Search

Regarding the legitimacy of FXTM forex brokers, it provides CYSEC, FCA, FSCA and WikiBit, .

Is FXTM safe?

Rating Index

Pros

Regulated by reputable authorities such as FCA and CySEC, ensuring a level of safety for traders.
Offers a wide range of trading instruments, including forex, commodities, indices, and cryptocurrencies.
User-friendly trading platforms (MT4 and MT5) with extensive educational resources and excellent customer support.

Cons

Limited cryptocurrency offerings compared to some competitors, which may disappoint crypto-focused traders.
Withdrawal fees may apply, which can add to the overall trading costs.
Some account types have relatively high minimum deposit requirements, potentially limiting access for new traders.

Is FXTM markets regulated?

The regulatory license is the strongest proof.

MM

CYSEC Market Maker (MM)

Cyprus Securities and Exchange Commission

Cyprus Securities and Exchange Commission

Regulatory Agencies Introduction
  • Current Status:

    Unverified
  • License Type:

    Market Maker (MM)
  • Licensed Entity:

    Forextime Ltd Forextime Ltd
  • Effective Date:

    2012-12-13
  • Email Address of Licensed Institution:

    compliance@forextime.com
  • 53748:

    No Sharing
  • Website of Licensed Institution:

    www.forextime.com/eu
  • Expiration Time:

    --
  • Address of Licensed Institution:

    35, Lamprou Konstantara Street, FXTM Tower, Kato Polemidia, CY-4156 Limassol
  • Phone Number of Licensed Institution:

    +357 25 558 777
  • Licensed Institution Certified Documents:

11 name
EEA

FCA European Authorized Representative (EEA)

Financial Conduct Authority

Financial Conduct Authority

Regulatory Agencies Introduction
  • Current Status:

    Unverified
  • License Type:

    European Authorized Representative (EEA)
  • Licensed Entity:

    Forextime Ltd Forextime Ltd
  • Effective Date:

    2013-05-02
  • Email Address of Licensed Institution:

    --
  • 53748:

    No Sharing
  • Website of Licensed Institution:

    --
  • Expiration Time:

    2021-12-22
  • Address of Licensed Institution:

    88 Wood Street London EC2V 7QRE C 2 V 7 Q R UNITED KINGDOM
  • Phone Number of Licensed Institution:

    --
  • Licensed Institution Certified Documents:

11 name
FSP corp

FSCA Financial Service Corporate

Financial Sector Conduct Authority

Financial Sector Conduct Authority

Regulatory Agencies Introduction
  • Current Status:

    Unverified
  • License Type:

    Financial Service Corporate
  • Licensed Entity:

    FOREXTIME LTD FOREXTIME LTD
  • Effective Date: 53749

    2016-07-05
  • Email Address of Licensed Institution:

    --
  • 53748:

    No Sharing
  • Website of Licensed Institution:

    --
  • Expiration Time:

    2024-02-02
  • Address of Licensed Institution:

    FXTM TOWER 35 LAMPROU KONSTANTARA, KATO POLEMIDIA LIMASSOL, CYPRUS
  • Phone Number of Licensed Institution:

    00357 25558777
  • Licensed Institution Certified Documents:

11 name

Is FXTM Safe or Scam?

Introduction

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.

Regulation and Legitimacy

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.

Company Background Investigation

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.

Trading Conditions Analysis

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.

Client Fund Security

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.

Customer Experience and Complaints

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.

Platform and Trade Execution

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.

Risk Assessment

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.

Conclusion and Recommendations

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.

Is FXTM a scam, or is it legit?

The latest exposure and evaluation content of FXTM brokers.

The website cannot be accessed. The trading software is disconnected, resulting in loss.
Disconnected anytime, resulting in loss

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.