Forex trading can seem scary when you look at a currency exchange chart for the first time. Before making a trade, you need to understand a lot of jargon. Still, the truth is that anyone can trade currencies and make money doing it.
Although trading Forex can yield profitable results, it is not without its inherent difficulties.
FXTM Overview
FXTM, often known as ForexTime, is a global CFD and foreign exchange broker. It is overseen by several regulatory bodies, including the UK’s Financial Conduct Authority (FCA) and Cyprus’ Securities and Exchange Commission (CySEC)
The high-quality FCA regulates FXTM; therefore, trading with them is risk-free.
Negative and positive aspects of FXTM
FXTM’s support team responds quickly with helpful information. Contacting them is easy, as they offer support in several different tongues. Several learning resources are available, such as a demo account and webinars. Open an account in minutes with our paperless, computerized process.
FXTM’s high CFD costs constitute a significant drawback. It has a withdrawal cost and an inactivity fee. The product offering lacks diversity due to the absence of standard investment vehicles such as exchange-traded funds, bonds, mutual funds, etc.
FXTM Features
- Demo Accounts, or Virtual Portfolios, are a popular alternative to the real thing.
- FXTM’s Financial Chart Comparison Tools Are State-Of-The-Art
- Expert market and investing analysis, supported by research, is available from FXTM.
- The FXTM platform can be used both on-premises and remotely via desktop and mobile apps.
- FXTM’s trading platform is user-friendly and includes useful features for novices and seasoned pros.
- Trading on the FXTM platform is convenient because it is available in more than 15 languages.
Currency Withdrawal Fees on the FXTM Platform
Withdrawal fees from FXTM are different for each withdrawal option. Your broker’s withdrawal policies govern your ability to withdraw funds from your trading accounts.
This is because various factors, such as the broker’s withdrawal policy, the payment provider’s transfer processing fee, the time to complete the transfer, and the exchange rate, can all affect the final cost of a withdrawal. The cost to convert from one currency to another will vary with the source, destination, and service provider making the exchange.
What Kinds of Trades Does FXTM Allow?
Due to regulations, different FXTM organizations provide other trading instruments. Trading instruments vary per client’s country of residency and account holder. FXTM’s trading instruments vary by platform. FXTM lets you trade 350 instruments and offers over 40 currency pairings for global Forex trading.
Is FXTM a secure platform?
Secure Sockets Layer (SSL) encryption is used in both the desktop and mobile versions of FXTM, protecting the privacy of its users. Through its website, FXTM also reminds users to keep an eye out for the SSL security icon (a locked padlock) while using FXTM.
FXTM Trading Platforms
After logging into your FXTM account, you will access the following trading platforms.
- MetaTrader 4 (MT4)
- MetaTrader 5 (MT5)
- cTrader
Click here to read an in-depth FXTM review penned by experts in the field!
Is FXTM Legit?
Crucial considerations for selecting a broker such as FXTM include the broker’s governing body and regulatory standing. Without oversight from authorities, unregulated brokers are acting entirely at their discretion. The value of your investment could go rise or fall.
FXTM is licensed. This means FXTM is supervised and checked for conduct by ForexTime UK Limited. The Financial Conduct Authority has authorized and regulates FXTM with license number 777911; the Cyprus Securities and Exchange Commission regulates ForexTime Limited with CIF license number 185/12, Financial Sector Conduct Authority (FSCA) of South Africa with FSP No. 46614.
FXTM and Taxes
If you trade for speculation, it’s called spread betting in forex. Due to volatility and speculation, HMRC doesn’t tax it. Investors can claim FX investment losses. Not the traders.
Long-term investors with less trading activity are taxed annually. Full-time investors pay corporate tax. HMRC considers you a PLC. Buying or selling cash incurs Stamp Duty or CGT. Consider how long you’ve held your currency.
If you want to study more about tax on forex trading UK, check out the linked page.
Final Verdict
FXTM is the finest forex education broker, according to our 2022 evaluation. FXTM’s education and analysis resources surpass the industry average.
FXTM can help rookie traders learn the ropes. Why pay for trading courses from a third party you don’t trust when FXTM’s are free?
