FXTM Broker Review For Africa In 2023

FXTM Basics

🏛️ Based in	Limassol, Cyprus
⚖️ Regulation	CySEC, FCA, FSB
💰 Minimum Deposit	$50 (20000 Naira)
💳 Deposit Options	VISA, MasterCard, Bank Wire, Skrill, Neteller, Fasa Pay, Perfect Money.
💳 Withdrawal Options	VISA, MasterCard, Bank Wire, Skrill, Neteller, Fasa Pay, Perfect Money.
📌Open an account	Start Trading with FXTM

Our Opinion About FXTM

FXTM is an online forex broker. The company was first set up in 2010 and now operates in many different countries worldwide. It is one of the fastest growing forex brokers in the forex industry and has earned the trust of over 4,000,000 clients. They provide a great forex trading experience, and they have won many prestigious awards in recognition of their great online trading service..

As a licensed forex company, FXTM places a high value on security and client fund protection. They also make fairness and transparency a top priority. Their trading accounts come with  fast trade execution and low trading costs. There are three main account types that you can choose from. They come with an impressive selection of trading instruments including forex pairs. They also come with great trading conditions complete with tight spreads, high leverage, and low commission fees. 

As a tech-driven forex broker, FXTM offers the very best in trading technology. They have  both the MT4 and MT5 trading platforms – two of the best in the industry. They also have plenty of trading tools including market signals, chart indicators, and an economic calendar. If you’re looking for more support, they also have free market analysis and helpful educational resources. Could this be the right broker for you? Let’s find out.

Key Benefits

Regulation and Safety

FXTM is a regulated online forex broker. This means that they are registered with the appropriate financial institutions and run their businesses in accordance with regulatory guidelines. FXTM has obtained several licences and registrations from different regulatory authorities. Here is a list of their registrations:

• Cyprus – ForexTime Limited is licensed by the Cyprus Securities and Exchange Commission (CySEC), under licence number 185/12.
• UK – ForexTime Limited is registered with the UK Financial Conduct Authority, with licence number 600475.
• Mauritius – Exinity Limited is licensed by the Financial Services Commission of the Republic of Mauritius, under licence number C113012295.

CySEC and the FCA are both well-known regulators. They have tough regulatory requirements and provide strict oversight. The FSC is another well-known regulatory authority. They have less requirements but still closely monitor companies. 

Regulation In Africa

African clients can register for a trading account with the Exinity Limited subsidiary, which is regulated by the FSC Mauritius,. This means that African clients can potentially access much better trading conditions such as higher leverage, and even special offers. 

FXTM Fund Safety

FXTM is a respectable and trustworthy online forex broker. When it comes to keeping client money safe, they choose to go beyond the standard regulatory guidelines, and work based on even better client fund protection policies. FXTM ensures that client money is kept in segregated accounts, separate from its own operational money. This means that they can never use client money for company purposes. 

FXTM also ensures that negative balance protection is available to African clients on a discretionary basis This means that African clients can request additional protections to ensure their account balances never fall below zero. 

FXTM Awards

When choosing a broker, it is worth checking to see if they have won any industry awards, and whether other people in the industry think they offer a good service.. FXTM has already won many forex  awards for its online trading services. They are well-known in the industry for both their excellent trading conditions and good customer support. Their most recent awards include:

• Best Trading Experience 2021 (World Finance)
• Best Education Provider Nigeria 2021 (World Business Outlook)
• Best Trading Platform Nigeria 2021 (World Business Outlook)
• Most Trusted Broker Nigeria 2021 (World Business Outlook)
• Best European Forex Affiliate Broker Programme 2019 (Global Forex Awards)
• Best Trading Conditions 2019 (World Finance Awards)
• Best investment Broker 2019 (World Finance Awards)
• Best Forex Education Provider Africa 2018 (International Business Magazine)
• Best Trading Conditions 2018 (World Finance).

FXTM: Legit or Scam?

FXTM is a legit broker. They are a great online trading service provider, and work with more than 4,000,000 forex traders. They are well-known in the industry and have been around for many years. They are licensed by some of the top regulatory authorities in the world and operate in line with all local regulatory guidelines. In terms of their trading services, they have  good trading accounts and fair trading conditions. They also have reliable payment options and good client fund protection. In our opinion, they are a reliable and trustworthy forex broker.  

Trading Assets

FXTM gives you access to many different financial markets. They offer trading on 200+ trading instruments including currency pairs, precious metals, stocks, indices, and commodities. 

Trading Instruments

• Forex pairs: FXTM provides all the usual forex instruments. You can trade more than 60 forex pairs including majors, minors, and exotics pairs. 
• Spot Metals: FXTM has plenty of spot metals. You can trade any of their silver and gold crosses with the EUR, USD, and GBP. 
• Spot Indices: FXTM has a small selection of stock indices. You can choose from 11 spot indices, including the UK100, Dax30, and the AUS200.
• Stock CFDs: FXTM has a big range of stock CFDs to choose from, including popular US tech companies and multinational energy companies.
• Commodities: FXTM only provides trading on 3 spot commodities. You can choose from UK Brent, US Crude, and US Natural Gas.

FXTM Account Types

When choosing a broker, it’s important to take a close look at their accounts and what trading conditions are on offer. As part of our broker review, we’ve tried to help you with this important step. FXTM has three different trading accounts. These are the Micro account, the Advantage account, and the Advantage Plus account. If you’re looking for more options, they also offer a demo account, an Islamic swap-free trading account, and a PAMM trading account.

Type	Spreads	Min. Deposit	Max. Leverage	Commission
Micro	From 1.5 pips	$10	1:1000	$0
Advantage	From 0.0 pips	$500	1:3000	$0.4-$2.0
Advantage Plus	From 1.5 pips	$500	1:2000	$0

Micro Account

FXTM is one of the few forex brokers in Africa to offer a micro trading account. As such, it is a great choice for new traders looking who want low minimum deposits. The trading conditions are quite good. It has an average spread of 1.5 pips on EUR/USD. It also has zero commission trading on forex pairs. The FXTM leverage is also very good, and you can get leverage of up to 1:1000. The FXTM minimum deposit for this account is $10.

Advantage Account

FXTM is also one of the best brokers in Africa for pricing. As such, they are a great choice for intermediate traders who want fair conditions and low trading costs. It has an average spread of 0.0 pips on EUR/USD, and a variable commission of $0.4 to $2.0 per side, depending on trade volume. It also has good leverage and you can trade with up to 1:2000. The FXTM minimum deposit is $500. It is worth knowing that the FXTM Advantage account is available on both MT4 and MT5.

Advantage Plus Account

This is what we would consider to be their premium trading account. As such, it is a great option for more advanced forex traders who want great trading conditions and competitive spreads. It has an average spread of 1.5 pips on EUR/USD, and zero commission trading. It also has good leverage and you can access up to 1:2000. The minimum deposit is also $500 on this account too. It is worth noting that the FXTM Advantage Plus account is also available on MT4 and MT5.

FXTM Demo Accounts

Like many forex brokers in Africa, FXTM offers a free demo trading account. This is a really helpful account to have, especially when you’re new to trading. With a demo account you can improve your forex skills and familiarise yourself with different trading tools. You can also get more of a feel for the market and find out more about what it’s like to trade forex.

FXTM demo accounts operate using a virtual balance, which means you can practise in a risk-free environment, without having to risk any of your own money. The FXTM demo accounts are also available for quite a long time, and will stay active as long as you remember to log in and practise at least once a fortnight.

PAMM Accounts

Like many forex brokers in Africa, FXTM also has a PAMM account service. This means that experienced traders can manage accounts for other people, in exchange for a small fee.To find out more about the PAMM service, and how to open an FXTM managed account, you can contact their customer support team.

Islamic Accounts

FXTM has made sure that all of the trading accounts are available as Islamic swap-free accounts. This is to make sure they meet the needs of all traders. When the swap-free mode is on, it means that the account will not accrue interest for carrying positions overnight. Therefore, it is compliant with the no-riba tenets of Sharia law. The swap-free mode is usually available for 7 days. If you keep positions open more than 7 days, the swap-free fee of 12.90 USD per day will apply.

FTXM Leverage

Traders in Africa can enjoy access to high leverage with FXTM. The leverage depends on your account type. For example, you can start trading forex with up to 1:1000 on the FXTM Micro account, and up to 1:2000 leverage on the FXTM Advantage account and the Advantage Plus account.

FXTM Spreads

Traders in Africa can also enjoy access to low spreads. The FXTM spreads available depend on which account type you choose. For example, you can trade with spreads from 1.5 pips on EUR/USD on the FXTM Micro account and the Advantage Plus account. You can also trade with spreads from 0.0 pips on the FXTM Advantage Account.

FXTM Commission

Traders in Africa can benefit from access to low commission trading with FXTM. The commission fee depends on your trading account. For example, there are no commission fees on the FXTM Micro account or the Advantage Plus Account. You can trade with an average of between $0.40 and $2 commission (depending on the trading volume) on the FXTM Advantage Account.

FXTM Registration – How To Open An Account

As part of our FXTM review, we have also checked their account registration process. If you live in Africa, then you are eligible to open an online trading account at FXTM under their Exinity subsidiary. This means you can access even better online trading conditions. The account registration process is quite simple..

The first step is to go to their website and fill in the online registration form. This is so that FXTM can collect some personal details and start to create your trading account. The next step is to take a short test about forex trading. This is so that FXTM can see how much you know about the forex market and determine whether their online trading services are right for you. If you pass the test, you can proceed with your application. The final step is to complete the KYC process, submit your documents, and choose a trading account. This is so that FXTM can complete their regulatory checks and approve your account. After that, you can deposit funds, using your chosen payment method, and start trading.

FXTM Registration: How To Verify An Account

To access your trading account you’ll need to send FXTM a proof of ID and a proof of address. This is so that they can check your identity and verify your account. It is a regulatory requirement. The FXTM verification process is fairly straightforward. They will accept copies of your National ID card, Passport or Driving License. They will also accept copies of a utility bill or a bank statement registered in your name. After you have sent the documents, and verified your account, you can add funds and start trading.

FXTM Base Currencies

FXTM offers four base currencies. These are USD, EUR, GBP, and NGN. You can deposit money in other currencies but you will be charged a small currency conversion fee.

FXTM Deposits

When choosing a broker, it’s important to check what payment methods they accept. FXTM has several convenient payment options. You can deposit money into your account using a debit card, credit card or bank transfer. You can also fund your account using e-wallets such as Skrill, Neteller, Fasa Pay, and Perfect Money. FXTM does its best to minimise non-trading costs. That’s why there are no deposit fees.

FXTM Deposit Rates – How Long Does It Take

They also do their best to minimise transaction times.. For example, if you deposit money using a debit card and credit card, then the transaction is processed within two hours. Whereas if you deposit money using Skrill and Neteller, then the transactions are processed instantly.

FXTM Minimum Deposits

Their minimum deposits are quite low . The exact amount depends on which trading account you choose. For example, the Micro Account minimum deposit is $50. However, the Advantage account minimum deposit is $500. The Advantage Plus account minimum deposit is also $500.

FXTM Withdrawals

Withdrawal Methods

When choosing a forex broker, it’s also important to check which withdrawal methods they offer, as withdrawals can sometimes come with special conditions or fees. FXTM has several convenient withdrawal options. You can withdraw money using a debit card, credit card or bank transfer. You can also take money out using Skrill, Neteller, Fasa Pay, and Perfect Money. It is worth noting that FXTM does charge withdrawal fees.

Withdrawal Times

FXTM does their best to ensure that you get your money back quickly. The withdrawal time does depend on your payment method. For example, if you request a withdrawal via debit card or credit card, then the request is processed within two to three working days. If you request a withdrawal via wire transfers, then the request is processed within 24 hours. And if you request a withdrawal via Skrill and Neteller, then the request is processed within one to two working days.

Withdrawal Fees

There are some withdrawal fees. The exact amount varies depending on your payment method and the amount of money you want to withdraw. For example, there is a small $3 fee for withdrawals made via debit card or credit card. And there is a $10 fee for withdrawals made via wire transfers. Withdrawals made via Skrill or Neteller are free.

FXTM Trading Platforms

You can trade using the FXTM MT4 and MT5 platforms. They are available on desktop, tablet, and mobile.The trading conditions you get on your platform vary slightly depending on which account type you choose.

MetaTrader4 (MT4) is a trading platform widely used by new and intermediate forex traders. It was developed by a company called MetaQuotes and was first launched in 2005. It is free to use and comes with helpful online trading tools. You can use the FXTM MetaTrader4 platform to trade all of the top CFD trading instruments including forex, shares, and indices. You can also use it to access advanced charting tools, 4 order execution types, 30 technical indicators and 23 analytical objects. As such, it is a great platform for analysing the markets and managing your trades..

MetaTrader5 (MT5) is another trading platform widely used by intermediate and advanced forex traders.. It was also developed by MetaQuotes and was launched slightly later in 2010. It is free to use and comes with many additional features. As with MetaTrader4, you can use it to access and trade all your favourite trading instruments. The FXTM MetaTrader5 platform also has a large number of trading tools including 6 order execution types, 38 indicators, and 37 analytical objects. As such, it has better functionality and it is a great platform for implementing more advanced trading strategies.

Trading Tools

FXTM has a great selection of online tools to help you with your forex trading. You can choose from trading signals, trading strategies, and trading calculators. You can also try out their MT4 indicators and their VPS service.

• Trading signals – FTXM gives you access to free forex trading signals. These trading signals are developed in-house by a team of market experts.. They cover a large range of forex pairs enabling you try out different strategies. They also come with recommended take-profit levels and stop-loss levels enabling you to fully plan your trades.

• Trading strategy – FXTM gives you access to a free forex trading strategy. It is called the FXTM Pivot Points Strategy. The strategy is also managed in-house by a team of trading experts and is designed to help you understand market sentiment and price direction.

• MT4 Indicators – FXTM provides several additional MT4 indicators including a Spread Indicator and an Order Indicator. These indicators are designed to help you study the markets, spot key market trends, identify new trading opportunities, and manage your trades more effectively.

• Market Analysis – Market analysis is an essential part of the trading process, as it helps you to spot prices trends, and discover potential trading opportunities. FXTM does its best to help traders with their analysis, by providing free online articles, which are written by their in-house market analysis team. They also provide a market news timeline with direct news feeds, and free weekly market analysis videos.

• VPS Service – VPS services gives you a smoother trading experience by reducing downtime and enabling you to keep your platform running 24/7. FXTM offers free VPS services, which are available on both demo and live accounts. However, they only offer this service to a limited number of clients, mostly those with large trading accounts or high trading volumes. To find out if you are eligible for free VPS services, you should open an account and contact your dedicated Account Manager.

Education

FXTM places a high value on education and trading support. They do their best to help new traders develop their trading skills and get more out of their online trading. They offer a large number of educational resources, all of which are designed to help you get a better understanding of the financial markets and how online trading works. They have trading guides, forex eBooks, training videos, online articles, forex strategies, and a trading glossary. However, you can only access their educational resources if you open an online trading account. They also offer live seminars in certain countries worldwide.

FXTM Trading Hours

FTXM is open during standard trading hours. You can open forex trades whenever the forex market is open. Their trading hours might change on some public holidays.

FXTM Customer Support

When choosing a broker, it’s important to check that they offer good customer service. The FXTM customer support staff are very friendly and quick to respond. They are available 24 hours a day, 5 days a week. You can reach them via live chat, email, and phone.

Our Verdict

In our opinion, FXTM is a great choice for forex traders in Africa. They are a regulated forex company and a well-known brand in the forex industry. They provide good trading accounts, a great choice of trading resources, and excellent customer service. They also offer a robust trading environment and excellent client fund security. In our opinion, FXTM is also a great choice for fair and transparent trading. They offer a nice range of trading instruments to ensure that traders have plenty of choice when it comes to their strategies. They also use a competitive pricing model to ensure that traders have the flexibility to try different trading styles and minimise their trading costs..

Whether you’re new to online trading, or if you’re a seasoned forex trader just looking for a new broker to work with, try out FXTM today.

FXTM Forex Broker Review FAQ