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FXTM Broker Review

This FXTM review aims to simplify some of the massive CFD and forex broker’s corporate jargon. Traders may find it challenging to determine which financial regulation their accounts are under because of the numerous branches in several countries. A license for one branch may imply the legitimacy of dubious practices at another, such as the FXTM partner and rebate schemes or their copy trade FXTM scheme. Traders must be certain that they are trading with the correct FXTM forex broker.

Regulated By: FCA, CySEC, FSCA, FSC

Headquarters: Cyprus, UK, Mauritius

Founded In: 2011

Regulation and Security

Our FXTM analysis initially reveals the broker to be extremely highly regulated. They hold a number of licenses from various financial regulators in the main nations where they provide their services. The UK’s FCA, the FSCA in South Africa, CySEC in Cyprus, and the FSC in Mauritius all have authority over FXTM trade and investments. Depending on the particular branch a trader signs up with, various organizations control FXTM trading.

Cyprus was the location of the organization’s first branch. It was initially established in 2011. The broker swiftly expanded, later opening more branches to provide services in those nations. They are permitted to provide financial services to any EU member state thanks to their CySEC license. If the broker were to go bankrupt, traders would be at least partially paid according to CySEC restrictions.

Additionally, the FSCA has granted ForexTime Limited permission to sell products in South Africa. This is the same company even though it has a second license and products to sell. There isn’t a separate business that caters to South African customers.

A distinct business, ForexTime UK Limited, manages the operations of the Forex Time broker in the UK. They are able to provide investment products there because they currently hold an FCA license. Segregated client money and client insurance in the event of broker failure are also required under FCA requirements. One of the top financial regulators in the world is usually considered as being the FCA.

Under the FXTM worldwide family, there is another separate legal organization that offers services. According to our FXTM review, ForexTime Ltd. in Mauritius is controlled by a corporation by the name of Exinity Limited. The FSC of Mauritius has significantly weaker criteria than the FCA, FSCA, or CySEC, so this is extremely concerning. Users who think they are using services that are under the purview of those organizations may instead be doing business with an offshore organization.

FXTM Review: Which Countries Does This Broker Serve?

This broker has a broad variety of services due to its multiple licenses and subsidiaries. They are able to provide services in numerous nations. They don’t offer their services in a few certain countries. Like many European brokers, they are not legally accessible in the USA, Canada, or Japan.

Services are not available for traders in Haiti, Suriname, Korea, Puerto Rico, Hong Kong, or Brazil, regardless of which FXTM broker they attempt to use. The broker cannot provide services within Mauritius, the nation where it has a license, which is a genuinely astonishing discovery. This is a blatant sign that something is wrong, however our FXTM analysis has not yet identified what.

What Instruments Does This Broker Provide?

Customers at FXTM invest in a broad range of goods. Over 50 currency pairings are available through FXTM’s forex services. Having some minor and exotic pair options will please anyone picking the FXTM forex broker. With over 100 different US and European stocks to pick from, there are numerous CFD options for FXTM stocks.

There are diverse types of ForexTime accounts. Some of these offer access to particular assets while others do not, similar to the FXTM shares account. There are FXTM spread accounts and FXTM ECN accounts, which only use commissions as their primary funding source. The FXTM broker’s minimal deposit is simply $100 with their cent account. Obviously, in to gain access to the other accounts, traders must increase their FXTM deposit, with pro accounts having a maximum deposit of $25,000.

The spreads are about what you would anticipate from a big broker, according to our FXTM review. On the benchmark EUR/USD spread, non-commission accounts range from 1.3 to 1.5 pips. If they can trade reasonably well, Forex FXTM traders may be better off using an FXTM commission account.

Is the FXTM Trading Platform Secure?

The FXTM platform appears to be roughly as secure as most brokers that are similar. If they’d like, traders can use FXTM MetaTrader 5 or 4. Another option is My FXTM, a client mobile app created by the broker. It has many features and is superior to the majority of custom apps. Whether you trade with FXTM Europe or FXTM Mauritius, security is probably related. This FXTM review unequivocally demonstrates how difficult it may be to determine whether your account is under the jurisdiction of an effective financial regulator.

FXTM Review: Withdrawal Methods

The company you’re trading with may have different withdrawal policies than ForexTime Limited. The branch under CySEC regulation accepts credit and debit cards, wire transfers, and the majority of online payment processors, including PayPal and Skrill. No additional fees apply for deposits or withdrawals. However, the Mauritius branch takes a wider range of unusual payment methods. Payment verification standards are significantly loosened since minor payment processors and even Bitcoin are accepted. This FXTM analysis found that complaints of refused withdrawals from the Mauritius branch, with many former clients going public with their complaints, are a significant drag on the FXTM ranking online.

FXTM is a scam?

Knowing whose subsidiary you are working with makes it difficult to learn more about FXTM. Any trader looking to determine if FXTM is legitimate or not may come across the FCA license without realizing they are dealing with a Mauritius-based FXTM trader.

Although the FCA and CySEC-regulated branches have respectable reputations, numerous customers allege that the Mauritius international branch defrauded them. Clients claim that withdrawals were improperly refused.

Are you having trouble successfully requesting a withdrawal from your broker? Tell us about it and add a comment.[/vc_column_text][/vc_column][/vc_row]