FXTM is the #4 forex broker for Nigerian traders. They are regulated with FCA & CySEC, offer instant execution, quick deposit/withdrawals & also have office in Ikeja, with local phone number for support. But their spread is higher than other brokers. Read our in-depth Forextime (FXTM) review to find if you should choose them or not!
FXTM or ForexTime is an international broker that has been around since the year 2011. It is one of the fastest growing forex brokers & recently crossed 1 million clients mark in 2018. The broker allows beginner traders as well as corporate investors to trade in over 50 currency pairs, spot metals, indices, CFDs, as well as share CFDs. The best part is their Naira Account for Nigerian traders, so you can deposit, trade & withdraw funds in Naira. Great, right!
All the accounts at FXTM have multi-platforms support, which means you can trade with your mobile, laptop and tablet as well. They even have Nigerian offices, support, educational seminars & webinars. All in all, FXTM is in the best choice for Nigerian traders.
Table of Contents
|Broker Name||FXTM (ForexTime)|
|Address||Lagos, 3rd Floor, 5, Allen Avenue, Ikeja, Lagos, Nigeria|
|FXTM Minimum Deposit||₦2000|
|Regulation||FCA (UK), CySEC, FSCA|
|Trading Instruments||50+ Currency Pairs, Stocks, Spot Metals, Commodity Futures & 4 Cryptocurrencies|
|Trading Platforms||MT4, MT5, Webtrader & Mobile App (for Android & iOS)|
FXTM is a regulated broker so trading with them can be considered safe.
Where is FXTM regulated:
All these regulations make Forextime a trusted broker in terms of safety of your funds.
Also, we haven’t found any complaints against FXTM for existing traders in regard to withdrawal of profits. Almost all traders have found FXTM to be very timely in processing withdrawals or any investor concerns related to safety of funds. All in all, FXTM is regulated & safe choice.
FXTM’s trading fees with their Standard accounts is higher than other brokers that we have compared. But with their ECN accounts, their fees is very low.
Here is a quick overview of fees(even the hidden charges) of FXTM:
Overall, FXTM’s trading & non-trading fees is a bith high with Standard accounts. But still it is not too high. If you trade more volume, then their ECN account is perfect as their spread (plus commission) is the lowest with their ECN MT5 Account.
FXTM offers Free Demo Account & 6 Live Trading Accounts which includes 3 Standard accounts & 3 ECN Account types. All these accounts are suited for different traders depending on your experience & trading skills.
The broker offers a free $100,000 demo account that beginner traders can create to learn & sharpen their trading skills. To use their demo account, you just need to register on the FXTM’s website. The demo account would give you access to FXTM’s MT4 & MT5 platforms where you can test your strategies & place your demo trades on currencies in the real market.
Forextime is the only forex broker that allows Nigerian traders to maintain accounts with them in Nairas. This means that you can deposit in NGN, and your profits can also be withdrawn in Naira in your Nigerian bank account. All the 3 Standard Account types or ECN accounts can be funded & traded in Nigerian Nairas.
The company has 3 Standard trading accounts. You can open the account in NGN (Naira Account), USD, EUR or GBP & this will be your account’s base currency.
1. Cent Account (₦1000 deposit): This is the account with the Minimum deposit requirements. You can start trading with as low as ₦1000 or $5. The traders can trade all major, minor currencies, Spot metals with a leverage of upto 1:1000. You will be instant execution of your trades. The spread starts from 1.5 pips, margin call is 60% & Stop Out is at 40% with Cent Account.
2. Standard Account (₦20,000 deposit): This is the most popular account with minimum deposit of ₦20,000 or $100. With this account you can trader all Majors, Minors, Exotic currency pairs, 59 Spot Metals, 5 Spot CFDs & 3 Crypto-Currencies (Bitcoin, Ethereum, or Litecoin). The Standard account offers lower spread from 1.3 pips, margin call requirements is 40% & Stop Out level is at 20%.
3. Shares Account: This account has all the features of the Standard account plus you can trade over 180 Share CFDs. The margin requirements is Fixed between 3%-10%.
|Account Type||Cent Account||Standard Account||Shares Account|
|Stock Trades||$4.95/trade ($3.95/trade – 30 trades per quarter or $100k+ balance)||$6.95/trade||$4.95/trade|
|Promotions||Get up to a $3,500 Cash Bonus||Trade Free for 60 Days + Get Up to $600 Cash||None|
|Review||–||Read The Review||None|
The company offers three different ECN account types, namely ECN Account, ECN Zero Account, and FXTM Pro account. There are numerous characteristics which are applicable to all the account types. Firstly, all three account types are available on the MetaTrader 4 as well as the MetaTrader 5 platforms. Secondly, trades can be executed in four major currencies, EUR, USD, GBP, and NGN. The order execution is done as per the market, and the margin call is 80%.
There is no maximum deposit for all the account types. In addition to this, the stop out for each account is capped at 50%. There is no maximum number of orders, although the maximum number of orders pending at one time can be 300.
There are also numerous differences between the account types. These are summarised in the table below:
|Feature||ECN Account||ECN Zero Account||FXTM Pro Account|
|Spread||From 0.1||From 1.5||From 0|
|Maximum Volume (Lots per trade)||100||100||250|
|Commission||$2 per lot||None||None|
As per our research, we found that the account types offered by FXTM are among the best in the industry. Two of the main account types offered by the broker do not charge any commission. Also, the time taken to execute orders is lesser compared to other major brokers since the orders are executed on a real time market basis.
In addition to this, users are allowed to create a demo account before they can trade with their own money, allowing them to build an understanding of the financial instruments. All these factors make FXTM’s range of account types extremely user-centric as well as full of features.
To start trading all you need to create an account with FXTM and choose a trading plan as per your requirement.
So to open a trading account with FXTM you need to follow the below mentioned steps:
Step 2) Now you will be redirected to a Open Account page where you need to fill the details under Registration section.
You also need to verify your email. For this you need to click Send PIN and then enter the code that you receive in your email.
Step 3) Once done with verifying your email, you need to Complete your Profile by entering the required details.
Step 4) Your account has been setup. Now you need to choose the Trading Account Type. We advice you to choose FXTM Standard Plan and NGN as your Account Currency.
Step 5) Now your live trading account has been opened. You need to make first deposit to add funds in your account to start trading.
The funds will be reflected instantly in case you are depositing with your card or wallets. But in case of others payment methods i.e. bank transfer/bank deposit, you need to wait for few hours depending upon your selected payment method.
Congratulations! Your account now has been setup and you can check your email for more details regarding your trading account. So start your trading happily with them.
FXTM allows its users to trade in a wide range of financial instruments such as forex, spot metals, share CFDs, CFDs on commodity futures, as well as CFDs on cryptocurrencies. The main benefits and drawbacks of each trading instrument are as follows:
The most common form of trading offered by FXTM is forex. The company offers all major currency pairs such as EUR/USD and USD/JPY. Apart from this, the broker also offers minor currencies such as EUR/CHF and EUR/GBP. In addition to this, users can also trade in exotic pairs such as USD/NOK and USD/HKD. Forex trading services are available 24X5. The broker offers tight spreads of 1.3 on the Standard MetaTrader 4 platform and spreads beginning 0.1 on the ECN MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms.
2) Spot Metals:
FXTM allows its users to trade in a range of spot metals including gold and silver. Users can choose the lot size according to their preference including mini lots, micro lots, as well as standard lots. Also, users of FXTM have the opportunity to exploit tight spreads. The broker offers spreads for spot metals beginning 0.1 and 0.2 on the ECN MT4 and MT5 platforms respectively.
3) Share CFDs:
The users of FXTM have the option to trade in share CFDs as well. This financial instrument allows users to access the stock market without having to take ownership of the asset. FXTM offers CFDs in more than 180 major company shares including Apple, Amazon, Microsoft, and Alibaba. The trades are executed instantly, saving the precious time of the users. The margin requirements for share CFDs begin at just 3%.
4) CFDs on Commodity Futures:
Similar to share CFDs, FXTM also offers commodity future CFDs. By making use of these instruments, the users can trade three major commodities including UK Brent, US Crude and US Natural Gas. Orders are executed instantly, and the margins offered by FXTM are small. Although there are always certain risks attached to CFDs, users can also generate large amounts of profits.
5) CFDs on Cryptocurrencies:
The broker also offers its users the ability to trade in CFDs on cryptocurrencies. FXTM offers to trade in a range of cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and Ripple. All of these cryptocurrencies are pegged against the US Dollar. The users can make deposits and withdraw money using a range of instruments including Bitcoin.
According to our research, the range of financial instruments offered by FXTM is quite comprehensive and allows users to book profits and diversify their portfolio at the same time. Further, the tight spreads offered by the company make it one of the leading brokers in terms of margins.
FXTM offers very convenient payment options for deposits & withdrawals to its Nigerian customers. Traders can deposit & withdraw their earnings via 5 different local payment options.
Nigerian investors can add funds to their accounts using the followings methods:
1) Local Bank Transfer (Few Hours): You can easily add funds using the bank deposit or bank ransfer method. Funds can be transferred to GT Bank, Diamond Bank, First Bank & Zenith Bank.
2) Nigerian Credit/Debit cards (Instant Funding): In case of online payment methods Visa & Mastercard Bitcoin, Perfect Money & Webmoney is accepted.
You can get paid within just 24 hours via various your preferred methods as following:
1) Local Bank Transfer in Nigeria (Upto 48 hours): This method include the charges of 1.5% of your withdrawal amount.
2) Wallets (Instant Withdrawal): FXTM also offers withdrawals via Bitcoin, Perfect Money & Webmoney. And there are almost no charges for withdrawing via wallets.
Note: You will need to verify your account before you can start trading with FXTM. For this, you would need your ID Proof (driver’s license or similar Government ID) & your Address Proof (Utility bill). This is a standard KYC (Know your customer) process & its the same at almost all Forex Brokers.
FXTM currently has 3 major promotions and bonuses that would be of interest to traders in Nigeria. We will highlight the key details of all active Forextime promos below.
Note: This offer has expired & it was available till 30th June, 2019. We will update this section if FXTM rolls out any new bonus offers in future.
When this offer was live, traders in Nigeria could avail FXTM’s 30% deposit bonus through special bonus page on their website. This promo is open for all Nigerian traders with upper bonus limit of $300. You simply have to sign up with Forextime from their 30% promotion page to get your bonus. After opening the FXTM trading account, you will get the bonus after you make your first deposit. For example: if you deposit ₦100,000 then you will get ₦30,000 bonus. This means that you will be able to trade with balance of ₦130,000.
New users of FXTM can receive a $30 credit in their accounts. This credit is fully tradable and can be used to place live orders. It can be availed by simply making a minimum deposit (as low as ₦1000) in your account within 6 months of joining FXTM.
This promo is certainly a very attractive one for new traders since this $30 credit can be very useful in testing out your strategy in the live markets & make real profits. Also, since this credit does not require you to make a minimum number of trades before getting it in your tradable account funds, so all you have to do is to make the minimum deposit within 6 months!
The best part about FXTM is that the company rewards its users in real cash which is actually withdrawable. This is a big difference compared to all other major brokers who choose to reward loyalty in the form of points that cannot be withdrawn. Traders at Forextime can continue to be rewarded for a period of up to 6 months. In addition, you can also earn rebates by trading through their platform. Further, if you register your account and trade via the FXTM’s Trader app, your loyalty points are doubled for every trade. This kind of loyalty cashback scheme is not available with any other broker in the market.
As per our research, the promos and bonuses offered by FXTM are superior to the other brokers that are operating in Nigeria. Their website allows traders to attain deposit bonuses as well as attaining credits when registering for the first time. In addition to this, the users can also avail loyalty cashbacks which are withdrawable, making it a really attractive proposition for any trader. Such a range of promotional schemes cannot be matched by any other broker present in the market, and therefore it makes FXTM the broker of choice in terms of bonuses and promotional schemes.
FXTM shines with their excellent Customer support.
Here are the support channels available at FXTM Nigeria:
1) Local Address & Phone numbers: FXTM Nigeria (Forextime) has a 24/5 customer support available via Emails & local Phone number. They even have local Offices in Lagos & Abuja to offer better support & education to retail traders.
Company Address: Lagos, 3rd Floor, 5, Allen Avenue, Ikeja, Lagos, Nigeria
Phone: +234 803 4573 593 , +234 803 153 4373
2) Quick Live Chat Support: FXTM provide a 24/5 chat support system. You can contact with their customer support executives using live chat on their website. Their chat is very helpful with quick help for most queries. Live chat is available 24/5 during working week to assist with all queries.
3) Free Forex Education: Beginner & expert traders can even attend Forextime’s Free seminars in Nigeria to get free education. They have also created thousands of educational articles, videos & webinars where you can learn from Forex gurus.
Yes, we do recommend FXTM to Nigerian traders, but!
On the positive note, FXTM has low spreads with ECN account, instant order execution, trusted regulations & good support. Also, Nigerian presence with office in Lagos definitely makes FXTM an attractive choice. T
he range of payment options offered to the Nigerian traders as well as the number of trading instruments on offer, with anywhere access platform makes it a good broker in the business. In addition to this, FXTM also has good loyalty program, and fast withdrawals.
But on the downside, FXTM has high fees (spread) with their Micro & Standard accounts. So if you are looking for a low cost forex broker then FXTM is not the best out there, and there are many other regulated brokers to choose from.
Overall, whether you are a beginner or an expert trader looking for a new broker, we recommend Forextime if their trading fees is not a concern for you.
What are you waiting for, go to www.forextime.com & start trading now.
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