Important Facts
- Regulation: Regulated in Cyprus by CySEC
- Instruments: Forex, Spot Metals, Commodities, ETF’s and Stocks
- Features: Support a variety of different trading platforms as well as a decent range of instruments available for trading.
- Leverage: Up to 500:1 on Major Forex Pairings, other instruments vary.
- Minimum Deposit: Standard Account: No Minimum Deposit, ECN accounts minimum deposit starts at $200/200 Euros.
The Platform
Founded by Alpari’s largest Shareholder Andrey Dashin ForexTime supports a wide range of trading platforms. Of course you’ll find the ever popular MetaTrader 4 platform on offer, as well as the newer MetaTrader 5 platform. Both of which are great favorites with traders the world over. FXTM has also recently announced support for the social trading platform ZuluTrade allowing FXTM customers to follow some of the worlds most successful signal providers using their FXTM account. FXTM also offers a range of mobile and tablet platforms providing MetaTrader 4 & 5 for those using Android or Apple devices, meaning that those who want to trade on the go should have no real difficulty unless they happen to have a Blackberry smartphone. However as Android and Apple now control a vast bulk of the smartphone market, it means most should be able to trade on the move without any difficulty. The only notable absence from the ForexTime platform offering is the fact that FXTM do not offer a Web based trading platform which means individuals will be unable to place trades on computers that do not already have a version of ForexTime’s MetaTrader installed on them.
Special Features
ForexTime offers a good selection of different instruments to trade. While the service clearly has a predominantly Forex bias there a number of other instruments available to trade. For one there is a good range of Commodities available to trade including Gold and Silver as well as a number of other commodity CFD’s. More interestingly however ForexTime offer a number of different ETF’s and Shares to trade through Contracts for Difference. While there currently is a not huge range of ETF’s or Shares to choose from, I believe ForexTime will likely add more instruments in the near future. However I think ETF’s currently offer some of the best trading opportunities.
Spreads
I have been able to discover what the Spreads on offer at FXTM are. As I have unable to been able to open demo/real account due to a technical problem regarding the Open account form. However, as FXTM offers both ECN and Standard accounts one can expect a range of competitive fixed and floating spreads from FXTM. Will provide more information as soon as I can.
Customer Service
As FXTM is a new brokerage remarking on their level of customer service provision is going to be difficult. However the brokerage is founded by a well known figure in the Forex industry and appears to be very transparent in terms of getting into contact with them. Currently the provide 8 A.M to 5 P.M Monday to Friday Live Chat, as the customer base grows I imagine that the hours of the live chat support will increase. However they do provide a wide range of different telephone numbers to contact the different arms of the company. From first impressions I imagine that ForexTime will provide a very good customer service, especially due to the fact that the founder has a huge amount of experience in the provision of Over-the-counter Forex.
Regulation
ForexTime recently received it’s full CySEC regulation. ForexTime was founded by Andrey Dashin who is best known for being Alpari’s largest shareholder and has significant experience when it comes to running large Forex operations in a number of different regulatory jurisdictions. It was rumored that the merger of Alpari’s CySEC division and Alpari UK was in fact make way for the launch of ForexTime. So I would imagine that much of the team in place at ForexTime may have previously worked for Alpari (AFS) meaning that many of the individuals at ForexTime will have extensive knowledge of CySEC regulation. As CySEC is part of MiFID ForexTime are able to accept clients from throughout the European Union. While CySEC isn’t considered Europe’s strongest regulatory body it still provides a high level of regulation in accordance with the minimums set out the EU’s MiFID directives. Meaning that clients of FXTM should feel safe knowing they are provided with a minimum standard of regulation.
Overall, ForexTime offers a good quality Forex and CFD trading service and should be seriously considered by those who want to trade with a MiFID regulated brokerage.
