FXTM Trader is an all-in-one trading solution for all mobile traders in the world. But is it suitable for beginners? What are the features and benefits? Find out the answer in this review.
Many people are now aware of mobile internet and its usage for various daily tasks. Therefore, it is highly important for the trading industry to start mobile trading services to draw the attention of a wider audience. Aside from offering flexibility, it also opens up opportunities for those who are unable to access desktop platforms.
While there is no "official" app for forex trading in general, there are numerous forex brokers launching their own proprietary apps to facilitate mobile trading. One of which is FXTM broker.
FXTM users can trade on mobile using the FXTM Trader. The mobile app offers direct access to many handy features that can help you trade various assets on the go, hence allowing you to react to market changes easily.
It is a complete all-in-one trading platform that comes with various features. You can choose any account type, make a deposit, and trade anywhere.
The simple yet effective app also allows you to easily monitor your trades using live market updates. There is no need to open your computer whenever you want to check your trades.
All of the above-mentioned benefits make the FXTM Trader the perfect fit for all types of traders who just want to easily enter the market without any hassle.
An Overview of FXTM Trader App
Whether you use Android or iOS, FXTM Trader is available to download for free. In the Google Play Store, the app has been downloaded for more than one million times. It has been reviewed by over 5 thousand users and earned a rating of 3.9 out of 5.0.
However, it seems that FXTM Trader is not yet popular among iOS users. On the App Store, the app is ranked #193 in Finance and has been reviewed by 4 users only. But even so, it has an impressive rating of 5.0 out of 5.0 which indicates that most users are satisfied with the app's performance.
For more details, here are the specifications of FXTM Trader:
- Available on: Android and iOS
- Minimum System Requirements: Android 8.0 and iOS 15.0
- Asset Classes: More than 250 instruments including major, minor, and exotic currency pairs, spot metals, and CFDs on indices, commodities, and shares.
- Chart Types: Bar, Line, Candlestick
- Account Types: Micro, Advantage, Advantage Plus, Islamic Swap-Free, Demo
- Supported Language: English
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.
What Are the Top Features?
FXTM mobile app is loaded with features to accommodate the needs of different kinds of traders. Let's explore them one by one.
Open a Live/Demo Account
After downloading the app, the first thing that you need to do is log in to your FXTM account. You can either make a new one or use an existing account.
In FXTM, there are several trading account types that you can choose, namely:
- Micro – highly suitable for newbies and small traders due to its low cost. The minimum deposit is only $10 and the spreads start from 1.5 pips.
- Advantage – a commission-based trading account that offers low spreads starting from 0 pips. In exchange for the lower spreads, you need to pay a standard commission of $0.4-$2 per trade based on volume.
- Advantage Plus – offers a commission-free trading system with spreads starting from 1.5 pips.
- Demo – offers access to all the features in a live account with virtual funds. Perfect for beginner traders who want to practice trading, test different strategies, or get to know the FXTM trading platform without any risk.
It is worth noting that you can create multiple accounts and use them simultaneously. The app allows you to switch between accounts easily so there's no need to use multiple devices to manage your whole portfolio.
Access to MyFXTM Client Portal
The trading dashboard is basically the core of the FXTM app because it has all the information you need to manage your trading accounts. On this page, you can easily check your current balance, fund your account, keep track of your profits, and many more.
While managing your account, you can also place new trades and manage pending orders. You don't need to open the FXTM website or download a separate app to perform trading activities because both account and trade management services are accessible via the app.
On top of that, it supports cross-device trading which means you can sync your portfolio across multiple devices. For example, you can open a position on your desktop and then close it on your mobile in case of unpredictable price movements. This undoubtedly makes trading easier and more convenient for everyone.
One-Click Trading Feature
Financial markets can move quickly or slowly, and even unpredictable at times. As a trader, sometimes it's difficult enough to find trading opportunities, let alone place new trades at the right time. Thankfully, the one-click trading feature in FXTM mobile app exists to cut through the confusion and make trading way simpler.
The one-click trading feature basically allows you to open and close orders, set stop loss and take profit, and place pending orders with a minimum number of clicks. This feature is particularly useful when you must act quickly in volatile markets, where opportunities can vanish in a blink of an eye. It offers simplicity and efficiency by reducing the time needed to take a certain trading action.
Stay Updated with Live Quotes
In addition to one-click trading, FXTM broker offers easy access to live market prices on its mobile app, including notifications on major company news and various announcements that may impact your trades. Using this feature, you can easily keep up with the latest price movements on your mobile. Such information is crucial to track the performance of your active positions and build a better strategy for upcoming trades.
You can even mark some instruments as your favorites to follow their movements more closely. FXTM broker offers hundreds of instruments that you can choose from on the app ranging from the most popular to the least common ones. This opens up opportunities to diversify your portfolio and get more chances to make higher gains.
Analyze the Market with Charting Tools
FXTM trading app lets traders analyze the markets using sophisticated charting tools, where the chart basically shows the price movements of a specific currency pair or other instrument of their choice. It is completely customizable, so traders can change the timeframe as well as add technical indicators to get various insights.
This is also where you can open new positions easily. Simply click on the instrument, choose the lot size, then click on the buy/sell button on the left side of the screen. By clicking the small "i" icon, you can also access a short contract specification of the instrument.
What They Said about the FXTM App
Based on the user reviews, opinions seem to be divided. While some are satisfied with the app's performance, others are simply disappointed. Here are some examples of the high and low ratings on Google Play Store.
Several users complained about the difficulty of withdrawals. However, FXTM explained that only verified clients are allowed to make withdrawal requests. Otherwise, users will be asked to provide KYC documents and wait for the broker's approval first. If that's not the case, then perhaps the issue comes from bugs on the app.
It is also worth pointing out that the broker's representative has answered almost all of the user reviews, both the good and the bad. This is a sign that the broker cares about their customers and is willing to listen to them to provide better services.
FXTM is a reliable broker that operates under the watch of multiple top-tier regulators. Over the years, the broker has served millions of traders worldwide and won many prestigious awards for their service. Therefore, it is unsurprising that they also offer one of the best trading apps in the industry.
Based on this FXTM app review, it can be concluded that FXTM Trader is an exceptional mobile trading app unlike any other. It has all the required features to trade easily via mobile, starting from charting tools to speedy order execution. Not only that, you can also manage your trading accounts anytime and anywhere as long as you have your phone with you.
The app is also very accessible and suitable for all kinds of traders. Beginners can benefit from the clean design and user-friendly interface, while expert traders can make use of the advanced charting tools for better analysis.
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.