FXTM Broker Review

Ugandan clients will be trading under the subsidiary, Exinity Limited, regulated by the FSC Mauritius, which allows brokers to offer their clients higher leverage. Unlike top-tier regulators such as the FCA and ASIC, the FSC does not mandate that companies segregate client funds, provide negative balance protection or participate in investor schemes. FXTM does, however, segregate client funds from its operating capital in various banking institutions, and will not use customers’ funds in its operation or any other investment, ensuring their protection at all times. Note that negative balance protection is available on a discretionary basis, and requests are evaluated case by case.

Exinity Limited is also a member of the Financial Commission, an international organisation dedicated to resolving disputes in the Forex industry. Accordingly, the Compensation Fund will only cover judgments made by the Financial Commission up to €20,000 per case.

We found that opening a trading account at FXTM took less than 24 hours and that it was easy to upload our documents.

We tested the account opening process, which took approximately 10 minutes to complete, and once our documentation had been submitted, our accounts were ready for trading within about 24 hours. 

As a Ugandan trader, you are eligible to open an account at FXTM as long as you meet the following minimum deposit requirements:

• Micro Account: 10 USD
• Advantage Account: 200 USD
• Advantage Plus Account: 200 USD

How to open an account at FXTM:

1. We clicked on the “Open Account” button at the top of FXTM’s main page.
2. We were then directed to FXTM’s intake form which required us to fill in our personal details (including name, country of residence, and email address) and provide a telephone number so that FXTM could send us a verification PIN code.
3. Next, we were required to fill in our financial information and answer questions about our trading knowledge.
4. We were then required to choose our preferred trading account.
5. Lastly, FXTM needed at least two documents to accept us as an individual client – a copy of our National ID or Passport with the signature page, as well as a copy of a recent utility bill or bank statement. We sent our documents through as high-quality digital camera pictures.
6. We advise you to read FXTM’s risk disclosure, customer agreement, and terms of business before you start trading. 

Once all the documents had been received, our account was ready for trading within one day. 

Overall, we found FXTM’s account opening process fast and hassle-free compared to other similar brokers.

FXTM’s range and depth of trading instruments are limited compared to many other brokers.

Our review found that trading costs at FXTM vary depending on the account type chosen by a trader. Trading costs are higher than average on its commission-free Advantage Plus account, with spreads of 1.5 pips (EUR/USD), but significantly lower on its Advantage Account.

We opened and tested FXTM‘s accounts:

Advantage Plus Account

This account is commission-free but spreads start at 1.50 pips on the EUR/USD, which is wider than most other brokers. The minimum deposit on this account is 500 USD and floating leverage is up to 2000:1.

Advantage Account

A good account for more experienced traders, spreads start at 0.0 pips on the EUR/USD, which is tighter than other similar brokers, and instead of a spread markup, traders will pay a variable commission of 0.4 – 2 USD per side, depending on volume traded. The minimum deposit on this account is also 500 USD and leverage is set at a maximum of 2000:1.

Like other well-regulated brokers, FXTM does not allow funding to or from third parties. No matter your deposit method, the withdrawal of all profits must be made by bank transfer to a bank account in your name.

Accepted Deposit Currencies: At FXTM, you can only choose from four base currencies: USD, EUR, GBP, and NGN. This means that Ugandan traders will have to pay currency conversion fees. 

Funding methods: We were pleased to note that FXTM offers a large number of deposit and withdrawal methods. No fees are charged for deposits, and FXTM even reimburses its clients for any fees incurred during the deposit process, but unfortunately, fees are charged on all withdrawal methods.

FXTM also has its own trading app that integrates well with MT4, but we were disappointed that it does not support MT5 or investment accounts

MT4, MT5, and the FXTM mobile apps are available on both Android and iOS. We downloaded and tested them on an iOS device. 

FXTM Trader App

User-friendly: FXTM has developed its mobile trading platform, the FXTM Trader app. We found that the app was very easy to set up and use. It also uses a biometric login, which is convenient. We found it easy to search for and monitor our assets and trades:

Account Management: Another benefit of using the app is that you can easily deposit, withdraw and keep track of your funds. The app has a great drop-down menu, with options for education and market analysis, making it a good resource:

Overall, we liked how user-friendly the app is, and its simple design will appeal to beginner traders.

MT4/MT5

We found that there was some loss in functionality when compared to the desktop trading platforms, including reduced time frames and fewer charting options, but we were able to close and modify existing orders, calculate profit and loss, and trade on the charts.

However, unlike the desktop version of the platform, the design is clean and it is easy to use. Additionally, the search functionality is far superior – you can search for products easily by typing the name of the product or by navigating the category folders.

MetaTrader 4 

We found that FXTM offers the standard version of MT4 plus six add-ons, transforming MT4 into a state-of-the-art trading platform. Most brokers only provide the out-of-the-box version, which does not provide all the necessary functionality (click here for more details on the MT4 trading indicators).

As you can see below, FXTM’s MT4 trading platform looks slightly outdated, but it is highly customisable. There are also three chart types, including Line, Bar, and Candlestick charts and you can access a wide selection of indicators in multiple timeframes.

We found that it was fairly easy to add symbols to your watchlist, but that you could not search for a symbol by typing in its name.

MetaTrader 5

MT5, the newer version of its predecessor, MT4, is also available at FXTM. We recommend using MT5 if you are looking for a more powerful and faster trading platform when it comes to back-testing functionality for automated trading algorithms. Additionally, traders prefer MT5 for its depth of market display, additional technical indicators, and analytical tools. 

The benefit of FXTM 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.

Copy trading – FXTM Invest

We were impressed with FXTM’s well-designed copy trading system, beginner traders without the expertise and skills for profitable trading may find it particularly useful.

FXTM Invest allows investors to choose a strategy manager from a list of top-rated traders. Once an investor makes a minimum deposit of 100 USD/GBP/EUR, the Investor account will be activated, and clients can then copy the trades of the strategy managers. 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 600 strategy managers to choose from, so there is plenty of choice.

FXTM’s trading tools include various sentiment indicators, technical indicators, a currency converter, a profit calculator, MT4 trading indicators, and a VPS service.

FXTM Pivots Points Strategy: This allows traders to identify market sentiment and potential profit opportunities. Three chart types are available in eight timeframes, and traders can choose between 5 calculation methods, including Standard, Fibonacci, DeMark, Camarilla, and Woodie Pivot Point. Traders will also receive live updates of prices from FXTM’s head of education.

FXTM Trading Signals: Combines a range of tools into one, including popular technical indicators, a choice of 4 take-profit levels, and protective stop-loss recommendations.

Currency Converter: FXTM assists traders in viewing how much their currency is worth in another foreign currency. This tool is useful for identifying how much local currency needs to be deposited to meet the various minimum deposit requirements.

MT4 Trading Indicators: FXTM offers six MT4 add-ons to assist traders in optimising their trading strategies. These include an Orders Indicator, a Pip Value Calculator, Pivots SR Levels, a Spread Indicator, Markets Data to CSV, and a Day Bar Info Indicator.

VPS: FXTM clients with a minimum deposit of 5000 USD can also subscribe to a free VPS hosting service provided by external third-party providers. VPS services ensure trades are never disrupted by technological or connectivity issues, such as load-shedding or internet service failure.

FXTM Invest Profit Calculator: The profit calculator helps traders calculate the potential profits accrued by following a strategy provider. 

Overall, we found that FXTM’s market analysis was written or curated by Forex experts, and full of detail and interesting leads for new trading opportunities. It also provides an excellent range of useful trading tools compared to other similar brokers.

We were impressed with the variety of market research at FXTM, available in several locations:

Through the MetaTrader trading platform.

“Trading Services” section in MyFXTM: FXTM provides trading ideas based on technical tools. As mentioned above, this is also available on the app.

On FXTM’s website, traders can find a comprehensive selection of market analysis materials, including: 

• Daily Market Analysis: A daily look at what will be affecting the markets over the day, written by a senior member of the FXTM analysis team.
• Forex News Timeline: A constant news feed of events that will affect the Forex market.
• Market Analysis Videos: This is a library of FXTM’s weekly video roundup of the market and what to look for in the coming week. It is updated every Monday. 
• FXTM also has a bio page for each of its market analysts with links to all the articles they have written alongside their social media profiles.

Our review noted that FXTM has a world-class education section available for free in 22 languages. Additionally, FXTM is one of the few brokers with weekend support, which is helpful for beginner or part-time traders. See below for details on FXTM’s educational section:

Beginners Guide to Forex Trading: This guide introduces traders to Forex terminology and answers common FAQs for those just getting started. It is a good overview of Forex trading and links to more detailed sections of the Education mini-site so new traders can focus on what they want to learn.

Ebooks: Ebooks are written by an experienced FXTM staff member and cover topics such as the habits of successful traders and bearish candlesticks. To access these, you will be required to register, but won’t need a live account.

Forex Trading Strategies: A good overview of common strategies used in Forex trading and the indicators many traders use to make these strategies work for them.

Short Education Videos: These are aimed at new traders and are all between one minute and three minutes in length, perfect for beginner traders who want to get up to speed quickly. All are freely available on YouTube.

• Education Videos: A set of videos for both beginner and experienced traders. These are longer and more detailed than the Short Education Videos and are also available on YouTube.
• Education Articles: A library of free educational articles written by FXTM’s Head of Education, the pieces are well-written and concise, even when tackling complex topics. Examples include Bearish Trend Reversals and Harmonic Patterns.
• Forex Glossary: This is a comprehensive glossary of Forex terms – very useful for new traders.
• Forex Trading Seminars: FXTM regularly hosts live workshops across the globe where you can learn directly from experienced traders in your language. Here you can see the current schedule and sign up for events. Be aware that to attend, you will need a live account with a minimum 200 USD deposit.
• Forex Trading Webinars: FXTM also hosts frequent webinars in multiple languages. These require registration with FXTM but not a live account.
• Demo Account: Traders can practice trading risk-free using all trading strategies in a real trading environment on FXTM’s demo account. In addition, traders can increase the virtual balance on their demo account from within the MYFXTM portal. Demo accounts will remain active as long as traders log in to the trading platform at least once every 14 days.

Overall FXTM’s education section is an excellent resource for new traders, and much of it is available for free.

Support is available Monday to Friday: 24 hours, Saturday: 11:00-16:00, and Sunday: 12:00-20:00 (GMT+2/GMT+3 during Daylight Saving Time) in over 22 languages via email, live chat, email, telephone, and messenger services (including Whatsapp and Telegram).

For the purposes of the review, we tested the live chat service. We found the live chat agents were able to answer all our questions quickly and to our satisfaction. They also provided links and extra reading material where appropriate.

After logging into the live chat we were connected to an agent who replied to our message immediately.