The ForexTime is a trading robot which can automatically trade different types of forex and stocks. The system has been proven to outperform other traders, but the list of cons outweighs the pros. We have broken down all the features in our review so that you know exactly what it takes to get started with this software before deciding if it will be right for your needs.
The “ForexTime Review for 2021” is a review of the ForexTime platform. The review includes pros and cons, fees, and other information about the platform.
In developing and frontier markets, FXTM has established itself as a major broker. Upgraded MT4/MT5 trading platforms, a proprietary copy trading service, and high-quality research and education are available to traders. FXTM’s commission-based Forex pricing strategy is also one of the most cost-effective on the market. We investigated an award-winning broker to determine whether scalpers and high-frequency traders may profit from their services. Check out this article’s ForexTime review for 2021 to see whether the trading environment and interface at FXTM are as outstanding as they claim.
Advantages and disadvantages
- In the Forex market, there is excellent commission-based pricing and transparency.
- The MT4/MT5 trading platforms, as well as a specialized mobile trading app, have been enhanced.
- High-quality market analysis and educational content will help new traders.
- With a proprietary platform, a low minimum investment, and high leverage, copy trading has never been easier.
- Trading options for commodities and cryptocurrencies are limited.
Forex Time is a pioneer in developing and frontier exchange, with excellent instructional materials.
- The headquarters of Forex Time are in Mauritius.
- It is governed by the FSC, CySEC, FCA, and FSCA.
- The business was founded in 2011.
- It uses a hybrid market maker/ECN to conduct trades.
- A $50 minimum deposit is required.
- It has a maximum leverage of 1:2000.
- It provides trading platforms such as FXTM Invest, MT4, and MT5.
FXTM tries to adapt to market and regulatory developments in order to provide traders a competitive edge. Another advantage that I’d like to highlight is the level of openness. PricewaterhouseCoopers Limited (PwC), one of the Big Four accounting firms, audits public data in accordance with the International Standard on Assurance Engagements (ISAE) 3000.
Main Features of FXTM
|For CFDs/DMA, there is a commission.||Commission-free|
|Rebates for commissions||No|
|Fee for making a deposit||No|
|Methods of Funding||47|
|Fee for Inactivity||After six months, you will be charged $5 each month.|
|Account that is being managed||Yes|
|Forex Minimum Commission||Per 1.0 lot, $0.80|
|Raw Spreads Minimum||0.0 pips|
|Standard Spreads at a Minimum||0.5 pips|
|Loss Rate in the Retail Sector||77.00%|
|Fee for Withdrawal||Third-party|
Security and Regulation
When you utilize a licensed broker, the risk of fraud and malpractice is lowered. Traders should constantly look for regulation and confirm it with the regulator by comparing the issued license to their database. FXTM offers four well-regulated businesses to its customers.
As part of its expansion throughout Africa, FXTM is obtaining a regulatory license in Kenya. FXTM’s retail operations from its CySEC-regulated company stopped on February 26th, 2021. Because of the European Securities and Markets Authority’s (ESMA) anti-competitive regulatory framework, it came to this conclusion. Clients from the European Economic Area may be dealt with by any of the other subsidiaries (EEA).
Thanks to FXTM’s regulatory environment, traders have access to attractive trading circumstances as well as superior protection. FXTM is a well-known member of the Hong Kong Financial Commission, with a Compensation Fund that pays out up to $20,000 in compensation to traders who file claims. It’s the same service as CySEC, but it’s not subject to the same legal constraints.
FXTM is one of the most transparent brokers since PricewaterhouseCoopers Limited (PwC) evaluates chosen performance information. I like their attention on the trading environment, which benefits clients significantly.
FXTM offers both commission-free and commission-based Forex accounts to traders. The former is one of the more costly options, whilst the latter is one of the better ones. I highly advise high-frequency traders and scalpers to use it.
FXTM has joined the list of brokers that provide no-commission stocks CFD trading to millennial and Generation Z clients. I’d like to emphasize that trading without commissions does not necessarily imply lower trading expenses. Spreads on commission-based offers at FXTM are sometimes twice as high as spreads on non-commission-based offers.
FXTM Account Types Available
Micro and Advantage Plus are commission-free trading accounts, whereas Advantage is a commission-based account. The Micro account needs just a $50 or comparable deposit, but the other two account types demand a $500 minimum deposit. I highly suggest the commission-based option since trading costs are still among the lowest in the market, and both commission-based accounts have relatively high fees.
Demo Account at ForexTime
FXTM offers a sample account, and there were no time limits that I saw. As a result, it’s perfect for seasoned consultants and testing procedures. Traders may choose between MT4 and MT5 demo accounts, and their demo account balance and leverage are customizable. While no demo account can fully replicate real-world trading situations, the FXTM options come close.
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Frequently Asked Questions
Is Forextime a good broker?
A: Forextime is a very good broker.
What is the minimum withdrawal from FXTM?
A: The minimum withdrawal amount is £250, so even if you only have a small balance on your account, this should be sufficient.
Is FXTM copy legit?
A: FXTM does not have a copy of Beat Saber, so there is no need to worry about that.
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