FXTM Review: Is This Broker a Legit or Scam?
FXTM Review: Is This Broker a Legit or Scam?
Regulated By: FCA, CySEC, FSCA, FSC
Headquarters: Cyprus, UK, Mauritius
Founded In: 2011

This FXTM review attempts to cut through some of the corporate complexity of this enormous CFD and forex broker. With multiple branches in multiple countries, traders can have trouble telling which financial regulator their accounts are under. A license for one branch can imply that the other’s shady activities, like the FXTM partner and rebate FXTM programs or their copy trade FXTM scheme, are legitimate. Traders need to make sure they know just which FXTM forex trading broker they’re really trading with.

Regulation and Security

At first glance, our FXTM review shows the broker to be very well regulated. They have multiple licenses from multiple financial regulators in the primary countries that they offer their services. FXTM trade and investments fall under the jurisdiction of the UK’s FCA, the South African FSCA, Cyprus’ regulator CySEC, and the FSC of Mauritius. FXTM trading is regulated by these organizations based on the specific branch that a trader signs up with.

The original branch of the organization was the one in Cyprus. It was initially founded in 2011. The broker grew quickly, later establishing their other branches to offer services within those countries. Their CySEC license grants them rights to offer financial services to any country within the European Union. CySEC regulations ensure that traders will be, at least partially, compensated if the broker were to become insolvent.

Furthermore, ForexTime Limited is authorized to provide products within South Africa by the FSCA. Despite offering products and having a second license, this is still the same organization. There is not a separate company handling South African clients.

The Forex Time broker in the UK operates as a separate company, ForexTime UK Limited. They have a current FCA license, allowing them to offer investment products there. FCA regulations also mandate segregated client funds and client insurance in the event that the broker collapses. The FCA is widely regarded as one of the top financial regulators in the world.

There is another distinct legal entity that provides services under the FXTM global family. Our FXTM review found that a company called Exinity Limited is behind ForexTime Ltd in Mauritius. This is deeply troubling, as the FSC of Mauritius has much lower standards than the FCA, FSCA, or CySEC. Users that believe they are accessing services within the jurisdiction of those agencies could actually be trading with an offshore company.

FXTM Reviews

FXTM Review: In Which Countries Does This Broker Work?

The numerous licenses and subsidiaries of this broker give it a wide field of action. They can offer services in many different countries. There are specific countries in which they do not provide their services. USA, Canada, and Japan cannot legally access their services, as is the case with many European brokers.

Regardless of which FXTM broker they try to trade with, services are not available for traders in Haiti, Suriname, Korea, Puerto Rico, Hong Kong, or Brazil. One truly astounding revelation is that the broker cannot offer services within Mauritius, the country where it has a license. This is a clear indicator that something is not right, although our FXTM review hasn’t discovered exactly what.

FXTM Review: What Can You Trade With This Broker?

Traders at FXTM invest in a wide variety of products. FXTM forex offerings include over 50 currency pairs. Anyone choosing the FXTM forex broker will be happy to find some minor and exotic pairs available. There are many CFD options for FXTM stocks, with over 100 different US and European stocks to choose from.

There are many different ForexTime account types. Like the FXTM shares account, some of these give access to specific assets that others don’t. There are FXTM spread accounts and also FXTM ECN accounts, which operate solely on commission rather than spreads. With their cent account, the FXTM broker minimum deposit is just $100. Of course, traders will need to raise their FXTM deposit to access the other accounts, with pro accounts going as high as $25,000.

FXTM account types are primarily differentiated by the spreads they offer. Our FXTM review found the spreads are about what you would expect from big broker FXTM. Non-commission accounts hover around 1.3 to 1.5 pips on the benchmark EUR/USD spread. Forex FXTM traders might be better off going with an FXTM commission account if they can trade reasonably well.

Is the FXTM Trading Platform Secure?

The FXTM platform seems to be about as secure as most similar brokers. Traders can use FXTM MetaTrader 5 or 4 if they prefer. They can also choose My FXTM, a customer mobile app developed for the broker. It’s better than most custom apps, with plenty of features. Security is likely linked to whether you’re trading with FXTM Europe or FXTM Mauritius. This FXTM review clearly shows that it can be hard to tell whether your account falls under the authority of a good financial regulator.

FXTM Review: Withdrawal Methods

ForexTime Limited withdrawal methods vary by which entity you’re trading with. The CySEC regulated branch takes credit and debit cards, wire transfers, and most online processors like PayPal and Skrill. There aren’t any additional fees for deposits or withdrawals.

The Mauritius branch, however, accepts a wider variety of obscure payment types. Minor payment processors and even Bitcoin are accepted, significantly relaxing payment verification requirements. This FXTM review discovered that a considerable drag on the FXTM ranking online is complaints of denied withdrawals from the Mauritius branch, with many former clients going public with their grievances.

Already Fallen for This Scam?

It isn’t easy to find more about FXTM if you can’t even tell which subsidiary you’re dealing with. Any traders trying to tell if FXTM legit or not could find the FCA license and not realize they’re trading with FXTM trader in Mauritius. If you can’t get your money back from a broker with a complex corporate structure that impedes legal action, you can use chargeback to cut through all the red tape. Make getting your money back easier by calling our professional team today to get your chargeback started.

Is FXTM Legit?

At least two of the three FXTM trading platform entities are legit, having licenses with the FCA and CySEC. However, traders aren’t always sure they aren’t trading with the offshore branch.

Is FXTM a Trusted Broker?

It’s not entirely clear. While their UK and Cyprus branches seem to operate honestly, their offshore subsidiary offers the kinds of rebates and bonuses that are typical of unregulated brokers.

Is FXTM a Good Broker?

They certainly have a lot of options for traders, with numerous accounts to choose from. However, there are some troubling complaints online about being unable to process withdrawals.

Is FXTM a Regulated Broker?

Yes, they have licenses from the FCA, CySEC, FSCA, and FSC. However, these licenses only apply to specific subsidiaries, meaning that strict FCA and CySEC regulations aren’t protecting all traders.

Is FXTM a Scam?

While the FCA and CySEC regulated branches have decent reputations, many clients claim to have been scammed by the Mauritius international branch. Clients say they were wrongly denied withdrawals.

Is FXTM Regulated in South Africa

Yes, specifically, ForexTime Limited is authorized to provide services within South Africa by the FSCA. This is the Cyprus branch. The UK and Mauritius branches do not have that authorization.

Where is FXTM Located?

The various subsidiaries have different head offices, including Limassol in Cyprus, London in the UK, and Cyber City in Mauritius. The broker also has an office in Lagos, Nigeria.





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