“Offering a superior online Forex experience for our traders has been embedded in the FXTM company mission since its foundation. We are thrilled to see that our client-eccentric strategy has paid dividends in important local regions such as Nigeria, and we feel honored to be recognized by a significant awards organizer like International Finance. We feel very proud to be named the Best Online Forex Trading Company in Nigeria”.
These were the words of Nicholas Defteras, the Chief Executive Officer of FXTM after the company was announced as the winner of the “Best Online Forex Trading Company – Nigeria” category at an awards ceremony held earlier this year.
The awards ceremony was put together by International Finance, a notable business award and financial magazine in Africa.
What is Forex Time (FXTM)?
If you are a new Forex trader and this is the first article you landed in your quest to find the best online broker to trade with, then chances are you don’t know anything about FXTM yet.
FXTM is a Forex Broker and a social trading platform launched sometime in 2011. It was formed with the aim of bringing the most innovative financial products and services online.
8 years later, FXTM is still getting stronger, helping newbie Forex traders enter the financial market without a dime and helping persistent traders make money online.
If you want to trade stocks, it is best to go through a reliable stockbroker.
Truth be told, there are only a few stockbrokers you can confidently rely on. And FXTM is one of them.
Although the company was founded 8 years ago, many still consider it a newcomer in the game.
But in spite of its relative newness, the company has continued to carve a name for itself by staying trustworthy and winning several prizes and awards in between.
Apart from the aforementioned accolade, FXTM was named the “Best Newcomer” and “Fastest Growing Forex Broker” in 2013. The company was also named “Best Forex Education Provider in Africa” in 2018.
All trading activities of the company are regulated by various bodies in various regions. Including FCA which protects FXTM traders and enhances market integrity within the company.
And Cyprus Securities and Exchange Commission (cySEC) which regulates FXTM trading within EU member states.
FXTM (Exinity Limited) has its headquarters in the United Kingdom and Cyprus.
Types of FXTM accounts.
There are two types of accounts in FXTM. Standard and ECN accounts.
1. Standard account:
This type of account offers traders the opportunity to trade standard lots on MT4 or MT5 platforms.
The leverage for a standard FXTM account is 1:1000 – 1:25 with spreads starting from 1.3.
Order execution on FXTM standard accounts is instant and the Minimum Volume in Lots per Trade is 0.01.
To activate this account type in FXTM, register then make a deposit of $/€/£ 100, ₦40,000 to activate your account.
2. ECN account:
What is ECN Trading?
This refers to an electronic communication network which is automated trading connecting traders to liquidity providers such as banks, brokerages, and other traders from around the world.
Traders who use ECN accounts to trade benefit by getting different prices from a variety of market participants; get full transparency since the broker directly connects your orders to other market participants. And/or benefit from very low or even no spreads during times of high market volatility.
ECN accounts are further divided into ECN zero, ECN, and FXTM Pro. The different ECN accounts have distinct accruable commissions.
You can only trade with an MT4 platform if you choose this account type.
Advantages of Trading with an ECN account.
- Trade using these currencies – USD / EUR / GBP / NGN.
- Commission charged – $2 per lot.
- Spreads From 0.1.
- Trading instruments supported : –
Deposit $/€/£ 500, ₦80,000 to activate this account type.
Apart from the type of accounts listed above, new traders can learn the basics of FXTM by opening a demo account.
A demo account is an account type designed for newbies to practice FX on real market conditions without risking to lose any money.
Essential features of FXTM.
Trading in cryptocurrencies started early last year. CFDs on spot metals and CFDs on commodity futures are some of the other financial products that FXTM has to offer.
FXTM traders can now trade in Yuan too, the official currency of the Republic of China.
Bonuses and Promotions.
FXTM offers a wide range of bonuses and Promotions. There is the Loyalty Cashback bonus and the 30% bonus. These bonuses are not without their terms and conditions.
To be eligible for the loyalty cashback bonus, you must first register on the FXTM platform and join the promotion. After this, you would be required to make a deposit into your account and begin trading.
There are 5 different levels for the loyalty cashback bonus and the level you operate from depends on the amount you deposit to FXTM.
This promotion usually runs for 6 months and the bonus sum is withdraw-able.
FXTM 30% Deposit Bonus.
The 30% deposit bonus was designed primarily for FXTM traders on the African continent. The 30% bonus is aimed at affording traders the opportunity to trade continuously.
The company doesn’t want you to trade for a while and stop for lack of funds.
To be eligible, you must make your deposit for the account type you wish to activate.
Depending on the amount you deposit, you will get 30% more. For example, if you deposit $300, you will get $390 credited to your trading account.
Trade with this bonus and earn a profit to withdraw.
As stated earlier, it is best to understand the terms and conditions of these promotions so that you can improve your chances of benefiting from them.
The FXTM customer support team is always on the ground to help. You can get to them through their live chat or via Skype.
You can also talk to the support team on any of the social media platforms (Twitter, Facebook, telegram) or send a direct message.
How to Deposit Money to Your FXTM Account.
There are over 40 ways to deposit and withdraw money to FXTM.
My personal favorite is e-Wallet deposits and withdrawals.
There is no commission charged on deposits and most deposits are instant.
How to Fund Your FXTM Account With Mpesa.
Locate the deposit button on your left sidebar, click on my money then deposit funds.
Choose DusuPay for deposit.
Fill in the required details including – country, amount to deposit and currency then click on the confirmation button.
Note – DusuPay integrates local payment systems for Kenya, South Africa, Nigeria, Uganda, Tanzania, Rwanda, Cameroon, Central African Republic, Chad, Republic of the Congo, Equatorial Guinea, and Gabon
Payments from third parties are not accepted. The name of the Sender must match the name registered with FXTM.
Check confirmation details then submit the form.
You will be redirected to the DusuPay payment portal. Choose your country and payment method. In this case, Kenya (Mpesa) then click pay the shown amount.
Enter your phone number and name to complete the transaction.
Is FXTM a Legit Broker?
For the fact that it is fully regulated, offers low spread, is ready to help trader on all matters trading, and has been there for almost 10 years now; I say it is legit. Start trading with FXTM – Register.