For all of our broker reviews, we research, validate, analyse and compare what we deem to be the most important factors to consider when choosing a broker. This includes pros, cons and an overall rating based on our findings. We aim to help you find the best broker according to your own needs.
Those interested in social trading or copy trading can do so via FXTM Invest. With FXTM Invest, you choose a Strategy Manager and follow his or her trades. This allows you to take advantage of advanced trading strategies with minimal technical skills and time.
Consequently, Saudi forex traders often opt for brokers regulated by reputable international authorities that oversee forex brokerage activities. A swap-free version is available for use with the MT4 platform only. Available asset classes include major/minor/exotic currency pairs, spot metals, spot CFDs, crypto-currencies (some variation based on which platform you use). Both platforms support automated trading using expert advisors and offer various tools for customizing trading strategies. The choice between MT4 and MT5 allows traders to find the optimal balance between simplicity and functionality, depending on their needs and experience. MQL4, or MetaQuotes Language 4, is fxprimus review a useful and fast programming language that is used on the platform to design trading strategies.
There no deposit fees with this broker either, however, you will pay a small fee for using some withdrawal methods. Although FXTM does charge inactivity fees, at $5 these are lower than competitor rates and are not applicable until after six months of inactivity. FXTM is an award-winning broker that offers over 250 trading products and is subject to stringent regulation in numerous jurisdictions.
- I recommend you complete the short 5 step questionnaire which will help you determine your most suitable forex platform.
- In addition to live webinars, FXTM also regularly hosts live seminars.
- These accounts feature much tighter spreads than standard accounts, but a small commission charge is applied to your trades.
It has offices all over the world, including Dubai, London, Hong Kong, Cyprus, Nigeria, Kenya, Mexico, Colombia and Chile, housing over 500 staff. FXTM could improve transparency by publishing more detailed reports on its financial health and operational practices, including annual audits and compliance checks. FXTM does not directly pay dividends but if you hold positions in stock CFDs that go ex-dividend, the broker makes a dividend adjustment to your account. This means if you have a long position, your account is credited with the dividend amount, while a short position results in a debit from your account to reflect the dividend payout. Having traded since 1998, Justin is the CEO and Co-Founded CompareForexBrokers in 2004.
However, a commission fee of $2.0 per lot per side ($4 per round trip) is charged on the Advantage account. After creating your live account within a few minutes, you will be required to wait for about 24 hours to verify your live account. Upon verifying your account, you will have to fund it using any available payment methods before you can start trading. FXTM also offers various ebooks covering topics like Japanese candlesticks, cryptocurrency trading, and Elliott Wave Theory, which are good sources of materials to print out for offline study. Video content is focused on a few categories like trading basics and FXTM Invest.
Share Trading
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- This research offers macroeconomic and geopolitical opinions on what is impacting markets and also some technical analysis.
- The broker does not provide any copy trading solutions, so it is not suitable for those who want to participate in copy and social trading.
- The FXTM support system is available in a total of 10 languages to cater for traders worldwide, and also offers an extensive FAQ section to help in answering some of the most frequently asked questions.
As per the name, the company values time as the most precious commodity above all. With every decision that they make, they put great emphasis on efficiency for their clients, operating with clarity, simplicity and transparency. Client needs come first, with helpful, skilled and multi-lingual support, always on hand to assist you every step of the way.
Fees & Costs
With a strong focus on trust, accessibility, and value, FXTM stands as a global leader in okcoin review the trading industry. FXTM is a reliable and well-regulated Forex broker that provides access to diverse trading assets and user-friendly platforms. They offer a 30-day demo account for risk-free exploration of their platform and boast an impressive trust score of 92 out of 99. Beginners can start with introductory guides to forex trading and CFDs, while more experienced traders can delve into advanced resources on specific trading styles like scalping. I particularly appreciated the in-depth guides on particular instruments, such as the Nasdaq-100.
In this review, you can find all the information you need to decide whether is the right broker for you. Our expert team has thoroughly explored the broker, using a tested methodology and scoring system. This process places importance on the things we know matter most to traders. Below you can see how scored in each of our high-priority categories. The availability of multiple asset classes can be particularly appealing for traders looking to branch out from forex or those intending to craft multi-asset portfolios. The Investing Brokers team have over 15 years of experience in the online brokerage industry and are committed to providing reliable information for all of the brokers that we review.
What is FXTM’s commission fee?
FXTM provides a number of free trading tools that may be used to stay up to speed with the markets, manage risk, aid with technical/fundamental research, and uncover prospective trading opportunities. They offer support through a number of mediums including phone, email, and a website-based live chat service. The communication through all channels is both speedy and professional. They offer copy trading services through their own dedicated FXTM Invest platform where you can get started with a minimum deposit of $100. FXTM have established themselves as a very well-trusted, and compliant broker across the globe.
What did our traders think after reviewing the key criteria?
During our live fee test, we found that IC Market’s average spread for EUR/USD was only 0.6 pips for its commission-free trading account. In my experience, this is very competitive and much better than the industry average of 1.0 pips. FXTM offers traders the MT4/MT5 trading platforms and has developed its proprietary mobile app, FXTM Trader.
If you are a fan of market analysis then you will enjoy the abundance of trading tools that can assist with your trading strategies. There is a good choice of flexible account types and convenient payment options to suit every trader. I like that they have strict regulation in multiple jurisdictions as this gives me confidence that my account with them is safe so that I can focus on my trading. You can try them out with a minimum deposit of just $10 and a simple account opening process that is completed online within minutes. Its clients enjoy various competitive trading conditions, including tight spreads, zero deposit fees, lightning-fast execution, commission-free trading, and more.
How can I open an account with FXTM?
FXTM offers swap-free trading on all the available live trading account options. The swap-free account is designed for clients of the Muslim faith who cannot receive or pay swaps due to religious beliefs. While this account type does not incur any swaps or interest charges on overnight positions, the account holder may be charged an administration fee on trading positions. FXTM provides a steady flow of market analysis articles focusing on multiple markets. The week-ahead-themed articles help orient traders on key economic releases ahead of time and also touch on major technical levels to look out for. I oanda review like that the articles highlight instruments that may see major volatility and, thereby, interesting trading opportunities.
Trading Top 3
FXTM provides access to an impressive display of financial instruments including forex, commodities, indices, and cryptocurrencies, although some restrictions apply to clients in specific regions. For traders in Saudi Arabia adhering to Sharia Law, selecting an Islamic swap-free trading account is essential. Brokers typically offer a variety of these accounts, with some being commission-free and others commission-based. You can use a broker’s demo trading account to see the fees yourself and identify which is most suitable for your style of trading.
You can get involved either as an investor or as a strategy manager. From the investor side, you can start from as little as $200 and follow other successful FXTM traders on a professional and intuitively laid out system. You have the option to filter Strategy Managers based on various factors, including success rate, risk level and overall profit.
The MT4&5 platforms are quite intuitive to use and can readily be mastered by opening a demo account to practice in. The demo account is an extremely powerful educational tool that lets you trade using virtual money to avoid risking any real funds. Demo accounts can also be invaluable to traders developing and testing a trading strategy. FXTM offers real stocks from US exchanges, which is not typical for CFD brokers and represents a significant advantage for swing traders. This is complemented by average swap fees and a good selection of CFD instruments, making swing trading (holding positions for days or weeks) a great option at FXTM. Having been a retail trader since 2013, Plamen has gained an in-depth understanding of the challenges that novice traders face today.
The broker provides you with a free Currency Convertor tool for you to be able to quickly calculate the foreign exchange rates of major FX currency pairs. Educational articles – There are numerous written educational articles on Forex and CFD trading and technical analysis, from the basics up to intermediate-level concepts. On the platform in the My FXTM area there are some useful trading tools. These include an orders indicator, pip value calculator, pivot points strategy amongst others. Furthermore, given the stature of FXTM in the broking industry, the absence of even a white labelled, in house trading platform is somewhat disappointing.
