Pros and Cons
Pros
- Regulated by several authorities
- Low FXTM minimum deposit for Micro Accounts
- User-friendly FXTM app
- Educational content for all levels
Cons
- Inconsistent customer support
- Withdrawal delays reported
- Spreads can widen dramatically
- Some hidden fees
While FXTM offers strong features, the drawbacks are notable. As such, weighing these pros and cons before signing up can go a long way.
FXTM Company Compared to Other Brokers
Compared to other brokers, the FXTM company stands out for its global reach and multilingual support. However, it lags in withdrawal transparency.
Furthermore, the FXTM app competes well with apps from other top-rated brokers like Vantage(vantagemarkets.com), IC Markets(icmarkets.com.au), and ActivTrades(activtrades.co.uk).
Yet it has room for improvement in performance and accuracy.
The FXTM minimum deposit is lower than most brokers, making it ideal for entry-level traders. However, lower deposits sometimes come with less favorable trading conditions.
Some brokers offer better customer service and faster withdrawals. Research and compare before choosing the FXTM company.
Can You Get Scammed by FXTM?
The FXTM company is regulated, which reduces the chance of fraud. But even regulated brokers can have practices that feel unfair. For instance, delayed withdrawals or poor customer support can be frustrating.
Some users report sudden account suspensions, pointing out that this happens especially during high-profit trades.
Another concern is forced stop-outs during high volatility. While legal, these actions can seem suspicious to affected traders. It’s vital to read all risk disclosures.
Overall, the FXTM company might not be a scam in the traditional sense. But users must take precautions and stay alert.
Final Thoughts on the FXTM Company
So, is the FXTM company a good broker? The answer is complex. Regulation suggests legitimacy. The FXTM app is functional. And the FXTM minimum deposit is accessible.
However, inconsistencies in support, withdrawal issues, and user complaints create skepticism. If you choose this broker, proceed with caution.
Invest small amounts initially. Test the platform thoroughly. And never invest money you can’t afford to lose.
While many traders have a great experience with the FXTM company, others face issues that affect their trading journey.
Report Scam
If you suspect the FXTM company or a similar broker has scammed you, act quickly. Visit this page to report the broker and seek help.