FXTM is a self-claimed online trading site which claims to offer online trading to clients. The firm is a complete scam and not considered safe to trade due to the limited licenses that fail to assure its authenticity. The broker’s website has a confusing and complex design. Amateurs will face immense difficulty in understanding the features and its services. The broker has a minimal research section, plus the educational content is of lower quality.
FXTM Scam or Safe?
FXTM is a complete Scam and fails to provide clear information about the related services. The firm licenses from some financial authorities but they are not enough to ensure complete safety.
The safety of FXTM is completely absent due to the inadequate regulations. The customers are suggested to take their financials elsewhere as soon as they can.
When most brokers stick to the three basic account types, FXTM confuses the trader by offering six trading accounts under two different categories, standard and ECN.
Holders of the standard and Standard Cent account have to provide the broker with exponentially high spreads. The minimum balance for the FXTM Pro account is $25,000. If that is not insanity, we do not know what is. None of the novice traders has the resources to provide such a huge sum of money just so that he or she can get involved with a broker. Even with this kind of money, the broker fails to provide the related account’s extra service.
The trader dealing on the standard account can deal with 59 FX pairs, but the trader trading with the FXTM Pro account is limited to 43 FX pairs. Apart from this, the CFD tradable assets are nowhere to be seen in this account.
As a researchers’ team, we cannot understand why the broker asks twenty-five Grands as the minimum balance. A trader using the ECN account is subjected to both commission and spread. The commission charged for the account is two dollars per lot, and the spreads start from 0.1.
The broker forces the user to use its own trading platform, in addition to MT4 which is already the older version and an updated version is on the rollout. Such platforms miss out on important indicators and tools that help a trader gain more efficacy and accuracy in the correct trades.
The platform does not offer diversified services and will frustrate the clients. The UX is complicated enough already, plus, it is difficult to understand which headings imply what. Hence, the newcomers can not operate it smoothly. There are limited signals, indicators, timeframes, charts, and technical analysers for users, and the results from the available tools might give inaccurate outcomes or predictions.
Markets and Products:
The primary focus of the broker is to promote CFD backed trading products. Simple products like commodities and indices have to be conditionally traded with CFDs. CFD trading has its own risks and should not be carried out at all by novice traders. The broker again does not provide any information about the related page and sticks with a few snapshots of tweets and a few introductory lines for the related title. The broker provides a minimal range of tradable instruments and limits the profit potential.
The site does not, at all, provide a clear picture of the trading; this marks an end to trust and transparency on the trading site for all the users. Apart from this, there is no information on the leverage for different countries and the related variations.
The broker’s money-minded thought process can be clearly seen when it asks for cash rebates and even when the trader is ready to give the money, the broker asks for conditions that prohibit the trader from making the claimed profits. This way, the trader ends up losing more and more money.
The account opening process is utterly challenging and gets confusing; simultaneously, it fails to clearly explain the intent for taking the information. FXTM ceases to explain the process anywhere on the website, and the clients need to provide details without understanding the further process of verification.= and the weight such an investigation holds.
The processing time for verifying accounts is much longer than other top trading brokers, and the user needs to wait for more than multiple days. It can discourage professional users and waste newcomers time which would have been used for practice and learning.
Commissions and Fee:
The broker charges a very high Commission, spreads, and it looks like it has several hidden charges that are not mentioned anywhere on the site.
We discovered some of the top hidden charges were inactivity penalty, withdrawal charge, overnight swap fee, and other additional costs, none of which were clearly mentioned on the broker’s website.
Deposit and Withdrawal:
The firm offers minimal payment methods, and none of them is locally recognised, let alone global recognition. At the same time, the broker has several hidden charges for withdrawals. Note that the processing time is longer, with deposits taking over three days and withdrawals taking up to six days.
The delayed payments can be irritating for the traders. The process is totally unclear and very much challenging. There are many limitations for the withdrawals on the amount a trader holds, the number of transactions.
The trading site fails to offer research material for any analysis. This can be a severe setback as research is utterly useful for analysing the market’s nuances and making better trading decisions.
These tools help enhance the client’s skill-based knowledge, and since they are absent, the free demo account for testing site service comes with no use at all.
The broker’s supposed educational material is of deficient quality and can be looked at from any website on the internet. An ideal broker should offer a handsome range of valuable educational content to help newcomers learn the market dynamics.
The broker’s customer service is down market and excuse for one, and the so-called executives fail to clear straight doubts. The firm fraudulently flaunts 24/7 customer service wherever it can. The truth is, no calls are answered, and the email response takes stretched time than usually should be taken.
The normal response time is so much longer than days which can get frustrating for even an average trader. The live chat is claimed to be facilitated by trading experts, but in reality, it is a trading bot that gives irrelevant responses on every question.
Overall, the FXTM is a complete scam, and we do not call it safe. To trade with FXTM is losing money. The broker has very limited licenses that fail to assure authenticity. The trading tools and services offered by FXTM are nowhere close to the mark.
Valuable customers can get much better options than FXTM like ETFinance, PrimeFin, and Brokereo, which provides a wide range of trading instruments through core types of accounts and trading platforms. The commission and spread charges are comparatively low. Most importantly, all these brokers are the safest ventures for traders and investors to trade as the leading financial institutions regulate them.