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Last Updated On May 27, 2024
60-90% of retail traders lose money trading Forex and CFDs. You should consider whether you understand how CFDs and leveraged trading work and if you can afford the high risk of losing your money. We may receive compensation when you click on links to products we review. Please read our advertising disclosure. By using this website, you agree to our Terms of Service.
FXTM will be a good choice for many beginner British traders. It offers a low-deposit Micro Account and provides a variety of learning materials in both video and written formats. Its daily market analysis will also help beginners understand the real-world implications of news events on the Forex market and where trading opportunities lie.
Our main concern is that FXTM’s trading costs are higher than other brokers and that it charges fees for all withdrawals. The range of instruments is also quite limited compared to other brokers in the UK.
Overall, FXTM has many positive features, especially for beginners, but more experienced traders may find FXTM’s limitations difficult to overlook.
🏦 Min. Deposit | GBP 10 |
🛡️ Regulated By | FCA, FSC |
💵 Trading Cost | USD 15 |
⚖️ Max. Leverage | 30:1 |
💹 Copy Trading | Yes |
🖥️ Platforms | MT4, MT5 |
💱 Instruments | Commodities, Stock CFDs, Forex, Indices, Metals, Shares |
Yes, FXTM is a safe broker for British traders to trade with. It is regulated by three national authorities, including the UK’s FCA, ensuring traders are well-protected.
FCA Regulation: Founded in 2011 in Cyprus, FXTM has grown to become a popular Forex broker with a large international following. It is regulated by some top-tier authorities, including the UK’s FCA, under which British traders are onboarded.
Safety Features: As mandated by the FCA, FXTM segregates all funds from the company’s operating capital at top-tier banks and will not use client funds in its operation or any other investment. It also offers all British traders automatic negative balance protection and ensures that FXTM participates in an investor scheme.
Company Details:
We confirmed each of the licences and regulations on the regulator’s online register. See below for details of FXTM’s FCA regulated entity (Exinity Limited):
In our review of FXTM, we found that it offers a disappointing range of financial assets compared to other similar brokers. This holds true for its stock CFDs and commodities on offer. It also lacks other popular products such as futures, bonds, and ETFs.
See below for FXTM’s range of instruments and corresponding leverage:
Overall, we found that FXTM’s range and depth of trading instruments is extremely limited compared to many other brokers.
FXTM offers three accounts, which is average compared to other brokers, but we were disappointed that FXTM’s trading fees are higher than other brokers on two of its three accounts.
Trading Fees: Our review found that FXTM offers three live account types, with trading costs that vary depending on the account type chosen by a trader. Trading costs are higher than average on its commission-free Micro and Advantage Plus accounts, with spreads of 1.5 pips (EUR/USD), but significantly lower on its Advantage Account.
Account Trading Costs:
We opened and tested all FXTM’s accounts:
Demo Account: Traders can practice trading risk-free using all trading strategies in a real trading environment on FXTM’s demo account. In addition, traders can increase the virtual balance on their demo account from within the MYFXTM portal. Demo accounts will remain active as long as traders log in to the trading platform at least once every 14 days.
Islamic Swap-free Accounts: All accounts are available as Islamic swap-free options. The account will not accrue interest for carrying positions overnight when the swap-free mode is enabled. Therefore, it is perfectly suitable for Muslim traders as it complies fully with the no-riba tenets of Sharia law. The swap-free option is usually available for seven days, depending on the trading instrument you are trading. If you keep positions open more than the swap-free allowance days, the swap-free fee (daily fee) will be charged at 12.90 USD per day.
FXTM has a wide variety of deposit and withdrawal methods for British traders, but we were disappointed that its charges high withdrawal fees.
Like other well-regulated brokers, FXTM does not allow funding to or from third parties. No matter your deposit method, the withdrawal of all profits must be made by bank transfer to a bank account in your name.
Accepted Deposit Currencies: British traders will be disappointed that FXTM only allows trading accounts to be denominated in EUR, USD, and GBP. Because we were depositing funds from a British bank account based in GBP into our GBP-based account, we weren’t charged any currency conversion fees.
Funding methods: We were pleased to note that FXTM offers a large number of deposit and withdrawal methods, including bank transfers from local British banks (Barclays and Hellenic banks). No fees are charged for deposits, and FXTM even reimburses its clients for any fees incurred during the deposit process, but unfortunately, fees are charged on all withdrawal methods.
See below for a list of payment options:
Overall, FXTM provides various payment methods, and its processing times are quicker than other similar brokers. We were disappointed that fees are charged on most withdrawal types.
FXTM also has its own trading app that integrates well with MT4, but we were disappointed that it does not support MT5 or investment accounts.
MT4 and the FXTM mobile apps are available on both Android and iOS. We downloaded and tested them on an iOS device.
FXTM Trader App
User-friendly: FXTM has developed its mobile trading platform, the FXTM Trader app. We found that the app was very easy to set up and use. It also uses a biometric login, which is convenient. We found it easy to search for and monitor our assets and trades.
Account Management: Another benefit of using the app is that you can easily deposit, withdraw and keep track of your funds. The app has a great drop-down menu, with options for education and market analysis, making it a good resource:
Overall, we liked how user-friendly the app is, and its simple design will appeal to beginner traders.
MT4
We found that there was some loss in functionality when compared to the desktop trading platforms, including reduced time frames and fewer charting options, but we were able to close and modify existing orders, calculate profit and loss, and trade on the charts.
However, unlike the desktop version of the platform, the design is clean, and it is easy to use. Additionally, the search functionality is far superior – you can search for products easily by typing the name of the product or by navigating the category folders.
With only MT4 on offer, in addition to its proprietary FXTM Trader app, we found that FXTM’s platform support is average compared to other Forex brokers.
We rigorously tested the MT4 trading platform. See below for more details:
We found that FXTM offers the standard version of MT4 plus six add-ons, transforming MT4 into a state-of-the-art trading platform. Most brokers only provide the out-of-the-box version, which does not provide all the necessary functionality.
As you can see below, FXTM’s MT4 trading platform looks slightly outdated, but it is highly customisable. There are also three chart types, including Line, Bar, and Candlestick charts and you can access a wide selection of indicators in multiple timeframes:
We found that it was fairly easy to add symbols to your watchlist, but that you could not search for a symbol by typing in its name:
Platform Overview
We found that opening a trading account at FXTM took less than 24 hours and that it was easy to upload our documents.
We tested the account opening process, which took approximately 10 minutes to complete, and once our documentation had been submitted, our accounts were ready for trading within about 24 hours.
As a British trader, you are eligible to open an account at FXTM as long as you meet the following minimum deposit requirements:
How to open an account at FXTM:
Once all the documents had been received, our account was ready for trading within one day.
Overall, we found FXTM’s account opening process fast and hassle-free compared to other similar brokers.
The market analysis section at FXTM is comprehensive, frequently updated, and very useful for traders of all experience levels. FXTM also offers a good range of trading tools to help traders make better decisions.
We were impressed with the variety of market research at FXTM, available in several locations:
FXTM’s trading tools include various sentiment indicators, technical indicators, a currency converter, a profit calculator, MT4 trading indicators, and a VPS service.
Overall, we enjoyed FXTM’s market analysis – it is clear that Forex experts write it. It is full of detail and interesting leads for new trading opportunities. We were also impressed by FXTM’s range of useful trading tools.
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We found the education section at FXTM is large, well-structured, in-depth, and more useful for beginners than the material available at other brokers. FXTM also provides traders with a free demo account to practice trading risk-free.
Our review noted that FXTM has a world-class education section available for free in 22 languages. Additionally, FXTM is one of the few brokers with weekend support, which is helpful for beginner or part-time traders. See below for details on FXTM’s educational section:
Overall, FXTM’s education section is an excellent resource for new traders, and much of it is available for free.
Education Comparison:
We found that FXTM’s customer support is excellent compared to other similar brokers with weekend support.
Support is available Monday to Friday: 24 hours, Saturday: 11:00-16:00 and Sunday: 12:00-20:00 (GMT+2/GMT+3 during Daylight Saving Time) in over 22 languages via email, live chat, email, telephone, and messenger services (including Whatsapp, Viber, and Telegram).
For the purposes of the review, we tested the live chat service. We found the live chat agents were able to answer all our questions quickly and to our satisfaction. They also provided links and extra reading material where appropriate.
After logging into the live chat we were connected to an agent who replied to our message immediately, as shown below:
Regulation: FXTM maintains regulation from a number of top-tier regulators, including the FCA of the UK. It also maintains regulation from the FSC of Mauritius, through which global traders are onboarded:
Awards
FXTM has won multiple international awards from the wider industry, further burnishing its credentials as a secure broker. Recent awards include:
We value transparency and openness in the way we review the partners. To bring transparency to the forefront, we have published our review process. Central to that process is the evaluation of the broker’s reliability, the broker’s platform offering, and the trading conditions offered to clients, which are summarised in this review.
Each one of these is graded on 200+ metrics across seven areas of interest, and an overall score is calculated and assigned to the broker according to the diagram below:
Trading Forex is risky, and each broker is required to detail how risky the trading of Forex CFDs is to clients. FXTM would like you to know that: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
FXTM is a good all-round broker, but it does have some limitations. Firstly, traders may be disappointed in the relatively small number of financial assets available for trading. FXTM also charges high non-trading fees, including commissions for withdrawals and only offers desktop trading on the MT4 platform.
That said, FXTM offers the FXTM Trading app and a wide range of trading tools. It also offers a world-class selection of educational and market analysis materials. Additionally, its customer support is available 24/7, which is exceptional in an industry where the norm is 24/5.
Chris joined the company in 2019 after ten years experience in research, editorial and design for political and financial publications. His background has given him a deep knowledge of international financial markets and the geopolitics that affects them. Chris has a keen eye for editing and a voracious appetite for financial and political current affairs. He ensures that our content across all sites meets the standards of quality and transparency that our readers expect.
Alison joined the team as a writer in 2021. She is the Senior Editor for FXScouts. She has a medical degree with a focus on physiotherapy and a bachelor’s in psychology. However, her interest in forex trading and her love for writing led her to switch careers. She has a passion for Forex trading and over a decade of editorial experience researching Forex and the financial services industry, producing high-quality content. She hosts a weekly podcast, “Let’s Talk Forex,” alongside her colleague, Chris, and has produced over 100 Forex educational videos for the FXScouts YouTube channel. She also writes weekly technical analyses and has tested and reviewed over 100 Forex brokers.
Ida joined our team as a financial writer in 2023. She has a degree in Digital Marketing and a background in content writing and SEO. In addition to her marketing and writing skills, Ida also has an interest in cryptocurrencies and blockchain networks. Her interest in crypto trading led to a wider fascination with Forex technical analysis and price movement. She continues to develop her skills and knowledge in Forex trading and keeps a close eye on which Forex brokers offer the best trading environments for new traders.
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