Are you searching for the best forex trading app? If so, give ForexTime FXTM some thought. Through ForexTime FXTM, you can access numerous currency pairs, commodities, single-stock shares, and contracts for difference (CFDs).
As you’ll find out in the following ForexTime FXTM review, this app stands out for its quick trades and withdrawals, which are facilitated by the MetaTrader platform. Most FXTM accounts are based on MetaTrader 4 (MT4).
ForexTime FXTM: What does it offer?
ForexTime, also known as FXTM, is a financial service and automated currency broker. FXTM customers can use their accounts to trade currencies, CFDs, shares, and commodities. In total, there are more than 250 different financial instruments to access through FXTM.
With the FXTM app, available on both Android and iOS devices, you can monitor live rates and adjust your positions wherever you are. The inclusion of demo accounts and a flexible leverage system makes this a good trading platform for beginners and experienced forex traders alike.
This service is registered and regulated in the UK, South Africa, and Cyprus but does not serve customers in the USA, Canda, Japan, or a handful of other countries.
ForexTime FXTM: Opening an account
After that, you can finish the account-opening process in your browser or on a mobile device by installing the FXTM Trader app. In total, there are five steps to complete before you can begin trading. You’ll need to add personal and tax information to your profile, upload photos of some ID and, finally, make a deposit.
Rather than using real cash, you can start practicing trades with a risk-free virtual account. This is a great way to get a good understanding of how the ForexTime FXTM trading system works.
ForexTime FXTM: Account Types
You can choose between six different types of FXTM trading account. Three of these are Standard Accounts and three are Electronic Communications Network (ECN) Accounts.
ECN accounts are designed for forex experts and don’t have a maximum number of orders or volume of lots in an order. Trading with an ECN account results in a better rate thanks to a reduced average percentage in point (pip) values but requires a higher minimum deposit amount. FXTM Pro ECN accounts, for example, only offer super low spread values if a balance of 25,000 USD/EUR/GBP is maintained.
FXTM’s three non-ECN accounts are the Standard, Cent, and Shares accounts. Cent accounts work in a balance of cents rather than dollars and have a tiny minimum deposit amount of $10. Meanwhile, the Share accounts allow you to trade in European and US shares and have a reduced minimum spread value of 0.1, compared to 1.3 for Standard accounts and 1.5 for Cent accounts.
ForexTime FXTM: Features
The ForexFXTM platform is full of handy features to help you manage trades. We were especially impressed by how easy it was to modify our positions using cross-device trading, which enabled us to open a trading position on one device and close it from another.
A major advantage of using this trader is that FXTM is regulated by authorities in the UK and Cyprus, both of which have deposit protection insurance. As a consequence, if you are trading from within the EU or UK through FXTM, you could be eligible for £85,000 or €20,000 in cases of brokerage insolvency.
Newcomers to foreign exchange trading will appreciate ForexTime’s vast library of educational resources. Here, you can explore ebooks, forex trading webinars, and glossaries of common forex trading terms. ForexTime also releases weekly market analysis videos filled with expert advice about new trading strategies.
Meanwhile, more advanced users will be able to use the ForexTime FXTM Pivot Points Strategy to enhance their trading style. This FXTM tool enables you to perform five-point calculations to decide what position to take on a range of financial instruments.
ForexTime FXTM: Support
Besides the wealth of informative educational materials on the FXTM site, this platform has a solid customer support service. You can get assistance from agents 24 hours a day over the phone, via live chat, or through third-party platforms like WhatsApp and Telegram.
ForexTime FXTM: Final verdict
The ForexTime FXTM platform remains one of the best forex trading apps available today. Users who are able to meet the deposit minimums required to open an ECN account will receive highly competitive rates and avoid any limits on order volume.
But ForexTime FXTM isn’t just good for professionals. There’s a lot to offer here for casual and first-time traders thanks to a large backlog of trading guides and a fully-featured mobile app that lets you modify your positions on the go.
Whatever kind of trader you are, you can be confident that FXTM is a safe way to make foreign exchange trades. That’s because ForexTime FXT is registered in countries with strict deposit protection schemes and has built up a solid reputation since opening for business in 2011.
ForexTime FXTM: The competition
ForexTime FXTM isn’t the only trading app out there. For first-time users looking for an app more tailored toward improving their trading skills, Stock Trainer is an alternative option worth considering. This virtual trading app provides the ideal environment in which to learn more about how foreign exchange markets operate.
At the other end of the spectrum, for those who feel that ForexTime FXTM’s 250 financial instruments don’t offer enough variety, Admiral Market is a popular competitor with a large selection of stock, futures, and forex markets.
- We compare FXTM with its competitors in our guide to the Best forex trading apps