RECOMMENDED FOREX BROKERS
ForexTime (FXTM) has one of the best and most stylized websites of any broker. There is a fluidity about it that makes it very appealing, not to mention that the website is highly accessible. Is the rest of this broker just as good?
There are three companies operating under the FXTM brand:
The FXTM brand has encompasses multiple domains. is regulated by CySEC, the FCA, and FSCA in South Africa.
ForexTime Limited is regulated by CySEC. CySEC caries all necessary investigations in order to impose any disciplinary actions if need be. Those under the gaze of CySEC are eligible for the Investor Compensation Fund that will reimburse traders €20 000 in case the broker becomes insolvent.
ForexTime is also licensed by FSCA does not posses a compensation plan. What it does is promote the efficiency of the South African financial markets sector by promoting fair customer treatment and keeping traders informed.
ForexTime UK Limited holds a license from the FCA which is considered the best regulatory body in Europe, because of its enforcement of strict financial and investment standards all the while working side by side with the law. The FCA, too, provides a compensation scheme (FSCS) that restores funds of up to £85 000 to traders.
Exinity Limited or forextime.com is directly regulated by the FSC in Mauritius. This institute ensures the stability of the financial system in Mauritius by suppressing fraud and malpractices. Unlike the previous two domains, users of this one are not covered by any compensation fund. However, the leverage can go as high as 1:1000, since ESMA is out of sight.
The leverage, in the UK and EU, is limited to 1:30, as per ESMA decree. Outside, it can reach the staggering 1:1000.
Forextime offers a good amount of tradeable assets: forex pairs, commodities, indices, spot metals, shares cryptocurrencies and stocks.
Explore ForexTime in one of the following languages: English, Arabic, Chinese, Czech, French, Hindi, Indonesian, Polish, Spanish, Italian, Farsi, Korean, Malaysian, Russian, Vietnamese, Thai, Urdu.
The broker sticks to the classic MT4 and MT5 trading terminals.
Metatrader 4 is an industry staple. It comes with trading bots, one click trading, great chart management options, customizable trading indicators, VPS, etc. Included in the MT4 package is a set of tools that enhance the experience, including Pivot Point Strategy that indicate daily turning points in the market. There are other, similar tools that will aid you in your Forex journey.
MT4 spread for EUR/USD is typically 2 pips. The different account types offer various spreads. The leverage can reach 1:1000 for those not bound by ESMA. In EU it is limited to 1:30.
Get MT4 directly on desktop or as a web version, or take it to the next level and access it on any Android and Apple smartphone.
MT5 is an improvement over MT4 in many ways expect for the one that really matters: ubiquitousness. The simple fact is that MT4 is much more popular. Nevertheless, MT5 offers many changes: increased time frames, more pending order types, more technical indicators, market depth etc. Expert Advisors and VPS are all there.
The spread for EUR/USD is 2 pips, while leverage outside of ESMA regulated territory (UK/EU, 1:30) can reach 1:1000.
Same as MT4, MT5 can be reached from any smartphone (Android, Apple) It also available as a web trader, and/or as a standalone desktop trader.
FXTM MINIMUM DEPOSIT
The minimum deposit is $100, and $10 for the Cent Account.
Payment methods are extremely varied and depend on FXTM domains.
Forextime.com/eu allows for the following funding methods: VISA, MasterCard, Maestro, Neteller, Skrill, Alfa-Click, Western Union Quick Pay, Dotpay, Yandex Money, QIWI, bitcoin via Skrill, Bank Wire and Deutsche Handelsbank. This domain accepts as base currencies EUR, INR, USD, GBP, PLN, BTC, RUR, and NGN.
Forextime.com support a huge array of options: FasaPay, VISA, MasterCard, Maestro, Neteller, Skrill, DusuPay, Crypto, Alfa-Click, WebMoney, Dixipay, CashU, Yandex Money, QIWI, Perfectmoney, bitcoin, bitcoin via Skrill, Konnexone and Bank Wire.
Included are a number of local transfer methods for African and Asian countries, that we wont get into. All these local funding methods are supported by their coherent base currencies.
The other, primary accepted currencies are: EUR, INR, USD, GBP, PLN, NGN, BTC, ETH, LTC and DASH.
Forextime.com/uk has at its disposal only 6 deposit methods: Wire Transfer, VISA, MasterCard, Maestro, Neteller and Skrill; with only 3 base currencies: EUR, USD, GBP.
All credit card and eWallet deposits can take up to 1 day to process (at rare occasions, 48 hours). Local banking methods, especially for Forextime.com, depend on each individual bank, yet should not surpass the 24 hour mark. And as per usual Wire Transfer processes deposited fund in 3-5 days.
There are no commissions on deposit to speak of.
FXTM WITHDRAWAL TIME AND LIMIT
One of FCA’s and CySEC’s main duty is to provide a smooth and secure withdrawal procedure for all those under their oversight.
Since we were unable to get direct access to both Forextime.com/uk and forextime.com, we will be talking in regards to forextime.com/eu.
Payment methods are the same as depositing ones (the same guideline should be applicable to the other 2 domains). Please refer to the section above.
Fees are applicable. Credit Card withdrawals are taxed with $3. Yandex Money and QIWI are fined with 1.5%. Bitcoin via Skrill is humbly taxed by 1%. Deutsche Handelsbank charges $40, while Wire Transfer clients are burdened with €30.
The only methods that require 24 hour or more to process are Bitcoin via Skrill, and Wire Transfer. The rest should be processed during the same working day. Remember that the process time is not the same as the time it takes for the money to reach your personal account. Once processed by the broker the arrival of your money depends on the payment system.
Minimum withdrawals are not indicated, yet they are implied. We contacted a somewhat disorganized support agent (he kept confusing fees with minimum withdrawals) who claimed that the least possible amount is $3 (which is logical since $3 is the lowest fee amount).
FXTM has what it takes to earn our praise. Not only is it regulated by some of the top license issuers in the world, but it’s also a part of several compensation funds that add a further layer of client assurance.
What’s more are the numerous deposit and withdrawal methods, that expand the brokers reach to some not so common places, and what we are left is one complete and tight broker.