A ForexTime review by a real trader.
Founded in 2011, ForexTime – FXTM – is authorized and regulated in various jurisdictions to provide online trading services.
Over the years it has collected for itself a number of awards that earn it a place in our exclusive club of the best forex brokers to trade with.
FXTM offers investors two account types; Standard and ECN where they can trade forex, spot metals, and shares.
We love FXTM because it has made effort to becaome a local broker.
From regulation with the Financial Sector Conduct Authority (FSCA) of South Africa, with FSP No. 4661 to support of the Nigerian Naira.
And a growing adoption of local payment solutions.
ForexTime is a forex broker that accepts Mobile money deposits and withdrawals – M-Pesa, MTN Mobile Money, Airtel Money, among others.
Opening an account is a lot easier – you can submit proof of residence in another person’s names – say, your landlord, spouce, et.c.
Open an Account
Regulator: CySEC – Cyprus, FSCA – South Africa, FCA – UK.
Minimum deposit: $10 – Cent. $100 Standard. $500 ECN
Leverage: Up to 1:2000
Average spread: 0 -1.5 ECN. From 1.3 – Standard
Platforms: MT4, MT5, Web, Mobile
Why trade forex with ForexTime.
– Super tight spreads
– Multiple withdraw and deposit methods
– Easy to open verify an account
– Regulated broker
– Accepts Mobile Money
FXTM Forex Broker Review
Regulation – 4.3
FXTM is regulated by CySEC – Cyprus, FSCA – South Africa, FCA – UK..
Trading Instruments – 4.8
FXTM offers the following trading instruments: Forex, metals, cryptocurrencies, energies, indices, and stocks.
Trading costs – 4.9
FXTM has tight spreads and low commissions on its ECN Accounts
Its commission is $4 per lot round-turn.
Withdrawal and deposit methods – 5
Online Bank Transfer, Bitcoin, VISA, Mastercard, Perfect Money, WebMoney, NETELLER, Skrill, Internal Transfer, Mobile Money.
FXTM supports local funding options including Mobile Money solutions like M-Pesa, MTN mobile money and Airtel money.
Client funds are held in bank accounts separate from those used by the company.
Trading Platforms – 4.6
MetaTrader 4, MetaTrader 5, MT WebTrader, MT iPhone/iPad, MT Android, MT Mac
Trading tools – 3.8
FXTM provides Forex Calculators, Converters and VPS hosting.
Trade Execution – 4.8
Very fast without re-quotes.
Customer care and support – 4.9
How to Verify a ForexTime trading account
ForexTime makes it easy for a new client to verify their trading account.
Like all forex brokers, you are required to upload a copy of your Identity and Proof of residence.
To verify your identity take a photo and upload any of the following documents.
- National Identity card
- Drivers license
For Proof of Residence FXTM requires any of the following.
- Bank Statement.
- Utility bill (electricity, water, phone, internet, TV)
- Tenancy contract or residence certificate.
The proof of residence must clearly show your names and the address you used to register your FXTM account.
If you don’t have an address in your names, ForexTime allows you to use a third party address.
- Login to your myFXTM
- Under My Documents click Verify Profile
- Upload the required documents.
- If you plan to use a proof of residence in another person’s names – select NO under the question asking if the proof of residence is under your names.
- From the drop-down, select the person in whose names the proof of residence is in.
TIP. If you don’t own a house or have a bill in your names, the easiest way to get a proof of residence is with a bank statement – in Africa ABSA provides bank statements with addresses – or a tax certificate from your tax body.
Our Forex Broker Review Criteria
Here are the criteria we used to review and pick the forex brokers on this list out of the hundreds of forex brokers out there.
- Regulation – As a trader, your deposits must be safe. Only regulated brokers can give that assurance. They are required to meet stringent conditions before they are licensed. This protects your money.
- Withdrawal and deposit methods. Once you are sure that your money is secure, you want to know how fast and conveniently you can deposit and withdraw your money. Almost all these broker have the standard deposit and withdraw methods – VISA, Wire transfer – but those that go the extra mile to provide local withdrawal methods like Mobile Money win.
- Costs and fees – Even accounts that don’t have commissions have fees – we call those fees spreads. For scalpers, you want to trade with a broker who provides the tightest spreads and lowest commissions possible.
- Platform and trading tools – The weapons of warfare to a trader are their laptop or computer or mobile phone, running the right trading platforms and trading tools. Always trade with a broker who provides the platforms and tools you are most comfortable trading with. All the above brokers come with Metatrader 4 as the standard. Others have Metatrader 5, and ICM markets additionally have cTrader. They all have web traders and apps for mobile trading.
- Trade execution – It shouldn’t take ages to enter or get out of a trade. You want to get in when you click buy or sell and get out when you click close. It’s got to be fast—instant fast. You should keep in mind that your gadgets – computer, laptop, phone, internet connection – all play a big part in determining your trade execution speeds.
- Customer care and support – once in a while, you may need the help of the guys behind your computer. Hasn’t a deposit gone through? Can’t log in? Can’t trade? Anything happens; a good broker like your partner should be a call away, a chat away, or an email away with the help you need to execute your trades.
Does ForexTime / FXTM accept Mobile Money?
Yes ForexTime/FXTM accepts mobile money transactions.
In you Uganda you can deposit and withdraw up to UGX5,000,000 per transaction
Final thoughts on ForexTime Review.
Do you want a good forex broker? A forex broker with low trading costs?
A broker with flexible and local funding options?
I recommend ForexTime.
You will be in the good company of a million other traders.
Do you trade with FXTM? Share with us your trading experience in the comments section below.