Our experts have done deep research of the FXTN brokerage company’s website to provide you with their final verdict. We used several criteria to establish whether the brokerage firm deserves your attention or not. Below you will find a detailed investigation made by professional market participants that are part of the Trader Union’s team.
License, Regulations, and Awards
First and foremost, when picking a particular Forex broker, we recommend focusing on their license. ForexTime (the full name of the company) is regulated in various jurisdictions, including:
1. EU. FXTM is regulated by CySEC.
2. South Africa. The company owns the FSCA license (Financial Sector Conduct Authority).
3. The UK. FXTM is authorized by the Financial Conduct Authority to provide services to traders from great Britain.
4. The brand owns Mauritius FSC license.
Apart from this, ForexTime has many awards, including “Best Forex Broker in Nigeria,” that the company was conferred with in 2020. FXTM provides traders with the “Best Trading Experience,” according to World Finance.
Traders’ Reviews
Apart from license and regulation, it is also very important to learn more about the company’s reputation. The only way to make sure that a particular broker is trustworthy is to read traders’ reviews. Most clients say that FXTM is a reliable service with a plethora of high-quality features, including the most popular trading platforms and other useful services like market analysis, education, investment opportunities.
Traders also mention that they had not experienced a minor issue with profit withdrawals. The brokerage firm tends to process all cash-out operations in time. FXTM customers say that the trading conditions are comfortable and the T&Cs are transparent, leaving no room for mistakes or misunderstandings.
Traders also mention that they are pleased with the tournaments and promotions they were able to try out. They underline that the promo requirements are also transparent.
Trading Conditions and Features
Another way to find out whether FXTM Nigeria scam broker or not is to look through their trading conditions. They offer three types of trading accounts, allowing you to start with as low as $10. If you choose the Micro account, you will be able to trade with 1.5 pips spread and zero fees.
Other accounts allow you to start with $500 and enjoy the lowest spreads (starting from 0.0 pips). The T&Cs for all three account types are transparent and understandable. Our experts find them fair as well.
FXTM provides traders with the two most popular platforms — Metatrader 4 and Metatrader 5 from Metaquotes. Those trading terminals offer all those key features that each seasoned market participant uses in his everyday trading routine. They include math indicators, graphic tools like trend lines, horizontal levels, various tools to trace trading patterns, etc. You are also allowed to use trading advisors and strategy testing features.
FXTM tends to cooperate with all categories of traders, including those who start their financial markets’ careers. That’s the main reason for the company to provide clients with a detailed education program. You will find plenty of articles, videos, and even an ebook telling you about all aspects of trading. Once your knowledge level is enough to start, you can benefit from the demo mode, which is another opportunity to practice your skills without risking real money.
Apart from education, FXTM provides traders with the Market Analysis feature. This section comprises videos, text reviews, macroeconomic data calendar. This section also includes the description of the team, which adds to the general transparency level of the brokerage firm and the features they offer.
And last but not least, FXTM offers its investment platform allowing clients to benefit from pre-set strategies created by seasoned traders. Even if you don’t have enough trading skills, you can allocate your funds and follow high-performing trading tactics.
All the above mentioned is another proof of the trustworthiness and reliability of the brokerage firm FXTM cares about its clients, offering them high-quality services and providing them with cutting-edge solutions.
Our Experts Verdict
FXTM is a trustworthy brokerage firm with innovative and reliable services, providing its customers with various useful features. The company tends to offer its clients as many trading tools and opportunities as possible, accepting various categories of traders. ForexTime acts in full compliance with regulatory requirements. They notify traders about risks involved in trading on each page of their website.
The experts of Traders Union have tested all features, including depositing and withdrawal operations. They confirm that the brokerage firm respects its own rules and conducts all transactions in time (while some minor delays may occur during the withdrawal transactions). All in all, FXTM proves itself as a reliable and fair Forex broker.
