This article provides you with an extensive and up-to-date Forextime review. This Forextime review focuses on different as well as important aspects of Forextime as a trading platform. This Forextime review touches on a few important topics such as the pros and cons of the Forextime trading platform, CFDs fees, Forex trading fees, Real stock fees, minimal deposit, different account types, and other options. This Forex time review also briefly guides readers on how to open their accounts and place orders.
Forextime (more commonly known as FXTM) is a global broker that specializes in leveraging FX and CDF trading and is regulated by a number of certified financial authorities, which include the UK Financial Conduct Authority also known as FCA, and the Cyprus Securities and Exchange Commission (CySEC). Forextime is known to be safer than traditional brokers due to it being regulated by the top-tier FCA.
It is one of the most secure brokers available in the market with a global network of workplaces and is regulated in Europe, Africa, the Middle East, Latin America, and Asia. It was founded in 2011 and has been able to reach over 2 million clients accumulating a presence in over 150 countries due to the excellent quality of its offers, Forextime has achieved more than 25 international awards since its launch. And as it is being aimed towards all types of investors, Forextime offers a wide range of different financial products, account types and options (available to beginners and experts), and user feedback.
Let's take a look at the advantages and disadvantages of Forextime when used for online trading.
Forextime customer services are available for users to ask questions on weekdays. These services are available in a number of languages and provide their users with fast and relevant answers. The clients can use a different number of educational tools, which include a demo account and live webinars, making opening an account effective and fully digital.
On the contrary, Forextime offers CFD fees that are more expensive than other brokers, a fee of inactivity, and, in the majority of the cases, a withdrawal fee. The product portfolio in Forextime is quite limited due to the lacking of a number of asset classes like bonds, mutual funds, etc.
Customers can rank Forextime’s fee at different levels, such as low, average, or high, based on their comparison with the available brokers on the market.
The fees that the clients pay when they trade is known as trading fees like conversion fees, financing rates, withdrawals fee, inactivity fees, etc. In this Forextime review, we can find the most relevant fees of Forextime for each of the asset classes in the case of stock index trading and forex the most paramount fees are commissions, financing rates, and spreads.
While Forextime offers a number of different account types that have a unique fee structure, its fees are relatively average. This Forextime review considered the spreads of an ECN account and its commission by testing an ECN account. While doing so, a conclusion was drawn that both the commission fees as well as the spreads were low. Furthermore, clients can further lower commissions by trading more and having higher account balances. With trading volume, which is less than 100 million, a commission can lie somewhere in between 0$ to $2999.
Keeping in mind that comparing the trading fees of CFD brokers is not easy, we derived the distinction by choosing a certain product and comparing all the fees of its trade.
This Forextime review chooses the following popular instruments within all the classes:
In a typical trade, which means buying a leveraged position and selling it after holding it for a week, as for the volume we can select a $2000 position for the stock CFDs and stock index, while $20000 for the forex trading.
The leverage used for this Forextime review was:
Forextime has an average CFD fee. Forextime CFD fees for a $2,000 position held for a week is as stated below:
| FP Markets | Forextime | |
| Europe 50 index CFD fee | $1.8 | $1.9 |
| Apple CFD fee | $29.5 | $32.5 |
| S&P 500 index CFD fee | $1.7 | $0.0 |
| Vodafone CFD fee | - | $29.3 |
Forextime has fees that are low and the Forextime forex benchmark fees of a $20,000 30:1 position, held for one week are as stated below:
| Forextime | FP MARKETS | |
| EURUSD benchmark fee | $8.3 | $6.7 |
| GBPUSD benchmark fee | $7 | $5 |
| AUDUSD benchmark fee | $7 | $5.3 |
| EURCHF benchmark fee | $5.5 | $3.8 |
| EURGBP benchmark fee | $9.8 | $8 |
Considering that the clients in question are non-EU clients, trading commission fees with real stocks is also an option that Forextime offers its users. These real stocks could be NYSE or NASDAQ stock exchanges.As of 2020, Forextime charges no commission at all as well as no dealing charge along with providing full access to real-time price data to its users.
On the other hand, inactivity on the platform for more than six months would cost you $5 every month. In addition to this, Withdrawal methods require you to pay a fee too.
| FP market | Forextime | |
| Account fee | No | No |
| Deposit fee | $0 | $0 |
| Inactivity fee | No | Yes |
| Withdrawal fee | $0 | $3 |
The necessary Forextime minimum deposit is unique to every account type. For the Micro accounts, it has a minimum deposit of $50, for the Advantage account and the Advantage Plus, the minimum deposit is $500.
There are 3 types of accounts clients can choose from, and the account types differ according to the country they are in, the pricing, the available trading platform, the minimum deposit, and the different products we can trade with.
Micro Account is available to all the countries and has higher spread pricing but no commission pricing, a minimum deposit of $50 and the available products are forex and commodity CFD.
Advantage Accountis also available to all the countries, has pricing for commission and tight spread, a minimum deposit of $500 and the available products are Forex, commodity/ stock index CFD.
Advantage Account Plus is also available to all the countries, has no pricing for commission and tight spread, a minimum deposit of $500 and the available products are Forex, commodity /stock index CFD.
Making it easier to convert the existing account into a swap-free account, that too for all types of accounts available, this type of account can be opted by individuals who have their set of religious beliefs and cannot receive interest. By informing Forextime through an email, you can easily apply for a corporate account.
This Forextime review gives a brief walkthrough of how you can sign up to the platform and start trading. It roughly takes around 25 minutes to apply online for an account and the account (On average) would be approved within a business day or two, as opening a Forextime account is easy and fully digital.
To summarize the process, you first have to fill in the required information, such as your name, country and phone number, etc. Then you will select an account type and add other personal information such as Date of birth, the current level of received education, and your current residential address.
You will then answer some questions regarding your financial background, knowledge, and experience. (For financial knowledge you will fill out a questionnaire) and at the end, you would verify your identity and residency by uploading copies of official documents and statements from a witness.
A well-known in the world of online trading, Forextime never fails to offer a spectrum of deposit and withdrawal selections. Almost everything (including credit cards, bank transfers, and electronic wallets) is available. Unfortunately, Forextime charges a fee for most of the withdrawal options that it offers and has no deposit fee, which is a major disadvantage. The client also has the option of quick deposit and withdrawal within 3 days.
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Mediocre search functions are available on the Forextime platform, and you can find the assets you are looking for in the relevant category. No search function is available for you to manually type the asset you are looking for.
The platform offers basic order types, while some order types such as “one cancel the other” orders are not available. The ones that are available on the Forextime Trading platform include:
From the mentioned order types, Trailing stop is only available on Forextime’s Metatrader4 trading platform.
The order time limits that are available for clients to use include:
While users can avail this option in Forextime desktop trading platform, clients cannot set alerts and notifications in the Forextime web desktop platform.
Keeping track of your profit and loss balance, the Forextime Trading platform, makes it easier for you to keep an eye on the commissions you paid. Your report can easily be checked under the history tab, but this cannot be downloaded.
Allowing the users to change the size as well as the position of the tabs, the Forextime platform makes the trading experience easy and engaging. While providing clients with useful tools to customize their platform, the platform features some tools that might be of use but as not that easy to find. Hence the platform might seem old and outdated.
On the contrary, Forextime Mobile trading platform is better in terms of design and is more
Offering a simple one-step log-in method, this platform might not be as up to date as the security methods commonly used nowadays, such as two-step authentication. No biometric login is available.
Excluding Forextime users that are from the EU or the United Kingdom, all clients can use Forextime’s social trading service, Forextime (FXTM) Invest. This feature is available to those who are on board with Forextime’s Exinitiy Ltd entity and are under the Mauritius regulation.
It is up to the users if they want to be a strategy manager or an investor, the latter being able to copy the former’s trades. Forextime provides its users with the option to manage their strategy manager options based upon the risk level or all-time profit on the trades. With every successful trade, the strategy manager receives a commission.
Providing trading ideas that are based upon technical tools, Forextime makes it easier for its users to share their analysis of the market climate and trades, as well as educates new users about the trading system.
This Forextime review guides you on how to access trading ideas. If you want to view these tools, you can view them in MyFXTM, under the section of trading service, subcategory “FXTM trading signals” section.
Forextime trading platform doesn’t offer its clients fundamental data.
The charting tools that are available on the Forextime Metatrader trading platform are mediocre and average. Including Fibonacci or trendlines, the Forextime platform offers a total of 37 indicators and tools.
On the contrary, the overall design of the charting system is old, and some features are difficult to access.
The Forextime trading platform provides its users with instant and up-to-date market analysis as well as research tools. These could be accessed by simply going to the “Market analysis” section. Videos evaluating the market are also available under the said section.
Being a part of the online trading world for the past 10 years, the Forextime Trading platform has proved its competence by being able to survive financial crises during these years.
The Forextime trading platform offers a lot of ways for their clients to communicate and ask questions relevant to the platform. They offer good customer service that is mostly available on weekdays, not 24/7.
Ways users can contact the Forextime customer service:
Being a global platform. Forextime trade offers guidance and helps multiple languages. These languages include Arabic, Chinese, English, Farsi, French, Hindi, Indonesian, Korean, Urdu, and many others.
With live chats that offer good and well-sorted solutions for easier as well as difficult questions, Forextime has proved that their live chat feature is quite helpful. Users can also clear their queries by chatting through WhatsApp, or Facebook Messenger.
You can get your questions answered by calling the Forextime help center, where an agent will help you find a solution to your problems within minutes.
Through an email, it might take around 2-3 hours, but helpful answers were received.
Fulfilling all requirements of Licensing, Forextime tends to provide its clients with a safer environment to trade-in. Forextime separates users’ funds from the operational funds of the platform, as well as keeping these funds safe in reputable European Union banks.
Being a part of the Investor Compensation Fund, in the instance of Forextime’s liquidation, users are compensated accordingly.
In addition to being useful for your money management by covering all the deposited fees, the company requires as low as $100 or pounds for standard accounts, while for Cent account you will require as low as 10$. This is lower as compared to other legit brokers in the market that offer mostly 500$ or above.
This Forextime review showcases and proves that Forextime is a legit broker. Regulated by top-tier regulators, it is a good and dependable broker. It provides online trading services to more than 10,000 users throughout the world, connecting with up to 130+ countries.
As a legit broker, Forextime is authorized by specific yet multiple global jurisdictions. Some major brands under the Forextime trading platform are licensed by their subsequent jurisdictions are mentioned below:
Packed with quality material and an option to use a demo account, Forextime allows its users to learn better about the platform, the market dynamics, and online trading. Providing you with a playlist of videos about trading ideas and the market climate, Forextime makes it easier for clients to learn the trading.
The ways in which you can easily learn about trading and the Forextime platform include
All the above-mentioned ways to learn from the Forextime platform about trading may prove to be quite helpful for you, especially if you are someone who has just joined the platform.