FXTM is a reliable brokerage firm that has been established since 2011. Here's the full tutorial on how to open account in FXTM.
ForexTime Limited (FXTM) is a globally known forex and CFD broker that brings financial markets closer to customers all around the world. Founded in 2011, the company is headquartered in Cyprus and has a global network of offices as well as regulations across Europe, Africa, Asia, and Latin America.
As a dynamic brokerage firm, FXTM offers more than 250 instruments along with tight spreads, easy deposit/withdrawal, and exciting trading contests.
In FXTM, the account opening process is very easy and fully digital. You can either use your PC, tablet, or smartphone to access the website. Read this article further for the full guide.
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 Open a Live Account in FXTM
- Head over to FXTM's official website or open the mobile app if you use a smartphone.
- Press "Open Account" at the top right or the big "Join Now" button on the front page. Both will lead to the same registration page so it doesn't matter which one you choose.
- Provide some information about yourself such as name, email address, and phone number to create "MyFXTM" profile. Don't forget to select a password and enter the PIN code sent to your email. Click "Register Now" to move on.
- At this point, you have successfully registered as an FXTM user. Complete your profile to set yourself up for trading.
- The next step is to open your actual trading account. Click "My Account" on the side menu and select "Open New Account".
- Next, you need to choose the type of account that you'd like to open as well as the trading platform (e.g. MT4 or MT5). You can also customize your account setup as you wish, such as the account currency, leverage ratio, and more. Click "Open Account".
- Congratulations, your trading account has been created! Check your email inbox for the login credentials.
Note that in order to start trading, you will need to store some funds in your balance. FXTM offers a list of deposit methods that you can choose including bank transfer, bank cards, and electronic wallets. The minimum deposit amount is only $10.
Which FXTM Account Type to Choose?
When opening a new live account, it's important to know which account type you need. Each option comes with unique conditions, so please do a quick research beforehand. In FXTM, there are four types of accounts that you can choose from, namely Micro, Advantage, Advantage Plus, and Investment.
Micro Account is an instant execution account that is only available for MT4 users. In this account, the balance will always be shown in cents. It offers spreads starting from 1.5 pips, no commission, and maximum leverage of 1:1000. The instruments that you can choose are forex, metals, and commodities. This account is particularly suitable for rookie traders because it allows you to trade without risking a substantial amount of money.
Advantage and Advantage Plus accounts are available on both MT4 and MT5. It offers full transparency as the broker connects your order to the selected market. This means you will get no requotes, lower spreads, and free commission. On MT4, you will be able to trade forex, metals commodities, and indices. On MT5, CFD stocks are also available. Due to the favorable conditions, this account type is great for both beginners and professionals.
The last account type, Investment, is specifically designed for investors who are looking for reliable passive income. By depositing a minimum amount of $100, you will have the right to choose an account manager that you wish to follow. Once you make the deposit, your Investor account will be activated and it will start copying trades from the chosen strategy provider.
FAQs on FXTM Open Account
- Does FXTM offer a demo account?
Yes, there is an option to open a demo account in FXTM. The steps are similar to opening a live account, simpler even. When opening an account, you just need to select demo account as the account type and decide the setup of your account. Demo account can be a great way to start your trading journey. Learn how to read charts and market behavior, test your trading skills, and master the use of various trading indicators available on the platform.
- Do I need to verify my account before trading?
When opening a live account, verification is necessary to get access to the full feature offered by FXTM. You will need to provide several documents to prove your identity and address.
- How long does it take to open a new account?
The account opening process in FXTM is very straightforward. It won't take more than a few minutes to complete the whole steps. Just make sure to prepare all the information you need to open an account and have a stable internet connection.
- How to start trading from MetaTrader after opening an FXTM account?
Download the platform from FXTM's official page or the provided link on your "MyFXTM" and run it on your device. Afterward, log in to the platform using your credentials. To comprehend the steps easily, FXTM has provided the tutorial in this video:
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.