· FXTM offers maximum leverage up to , but it is a six-tier system. It decreases as trading volume increases, which I determine an intelligent choice. Most retail traders will get between and , while trading volumes above lots gradually decrease to , , and · FXTM Review. The international broker FXTM has been around since Traders and corporate investors can use FXTM to trade 59 currency pairs, spot metals, indices, and share CFDs. They also provide a Nigerian Naira Account to deposit, trade, and withdraw funds in Naira. FXTM accounts support multi-platform trading, which means you can trade FXTM was launched in as a part of the FXTM brand, which includes ForexTime Ltd, Exinity UK Limited, and Exinity Limited. The Forex broker is regulated in various jurisdictions providing its customers with access to the Forex market. Apart from currency pairs, you will find their many CFDs (contracts for difference) for various assets, including metals, indices, commodities,
FXTM Reviews and Comments written by Real Forex Traders – blogger.com
FXTM is our 5 ranked forex and CFD broker in Nigeria. They are well regulated and offer excellent customer support in Nigeria with availability of free local bank deposit. Check out our comprehensive review on FXTM Nigeria with 9 pros and cons. The broker offers competitive spreads with ECN accounts and allows traders to choose from a wide variety of trading instruments from multiple account types. FXTM has its headquarters is fxtm legit in nigeria Cyprus but also has a local office in Lagos, Nigeria.
They also offer 3 local Nigerian phone numbers for customer support and allow opening a Naira trading account with NGN as a base currency. Read our detailed review of FXTM specifically evaluated for the traders in Nigeria. Check the various pros and cons of FXTM in Nigeria before opening your account. At FXTM, the safety of the money deposited by the traders is assured as it is a well-regulated entity.
FXTM is currently regulated by the following is fxtm legit in nigeria regulatory authorities:. The CySEC regulations grant permission to financial services providers to operate in the European Union.
Financial Sector Conduct Authority South Africa FXTM is regulated by FSCA which is also a top-tier regulatory authority based in South African Jurisdiction. It is registered as an investment firm with the name of Forextime Ltd under the FSP license number FSCA has the most strict regulatory compliance in the African continent.
Financial Services Commission Mauritius FXTM is regulated by the Financial Services Commission FSC of Mauritius as an investment firm with the name of Exinity Limited under license number C Nigerian clients are registered under the FSC regulation.
Regulatory licenses from multiple regulatory authorities make FXTM a safe forex and CFD broker in Nigeria. However, it does not hold a banking license and is not listed on any stock exchange.
The Nigerian clients at FXTM are registered under the Financial Services Commission FSC of the Republic of Mauritius with their international legal entity Exinity Limited. FXTM has been operating since and claims to have served more than 2 million clients from all over the world.
The majority of reviews regarding trading experience were found to be positive, is fxtm legit in nigeria. Compared to all the regulated brokers available in Nigeria, we found FXTM to be far better than many of the competitors in terms of safety due to multiple top-tier regulatory licenses.
FXTM has a complex fee structure due to the availability of multiple trading accounts and trading platforms. FXTM does not offer a fixed spread feature on any of the account types. Hence, all the spreads mentioned in this review are variable and depend on the market conditions. We have analyzed every aspect of the money charged from the traders to provide a comprehensive view of the fees at FXTM. Trading Fees at FXTM The trading fees at FXTM are different for each account type chosen by the trader.
Trading fees include the money charged by the broker for executing trade orders. Spreads and commissions are the major constituents of trading fees, is fxtm legit in nigeria. FXTM offers a total of 3 live account types. The standard account can be opened with Micro lots as well. The fees are lowest for the Advantage account type but the high initial deposit requirements limit traders from taking advantage of the professional accounts.
The Standard account types are commission-free and the spreads on the currency pair start from 1. The spreads for the standard cent account are slightly higher than the standard MT4 and MT5 accounts.
The table below compares the average typical spreads in pips incurred to traders in Nigeria with different trading accounts at FXTM. The commission incurred to traders with Advantage MT4 account depends on the trading volume and the equity held in the account.
FXTM follows a unique mechanism to calculate the commission for forex trading with is fxtm legit in nigeria Advantage account.
The commission pricing structure is described in the data below. We found the Standard account type at FXTM as the most cost-effective for the traders as it has low spreads and no commission involved. For those who wish to trade with commission-based accounts, the Advantage MT4 and MT5 account are ideal. The swap fees or overnight charges are incurred to traders when a position is kept open overnight. Swap fees at FXTM are the same for every account type but each instrument has a different swap fee for a long and short position.
On comparing this with the swap of fees of other forex and CFD brokers in Nigeria, we found it to be slightly higher than average swap fees.
Non Trading Fees at FXTM The non-trading fees at FXTM are low, as most of the deposit and withdrawal methods incur no additional charges to the traders. FXTM accepts deposits and withdrawals through local banks in Nigeria without any additional commission. Although, some of the payment gateways involve commission for each transaction.
Hence, the deposit and withdrawal fees depend entirely on the methods chosen by the trader. FXTM does not charge any account opening fees but an inactivity fee is charged if no trades are executed consecutively for 6 months. Overall, we found the trading and non-trading fees at FXTM to be decent but slightly higher than some of the regulated forex and CFD brokers in Nigeria. The trading fees with the pro account type are fairly attractive but the standard account type involves higher spreads, is fxtm legit in nigeria.
FXTM offers the most widely used MetaTrader 4 and MetaTrader 5 trading platforms for web, PC, tablet, android, and iOS is fxtm legit in nigeria. Both the available trading platforms can be chosen along with any of the account types except the standard cent account, is fxtm legit in nigeria. MT4 and MT5 trading platforms offer a convenient and user-friendly trading experience with the availability of various features. It has various charting and analysis tools, technical indicators, and supports multiple order types.
Nearly all the regulated brokers in Nigeria offer MT4 and MT5 trading platforms due to their popularity and user-friendliness. The unavailability of the cTrader trading platform puts FXTM on the downside in terms of the trading platforms offered.
The customer support at FXTM is excellent as the customer service executives are very helpful and can be reached out through multiple methods, is fxtm legit in nigeria. We tried reaching out to them through different methods and received an excellent response.
Email Support : Any individual can also raise their query through email at FXTM by emailing at [email protected] They generally revert within hours on a working day.
FXTM has a separate email address specifically for Nigerian clients which is a unique feature for Nigerian traders. Local Nigerian Phone Number : Traders can reach out to customer support executives through 3 local phone numbers i. Traders in Nigeria are offered quality service through local phone numbers. Social Media Messaging Apps : FXTM also offers customer service through various social media applications like WhatsApp, Telegram, Viber, and Facebook Messenger.
Our experience with the social media application was decent as we had to wait for nearly minutes for a reply each time we raised a query on WhatsApp and Telegram. The customer support at FXTM is diligent and good for the traders in Nigeria.
The availability of local Nigerian phone numbers is a major advantage for Nigerian clients. The availability of support services through social media messaging applications keeps you connected with the support staff through smartphones. Compared to other regulated forex and CFD brokers, we found the customer service at FXTM to be among the best in Nigeria.
FXTM offers 3 different live account types and a demo account which can be used to gain trading experience and learn the basic strategies. Any individual can open a demo account at FXTM and trade with virtual currency free of cost. The 3 account types are named Standard, Advantage, is fxtm legit in nigeria, and Advantage Plus account types, is fxtm legit in nigeria. The is fxtm legit in nigeria account can be opened with Micro lots that only allow trading Micro lots.
The standard account only supports the MT4 trading platform while both the other accounts can be opened with either Advantage or Advantage Plus account types. We have reviewed each account type offering forex and CFDs to traders in Nigeria. It must be noted that each account type can be opened with Naira NGN as base currency which is an advantage to traders in Nigeria. It is only available with the MT4 trading platform and cannot be chosen with the MT5 trading platform, is fxtm legit in nigeria.
It is a commission-free account type that gives access to all the available trading instruments at FXTM. The spreads start from 1. Standard Micro Account : It is the ideal account type for new traders that involves the highest variable spreads but the lowest minimum deposit at FXTM. Traders can only trade with 25 currency pairs and 2 CFDs on metals with the standard cent account.
This account is not available with the MT5 trading platform and the maximum leverage is for currency pairs and for CFDs. This account type gives access to 48 currency pairs and 28 CFDs on different instruments. It allows trading on standard lot sizes with a maximum leverage of This account is ideal for scalpers and high-volume traders with a better experience in the forex and CFD markets. The Advantage account can be opened with MT4 and MT5 trading platforms, is fxtm legit in nigeria. It allows trading on all the available currency pairs and CFDs with lower maximum leverage of This account can be opened with either of MT4 and MT5 trading platforms.
The variation in the account types at FXTM can serve new as well as experienced traders. Traders have the flexibility to choose the most suitable account type in order to have pleasant and resourceful forex and CFD trading experience at FXTM.
There is is fxtm legit in nigeria decent number of tools that can assist in research and analysis but the education tools are impressive.
The market analysis videos and articles are published at regular intervals by the market is fxtm legit in nigeria team at FXTM. These videos can assist in the research and are also educative.
FXTM also releases podcasts on market analysis and is fxtm legit in nigeria. These podcasts are published on regular basis and are available on Spotify, Google Podcasts, Apple Podcasts, is fxtm legit in nigeria, and Amazon Music. More than global economic news concerning capital markets are published every day on the forex news timeline at the website and app. The news feed is quite insightful and useful for the traders in Nigeria.
The economic calendar at FXTM contains the schedule for the major economic events. FXTM provides multiple sources of learning for its clients. They have separate pages on their website and app that thoroughly explain the basics and strategies of forex trading, is fxtm legit in nigeria.
FXTM (Forex Time) Review/ Real Customer Reviews
, time: 3:47FXTM Review () Is FXTM Good, Safe, Legit or a Scam ☑️
FXTM was launched in as a part of the FXTM brand, which includes ForexTime Ltd, Exinity UK Limited, and Exinity Limited. The Forex broker is regulated in various jurisdictions providing its customers with access to the Forex market. Apart from currency pairs, you will find their many CFDs (contracts for difference) for various assets, including metals, indices, commodities, · FXTM Review. The international broker FXTM has been around since Traders and corporate investors can use FXTM to trade 59 currency pairs, spot metals, indices, and share CFDs. They also provide a Nigerian Naira Account to deposit, trade, and withdraw funds in Naira. FXTM accounts support multi-platform trading, which means you can trade · FXTM offers maximum leverage up to , but it is a six-tier system. It decreases as trading volume increases, which I determine an intelligent choice. Most retail traders will get between and , while trading volumes above lots gradually decrease to , , and
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