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Last Updated On May 27, 2024
75-90% of retail traders lose money trading Forex and CFDs. You should consider whether you understand how CFDs and leveraged trading work and if you can afford the high risk of losing your money. We may receive compensation when you click on links to products we review. Please read our advertising disclosure. By using this website you agree to our Terms of Service.
FXTM is an established and award-winning market maker/ECN broker offering trading on Forex, commodities, metals, stocks, and indices. FXTM’s trading costs are higher than average on its two commission-free accounts, with spreads starting at 1.5 pips on the EUR/USD. However, trading conditions improve significantly on its Advantage Account, with spreads starting at 0 pips on the EUR/USD in exchange for a reasonable commission, but a high minimum deposit of 500 USD.
FXTM offers support for both the MT4 and MT5 platforms in addition to its proprietary FXTM Trading App, and a wide range of trading tools, including a VPS hosting service.
FXTM excels in its education and market analysis sections, with a good overview of Forex trading in its guides and tutorials. In addition, its daily market analysis will help beginners understand the real-world implications of news events on the Forex market and where trading opportunities lie. Beginner traders will also benefit from FXTM’s unique copy trading platform, which allows traders to copy the trades of strategy providers.
🏦 Min. Deposit | USD 10 |
🛡️ Regulated By | FCA, FSCA, FSC, CMA |
💵 Trading Cost | USD 15 |
⚖️ Max. Leverage | 2000:1 |
💹 Copy Trading | Yes |
🖥️ Platforms | MT4, MT5 |
💱 Instruments | Commodities, Stock CFDs, Forex, Indices, Metals, Shares |
Yes, we consider FXTM a safe broker for Filipino traders to trade with.
The FXTM brand was founded in 2011 and is headquartered in Cyprus. It is authorised and regulated in various jurisdictions, including the UK Financial Conduct Authority (FCA) since 2017, and the Financial Services Commission (FSC) of the Republic of Mauritius, which handles most of FXTM’s international business outside of Europe. See below for a list of FXTM-registered companies:
Filipino clients will be trading under the subsidiary, Exinity Limited, regulated by the FSC Mauritius, which allows brokers to offer their clients higher leverage. Unlike top-tier regulators such as the FCA and ASIC, the FSC does not mandate that companies segregate client funds, provide negative balance protection or participate in investor schemes. FXTM does, however, segregate client funds from its operating capital in various banking institutions, and will not use customers’ funds in its operation or any other investment, ensuring their protection at all times. Note that negative balance protection is available on a discretionary basis, and requests are evaluated case by case.
Exinity Limited is also a member of the Financial Commission, an international organisation dedicated to resolving disputes in the Forex industry. Accordingly, the Compensation Fund will only cover judgments that have been made by the Financial Commission of up to €20,000 per case.
FXTM has won multiple international awards from the wider industry, further burnishing its credentials as a secure broker. Recent awards include:
With many years of responsible operation, regulation from some of the strictest authorities in the world, and a long list of awards for best trading experience, FXTM is considered a reliable and safe Forex broker for Filipino traders to trade with.
FXTM’s trading fees are higher than other brokers on its commission-free accounts but are competitive on its ECN account.
FXTM offers three live account types, and trading costs vary depending on the account type chosen by a trader (for more detail on FXTM’s account types, click here).
Despite the variation, overall trading costs are much higher than average on its commission-free accounts but are lower than average on its ECN Account. However, the accounts themselves do offer different benefits in terms of trading strategies and minimum deposit.
FXTM’s accounts were assessed to compare the costs to those of other brokers. The costs were evaluated based on the trading fees on one lot (100 000 USD) on the EUR/USD, including the spread and commission:
Trading Cost Formula: Spread x Trade Size + Commission = Total Cost in Secondary Currency (USD)
As you can see from the table above, in most cases, FXTM’s trading costs are built into the spread – though the Advantage Account Spread account does carry a 4 USD commission and tighter spreads. Spreads are variable at FXTM, meaning they will get wider or tighter depending on trade volume and market volatility.
If you hold a position overnight with FXTM, a swap fee will also be charged, which is the interest paid on a leveraged position. A leveraged position is the money borrowed from the broker to trade. For example, on the EUR/USD, the swap fees are 0.03 on a short position and 0.69 on a long position. While FXTM publishes its overnight financing fees (swap fees) for each instrument, it does not clarify how these fees are derived.
The average cost of trading one lot of EUR/USD at similar Forex brokers tends to be 9 USD or lower. Compared to other brokers, FXTM’s trading fees are much higher than average except for its Advantage Account, where the costs are significantly lower than average – though this account does require a 500 USD minimum deposit, making it inaccessible to most traders.
FXTM has high non-trading fees compared to other similar brokers.
FXTM charges an inactivity fee of 5 USD per month after six months of account dormancy, and most withdrawal methods also have a fee. As a plus, there are no account or deposit fees.
The withdrawal fee varies based on your country of residence, the method you use, and your preferred currency.
Opening a trading account at FXTM is a fully digital process and is hassle-free compared to other brokers.
All Filipino traders can open an account at FXTM but will need to meet all the minimum deposit amounts to do so; these are:
Creating an account is straightforward, the process is fully digital, and accounts are usually ready within one to two business days.
How to open an account at FXTM:
Once all the documents have been received, the account will be ready for trading within one day.
FXTM’s account opening process is fast, hassle-free, and fully digital compared to other similar brokers.
FXTM offers a similar number of trading accounts compared to most other brokers, which are suitable for beginners and more experienced traders.
FXTM has three different account types suited to both beginner and experienced traders alike. Beginner traders are inexperienced traders who have never traded before or have been trading for less than a year. Beginner traders often do not want to risk trading large sums of money and generally will not be able to trade full time during the workweek.
Accounts with lower minimum deposits and which allow trading in micro-lots are generally more suited to beginner traders. However, spreads on these accounts are often wider than those with higher minimum deposits. Experienced traders often prefer accounts with higher minimum deposits and tight spreads.
A market maker/ECN broker, FXTM offers two live market execution accounts and one instant execution account. Maximum leverage varies according to account, with flexible leverage of up to 1000:1 available on the Micro Account and on the market execution accounts. Hedging, scalping, and algorithmic trading is unlocked on all accounts.
This account is aimed at beginner traders with a low minimum deposit (of 10 USD) and instant execution. Only available on MT4, this account features micro-lots and spreads that are similar to Micro Accounts at other brokers – starting at 1.5 pips on the EUR/USD, which is around the average offered by other brokers on Micro accounts. Traders with this account will also be unable to trade stocks or stock CFDs, and leverage is restricted to 1:1000.
The first of two market execution accounts at FXTM, this account is commission-free but spreads start at 1.5 pips on the EUR/USD, which is wider than most other brokers. Available on both MT4 and MT5, this account provides floating leverage up to on Forex pairs and a minimum deposit of 500 USD. Stock trading and stock CFD trading are only available via the MT5 platform.
A good account for more experienced traders, spreads start at 0.0 pips on the EUR/USD, which is tighter than other similar brokers, and instead of a spread markup, traders will pay a variable commission of 0.4 – 2 USD per side, depending on volume traded. In addition, traders can choose between MT4 and MT5 on this account, but stock and stock CFD trading is only available on MT5. Leverage is also set at a maximum of on this account.
Traders can practice trading risk-free using all trading strategies in a real trading environment on FXTM’s demo account. In addition, traders can increase the virtual balance on their demo account from within the MYFXTM portal. Demo accounts will remain active as long as traders login to the trading platform at least once every 14 days.
Muslims in Philippines will be pleased to note that all accounts are available as Islamic swap-free options. When the swap-free mode is enabled, the account will not accrue interest for carrying positions overnight. Therefore, it is perfectly suitable for Muslim traders as it complies fully with the no-riba tenets of Sharia law. The swap-free option is usually available for seven days, depending on the trading instrument you are trading. If you keep positions open more than the swap-free allowance days, the swap-free fee (daily fee) will be charged, which is 12.90 USD per day.
The Micro Account is the only account with instant execution – FXTM acts as the middleman between the trader and the market, and traders may be sent a requote. This means that traders won’t necessarily be able to open a position at the exact price requested initially, which is why some traders prefer market execution, where orders are executed in milliseconds at the best market price.
Both market execution accounts provide access to the entire range of FXTM’s trading assets, including currency pairs and FX indices, commodities, indices, metals, stock CFDs, stock baskets, and stock trading. Note that on the Micro Account, which is only available on MT4, traders will not be able to trade stock CFDs, stock baskets, stocks, and FX indices. For more detail on FXTM’s assets, click here.
Overall, FXTM’s trading costs and minimum deposit requirements are higher than other similar brokers but it provides a range of account choices for beginners and more experienced traders.
FXTM offers a wide variety of deposit and withdrawal methods, but its withdrawal fees are higher than other similar brokers.
A well-regulated broker, FXTM ensures that all Anti-Money Laundering rules and regulations are followed. As such, all non-profit funds are returned to the original deposit source. No matter your deposit method, the withdrawal of all profits must be made by bank transfer to a bank account in your name.
FXTM offers a number of deposit and withdrawal methods:
Overall, FXTM provides various payment methods, and its processing times are quicker than other similar brokers. The main drawback is that fees are charged on most withdrawal types.
FXTM offers a limited number of base currencies compared to its competitors, and it does not offer INR accounts.
At FXTM, you can only choose from four base currencies: USD, EUR, GBP, and NGN. NGN is only available for Nigerian residents.
This is a disadvantage for Filipino traders who will likely have bank accounts denominated in INR and will thus have to pay conversion fees. Conversion fees can make trading very expensive and are usually not presented on the fee report but affect your profitability.
However, it should be noted that for traders that trade in large volumes (more than 10 lots a month), it is better to open an account denominated in USD, especially for trading on assets such as the EUR/USD.
With both MT4 and MT5 on offer, in addition to its proprietary FXTM Trader app, FXTM’s platform support is good compared to other Forex brokers.
FXTM supports both the Metatrader 4 and Metatrader 5 platforms in addition to its proprietary FXTM Trader App.
FXTM offers MT4 – the most popular trading platform globally – and MT5 – the latest version of the industry standard. In addition to the desktop applications, FXTM also offers MT4 and MT5 WebTerminal, which are browser-based versions of the platforms, along with mobile and tablet versions of both iterations. The advantages of using MT4 are numerous, but most centre around the community support and the number of users that the tool boasts.
The primary difference between MT4 and MT5 is that MT4 is a Forex-only platform, while MT5 is a multi-asset trading solution. With MT5, you can trade not only Forex but also stocks, stock indices, and precious metals. MT5 also has a built-in news feed and an economic calendar, and trades can be made on a chart.
Metatrader 4
Developed by MetaQuotes in 2002, MT4 is still the most popular CFD trading platform in the world. Although the platform’s interface is now dated, MT4 is still widely recognised for its fast execution speeds, a wide range of charting tools, algorithmic trading, and customisability. Other features of MT4 include:
Also available through MT4 are six add-ons. Most brokers only provide the out-of-the-box version, which does not provide all the necessary functionality. These tools include the Orders Indicator, the Pip Value Calculator, the Pivots SR Levels, the Spread Indicator, the Market Data to CSV, and the Day Bar Info Indicator. FXTM also offers its FXTM Pivot Points strategy, available as an expert advisor (EA) running on the MT4 trading platform (see the Trading Tools section for more).
Metatrader 5
MT5 is more powerful and faster than MT4, especially when it comes to back-testing functionality for automated trading algorithms. MT5 also has a built-in news feed, market depth indicator, economic calendar, and trades that can be made on charts. Additional features of MT5 include:
The benefit of brokers offering third-party platforms such as MT4 and MT5 is that traders can use the platforms should they choose to migrate to another broker. However, MT4 and MT5 are often not as user-friendly as platforms that are developed in-house.
FXTM also offers its proprietary FXTM Trader, which is available as a mobile app on both Android and iOS.
FXTM’s mobile trading platforms are average compared to other Forex brokers.
MetaTrader and FXTM’s proprietary trader app are freely available on both Android and IOS mobile phones and tablets. The advantage of using the MetaTrader platform is the cross-device and multi-broker functionality, making it easier to change brokers or use multiple brokers.
The FXTM MT4 and MT5 apps allow traders to work from anywhere, with nine timeframes, 30 indicators, and interactive currency charts. Functionality to close and modify existing orders, calculate profit/loss in real-time, and tick chart trading further empowers traders while on the move. See below for more details on FXTM’s Trader:
FXTM Trader App
FXTM has developed its mobile trading platform, the FXTM Trader app. The mobile app allows traders to access over 250 instruments, including currency pairs, spot metals, share CFDs, commodities, and indices. Features of FXTM’s Trader app include:
FXTM offers an award-winning copy trading service.
FXTM provides a powerful copy trading system, which is helpful for beginner traders who lack the expertise and skills in CFD trading.
FXTM Invest allows investors to choose a strategy manager from a list of top-rated traders. Once an investor makes a minimum deposit of 100 USD/GBP/EUR, the Investor account will be activated, and clients can then copy the trades of the strategy managers. With this system, investors can follow suitable strategies and receive a portion of the profits, and Strategy Managers can earn extra money by generating profits for their investors. At the time of writing, there are over 600 strategy managers to choose from, so there is plenty of choice.
FXTM Invest is not available for clients of Forextime UK Limited.
FXTM offers a good range of trading tools compared to other similar brokers.
FXTM’s trading tools include various sentiment indicators, technical indicators, a currency converter, a profit calculator, MT4 trading indicators, and a VPS service.
FXTM’s CFD offering lags behind many of its competitors. This holds true for its stock CFD offering, in addition to the number of commodities on offer. It also lacks products such as futures, bonds, and ETFs.
Overall, FXTM’s range and depth of trading instruments are limited compared to many other brokers.
The market analysis section at FXTM is comprehensive, frequently updated, and very useful for traders of all experience levels.
FXTM provides a great variety of market research, available in several locations:
Overall, FXTM has an excellent analysis section, written or curated by Forex experts, and full of detail and interesting leads for new trading opportunities.
The education section at FXTM is large, well-structured, and in-depth, and more useful for beginners than the material available at other brokers.
FXTM has a world-class education section available for free in 22 languages and a comprehensive market research and analysis unit. Additionally, FXTM is one of the few brokers with weekend support, which is helpful for beginner or part-time traders.
FXTM’s education section is an excellent resource for new traders, and much of it is available for free.
With weekend support, FXTM offers excellent customer service compared to other similar brokers.
Support is available Monday to Friday: 24 hours, Saturday: 14:30-19:30, and Sunday: 15:00-23:00 (local Filipino time) in over 22 languages, via email, live chat, email, telephone, and messenger services (including Whatsapp, Viber, and Telegram).
The customer support team was able to answer all our questions quickly and to our satisfaction. They also provided links and extra reading material where appropriate.
We value transparency and openness in the way we review the partners. To bring transparency to the forefront, we have published our review process that includes a detailed breakdown of the FXTM offering. Central to that process is the evaluation of the reliability of the broker, the platform offering of the broker, and the trading conditions offered to clients, which are summarised in this review. Each one of these is graded, and an overall score is calculated and assigned to the broker.
Trading Forex is risky, and each broker is required to detail how risky the trading of Forex CFDs is to clients. FXTM would like you to know that: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
FXTM is a well-regulated market maker/ECN with a good reputation that offers multi-asset trading. Both MT4 and MT5 are supported in addition to the FXTM Trading app and a wide range of trading tools. Trading conditions are poor on its commission-free accounts but improve significantly on its ECN account. FXTM charges high non-trading fees, including commissions for withdrawals, but offers an excellent selection of educational and market analysis materials and an excellent copy trading platform to get new traders started.
Chris joined the company in 2019 after ten years experience in research, editorial and design for political and financial publications. His background has given him a deep knowledge of international financial markets and the geopolitics that affects them. Chris has a keen eye for editing and a voracious appetite for financial and political current affairs. He ensures that our content across all sites meets the standards of quality and transparency that our readers expect.
Alison joined the team as a writer in 2021. She is the Senior Editor for FXScouts. She has a medical degree with a focus on physiotherapy and a bachelor’s in psychology. However, her interest in forex trading and her love for writing led her to switch careers. She has a passion for Forex trading and over a decade of editorial experience researching Forex and the financial services industry, producing high-quality content. She hosts a weekly podcast, “Let’s Talk Forex,” alongside her colleague, Chris, and has produced over 100 Forex educational videos for the FXScouts YouTube channel. She also writes weekly technical analyses and has tested and reviewed over 100 Forex brokers.
Ida joined our team as a financial writer in 2023. She has a degree in Digital Marketing and a background in content writing and SEO. In addition to her marketing and writing skills, Ida also has an interest in cryptocurrencies and blockchain networks. Her interest in crypto trading led to a wider fascination with Forex technical analysis and price movement. She continues to develop her skills and knowledge in Forex trading and keeps a close eye on which Forex brokers offer the best trading environments for new traders.
Find out how FXTM stacks up against other brokers.