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.
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 look at the FXTM account types, we can see that the broker does not exclude any group of people. This broker is not one of the brokers who only wants wealthy customers, but yet it offers a chance to the regular people who are not loaded with cash. For those less fortunate, the broker offers a Cent account with floating spreads and a minimum deposit of $10. Execution is instant, and leverage is flexible (depending on client’s country of residence, knowledge and experience). Here, I would like to advise beginners not to get their heads over heals with the high leverage but to stick to reasonable decisions. The Standard account is commission-free and requires a $100 deposit. The spreads are very tight and start already from 1.3 pips. The account offers over 50 tradable currencies including major, minor, and exotic currencies. The Shares account gives access to over 180 shares(including US shares) with fixed leverage. The minimum deposit is also $100, whereby spreads start from 0.1 pips. The account offers instant execution, and there is no commission. One little reminder for all traders is that spreads can change for all account types.
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).