FXTM Review
Is Still FXTM Legit?
!! Regulator Warning !!
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
I wish they had TradingView so i give them 3 starts but they are good broker for starters
Excellent customer support, FXTM is very beginner friendly but they should re-introduce the micro account
I just started trading with FXTM 5 months ago and its all good with affordable minimum deposit and fast MT5 platform, my only worry is that the spreads are a bit high
I see some comments here saying FXTM minimum deposit is high, that has now changed. I just opened an account with FXTM and their minimum deposit in Nigeria is NGN 7,000 which is around $5. FXTM low minimum deposit and easy account opening (under 5 minutes) is what attracted me to them.
I used to trade with fxtm 3 years ago but after the Nigerian government blocked their website I had to move on to another broker. FXTM also stopped offering the micro account which was loved by beginners, they have grown more and more distant from their consumer base
This broker is for rich people, if you dont have money dont near them. But their services are good, if you want to trade with them better open ECN Advantage account where the spread is more transparent.
Their fees are too high, whats going on FXTM? Dont you see what other brokers are doing, why are you being so ridiculous? I would have coped with the high spreads exceeding 2 pips but when I want to withdraw its just fee after fee after fee. The withdrawal fees are not even uniform
A very expensive broker to trade with, FXTM is definitely not meant for beginners, I can see why they discontinued the micro accounts. Their fees are simply too high; fees on deposits, fees on withdrawals, high spreads etc. With all the money they are charging one would expect better service and at least they should be on TradingView platform
Its difficult opening an account as the wait time is long, every step of the pricess they tell you to wait 24 hours liike really? I had to move to another broker
FXTM is a legit broker for Nigerian traders offering standard & ECN account types
| 👨 Broker | Exinity |
| 👨 Trading Name | FXTM |
| 👨 Accepts Nigerian Traders | Yes |
| 📅 Year Founded | 2011 |
| ⚖ Regulators | FSC Mauritius |
| 📈 CFD Instruments | Forex, Commodities, Indices, Shares, ETFs, Crypto, Futures, Crosses |
| 🚀Leverage | 1:500 |
| 🔎Auditors | - |
| 💻 Platforms | MT4, MT5, FXTM Trader |
| 📋Account Types | Advantage, Advantage Plus |
| 💰 Minimum Deposit | NGN 7,000 |
| 💰 Minimum Withrawal | $0 |
| 💱Base Currency | NGN, USD |
| 📞Live Support | 24/5 |
| 🏖️ Inactivity Fee | $10 |
| ✅Reason To Trade | |
| ❌Reason To Avoid |
FXTM Regulation - 6/10
Exinity LTD trading as FXTM, is a totally legit broker that operates with license number C113012295 issued by the Financial Services Commission (FSC) in Mauritius.
Although FXTM is not regulated by the Nigerian government, their FSC Mauritius license gives them a legal standing to operate internationally.
FXTM Trading Account Types - 6/10
FXTM does not have Micro Account types but they offer two account types for CFD trading:
1. Advantage Account
This account has the lowest spreads of all FXTM account types but in return, you must pay a fixed amount of money (commission) on every trade you take.
2. Advantage Plus Account
This account has higher spreads than the Advantage Account we just discussd above, but you dont pay any commission on trades.
Deposit & Withdrawal - 8/10
FXTM Minimum Deposit in Nigerian Naira
FXTM minimum deposit is N7,000 (seven thousand naira only) for all deposit methods and account types .
FXTM Minimum Withdrawal
FXTM minimum withdrawal in Nigeria is $0 so you can withdraw any amount you wish to
FXTM Fees - 5/10
1. Spread & Commission
FXTM spread is from 1.5 pips on the Advantage Plus Account, and this account doesnt charge commissions per trade.
The spread on the Advantage Account is from 0.0 pips but in return for this low spread you must pay a commission of $3.5 per side per standard lot traded.
2. Deposit & Withdrawal Fees
FXTM does not charge any fees on deposits and withdrawals.
3. Inactivity Fees
FXTM inactivity fee is $10 and it is charged to trading accounts that have been inactive for more than 3 months.
Account Management - 8/10
Account Opening
Account opening at FXTM is fast, and it takes under 10 minutes to complete. FXTM allows non-document verification meaning you dont need to snap and upload your ID document, you just enter the document number (such as NIN number, drivers licnse number etc.).
At FXTM you dont need to upload a separate proof of address document, as long as you enter your NIN number which already has your address registered to it.
Number of Trading Accounts
At FXTM you can open an unlimited number of trading accounts, and manage them from your personal area.
Account Currency
FXTM has naira account currency, so your trade transactions can be displayed in naira. USD account currency is also available at FXTM.
Leverage
FXTM leverage is up to 1:500 and you can edit your account leverage from your client area.
Margin Call & Stop Out
At FXTM, you will get a margin call when your margin level drops to 100% and you will be stopped out of your trades when your margin level falls to 50%.
Platforms - 5/10
FXTM does not have TradingView charting platform and does not have their own web trader. However, they have desktop and mobile versions of MT4 & MT5 as well as an FXTM mobile app for android & apple devices.
Trading Tools - 8/10
1. Margin Calculator
The FXTM margin calculator is designed to help beginners estimate how much they need to have in their account before they can trade a specified lot size of any instrument.
2. Pip Calculator
The FXTM pip calculator helps beginners estimate how much they will profit or lose on a particular lot size, every time price changes by one pip.
3. FXTM Currency Converter
The currency converter helps you find out how much one currency is worth in another currency.
4. Economic Calendar
The economic calendar tool notifies you in advance of important news events that can affect the markets 9such as NFP, CPI, PCE, Interest rate Decision, etc.).
5. Dividend Calendar
The dividend calendar notifies you on advance of when companies are going to pay dividends on their stocks, so you can know if you will receive or be debited for dividend depending on the position you are holding (whether buy or sell).
Range of Markets - 6/10
1. Forex
You can trade 45 forex pairs using CFD contracts and leverage reaching 1:500.
2. Spot Metals
FXTM has 9 spot metal pairs which you can trade with CFD contracts.For example FXTM has XAU/USD with 1:500 leverage and spread of 9 pips.
3. Other Commodities
You can trade soft commodities such as cotton, coffee; as well as energies such as Nat Gas, Oil, etc. using CFD contracts . Leverage is up to 1:500 when trading commodities.
4. Indices
FXTM has a limited number of Indices CFDS which are: US30, NAS100, S&P 500 and GER40. These indices can be traded with up to 1:500 leverage.
5. ETFs
You can trade 43 ETFs using CFD contracts and leverage up to 1:10.
6. Crypto
You can trade 31 Cryptocurrency pairs using CFD contracts and leverage up to 1:200.
7. Stocks
You can trade 600 U.S. Stocks using CFD contracts and leverage up to 1:1.
Customer Support - 7/10
FXTM customer support is open 24/5 on week days and you can reach them through live chat where they respond immediately. FXTM also has email and telephone support teams for Nigeria.
For beginners, FXTM offers basic beginner education, account managers and a demo account for practice.,/p>
Final Verdict - 8 /10
FXTM is one of the best forex brokers in Nigeria for beginners.