FXTM 2021 Review- A Highly Acclaimed Online Trading Platform
FXTM platform’s detailed specifications including its asset selection, trading conditions, salient features, and additional functionality are discussed below for those who are interested in opening an account with FXTM.
ForexTime, or FXTM as it is more commonly called, is a financial services company that was established in 2011. It is now considered as a multinational brokerage company with headquarters in the United Kingdom, Cyprus, and Mauritius- all with nearly a decade of expertise in delivering optimal financial solutions. Apart from its cross-asset selection, it also provides a separate collection of equities, indexes, cryptocurrency, and contracts for differences for portfolio upgrade.
Trading Platforms
FXTM, unlike other leading brokerage firms, does not offer its own proprietary trading platform. It, however, outsources the service of the popular MetaTrader platforms developed by MetaQuotes Software. As it utilizes both MT4 and MT5, clients are provided with the best and most ideal systems out in the market.
MetaTrader 4- While MetaQuotes withdrew from providing technical support for MT4, this remains to be an optimum premium, and is able to execute trades, process transactions, and provide intelligent reports independently. With this, the platform remains to be the parameter of a reliable platform as it is both intuitive and has little discrepancies.
More commendably, it allows hedging that makes it a favorable choice. With this structure, clients are provided with trading experience that carries lesser risks brought about by adverse price movements. In addition to this, its back-testing function performs decently as the MQL4 programming language made it all optimum and seamless.
MetaTrader 5- After the successful release of the highly regarded MT$, MetaQuotes released an upgrade called MetaTrader 5. Unfortunately, the system did not gain as tight traction as the MT4 since it was viewed intrusive and tacky. More so, it was a complete downgrade in terms of availability as it does not offer hedging. While MT4-reliant clients would not find any trouble using this, its predecessor remains to be the sought-after third-party platform to date.
As mentioned, it doesn’t allow hedging, and some traders came up with an alternative by stacking trades in varying sizes. To say, its programming language was also updated, and is functioning more efficient than the former. But while it runs using a smarter programming language, it is still a letdown as it does not offer backwards compatibility. The absence of such makes it difficult for MT4 traders to transition to the MT5.
Salient Features
Intensive Security- One of the platform’s commendable feature is its strong system security and regulatory oversight. Having been regulated in the United Kingdom, subscribers are then provided with insurance and reimbursements. More commonly called as “Investors’ Compensation Fund”, these schemes are intended to provide up to a maximum of 35,000 euro for any financial discrepancy. Similar to what is implemented in its Cyprus-based subsidiary, a 90% reimbursement is guaranteed as a compensation for the broker’s insolvency.
Social and Copy Trading- FXTM is one among the few brokers in the industry that integrated social and copy trading into its platform. This structure lets users follow, copy, analyze, and implement winning trades from professional traders. To date, the system houses more than 500 strategy managers, and this impressive selection may be taken into full advantage by anyone who does not want to engage in daunting charts and analyses.
Research and Education
FXTM’s research and education section stands highly from other brokerage firms as its materials are geared towards holistic and encompassing learning experience. While it is a common protocol in the markets to provide this section, FXTM ran an extra mile by providing quality contents. Included in its education-related selection are electronic books, webinars, glossary, and articles that sophisticatedly discuss trading fundamentals and technical know-hows.
It has also been effective in providing a real-time stream of financial and economic news, while calculators, periodic reports, and economic calendars serve as reinforcement for its clients’ overall trading education.
Get Involved
Taking into account all of the aforementioned features, it can be noted that FXTM is an excellent brokerage firm. More than its generosity to provide a wide range of asset selection, optimum platforms, and unique trading conditions, it also provides reinforcements such as its authoritative research and education section and a responsive customer support. With the collaborative efforts of these factors, a favorable trading environment is guaranteed.
