FXTM Review

Overall, ForexTime is considered one of the safest brokers to use in Nigeria. Forextime has local offices in Lagos, Nigeria with excellent on-the-ground support which gives them a trust score of 4,8 out of 5. 

FXTM at a glance

FXTM Review – 17 key points quick overview:

1. ✅FXTM Overview
2. ✅Regulation and Safety of Funds
3. ✅Account Types and Features
4. Account Registration
5. FXTM VS IC Markets VS Exness – Broker Comparison
6. Trading Platforms
7. Range of Markets
8. FXTM VS IC Markets VS Exness – Broker Comparison for Range of Markets
9. Trading and Non-Trading Fees
10. Deposits and Withdrawals
11. The process to Withdraw Funds from an FXTM Account
12. FXTM Education and Research
13. FXTM Affiliate Program
14. FXTM Bonuses and Promotions
15. Verdict on FXTM
16. FXTM Pros and Cons
17. Frequently Asked Questions

FXTM Overview

👉 ForexTime (FXTM) is a brand that is well-known around the world for delivering superior trading solutions to traders from around the world, including those based in Lagos and several other Nigerian areas.

👉 According to several FXTM reviews, the broker is not only reputable, but it is currently one of the best international brokers for Nigerian traders. With FXTM, Nigerian traders have access to a choice between retail investor accounts, multi-platform support, and more.

👉 This FXTM Nigeria review will provide traders with the details that they need to consider whether the broker is suited towards their unique trading objectives and needs.

Distribution of Traders

👉 The distribution of traders for FXTM is as follows:

➡️️ Nigeria – 9.62%

➡️️ Afghanistan – 8.33%

➡️️ Vietnam – 7.41%

➡️️ Algeria – 4.08%

➡️️ India – 3.65%

➡️️ South Africa – 3.4%

➡️️ Egypt – 3.14%

➡️️ Thailand – 3.03%

➡️️ Malaysia – 2.92%

➡️️ Other regions – 53%

Popularity among traders who choose FXTM

👉 FXTM has a very large presence in Nigeria, with a market share of more than 9%, which places it as one of the Top 5 brokers for Nigerian traders.

Regulation and Safety of Funds

👉 FXTM forms a part of Exinity Limited, which offers trading solutions, trading products, and services to more than 2 million forex traders from over 150 countries worldwide. Exinity Limited is well-regulated by the Financial Services Commission of Mauritius under license C113012295.

👉 ForexTime Limited is registered under HE 310361 and registered in Cyprus. In addition, ForexTime Limited holds regulations with the Cyprus Securities and Exchange Commission (CySEC) under CIF license number 185/12.

👉 In addition, ForexTime Limited also holds regulations with the Financial Sector Conduct Authority (FSCA) and is a registered Financial Services Provider (FSP) with license 46614.

👉 In the United Kingdom, Exinity UK Limited is registered (10599136) and well-regulated by the Financial Conduct Authority, or FCA (license no. 777911).

👉 Exinity Limited is registered in the Republic of Mauritius with registration number C119470 C1/GBL. All card transactions to ForexTime is processed through FT Global Services Limited (Reg Number HE 335426), registered in Cyprus as well as Exinity Services Ltd (HE 400404).

👉 FXTM employs the necessary risk warning on its website to warn all retail forex traders against the degree of risk involved with trading leveraged forex and CFD instruments. These are extremely complex instruments and there is an inherent risk of loss, which means that Nigerian traders need to ensure that they trade only when they have the necessary skill and experience to do so.

👉 In addition to being well-regulated, FXTM and Exinity Limited keep all client funds in segregated accounts away from the company’s operational funds. These funds are kept with various banking institutions, with various partnerships established with trusted banks in several regions where FXTM operates.

👉 Exinity Limited also uses Secure Socket Layer (SSL) network security, ensuring that there is a secure connection in all communication. FXTM employs user identification and server authentication policies, encrypted data transmission, and several other protocols.

👉 FXTM has sound financial conditions and ensures that there are consistent transparent information practices.

Account Types and Features

👉 FXTM offers retail forex traders a choice between three retail investor accounts, namely:

➡️️ Micro Account

➡️️ Advantage Account

➡️️ Advantage Plus Account

Naira Micro Account

👉 The Micro Account offered by FXTM is designated to beginner traders who are starting and advanced traders who are testing their trading strategies. This account offers traders access to live market conditions but because everything is denominated in cents, there is a decreased risk of loss.

👉 The features on this account type are as follows:

Naira Advantage Account

👉 The FXTM Advantage Account is the most popular option for most retail forex traders, providing a balance between competitive trading conditions and access to a wide range of financial instruments. The Advantage account is perfect for advanced traders and those who use a range of trading strategies.

👉 The features of the Advantage Account are as follows:

Naira Advantage Plus Account

👉 The Advantage Plus account is dedicated to advanced traders and professionals who need additional features, and some of the best trading conditions. This account is suited to active traders, day traders, and high-frequency traders. The features on this account are as follows:

Demo Account

👉 FXTM offers traders a demo account that can be used to test their trading strategies, practice trading, and explore what the broker offers. This demo account offers access to live market conditions without traders risking any real money. Both beginner traders and professionals can use the demo account.

Islamic Account

👉 Islamic Accounts that are offered by FXTM to Muslim traders who follow the Quran are not charged or debited interest when they keep their positions open overnight. Such interest is forbidden by Sharia law and therefore FXTM offers halal trading to its Muslim traders, providing them with the chance to use a mid-to-long-term trading strategy while being exempted from interest prohibited by Sharia.

Account Registration

👉 The procedure of opening an account with FXTM may be completed online in a matter of minutes. On the website, there is a brief form to fill out where Nigerian traders must provide personal, financial, and other information to determine the trader’s risk level and experience in trading.

👉 For KYC reasons, traders need to validate your email address and submit proof of their identity and proof of their physical address. Once the account is verified, traders can deposit funds in their base currency.

FXTM VS IC Markets VS Exness – Broker Comparison

Trading Platforms

👉 FXTM offers a choice between two of the most popular trading platforms in the forex trading industry namely MetaTrader 4 and MetaTrader 5. These trading platforms can be used across the web, mobile devices, and desktop computers, with seamless account integration across all these platforms.

👉 MetaTrader 4 and 5 are well-known for providing user-friendly user interfaces, innovative trading technology, automated trading through Expert Advisors, technical indicators, graphical objects, advanced chart analysis, and more.

👉 In addition, FXTM also offers a proprietary mobile platform that can be used on Android and iOS mobile devices. The FXTM app provides beginner traders and experienced traders access to more than 250 tradable instruments, superior mobile trading features, order placement, live quotes, advanced charting tools, and more.

Range of Markets

👉 FXTM offers more than 250 tradable instruments that are spread across several asset classes, including:

➡️️ Forex major pairs, minor currency pairs, and exotic pairs

➡️️ Spot Metals

➡️️ Individual Stocks

➡️️ Commodities

➡️️ Forex Indices

➡️️ Index CFDs

➡️️ Stock CFDs

➡️️ Stock Baskets

FXTM VS IC Markets VS Exness – Broker Comparison for Range of Markets

Trading and Non-Trading Fees

Spreads

👉 FXTM charges variable spreads which are determined by the account type that traders use, the financial instrument that they trade, and the market condition on the trading day which will influence the spreads.

👉 Average spreads that Nigerian traders can expect from FXTM are as follows:

➡️️ Micro Account – from 1.5 pips EUR/USD

➡️️ Advantage Account – from 0.0 pips EUR/USD

➡️️ Advantage Plus Account – from 1.5 pips EUR/USD.

Commissions

👉 FXTM only charges commissions on the Advantage Account because traders are charged the tightest spread, from 0.0 pips. These commissions can range between $0.40 to $2 according to the trader’s overall trading volume.

Overnight Fees, Rollovers, or Swaps

👉 Overnight fees can be debited/credited from the trading account when traders hold positions overnight. FXTM is transparent about the average fees charged/debited according to the trading instrument that is being held, the position size, and the time that the position is held.

👉 The average overnight fees, for example, on EUR/USD is -0.08 on a short position and -0.63 on a long position.

Deposit and Withdrawal Fees

👉 While FXTM does not charge any deposit fees on any of the payment methods offered, there are withdrawal fees charged on these payment methods:

➡️️ FasaPay – 0.5%

➡️️ African Local Solutions (D) – 1 USD

➡️️ Latin American Solutions (Mexico) – 1% + 1 EUR

➡️️ African Local Solutions (C) – 1 USD

➡️️ Vietnamese Bank Transfer – 4%

➡️️ South-East Asia Online Banking – 1.4%

➡️️ Nganluong – 1.1% + 0.05 USD

➡️️ Credit and Debit Cards – 2 EUR, 3 USD, or 2 GBP

➡️️ WebMoney – 2%

➡️️ Money – 1.5%

➡️️ QIWI – 1.5%

➡️️ Perfect Money – 0.5%

➡️️ Konnexone – 2%

➡️️ Bank Wire Transfer – 30 EUR

Deposits and Withdrawals

👉 FXTM offers Nigerian Traders the option to use a wide range of payment methods to fund their trading account or to withdraw funds. ForexTime is one of the best forex brokers that enable Nigerian traders to retain Naira accounts, making it easy for traders to deposit and withdraw in NGN.

👉 From the comprehensive list that FXTM supports, Nigerian traders may use the following payment methods to deposit/withdraw in Nigerian Naira:

➡️️ Nigeria Local Bank Wire Transfer

➡️️ African Local Solutions (C)

➡️️ Sub-Saharan Africa and Dubai Local Transfer

➡️️ African Local Solutions (D)

➡️️ Credit Cards

➡️️ Debit Cards

➡️️ Neteller

The process to Withdraw Funds from an FXTM Account

👉 To withdraw funds from an FXTM trading account, traders can:

➡️️ Navigate to the Withdrawals page found in the “My Money” section on the client portal “MyFXTM”.

➡️️ Select the payment method and select the option to withdraw.

➡️️ Select the account from where the withdrawal will be made and complete the necessary fields on the withdrawal request.

➡️️ Indicate the reason for making a withdrawal and submit the request

👉 Before a withdrawal can be made, traders must ensure that their profile is fully verified and approved. Withdrawals can only be made through the same payment method that funds were deposited.

👉 Withdrawals are processed by FXTM’s Back Office Department within 24 hours. However, the processing time involved with funds being transferred into the bank account of the trader will depend on the payment method they used.

FXTM Education and Research

👉 FXTM offers a comprehensive selection of useful educational materials and a range of tools, including:

➡️️ Forex trading guides

➡️️ Forex trading strategies

➡️️ eBooks

➡️️ Forex Glossary

➡️️ Educational Videos

➡️️ Articles and tutorials

👉 In terms of research for advanced traders, FXTM offers the following useful tools and resources:

➡️️ Daily Market Analysis

➡️️ Podcasts

➡️️ Economic Calendar

➡️️ Forex Market News Timeline

➡️️ Market Analysis Videos

FXTM Affiliate Program

👉 When it comes to forex partnerships, customers that take advantage of the partnership program have a distinct set of advantages. For bloggers, social media professionals, Forex instructors, and others, the system offers a new hybrid Affiliate Program and the strong Introducing Brokers Program.

👉 There is a unique chance to join the world’s most important financial markets via each of these programs, which have been designed to meet the specific demands of prospective partners.

👉 While an Introducer is more likely to have face-to-face contact with their customers, an Affiliate is likely to do most of their business through the internet. A CPA-based compensation model is used to pay out to both the Introducer and the Affiliate, while the latter continues to earn even after the Qualification Period is finished.

👉 The features that partners can expect from FXTM’s affiliate program include:

➡️️ Progressive CPA for active traders who are qualified

➡️️ Weekly dynamic rebates

➡️️ Guaranteed payment

➡️️ Increased CPA levels the more clients are referred

➡️️ A choice between three affiliate levels

➡️️ Full access to updated statistics and hourly reports

FXTM Bonuses and Promotions

👉 In addition to offering comprehensive solutions to Nigerian traders, FXTM offers its clients the following bonuses and promotions:

➡️️ Forex Trading Promotions

➡️️ Refer a friend bonus

➡️️ Forex Trading Contests

Verdict on FXTM

👉 FXTM Nigeria is one of the most reputable brokers in the forex market. With an Advantage account, FXTM offers tight spreads, fast order execution, reliable regulations, and excellent customer service. In addition, the fact that FXTM has an office in Lagos, Nigeria, makes it an intriguing option for beginner and experienced traders.

👉 With a variety of payment alternatives and a wide selection of trading instruments available to Nigerian traders, they have established themselves as reliable broker in the industry. FXTM is a well-known broker that offers exceptional trading services and solutions, with the benefit that the broker accepts all traders regardless of their trading experience or their trading skills.

👉 Trading costs that can be expected will depend on the type of account in addition to the overall trading activity, which means that FXTM is an extremely versatile forex broker for Nigerian traders.

FXTM Pros and Cons

Frequently Asked Questions

Is FXTM regulated and by whom?

Yes, FXTM is regulated by CySEC, FSCA, FCA, and the FSC in Mauritius under Exinity Limited, Forex Time Limited, and Exinity UK Limited.

What are the spreads that FXTM charges?

The spreads that FXTM charges start from 0.0 pips on the Advantage Account.

What is the minimum deposit required to register an account with FXTM?

10,000 Nigerian Naira.

What is the overall rating for FXTM out of 10?

9/10.

Is FXTM suitable for beginner and professional traders?

Yes, FXTM is a broker that accommodates all types of traders regardless of their level of experience.