FXTM Review – Is FXTM Scam or Legit?

FXTM Review

FXTM logo

The international broker FXTM has been around since 2011. 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.

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FXTM accounts support multi-platform trading, which means you can trade with your mobile device, laptop, or tablet. Additionally, they have Nigerian offices, support, educational seminars, and webinars. Overall, FXTM provides the best trading experience for Nigerian traders. This review compares the spread, platforms, safety, and more of FXTM Nigeria.

FXTM website

FXTM Account Types

FXTM also offers six Live Trading Accounts, three Standard Accounts and three ECN Accounts in addition to the Free Demo. Depending on your experience and trading skills, each account is suited to a different group of traders.

FXTM Demo Account

Beginners can open a $100,000 FXTM demo account for free to practice trading and learn. Using the FXTM demo account is as simple as registering on the website. FXTM’s demo account provides you with access to MT4 and MT5 platforms, where you can test your strategies and place actual demo trades on real currencies.

FXTM Naira Account

Nigerian traders can maintain forex accounts with Forextime in Naira, one of the few forex brokers that accept it. Therefore, you can deposit NGN and withdraw your profit in Naira through your Nigerian bank account. Nigerian Naira is available to fund & trade any of the 3 Account types. The company holds three Standard trading accounts. It is possible to open an account in NGN (Naira Account), USD, EUR, or GBP & these currencies will be the base currency for your account.

1. Micro Account (₦10,000 deposit): T Opening this account requires a minimum of $50. You can trade spot metals and major and minor currencies with leverage up to 1:1000. Trading is instantaneous. Using a Cent Account, the spread is 1.5 pips, the margin call is 60%, and the stop out is 40%.

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2. Advantage Account (₦80,000 deposit): TThe account requires a deposit of ₦80,000 or $500. You can trade all the majors, minors, and exotics here, as well as 59 metal spots, five-spot CFDs, and three cryptocurrencies (Bitcoin, Ethereum, and Litecoin). With the Standard account, spreads start at 1.3 pips, margin requirements are 40% & stop-out levels are 20%.

3. Advantage Plus (₦80,000 deposit): FXTM Micro accounts are similar to this one. However, you can trade CFD Indices and Stocks with an MT4 account instead of the Micro accounts.

FXTM account types

Deposit & Withdrawals options

FXTM offers a range of deposit options, including bank wire transfers, debit/credit cards, Neteller, and Skrill, all of which are commission-free. In addition, the other methods can be processed in as little as two hours, unlike bank wire transfers, which can take 3-5 business days. There are also methods for withdrawing funds, but some incur fees while others do not, as shown below. Using Neteller and Skrill for withdrawals is commission-free. From the client portal area of My FXTM, you can easily make deposits and withdrawals.

Customer Support

FXTM’s website also offers a reliable customer support service, in addition to the wealth of educational materials it provides on its site. 24/7, agents can assist you by phone, by live chat, or via third-party apps like WhatsApp and Telegram.

FXTM Bonus

New and existing traders in South Africa can take advantage of FXTM’s ongoing 30% deposit bonus promotion. New traders can take advantage of this promotion by opening a Live account & depositing $50. If you are a new trader or an existing trader, you can receive a 30% bonus on your next deposit. The bonus offer expires on 25th October 2021.

Final verdict

A great Forex trading app remains the FXTM platform. When opening an ECN account, consumers must deposit a minimum amount of money to qualify for highly competitive rates and be exempt from any order volume limits.

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Any foreign exchange trade you make through FXTM is safe and secure, regardless of your location. Since ForexTime FXT opened for business in 2011, it has built a solid reputation and registered in jurisdictions with strict deposit protection schemes.

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