Every year a significant number of Forex brokers is being added to the portfolio of regulatory agencies who always have to be ready and well-prepared for new Forex applicants. The regulatory bodies always have full hands with approving brokers and watching over their business conduct. Sometimes it appears that market participants never sleep and the different time zones account for a vivid market around the clock. When the Westerners go to sleep, it is time for the Easterners to get up and place some trades. The global economy also dances to a dynamic rhythm with the never-ending price movements and currency ups and downs. This Forex Time review focuses on this specific broker who is rising in popularity with every year since its existence. Let us find out if there is something special about this broker.
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Pakistan, South Africa, the UK, etc., nothing is too far away for this broker. The broker is on a mission to compete with the global magnates and does not miss a chance to put down its roots all over the place called Planet Earth. With a 8-year long career, the broker can be meanwhile called stable, reliable, and successful. After the broker opened its doors in 2011, it experienced an onrush of interested traders who wanted to see what the new broker holds for them and is it better than the rest. Forextime Limited is regulated by CySEC, financial regulatory agency of Cyprus which makes sure that the Cypriot broker companies justify the good reputation of CySEC. CySEC does not tolerate any law inconsistencies or deviations, and luckily, it has the power to sanction any misdeed and misbehavior. ForexTime UK Limited is authorised and regulated by the Financial Conduct Authority with license number 777911. Exinity Limited is regulated by the Financial Services Commission of the Republic of Mauritius with an Investment Dealer License bearing license number C113012295.
The broker sticks to the loyal powerhouse Meta Quotes when it comes to trading platforms. The following platforms can be used with Forex Time:
- Meta Trader 4 (desktop and web)
- Meta Trader 5 (desktop and web)
The MT4 is characterized mostly by the multi-currency support and multiple languages, cutting-edge features, Expert Advisors, and easy navigation. The MTQ has also introduced the MT4 web terminal which requires no download but web-based access. The Meta Trader 5 is somewhat more advanced than the MT4, but yet not all traders would agree, and they still swear on the MT4. The MT5 is known for MQL-5, a series of order types, and all possible execution modes. Both platforms are accompanied by relevant Forex Time mobile apps which became as important as the computer versions. A broker could barely survive today without offering mobile trading.
When we have a look at the available FXTM account types we can immediately notice that the broker considered every kind of trader. Any Forex trader – every beginner or veteran – will find an account that suits their needs and preferences. There are 3 types of accounts on FXTM: Advantage, Advantage Plus, and Micro. The latter is more oriented towards beginner traders. The minimum deposit required to open this account is $50. Spreads start from 1.5 pip, and there are no commission fees. The maximum leverage you can get for Forex is 1:1000, while metals have a fixed leverage of 1:500. Micro accounts have a limitation on maximum orders which is 30. Only MT4 platforms are supported.
As for Advantage and Advantage Plus accounts, they are pretty much the same, with Advantage Plus having slightly improved conditions. The minimum deposit to open both of these accounts is $500. Spreads on Advantage accounts start from 0.0. On Advantage Plus Accounts – 1.5. Both MT4 and MT5 platforms are supported and the leverage is up to 1:2000. Maximum number of orders is unlimited. Advantage Plus account has zero commission while Advantage – $0.4-2 depending on the volume.
Forex Time Bonus
FXTM runs different seasonal promotions. For example, if you register now, you can still catch the Countdown to 2017 bonus which rewards you with $25, if you deposit $300. The broker also offers the FXTM Loyalty cash back bonus whereby traders get through five gear levels and are rewarded on a weekly basis for six months. The cash back bonus does not rely on collecting points, but it pays cash (trading credit) which many traders enjoy. Different trading contests and friend referrals are also available with the broker.
These promotions and bonuses are only applicable to Exinity Limited.
This broker offers a series of deposit and withdrawal options. From local payment options for India, Pakistan, Vietnam, Thailand, etc. to credit card and e-wallet payments including Skrill, Neteller, PayZa, OKPay, and many more.
Please note that the list of the methods above depend on the FXTM entity and on the Clients Country of Residence.
Let me first state that the website of ForexTime provides very detailed information on all possible issues. The website is very well organized and available in numerous languages. The customer support can be reached around the clock via e-mail, phone, live chat and social media (WhatsApp, Telegram, Viber and Facebook).