FXTM (operating as ForexTime Limited) is a top-tier Forex and CFD broker that has won numerous awards.
FXTM not only provides a safe and secure environment to trade, but also an industry-leading experience for traders of all levels, thanks to its regulation by many financial agencies, including the top-tier Financial Conduct Authority (FCA) in the UK.
In this FXTM broker review, we will explore the many account options, regulation, trading platforms, and more that this broker has to offer to traders in Nigeria.
What traders can access from FXTM
For those with greater experience in the forex market, FXTM also provides a strong range of minor and emerging market currencies among its 63 available currency pairs to trade according to our FXTM review.
Spreads on the EUR/USD start at 1.6 pips for the Standard account and average 1.9 pips. With an ECN account, spreads typically range from 0.3 to 0.1 pips, making them more competitive than traditional spreads.
Social trading for Forex traders
FXTM Invest, a social trading service, is available to all non-UK customers, and it is one of the areas in which the company excels. You can participate as a financial backer or a strategic planner.
Investors can get started with as little as $100 and copy the trades of seasoned pros on FXTM’s sleek, user-friendly platform as we found in our FXTM review.
Investors can mimic the transactions made by Strategy Managers. Strategy Managers can be narrowed down depending on a number of metrics, including win rate, risk, and profit. Commissions on profitable trades made by Strategy Managers are available.
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Trust and safety at FXTM
FXTM provides a high level of regulatory security and is regulated and licenced in multiple countries. As a result of this, they are a reliable Forex and CFD broker, recognised by reputable regulatory bodies such as the United Kingdom’s FCA (Financial Conduct Authority).
FXTM is licensed by the Financial Sector Conduct Authority (FSCA) of South Africa and is regulated by the Cyprus Securities and Exchange Commission (CySEC).
FXTM, like all brokers, is subject to stringent regulations requiring it to maintain adequate capital, fully segregated client accounts from company funds, follow anti-money laundering and “know your client” policies, and take other measures to safeguard investors. FXTM has earned a reputation as a reliable and protected broker.
FXTM pricing for traders
The type of trading account you open with FXTM will determine the costs you’ll incur. FXTM offers a wide variety of account types, although they may be roughly divided into two groups: Standard Accounts and ECN Accounts.
Spreads for the Standard account are wider than average, starting at a minimum of 1.6 pips for the EUR/USD and typically averaging 1.9 pips.
The commission on an ECN account is $2 per lot, however the minimum spread is only 0.1 pips, compared to the industry standard of 0.3 pips.
Education for beginner traders
FXTM gives their customers a wide range of options when it comes to learning about the financial markets and trading.
FXTM provides five eBooks for download; these cover trading psychology, what cryptocurrency is, Elliot Wave theory, and two different types of Japanese candlestick charts.
Both new and experienced traders might benefit from watching one of the many available instructive movies on CFD and Forex trading.
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