FXTM is a top forex broker that offers easy deposits and withdrawals. Read this full guide to check out how it works.
When choosing a broker, there are many important factors that need to be taken into account. One of them is the ability to make deposits and withdrawals on your own terms. As a trader, you need to be able to manage your funds effectively to ensure that everything goes according to plan. The broker's job on the other hand is to provide a safe platform and favorable conditions to do so.
Established in 2011, FXTM is a top broker that operates under the regulation of the FCA, CySEC, CMA, FSCA, and FSC. For more than a decade, the company has offered various trading services and made adjustments to maintain clients' satisfaction.
When it comes to deposit and withdrawal, FXTM offers a number of payment systems, including some electronic wallets for faster and cheaper transactions. Each method has unique conditions as shown in the table below.
| 💳Payment Method | 💲Currencies | 💰Minimum Deposit | ⏳Deposit Processing Time | 💸Withdrawal Fees |
| Bank Wire Transfer | USD, EUR, GBP | - | 3-5 business days | 30 EUR |
| Visa/MasterCard | USD, EUR, GBP | 5 USD/EUR/GBP | Instant | 3 USD / 2 EUR / 2 GBP |
| Maestro | USD, EUR, GBP | 5 USD/EUR/GBP | Instant | 3 USD / 2 EUR / 2 GBP |
| Google Pay | USD, EUR, GBP | - | Instant | - |
| FasaPay | USD, IDR | 5 USD | Instant | 0.5% |
| Skrill | USD, EUR, GBP, PLN, CZK | - | Instant | - |
| Neteller | USD, EUR, GBP, NGN, INR | 5 USD | Instant | - |
| Perfect Money | USD, EUR | - | Instant | 0.5% |
FXTM Account Funding Guide
You can fund your FXTM account from the MyFXTM page, which is accessible via PC and mobile. Verification is not mandatory to make a deposit, so you can easily fund your account with your new or existing live account.
The broker does not charge any internal deposit fees, but there may be charges by the bank or payment provider according to their policies.
Find out how to deposit in FXTM below:
- Head over to FXTM's official website and login to your account.
- Click "Deposit" under the Money section on your MyFXTM page.
- Choose the account or wallet and specify the deposit amount. If you didn't specify the trading account number in your transfer request, your deposit will automatically be transferred to your wallet. Note that conversion fees will apply if you use a different currency than your account's base currency.
- Select your deposit method. You can choose any of the available methods on the screen, but make sure that the account or wallet is in your name as FXTM does not accept third-party payments. Some payment methods may require verification if you use them for the first time. For instance, you need to provide a colored copy of the front and back of your credit card or a screenshot of your e-wallet account.
- Confirm the deposit details and complete the transaction. Deposits are processed instantly if there is no need for further verification. Once the deposit is successful, the funds will be reflected in your account shortly.
FXTM was initially launched in 2011 with a unique vision to provide unparalleled superior trading conditions. Opening an account in FXTM would also bring about access to advanced education and sophisticated trading tools in the forex industry.
Now, FXTM is registered under the Financial Conduct Authority of the UK with the number 600475. The company is also regulated by the Cyprus Securities and Exchange Commission with CIF license number 185/12, and is licensed by the Financial Sector Conduct Authority (FSCA) of South Africa, with FSP No. 46614
FXTM has 1 million registered accounts with more traders joining every day. The company continually tries to improve their performance and have got many awards such as Best Trading Experience 2019 by World Finance Awards, Best Online Forex Trading Company Nigeria 2018 by International Finance Awards, Reputable Investor Education Forex Broker Award 2018 by Hexun.com, Forex Brand Of The Year China 2018 by Fxeye.Com, and many more.
As a responsible broker, they determine leverage (expressed as a ratio of transaction size relative to trader's buying power) according to the trader's level of knowledge and experience in trading, which is evaluated by the Appropriateness Assessment. The company also enables trading with leverage up to 1:1000.
As for spreads, FXTM offers low spreads starting from 0.1 pip, so traders can withdraw profits at the start of trading. The company, which has headquarters in several countries, uses No Dealing Desk (NDD) technology and partners with credible liquidity providers to provide the best bid and ask prices.
For beginners, there is an automatic trading facility called algorithmic trading provided. When trading in FXTM, traders can develop their trading strategy or adopt other traders' strategies. Furthermore, the strategy is applied to automated trading systems, such as Expert Advisors. The purpose of this system is traders do not have to worry about losing opportunities while not observing the market so that profits can still be earned.
Three types of ECN accounts use the MT4 and MT5 trading platforms. There are also mobile and Tablet Apps trading platforms. Aside of providing many account variants, FXTM goes above and beyond to ensure that their client receives excellent support that they deserve, making their trading experience optimal and user-friendly.
FXTM also provides a diverse range of products. In addition to over 50 currency pairs, they provide gold, silver, CFD on commodity futures (oil), CFD on ETFs, and indices.
Education about the basic concepts of the forex industry is also accessible in this broker. Traders can read all the concepts provided in the form of e-books, video tutorials, articles, webinars, and forex seminars. There are 17 languages provided on the FXTM website to make it easier for traders to learn about forex.
Traders are also given various choices for payment methods, including Credit Cards (Visa, Mastercard, Maestro) and E-Wallet (Neteller, Skrill, Western Union). For withdrawing funds, traders are not charged a fee with a length of 2 hours to 2 days. Traders can live chat to ask further questions and contact the admin via email. There is also a question and answer page about forex trading on FXTM.
How to Withdraw from FXTM
Before you can make a withdrawal, you need to complete the verification process by uploading some documents like your national ID or passport. Also, make sure that your account or wallet have sufficient margin to withdraw. Otherwise, you may need to close some of your positions to cover the amount.
Follow these steps to make a withdrawal in FXTM:
- Enter the withdrawal page on myFXTM. Open your MyFXTM page, then click "Withdrawal Funds" under the My Money section.
- Choose your preferred withdrawal method. To withdraw your initial deposit, you must use the same source from which you initially deposited. Meanwhile, profits can be withdrawn using any of the available methods.
- Select the account or wallet that you'd like to withdraw from and specify the withdrawal amount.
- Provide a reason for withdrawal and click "Submit".
Unlike deposits, some withdrawals are subject to fees depending on the payment system you choose. Your withdrawal request will be processed by FXTM within 24 hours. However, the actual time needed for the funds to reflect in your account varies depending on the payment method.
The Bottom Line
FXTM is widely known as a top broker with more than a decade of experience. Aside from offering favorable trading conditions, the broker provides an easy deposit and withdrawal system. There are many payment methods that you can choose, ranging from traditional bank wire to modern solutions like e-wallets. The process is also pretty seamless and quick. Suppose you come across any trouble, simply contact customer service for assistance.
FXTM broker is a leading trading service provider that strives to support forex traders with 3 focuses on Trust, Access, and Value. Over the years, they managed to gather more than 4 million clients worldwide and 45+ awards that prove their competitive edge in the brokerage industry.