Regarding the legitimacy of FXTM forex brokers, it provides CYSEC, FCA, FSCA and WikiBit, .
The regulatory license is the strongest proof.
CYSEC Market Maker (MM)
Cyprus Securities and Exchange Commission
Cyprus Securities and Exchange Commission
Current Status:
License Type:
Market Maker (MM)Licensed Entity:
Effective Date:
2012-12-13Email Address of Licensed Institution:
compliance@forextime.com53748:
No SharingWebsite of Licensed Institution:
www.forextime.com/euExpiration Time:
--Address of Licensed Institution:
Phone Number of Licensed Institution:
+357 25 558 777Licensed Institution Certified Documents:
FCA European Authorized Representative (EEA)
Financial Conduct Authority
Financial Conduct Authority
Current Status:
License Type:
European Authorized Representative (EEA)Licensed Entity:
Effective Date:
2013-05-02Email Address of Licensed Institution:
--53748:
No SharingWebsite of Licensed Institution:
--Expiration Time:
2021-12-22Address of Licensed Institution:
Phone Number of Licensed Institution:
--Licensed Institution Certified Documents:
FSCA Financial Service Corporate
Financial Sector Conduct Authority
Financial Sector Conduct Authority
Current Status:
License Type:
Financial Service CorporateLicensed Entity:
Effective Date: 53749
2016-07-05Email Address of Licensed Institution:
--53748:
No SharingWebsite of Licensed Institution:
--Expiration Time:
2024-02-02Address of Licensed Institution:
Phone Number of Licensed Institution:
00357 25558777Licensed Institution Certified Documents:
FXTM, short for ForexTime, is a globally recognized online trading broker established in 2011. It offers a wide range of financial instruments, including forex, CFDs, commodities, and indices, catering to both retail and institutional traders. As the forex market continues to grow, it becomes increasingly crucial for traders to evaluate brokers carefully to avoid potential scams. The volatile nature of forex trading, combined with the presence of unregulated or poorly regulated brokers, necessitates a thorough assessment of any trading platform before committing funds. This article employs a structured evaluation framework, drawing from various credible sources, to determine whether FXTM is a safe trading option or a potential scam.
FXTM operates under multiple regulatory authorities, which is a significant factor in assessing its safety and legitimacy. The broker is regulated by the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC), and the Financial Sector Conduct Authority (FSCA) in South Africa. These regulatory bodies ensure that FXTM adheres to strict financial standards, offering a layer of protection to traders.
Regulatory Authority | License Number | Regulatory Region | Verification Status |
---|---|---|---|
FCA | 777911 | United Kingdom | Active |
CySEC | 185/12 | Cyprus | Active |
FSCA | 46614 | South Africa | Active |
FSC | C113012295 | Mauritius | Active |
The presence of these regulatory licenses indicates that FXTM is subject to rigorous oversight, which is essential for ensuring the safety of client funds. Moreover, FXTM has a history of compliance with these regulations, which enhances its credibility. However, it is important to note that while FXTM is regulated in several jurisdictions, its operations in Mauritius may raise concerns due to the less stringent regulatory environment compared to the FCA and CySEC.
FXTM was founded by Andrey Dashin, a trader with extensive experience in the financial markets. Since its inception, the broker has expanded its services globally, establishing offices in various countries, including Cyprus, the UK, South Africa, and Nigeria. The ownership structure of FXTM is transparent, with Exinity Group being the parent company. This group has a reputation for providing reliable trading services.
The management team at FXTM comprises professionals with diverse backgrounds in finance and trading, which contributes to the broker's operational efficiency. The company's commitment to transparency is evident through its regular disclosures and updates regarding trading conditions, fees, and regulatory compliance. FXTM also provides extensive educational resources to help traders improve their skills, further demonstrating its dedication to fostering a trustworthy trading environment.
FXTM offers a competitive trading environment with various account types, each designed to cater to different trader needs. The overall fee structure is generally considered reasonable, although some fees may be higher than industry averages.
Fee Type | FXTM | Industry Average |
---|---|---|
Spread for Major Currency Pairs | From 1.5 pips | From 1.0 pips |
Commission Model | $0.40 - $2 per lot | Varies by broker |
Overnight Interest Range | Varies by position | Varies by broker |
FXTM employs a mixed commission and spread model, which may lead to higher costs for traders using certain account types. Notably, the inactivity fee of $5 per month after six months of inactivity could deter some traders. Understanding these costs is crucial for potential clients to avoid unexpected charges that could affect their trading profitability.
FXTM places a strong emphasis on client fund security, employing several measures to protect traders' investments. Client funds are held in segregated accounts at top-tier banks, ensuring that they are kept separate from the company's operational funds. This segregation is a critical factor in safeguarding client assets.
Additionally, FXTM provides negative balance protection, which ensures that clients cannot lose more than their invested capital, even in volatile market conditions. This policy is particularly important for retail traders who may not have the experience to manage high-risk trades effectively. Furthermore, FXTM is covered by an investor compensation scheme, which offers additional protection to clients in the event of insolvency.
Despite these safety measures, it is essential to consider any historical issues related to fund security. While there have been no major incidents reported, traders should remain vigilant and conduct thorough research before investing.
Analyzing customer feedback is vital in assessing the overall reliability of FXTM. Many users report positive experiences, particularly regarding the broker's customer support and trading conditions. However, there are recurring complaints related to withdrawal delays and high fees associated with certain transactions.
Complaint Type | Severity Level | Company Response |
---|---|---|
Withdrawal Delays | High | Slow response |
High Withdrawal Fees | Medium | Addressed |
Inactivity Fee Disputes | Low | Clarified |
A notable case involved a trader who experienced significant delays in processing withdrawal requests, raising concerns about the broker's efficiency in handling client funds. While FXTM has addressed some of these issues, the frequency of such complaints suggests that potential clients should be cautious and ensure they understand the withdrawal process before committing funds.
FXTM provides access to popular trading platforms, including MetaTrader 4 and MetaTrader 5, which are known for their reliability and user-friendly interfaces. The trading experience on these platforms is generally smooth, with many traders reporting fast execution times and minimal slippage.
However, some users have expressed concerns about potential manipulation during high-volatility periods, which can lead to increased slippage and rejected orders. While such occurrences are not uncommon in the forex market, transparency in order execution and the absence of requotes are critical for maintaining trader trust.
When considering FXTM, traders should be aware of the inherent risks associated with forex trading, particularly given the high leverage options available.
Risk Category | Risk Level (Low/Medium/High) | Brief Explanation |
---|---|---|
Regulatory Risk | Medium | Varies by jurisdiction |
Operational Risk | Medium | Potential withdrawal issues |
Market Risk | High | Leverage amplifies losses |
To mitigate these risks, traders should practice prudent risk management strategies, such as setting stop-loss orders and avoiding excessive leverage. Additionally, using a demo account can help traders familiarize themselves with the platform and develop their trading strategies without financial exposure.
In conclusion, FXTM is a well-regulated broker with a solid reputation in the forex trading community. While there are no significant signs of fraudulent activity, potential clients should be aware of some concerns, particularly regarding withdrawal processes and the associated fees. Overall, FXTM is considered a safe trading option for most traders, especially those looking for a reputable broker with comprehensive educational resources and competitive trading conditions.
For traders just starting, FXTM offers a supportive environment with various account types and educational materials. However, more experienced traders may want to consider alternative brokers with lower fees and a broader range of trading instruments. Always conduct thorough research and consider using a demo account to assess FXTM's suitability for your trading needs before committing real funds.
The latest exposure and evaluation content of FXTM brokers.
Whether it is a legitimate broker to see if the market is regulated; start investing in Forex App whether it is safe or a scam, check whether there is a license.
FXTM latest industry rating score is 1.45, the higher the score the safer it is out of 10, the more regulatory licenses the more legitimate it is. 1.45 If the score is too low, there is a risk of being scammed, please pay attention to the choice to avoid.