The FXTM web trading platform has great customizability. You can easily change the size and the position of the tabs. However, the platform feels outdated and some features are hard to 16/03/ · As mentioned, FXTM Nigeria is an extremely affordable broker – the minimum deposit for a Micro account is just $ This account type does not have commissions but only 10/11/ · FXTM Nigeria also provides access to social trading – with it, traders can track and mimic the strategies of the top-performers on the platform in real time. This model of trading is 16/03/ · FXTM was founded in as a Foreign (FX) and Contracts for Difference (CFDs) broker that accepts/deposits via local banks in Nigeria. Read our review of FXTM to know 19/01/ · FXTM Broker Review By Jeffrey Cammack Updated: January 19, Overall Rating / 5 Rated #22of 54 Recommended Brokers Visit Broker Visit Broker Accepts ... read more
We have analyzed every aspect of the money charged from the traders to provide a comprehensive view of the fees at FXTM. Trading Fees at FXTM The trading fees at FXTM are different for each account type chosen by the trader.
Trading fees include the money charged by the broker for executing trade orders. Spreads and commissions are the major constituents of trading fees. FXTM offers a total of 3 live account types. The standard account can be opened with Micro lots as well. The fees are lowest for the Advantage account type but the high initial deposit requirements limit traders from taking advantage of the professional accounts. The Standard account types are commission-free and the spreads on the currency pair start from 1.
The spreads for the standard cent account are slightly higher than the standard MT4 and MT5 accounts. The table below compares the average typical spreads in pips incurred to traders in Nigeria with different trading accounts at FXTM. The commission incurred to traders with Advantage MT4 account depends on the trading volume and the equity held in the account. FXTM follows a unique mechanism to calculate the commission for forex trading with the Advantage account. The commission pricing structure is described in the data below.
We found the Standard account type at FXTM as the most cost-effective for the traders as it has low spreads and no commission involved. For those who wish to trade with commission-based accounts, the Advantage MT4 and MT5 account are ideal. The swap fees or overnight charges are incurred to traders when a position is kept open overnight.
Swap fees at FXTM are the same for every account type but each instrument has a different swap fee for a long and short position. On comparing this with the swap of fees of other forex and CFD brokers in Nigeria, we found it to be slightly higher than average swap fees. Non Trading Fees at FXTM The non-trading fees at FXTM are low, as most of the deposit and withdrawal methods incur no additional charges to the traders.
FXTM accepts deposits and withdrawals through local banks in Nigeria without any additional commission. Although, some of the payment gateways involve commission for each transaction.
Hence, the deposit and withdrawal fees depend entirely on the methods chosen by the trader. FXTM does not charge any account opening fees but an inactivity fee is charged if no trades are executed consecutively for 6 months.
Overall, we found the trading and non-trading fees at FXTM to be decent but slightly higher than some of the regulated forex and CFD brokers in Nigeria. The trading fees with the pro account type are fairly attractive but the standard account type involves higher spreads. FXTM offers the most widely used MetaTrader 4 and MetaTrader 5 trading platforms for web, PC, tablet, android, and iOS devices. Both the available trading platforms can be chosen along with any of the account types except the standard cent account.
MT4 and MT5 trading platforms offer a convenient and user-friendly trading experience with the availability of various features. It has various charting and analysis tools, technical indicators, and supports multiple order types. Nearly all the regulated brokers in Nigeria offer MT4 and MT5 trading platforms due to their popularity and user-friendliness. The unavailability of the cTrader trading platform puts FXTM on the downside in terms of the trading platforms offered.
The customer support at FXTM is excellent as the customer service executives are very helpful and can be reached out through multiple methods. We tried reaching out to them through different methods and received an excellent response. Email Support : Any individual can also raise their query through email at FXTM by emailing at [email protected] They generally revert within hours on a working day.
FXTM has a separate email address specifically for Nigerian clients which is a unique feature for Nigerian traders. Local Nigerian Phone Number : Traders can reach out to customer support executives through 3 local phone numbers i.
Traders in Nigeria are offered quality service through local phone numbers. Social Media Messaging Apps : FXTM also offers customer service through various social media applications like WhatsApp, Telegram, Viber, and Facebook Messenger.
Our experience with the social media application was decent as we had to wait for nearly minutes for a reply each time we raised a query on WhatsApp and Telegram. The customer support at FXTM is diligent and good for the traders in Nigeria.
The availability of local Nigerian phone numbers is a major advantage for Nigerian clients. The availability of support services through social media messaging applications keeps you connected with the support staff through smartphones. Compared to other regulated forex and CFD brokers, we found the customer service at FXTM to be among the best in Nigeria.
FXTM offers 3 different live account types and a demo account which can be used to gain trading experience and learn the basic strategies. Any individual can open a demo account at FXTM and trade with virtual currency free of cost. The 3 account types are named Standard, Advantage, and Advantage Plus account types.
The standard account can be opened with Micro lots that only allow trading Micro lots. The standard account only supports the MT4 trading platform while both the other accounts can be opened with either Advantage or Advantage Plus account types. We have reviewed each account type offering forex and CFDs to traders in Nigeria. It must be noted that each account type can be opened with Naira NGN as base currency which is an advantage to traders in Nigeria.
It is only available with the MT4 trading platform and cannot be chosen with the MT5 trading platform. It is a commission-free account type that gives access to all the available trading instruments at FXTM. The spreads start from 1. Standard Micro Account : It is the ideal account type for new traders that involves the highest variable spreads but the lowest minimum deposit at FXTM. Traders can only trade with 25 currency pairs and 2 CFDs on metals with the standard cent account.
This account is not available with the MT5 trading platform and the maximum leverage is for currency pairs and for CFDs. This account type gives access to 48 currency pairs and 28 CFDs on different instruments. It allows trading on standard lot sizes with a maximum leverage of This account is ideal for scalpers and high-volume traders with a better experience in the forex and CFD markets.
The Advantage account can be opened with MT4 and MT5 trading platforms. It allows trading on all the available currency pairs and CFDs with lower maximum leverage of This account can be opened with either of MT4 and MT5 trading platforms.
The variation in the account types at FXTM can serve new as well as experienced traders. Traders have the flexibility to choose the most suitable account type in order to have pleasant and resourceful forex and CFD trading experience at FXTM. There is a decent number of tools that can assist in research and analysis but the education tools are impressive. The market analysis videos and articles are published at regular intervals by the market analysis team at FXTM.
These videos can assist in the research and are also educative. FXTM also releases podcasts on market analysis and predictions. These podcasts are published on regular basis and are available on Spotify, Google Podcasts, Apple Podcasts, and Amazon Music. More than global economic news concerning capital markets are published every day on the forex news timeline at the website and app.
The news feed is quite insightful and useful for the traders in Nigeria. The economic calendar at FXTM contains the schedule for the major economic events. FXTM provides multiple sources of learning for its clients. They have separate pages on their website and app that thoroughly explain the basics and strategies of forex trading. Apart from these, several eBooks are available to read and download.
These books can greatly enhance the knowledge of the capital markets and assist the traders in making better trading decisions. FXTM regularly organizes webinars and seminars to enhance the skills of traders.
The schedule for these can be checked from the official website and app of FXTM. Educational and news articles are also published regularly that can provide live news feed and market updates. FXTM offers a limited number of base currencies compared to its competitors, but it offers NGN accounts. At FXTM, you can only choose from four base currencies: USD, EUR, GBP, and NGN.
NGN is only available for Nigerian residents. This is an advantage for Nigerians who will likely have bank accounts denominated in NGN and will thus not have to pay conversion fees. Conversion fees can make trading very expensive and are usually not presented on the fee report but affect your profitability. This is because when trading a USD quoted currency pair with an NGN account, there will be a small conversion fee for every trade made.
FXTM supports both the Metatrader 4 and Metatrader 5 platforms in addition to its proprietary FXTM Trader App. FXTM offers MT4 — the most popular trading platform globally — and MT5 — the latest version of the industry standard. In addition to the desktop applications, FXTM also offers MT4 and MT5 WebTerminal, which are browser-based versions of the platforms, along with mobile and tablet versions of both iterations. The advantages of using MT4 are numerous, but most centre around the community support and the number of users that the tool boasts.
The primary difference between MT4 and MT5 is that MT4 is a Forex-only platform, while MT5 is a multi-asset trading solution. With MT5, you can trade not only Forex but also stocks, stock indices, and precious metals. MT5 also has a built-in news feed and an economic calendar, and trades can be made on a chart.
Developed by MetaQuotes in , MT4 is still the most popular CFD trading platform in the world. Other features of MT4 include:. Also available through MT4 are six add-ons. Most brokers only provide the out-of-the-box version, which does not provide all the necessary functionality.
These tools include the Orders Indicator, the Pip Value Calculator, the Pivots SR Levels, the Spread Indicator, the Market Data to CSV, and the Day Bar Info Indicator. FXTM also offers its FXTM Pivot Points strategy, available as an expert advisor EA running on the MT4 trading platform see the Trading Tools section for more. MT5 is more powerful and faster than MT4, especially when it comes to back-testing functionality for automated trading algorithms.
MT5 also has a built-in news feed, market depth indicator, economic calendar, and trades that can be made on charts. Additional features of MT5 include:. The benefit of brokers offering third-party platforms such as MT4 and MT5 is that traders can use the platforms should they choose to migrate to another broker. However, MT4 and MT5 are often not as user-friendly as platforms that are developed in-house. FXTM also offers its proprietary FXTM Trader, which is available as a mobile app on both Android and iOS click here for more details on mobile trading.
The advantage of using the MetaTrader platform is the cross-device and multi-broker functionality, making it easier to change brokers or use multiple brokers. The FXTM MT4 and MT5 apps allow traders to work from anywhere, with nine timeframes, 30 indicators, and interactive currency charts.
FXTM has developed its mobile trading platform, the FXTM Trader app. The mobile app allows traders to access over instruments, including currency pairs, spot metals, share CFDs, commodities, and indices. FXTM offers an award-winning copy trading service. FXTM provides a powerful copy trading system, which is helpful for beginner traders who lack the expertise and skills in CFD trading.
FXTM Invest allows investors to choose a strategy manager from a list of top-rated traders. With this system, investors can follow suitable strategies and receive a portion of the profits, and Strategy Managers can earn extra money by generating profits for their investors.
At the time of writing, there are over strategy managers to choose from, so there is plenty of choice. FXTM Invest is not available for clients of Forextime UK Limited.
FXTM offers a good range of trading tools compared to other similar brokers. This holds true for its stock CFD offering, in addition to the number of commodities on offer. It also lacks products such as futures, bonds, cryptocurrencies, and ETFs. Scroll for more details Fx Pairs CFD Investments 62 Commodities Stock CFDs Forex Indices Metals.
The market analysis section at FXTM is comprehensive, frequently updated, and very useful for traders of all experience levels. FXTM provides a great variety of market research, available in several locations:. Overall, FXTM has an excellent analysis section, written or curated by Forex experts, and full of detail and interesting leads for new trading opportunities. The education section at FXTM is large, well-structured, and in-depth, and more useful for beginners than the material available at other brokers.
FXTM has a world-class education section available for free in 22 languages and a comprehensive market research and analysis unit. Additionally, FXTM is one of the few brokers with weekend support, which is helpful for beginner or part-time traders. With weekend support, FXTM offers excellent customer service compared to other similar brokers. Nigerians will also be pleased to note that FXTM offers local customer support. The customer support team was able to answer all our questions quickly and to our satisfaction.
They also provided links and extra reading material where appropriate. We value transparency and openness in the way we review the partners. To bring transparency to the forefront, we have published our review process that includes a detailed breakdown of the FXTM offering. Central to that process is the evaluation of the reliability of the broker, the platform offering of the broker and the trading conditions offered to clients, which are summarised in this review.
Each one of these is graded, and an overall score is calculated and assigned to the broker. Trading Forex is risky, and each broker is required to detail how risky the trading of Forex CFDs is to clients. FXTM would like you to know that: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Both MT4 and MT5 are supported in addition to the FXTM Trading app and a wide range of trading tools.
Trading conditions are poor on its commission-free accounts but improve significantly on its ECN account. FXTM charges high non-trading fees, including commissions for withdrawals, but offers an excellent selection of educational and market analysis materials and an excellent copy trading platform to get new traders started. Please log in again. The login page will open in a new tab. After logging in you can close it and return to this page. By Jeffrey Cammack.
Overall Rating 4. Rated 22 of 54 Recommended Brokers. Deposit USD 10 🛡️ Regulated By CySEC , FCA , FSCA , FSC 💵 Trading Cost. Accepts Nigerian Clients.
Max leverage Islamic account available. Leverage offered can vary depending on country of residence, and your trading knowledge and experience. FXTM is regulated by CySEC, FCA, FSCA, and the FSC. Is FXTM a Scam? Last updated on 19 Jan by Editorial Director Jeffrey Cammack. Overall Summary Regulation. Supported Platforms for FXTM. Account Information Base Currencies. Trading Conditions Account Name. Pros Good for beginners Excellent education Well regulated Low minimum deposit Copy trading accounts.
Cons Expensive withdrawals. Scroll for more details. Group Regulators. Display Name. Account Details. Advantage Plus. Micro Account. Trading Conditions. EURUSD Standard. Trading Cost Standard. EURUSD Best.
FXTM is the 1 rated forex broker for Nigerian traders according to our reviews. 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 FXTM allows beginner traders as well as corporate investors to trade in 59 currency pairs, CFDs on spot metals, indices, as well as share CFDs.
Great, right! All the accounts at FXTM have multi-platforms support, which means you can trade with your mobile, laptop and tablet as well. All in all, FXTM is in the best choice for Nigerian traders. FXTM is a well-regulated forex broker, so trading with them can be considered safe. All these regulations make Forextime a trusted broker in terms of safety of your funds, since FXTM is regulated with multiple regulators.
Although FXTM registers its Nigerian client under offshore regulation to offer higher leverage, but since the broker is multi-regulated, we consider them to be a low risk broker for depositing your funds for trading CFDs. Almost all traders have found FXTM to be very timely in processing withdrawals or any investor concerns related to safety of funds. But with their ECN accounts, their fees is lower. But still it is not too high when we look at the overall fees. But their fees is quite low with Advantage account type.
If you trade more volume, then their ECN type account is perfect as their spread plus commission is the lowest with their Advantage Account. Overall, traders looking for low fees should choose this account type, and not trade on Micro or Standard Account. Forextime is one of the few forex brokers that allows Nigerian traders to maintain accounts with them in Naira.
This means that you can deposit in NGN, and your profits can also be withdrawn in Naira in your Nigerian bank account. The company has 3 Standard trading accounts. The traders can trade all major, minor currencies, Spot metals with a leverage of up to You will be instant execution of your trades.
The spread starts from 1. The Standard account offers lower spread from 1. It is similar to the FXTM Micro account, the main difference is that you can trade CFD Indices, and Stock CFDs with MT4 account. Open Account. Instead they only have 3 account types now. FXTM now offers Advantage Account which is an ECN type account. The spread starts from 0 pips, but there is a commission per lot.
FXTM offers market execution with Advantage account. There is no maximum deposit for the Advantage account type. There is no maximum number of orders, although the maximum number of orders pending at one time can be 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. To start trading all you need to create an account with FXTM and choose a trading plan as per your requirement. Step 1 First of all you need to click on Open Account from the home page of FXTM. 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. 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, CFDs on spot metals, share CFDs, CFDs on commodity futures, as well as CFDs on cryptocurrencies.
Forex trading services are available 24X5. The broker offers tight spreads of 1. 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. This financial instrument allows users to access the stock market without having to take ownership of the asset.
FXTM offers CFDs in more than major company shares including Apple, Amazon, Microsoft, and Alibaba. The trades are executed instantly, saving the precious time of the users. 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. 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.
All funding methods are free but there is fees during withdrawal with some methods, and the time for withdrawal depends on the method that you choose. 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. 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.
We will update this section if FXTM rolls out any new bonus offers in future. After opening the FXTM trading account, you will get the bonus after you make your first deposit. This credit is fully tradable and can be used to place live orders. 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.
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. You can contact with their customer support executives using live chat menu on the bottom right screen on their website.
During our research, we found that their chat was very helpful with quick help for most queries. Also, Nigerian presence with office in Lagos definitely makes FXTM an attractive choice.
They have a 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. They offer very low spread with their ECN accounts, so you should choose their ECN account for lower fees. But if you are looking for a low cost forex broker with Standard accounts, then FXTM is not the best out there, and there are some 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 somewhat higher trading fees is not a concern for you.
You can visit www. FXTM is regulated with 3 Top-tier regulators i. They are also licensed by multiple other foreign regulators. So, they are considered a legit CFD broker because of their licenses with multiple regulations.
However, there is more than makes a good broker, and in this FXTM review article, we dug deeper to see what FXTM really has to offer to traders in Nigeria. Best Ongoing FXTM FXTM is currently one of the top rated platforms, ranked #8 out of in our listing of Forex broker Nigeria with a rating of / Here are a few reasons that FXTM is so well regarded: 16/03/ · As mentioned, FXTM Nigeria is an extremely affordable broker – the minimum deposit for a Micro account is just $ This account type does not have commissions but only 10/11/ · FXTM Nigeria also provides access to social trading – with it, traders can track and mimic the strategies of the top-performers on the platform in real time. This model of trading is The FXTM web trading platform has great customizability. You can easily change the size and the position of the tabs. However, the platform feels outdated and some features are hard to 19/01/ · FXTM Broker Review By Jeffrey Cammack Updated: January 19, Overall Rating / 5 Rated #22of 54 Recommended Brokers Visit Broker Visit Broker Accepts ... read more
Overall, FXTM has an excellent analysis section, written or curated by Forex experts, and full of detail and interesting leads for new trading opportunities. List of all Nigeria Forex Broker Reviews. How to open account with FXTM. Latin American Local Transfers. What is the minimum deposit at FXTM?Overall, FXTM has a quality offering in most aspects. MT4: Majors, fxtm nigeria review, Minors, Exotics — 48 Spot Metals fxtm nigeria review 3 Spot CFDs — 14 MT5: Majors, Minors, Exotics — 33 Spot Metals — 2. FXTM also has negative balance protection, supports multiple platforms for trading, less leverage on the Micro Account. FXTM regularly organizes webinars and seminars to enhance the skills of traders. Revolut and Transferwise both offer bank accounts in several currencies with great currency exchange rates, as well as free or cheap international bank transfers. NG is an Investment Comparison website with an aim to help Investors in Nigeria find the best forex brokers.