The online Forex trading market is really one that is becoming a mainstay in the cyber trading world. Although online Forex trading is somewhat new, it is certainly here to stay. With multiple Forex traders to choose from, it definitely can be quite the process to find the perfect platform to trade within. One such Forex broker worth checking out is ForexTime.com.
Founded by Andrey Dashin in December 2012, ForexTime is considered a newcomer to the online Forex trading scene. That said, it still does not disappoint, as it seems to be growing by leaps and bounds. Within a span of two short years, this broker has managed to carve out a name for itself by wining several awards such as “Best Newcomer 2013” and “Fastest Growing Forex Broker” from the industry.
The reason for the success of ForexTime.com can be said to be largely due to its founder who was also the co-founder of the leading Forex online broker Alpari. This is likely what has helped ForexTime take off since visitors know that the site comes highly regarded. The site is sure to be around for the long hall since it really knows how to treat its consumer base. ForexTime is committed of delivering first class service to their clients. Apart from Forex trading, the site also offers trading for a range of other financial products such as:
- CFDs on Commodity Futures
- CFDs on ETFs and Indices
- Share CFDs
- Spot Metals
Each FXTM account type has its own unique features but what makes each so attractive is the great trading conditions, low deposit requirements and fast execution times.
FXTM also offers trading on ECN. With little to no commissions – depending on account type – and extremely tight spreads, we highly recommend trying out trading on an FXTM ECN account. Experienced traders prefer this type of account because of the improved entry and exit prices and of course the lack of requotes.
Many brokers use bonuses to attract new clients but FXTM holds regular contests and promotions with meaningful prizes throughout the year. Even the demo contests that you can enter at no cost have real cash prizes that can be withdrawn or transferred to a live account. Live trading contests are a lot more exciting as well, with payouts sometimes reaching up to $100.000!
Top Features Of ForexTime.com
ForexTime.com is very user friendly and a visit to the site easily conveys this. The site is super crisp and clean, with a nice design. Although a large amount of information is contained on the homepage and other pages of the site, it is not overwhelming or cumbersome to sift through.
Those who are not interested in trading specifically also have the option to diversify their portfolio by choosing one of the FXTM investment services. For instance, with the PAMM program, investors can fill out a suitability test to determine their financial profile and objectives and then the experts at FXTM can allocate their funds in an investment portfolio that matches their specific requirements. A very effective way to invest in forex and CFDs without any technical knowledge.
Copy trading is also very popular right now due to the fact that it presents the unique opportunity to copy the trades of other more experienced traders in real-time. Likewise, skill traders can set up their own signals and have others copy their trades at an appropriate fee.
Our favorite, however, is the recently released FXTM Investment Program. This is a truly unique program in the industry and thus far no other competitor seems to offer something that can compare. At first sight it may seem similar to copy trading but the FXTM Investment Program is super-easy to use, no installations are necessary and some really innovative risk management features are available to protect your investment. Investors only need to select from FXTM’s top ranking managers who are rated by profit, drawdown and aggression. And the best part is that there are no commissions and hidden management fees. You are only required to pay a fee if your manager generates profit.
Upon clicking on the education tab of the site users will be able to attend webinars, read articles, take quizzes and even look at a glossary of terms. There is also an option to set up appointments with instructors and experts in the space. Bottom line is that you should not feel alone and confused trading on the ForexTime website since the resources are really endless and useful for someone just starting to get involved in the space.
ForexTime also offer great support to those who want to trade on the move, offering traders MetaTrader 4 & 5 for Android, Iphone and Windows mobile. Similarly the brokerage offers support for Ipads and Android tablet devices. ForexTime offer an impressive range of platforms to clients, though those who are not fans of MetaTrader may want to look elsewhere.
ForexTime is primarily focused on Foreign exchange trading, with the brokerage offering a comprehensive range of currency pairings. Clients of ForexTime should be able to trade all the currency pairings they desire with the brokerage offering a comprehensive range of major, minor and exotic currency pairings. In addition to offering spot Forex, the brokerage also offers a range of CFD’s allowing traders to trade commodities, spot metals, shares and ETF’s. This is quite an impressive range of financial instruments and will surely be attractive to those who want to trade a range of different instruments.
The spread on the Standard FXTM account starts at 1.3 pips while ECN accounts have even tighter spreads, starting from 0.1 with a $4 commission or 0.5 without commissions on the ECN Zero account. You can read more details in the broker’s Contract Specifications.
Another great thing about FXTM is that the broker has deep liquidity pools so you won’t have to stress about your orders not getting filled on time and we even had a pleasant experience without any hiccups even while trading during news announcements – though be warned that this might not always be the case.
With ECN trading accounts, no spreads are payable but traders are imposed a commission for services rendered. The rate depends on the volume of trades transacted.
Criticism Of ForexTime
There is much to be gained by using ForexTime as the site is very popular and very easy to use in the Forex trading world. The biggest issues that many have with the platform and site is that it is currently only available within the European market and has not become available in the U.S.A. as of yet. That said, ForexTime Limited gained a CySEC licence in early 2013, before the brand was launched to the general public. As Cyprus is a member of European Union the brokerage is able to take on clients from all European Economic Area countries. MiFID ensures that clients of ForexTime receive a minimum standard of financial regulation, giving clients that extra peace of mind.
One of FXTM’s strongest points is their exceptional customer service. The support team is knowledgeable and can help you with pretty much everything from platform-related technical problems to billing and payment issues. The support team as well as the personal account manager each client is assigned to – speak more than 15 languages between them, making it easy to get the help you need without any mix-ups. For an established broker, FXTM does a really great job providing clients with the attention they deserve regardless of account size. You can get in touch with Customer Support through Live Chat, email or telephone 24/5, Mon – Fri 7:00 – 20:00 (GMT+2).
In a nutshell, FXTM certainly doesn’t leave much to be desired. A solid broker with a great offering of trading services, promotions and support. It doesn’t hurt to know that your funds are safe either and it’s obvious that FXTM is properly capitalized and abides by all the relevant regulations. If you are looking for a great trading experience then FXTM is probably one of the first places you should start and we highly recommend that you open an account and see for yourself.