ForexTime (FXTM) Review: Is this broker legit, safe and trustworthy for UAE citizens and residents?
ForexTime (FXTM) - Owned by Andrey Dashin from the Alpari broker fame. It's an average forex broker in terms of service, but does have thousands of traders from all over the world, so FX liquidity should never be a problem.
Yes, this broker's official website and app are legit, safe and trustworthy for UAE citizens and residents.
ForexTime (FXTM) has decent reviews on Reddit and Quora, including satisfactory ratings on sites like Trustpilot. Thus, overall this broker is considered reliable for online trading of currencies, cryptocurrencies, CFDs and stocks.
If so, you've come to the right place. If this is the case, you might
consider using ForexTime FXTM. Access a wide range of currency pairings,
commodities, single-stock shares and futures contracts with ForexTime FXTM
ForexTime FXTM's fast trades and withdrawals, made possible by the MetaTrader platform, make it a standout in our ForexTime FXTM review. It is MetaTrader 4 that powers the majority of FXTM accounts (MT4).
Automated forex broker ForexTime also goes by the name of FXTM. Customers of FXTM may trade currencies, CFDs, stocks, and commodities via their accounts. FXTM provides access to over 250 different financial products.
Customers in the United States, Canada, Japan, and a few other countries are not served by this service, which is registered and regulated in the United Kingdom, South Africa, and Cyprus.
The FXTM Trader app may be used to complete the account opening procedure on a mobile device or on your browser. Before you can begin trading, there are a total of five stages that you must do. Personal and tax information must be entered into your profile, as well as images of identification. Finally, a deposit must be made.
With a virtual account, you don't have to risk real money in order to practise trading. An excellent approach to learn about the ForexTime FXTM trading strategy is to use this method.
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There are six kinds of FXTM trading accounts to select from. One is an ECN (Electronic Communications Network) account, while the other three are Standard accounts.
With an ECN account, you may place an unlimited number of orders, regardless of how many lots are in each order. It is more expensive to open an ECN account, but you will get a greater rate of return because of the lower average percentage of points (pip). If a balance of 25,000 USD/EUR/GBP is kept in an FXTM Pro ECN account, for example, the spreads are very minimal.
The Standard, Cent, and Shares accounts are FXTM's three non-ECN accounts. There is a $10 minimum deposit for cent accounts, which operate in cents rather than dollars. While the Standard and Cent accounts have spreads of 1.3 and 1.5, respectively, the Share accounts enable you to trade European and US stocks with a lower minimum spread value of 0.1.
The ForexFXTM platform has a plethora of useful tools to make trading easier. Cross-device trading, which allowed us to start a trade on one device and cancel it on another, was a big selling point for us.
FXTM is authorised by authorities in the UK and Cyprus, both of which offer deposit protection insurance. This is a big benefit of using this trader. As a result, if your brokerage goes bankrupt, you might be entitled for up to £85,000 or €20,000 if you trade via FXTM from inside the EU or UK.
ForexTime's extensive collection of instructional materials is ideal for those just starting out in the world of currency trading. You can find forex trading ebooks, seminars, and glossaries on this page. Weekly market analysis videos with professional guidance on new trading tactics are also released by ForexTime.
The ForexTime FXTM Pivot Points Strategy, on the other hand, may be used by more skilled users to improve their trading technique. FXTM's five-point calculator can help you determine the best strategy for a wide variety of financial instruments.
In addition to the variety of instructional resources available on the FXTM website, this trading platform offers first-rate customer assistance. If you have a question, you may reach out to an agent through phone, live chat, or third-party services like WhatsApp and Telegram at any time.
ForexTime FXTM remains one of the top forex trading applications on the market. Those who can afford the requisite deposits to register an ECN account will be able to take advantage of the very competitive rates and will have no restrictions on the amount of orders they may place.
Professionals may use ForexTime FXTM, too. First-time traders and casual investors alike will find plenty of value here owing to a big library of trading tips and a mobile app that allows you to change your holdings at any time.
FXTM is a secure method to trade foreign currency, no matter what sort of trader you are. As a result, ForexTime FXT has earned a good reputation since it was founded in 2011.
There are more trading apps than ForexTime FXTM. Stock Trainer is a good option for first-time users who are looking for an app that focuses more on improving their trading skills. To better understand how the foreign exchange market works, this virtual trading app is a great resource.
It's a popular alternative to ForexTime FXTM's 250 financial products for people who believe that Admiral Market's stock, futures, and currency markets are too limited.
FXTM may be described as a reputable and trustworthy broker that charges affordable trading costs (against major currency pairs). In addition, the spread is extremely low, making it a low-risk environment for trading. As a result of the FCA's oversight, FXTM is regarded safe.
FXTM Limited (FXTM) was founded in 2011 and has become a worldwide leader in online trading, according to a South African study. This well-known brand delivers the prospects of the financial markets to worldwide consumers, regardless of their financial objectives.
There are more than two million customers from 150 countries who have already begun using FXTM's services throughout Europe, the Middle East, Africa and Asia.
As a leading online currency trading platform, FXTM provides a wide range of innovative services and products to institutional and retail clients who benefit from segregated accounts at top-tier financial institutions as well as a wide range of competitive leverage and narrow spreads.
It also offers a wide range of account types and platforms, a wide array of optimal trading instruments, fun forex competitions, and trade-enhancing forex incentives, among other things. Various governments have also licenced and regulated the FXTM brand.
In addition to Alpari, Dashin's worldwide assets include FXTM, which was founded in 2011. FXTM has one of the most stringent regulatory regimes in the industry, making dealing with them very secure.
Government oversight is provided by CySEC (Cypress), FCA (the United Kingdom), and FSCA (South Africa)
In order to open an account, you must deposit at least $10. (depending on account type)
Forex, commodities, spot metals, stock CFDs, indices, and cryptocurrency are all included in the asset coverage.
Risk-tolerant, experienced, or professional traders looking to make use of the MetaTrader platform should consider this option.
Traders of all skill levels may choose from a wide variety of trading accounts with varied deposit requirements.
Free Islamic trading accounts may be exchanged into business accounts that can be used by professionals.
Negative balance protection is provided to traders (only in EU and UK).
Superior regulatory control results in a more secure trading environment for all parties involved.
With a wide range of leverage options and tight pip spreads (availability is based on regulatory limitations).
Some kinds of accounts come with the option of no-commission trading.
Withdrawals done through bank wire, debit/credit cards or electronic wallets are completely free of charge.
A $50 reward for referring a friend is one of the many deals and promotions offered.
More than 250 products in seven asset classes may be traded on FXTM's platform. In keeping with industry practise, the margins are tiers.
You may trade major/minor and exotic currency pairs with a leverage of up to 1:30 when using FXTM's online forex trading platform (depending on experience). Standard accounts have spreads of 1.6 pips, whereas ECN accounts have spreads of 0.1 pips. There are a variety of lot sizes, including micro, normal, and small.
FXTM enables you to trade gold and silver spot against major currencies 24 hours a day, seven days a week, with various levels of leverage depending on your level of expertise. When you register an ECN account, you may get spreads as low as 0.4 on XAG/USD or 5.0 on XAU/USD.
When you start a Standard Shares account, you have access to 20 major stocks with spreads as low as 0.1 pips and leverage that varies according on your level of expertise. You may trade 24 hours a day, seven days a week.
As an ECN or normal trading account holder, you'll be able to trade CFDs on commodities such as UK Brent oil and US crude oil with a leverage of 1:52, 1:49, and 1:19, respectively (depending on your level of expertise).
From 01:00 to 23:45, trading in US natural gas and US crude oil. From 03:00 to 23:45, trade in the UK Brent oil.
With CFDs on indices, you may trade key global stock indexes with leverage suited to your trading style and degree of expertise. With a normal account, you may get rapid execution and spreads as low as 0.5 pips, while an ECN account offers floating leverage of up to 1:1000 and spreads as low as 0.1 pips. By index, trading hours vary.
When trading CFDs on cryptocurrencies with FXTM, you may trade in Bitcoin, Ethereum, Litecoin, and Ripple. There are spreads ranging from 200 to 400 pips and a range of leverage that depends on your level of expertise.
For Bitcoin, Litecoin, and Ethereum, the market hours are 0:05 to 23:55, whereas for Ripple, the hours are 01:00 to 23:45. After market orders are executed, stop-loss and take-profit orders must be placed (this is not the case for standard account types which offer instant order execution).
Direct liquidity pricing for the NYSE and NASDAQ indices is available via FXTM's stock trading platform. The MT5 platform is the sole way to trade stocks. The initial spread on a stock is 0 pip.
Institutional-level spreads are available to account holders with a balance of £250,000 or more. Lot sizes vary from micro to standard, with a minimum of 0.01 lots and a maximum of 250 lots.
When it comes to account types, FXTM genuinely surpasses expectations. Nearly every account category offers a free "mirror" or demo account, which is a nice feature. Before and throughout the usage of a real trading account, you may practise trading methods on these mirror demo accounts.
Standard and ECN are the two primary classifications of "live" accounts (electronic communication network). FXTM Invest, a brand-new account type, is the eighth option available. In addition, FXTM now provides the ability to use Expert Advisors to participate in automated (algorithmic) trading.
A feature worth noticing is the ability to open as many live accounts with FXTM as you'd like. Having a variety of account types allows you to trade in a wider range of assets.
The "traditional" or "original" FXTM account type is this one. In addition to a free demo account, it takes just a deposit of £100 or the equivalent to utilise the live version.
Only the MT4 platform may utilise the swap-free version. Major/minor/exotic currency pairings, spot metals, spot CFDs, and crypto-currencies are among the available asset classes (some variation based on which platform you use). With this account type, you won't be charged a fee of any kind.
With a cent account, all deposits are shown in cents, regardless of the amount deposited. This account can only be used with the MT4 trading platform. Additionally, it comes with a free mirror sample account, and it only costs £10 or similar to finance the live version of the service.
Only the MT4 platform may utilise the swap-free version. Spot metals and minor/major currency pairings are among the available asset types. With this account type, you won't be charged a fee of any kind.
Only the MT4 platform may be used to trade big US (120+) and EU (40+ accessible) stocks in the Shares account. In order to get started, it takes a minimum investment of £10,000 (or the equivalent in other currencies).
Only the MT4 platform may utilise the swap-free version. Only stocks are available as a form of investment. With this account type, you won't be charged a fee of any kind.
With MT4 or MT5, the ECN (Electronic Communication Network) account is available. In order to open an account, you must deposit a minimum of $500. The fee for each lot is $2 or the equivalent.
FXTM Invest is also compatible with the ECN account (for MT4 only). There is a wide range of leverage/margin needs. Additionally, there is a free mirror sample account that you may sign up for.
Only the MT4 trading platform may make use of a swap-free account. Exotics/minor/major currency pairings, spot metals, and spot CFDs are among the available asset classes (some variation based on which platform you use).
MT4 and MT5 are both compatible with the ECN Zero account. In order to open an account, you must deposit a minimum of £200 or the equivalent. We don't have a commission.
FXTM Invest is also compatible with this account (for MT4 only). There is a wide range of leverage/margin needs. Additionally, there is a free mirror sample account that you may sign up for.
Only the MT4 trading platform may make use of a swap-free account. Major/minor/exotic currency pairings, spot metals, and spot CFDs are only a few of the available investment options (some variance based on platform used).
MT4 and MT5 are supported by the FXTM Pro account. A deposit of at least £25,000 or its equivalent is needed to open an account. There is no mirror demo account to test out the software.
Not compatible with FXTM Invest account.
There is a wide range of leverage/margin needs, from 1:200 to 1:25. We don't have a commission. Only the MT4 edition has a swap-free account.
Major, minor, and exotic currency pairings, as well as spot metals, are among the available asset types.
The FXTM Invest Strategy Manager account is a new addition to the FXTM product line. By allowing less experienced forex investors to imitate your trades, the copy trading programme at FXTM rewards your expertise. A 40% fee may be earned for any trader that profited by following your trading tactics.
Only your trades are required to be made public with this account type, and there are no costs for it. You may manage numerous accounts at the same time and have your own specialised website for matching investors. To get started, you have the option of opening an ECN or ECN Zero account.
Working together, the FXTM Invest Strategy Manager and Expert Advisors automatic or algorithmic trading accounts provide a seamless trading experience for both parties. You have the option of developing your own plan or following one of the Expert Advisors' ideas. This is a wonderful alternative for traders who are ready to pay a fee in exchange for taking a more hands-off approach to trading.
A broad range of institutions and services may be used to finance any sort of account. While most deposit alternatives don't charge fees, withdrawals are a different story, and they may cost a lot to process.
The transfer time varies based on the deposit method used, from immediate to five business days.
Withdrawals might take anything from a few hours to up to four business days, depending on the method used.
It might take anything from 24 hours to four business days for a withdrawal to be completed.
Traders at FXTM have access to a variety of incentives and rewards programmes throughout the year, which may be very helpful when you're just starting started. The following is a list of the current programmes that FXTM has to offer at the time of this writing.
You can get a $30 (or equivalent) trading credit just for signing up and opening a live account. To be eligible for the credit, you must complete the registration process and fund your account with a minimum of $100 during the first six months.
Regular Loyalty programmes, which reward you with real money instead than just points or virtual money, are also quite popular. Participation is open to all live account types. It's possible to get $5 (or the equivalent) in real money that you may use for future transactions or cash out.
The programme has a $10,000 or comparable maximum. When you establish a live account, you are not instantly enrolled in the programme.
FXTM's refer-a-friend programme is another easy inducement. When you recommend a friend who registers an account and satisfies the current deposit and trading requirements, you earn $50 (or equivalent) in bonus money. You may recommend as many friends as you want.
In addition, FXTM will provide you with an affiliate link that you may use to create more referrals from your own blog or website.
Traders of all skill and experience levels are welcome to participate in FXTM's trading competitions. There are trophies and championships up for grabs.
These extra trading incentives are in addition to the regular FXTM Loyalty Program and other promotions described here.
Mobile trading at FXTM is entirely powered by the MetaTrader app suite. In-house FXTM apps are available for iOS/Apple and Android, but these are only for account maintenance and synchronisation. The MT applications must be used for any mobile trading.
FXTM Trader is the name of the FXTM broker app on the Apple Store and Google Play.
Customers may access a wide range of research, analysis, current news, and educational resources on the FXTM platform.
Fundamental information is conspicuously omitted (a forex forecasting and analysis tool that factors in politics, social and economic trends). The abundance of free webinars and seminars is the most notable feature right now (in multiple languages). Additionally, a dictionary of words and free e-books, movies, and articles are all accessible.
Additionally, FXTM's economic calendar, films from staff experts, four market prediction reports each year, calculators for converting currency and profitability, and a number of handy calculators for pip value and profitability are all available.
In order to assist traders pick lucrative trades based on market mood and market data, FXTM has developed its own pivot point approach. The FXTM Periodic Table is one of the greatest tools for learning forex terms in a visually appealing way.
Even if you spend a short amount of time looking at forex trading choices on the internet, you will come across complaints regarding poor customer support. Fortunately, this is not an issue with FXTM.
LiveChat, Messenger, WhatsApp, Viber, Facebook, Callback, and Telegram are just few of the channels available to customers for contacting customer service.
The live chat function is manned by actual humans (not chatbots), which means that it may be used to solve even the most complex of queries. Phone and any of the live chat options are the quickest ways to get in touch.
In addition to the main global headquarters in Mauritius, the brokerage has offices in China, India, Indonesia, Malaysia, Nigeria (Abuja and Lagos), South Korea, and Thailand, all of which include phone and email assistance. Additionally, a toll-free number and a variety of email addresses for customer service are provided.
It is difficult to place FXTM as one of the oldest or biggest online brokerages for trading forex, cryptocurrencies, or other in-demand assets. FXTM, on the other hand, is one of the most refined.
Their website is well-designed, visually appealing, and easy to use. Over 2 million people have utilised their modified MetaTrader platforms (4, 5) to date.
All of the various account options help you maximise earnings and reduce costs and charges. Promotions, rewards, sweepstakes, and other initiatives abound.
They have a lot to offer in terms of both research and teaching. Their customer service department truly seems to be helpful. Small details matter a lot when it comes to FXTM.
Those large withdrawal costs aren't all sunshine and rainbows, after all. Customer service and cryptocurrency trading at FXTM are not accessible 24 hours a day, seven days a week, as previously mentioned in this review. In addition, not everyone may participate.
It's possible that FXTM isn't for you if you're not qualified, want an intuitive interface that works with industry-standard software, and want to trade with a licenced (and hence safer) online broker. It gets a lot worse.
ForexTime, or FXTM, was launched in 2011 and is a worldwide CFD and FX broker. Multiple financial agencies regulate it, including the FCA in the UK and the Securities and Exchange Commission of Cyprus (CySEC).
Fast and appropriate responses are provided by the FXTM customer support team. Several languages are available for reaching them. A demo account and live webinars are just two examples of the many instructional resources at your disposal. There is no need to go to a branch to create an account.
On the downside, FXTM charges hefty CFD fees. There is also a cost for inactivity and withdrawal in most circumstances. Because of the absence of certain asset classes like ETFs, bonds, mutual funds, and so on, the product offering is quite restricted.
FXTM has cheap forex trading costs, but average CFD trading expenses. There is also a cost for withdrawing money from the account.
FXTM charges average trading costs.
With FXTM, you may choose from a number of different account kinds, each with its own set of fees. There are cheap spreads but a commission with an ECN account, which we tried out. ECN accounts feature cheaper commissions if you have a larger account balance or trade more often. We computed the fee based on a trading volume of less than $100 million and an account balance ranging from $0 to $2,999.
CFD firms' trading costs are notoriously difficult to compare. So, what strategy did we use to make their fees crystal clear and comparable? Compare brokers by estimating the costs of a typical deal for the items we are interested in (stocks and options).
In a normal trade, you acquire a leveraged position and hold it for one week before selling it. There was a $2,000 stake in the index and CFDs, and $20,000 in the FX trades.
The CFD costs at FXTM are around average.
With FXTM, you'll pay a fraction of what other brokers charge.
To trade commission-free with actual equities from the NYSE and NASDAQ stock exchanges, you must be outside of the European Union.
FXTM will no longer charge commissions or transaction fees as of 2020. Real-time pricing information is also available.
Non-trading costs at FXTM are astronomical. After six months of inactivity, you are taxed $5 per month and most withdrawal methods carry a fee. There are no account or deposit fees, which is a nice perk.
Depending on where you live, the method you choose, and the currency you want to withdraw in, the withdrawal charge might be rather expensive. In the Deposit and Withdrawal chapter, click here to get a comprehensive table.
There is no need to visit a branch to create an FXTM account. Within a few days, you will be able to access your account. You may also choose from a wide variety of account kinds.
Customers from all around the globe are welcome at FXTM, however there are certain restrictions.
The FXTM minimum deposit requirements vary depending on the account type. The Micro accounts cost $50, the Advantage account costs $500, and the Advantage Plus account costs $500.
You may choose from three different account kinds. According to the countries in which they are offered, the price, the minimum deposit and trading platforms, and goods that you may trade with, there are a variety of account kinds to choose from.
It is possible to turn each account into a swap-free account. This is a good option for individuals who are unable to get a loan because of their religious beliefs.
It's possible to open a corporate account with FXTM. Sending an email to FXTM is the only way to open a corporate account.
We examined the ECN and Stock CFDs MT4 accounts in our evaluation. Advantage Account is the new term for these platforms as a result of our research.
You may create an FXTM account online in just a few minutes. Within one business day, our account was accepted after completing the online application.
Opening an FXTM account is a seven-step process:
- Name, email, and country of residence are required fields. FXTM will email you a PIN code if you provide your phone number.
- Open a new account by selecting the kind of account you want.
- Add other personal information, such as your age and education level.
- Please provide your current location.
- Answer a few questions about your personal and professional financial history.
- You must take a financial literacy test.
- A copy of your passport, driver's licence, or ID, plus a bank statement or utility bill are all you need to prove your identity and residence.
A wide range of deposit and withdrawal methods are available at FXTM. Credit cards, bank transfers, and electronic wallets are just a few of the many options available. Fees for most withdrawal methods are the major drawback of using FXTM.
FXTM has four base currencies to pick from: EUR, GBP, USD, and NGN. NGN is exclusively accessible to citizens of Nigeria.
Competing brokers have a better selection. There are other base currencies available at FP Markets and Markets.com.
What's the big deal? Due to both of the following factors. The conversion charge is waived if you fund your trading account in the same currency as your bank account, or if you trade assets in the same currency as your trading account base currency.
By creating a multi-currency bank account with a digital bank, you may save money on currency conversion costs. International bank transfers are frequently free or inexpensive if you open an account with a bank in a different currency than your home currency. Open an account on your phone in a matter of minutes.
Deposit fees are not charged by FXTM. You may also use a credit card or an electronic wallet in addition to a bank transfer. In other words, it's the same as it's always been.
Clients from the EU, the United Kingdom, and non-EU countries have access to various deposit options than those from the EU and the United Kingdom.
Payment using a credit/debit card is instantaneous, as opposed to bank transfers, which might take several business days.
In order to make a deposit, you must have a bank account in your name.
Most withdrawal methods are subject to a fee by FXTM.
Withdrawals may be made using a variety of methods, including bank transfer, credit card, and electronic wallet. Alfa-Click, Western Union Quick Pay, and Dotpay are the only electronic wallets that cannot be used to make a deposit.
Use of credit/debit cards or e-wallets restricts your withdrawals to the funds you originally put in using those means of payment. As a result, you'll need to use a bank transfer to cash out your winnings.
Depending on where you live, the method you choose, and the currency you want to withdraw in, the withdrawal charge might be rather expensive.
FXTM's MetaTrader-powered online trading platform is available to its customers. It offers a clear fee report and may be customised in a wide range of languages. In contrast, it does not have a two-step login process or price notifications, and the interface is antiquated.
FXTM utilises MetaTrader 4, a third-party trading platform, rather than one of its own design. A new version of the MT5 platform is expected to be released by ForexTime in the near future.
We evaluated MetaTrader 4 in our evaluation since it is accessible to all account types and is the most popular with consumers..
MetaTrader 4 may be used in a wide range of languages.
The flexibility of the FXTM web trading platform is unmatched. The tabs can be resized and shifted around with ease.
The platform, on the other hand, has a stale feel about it, and some of its features are obscured. The process of adding an asset to the watchlist, for example, takes some time.
Logging in to FXTM is as simple as clicking a button. More secure would be a two-step authentication method.
A biometric login is not an option. It would be more convenient if this feature was available.
The search options work as expected. The assets are organised into categories. However, the normal search tool, which allows you to manually enter in the asset's name, was missing from this version.
The FXTM online trading platform does not allow the setting of alerts and notifications. The desktop trading platform is the only place where you may make use of this function.
FXTM's portfolio and fee reports are easy to understand. Your profit/loss and commissions are clearly shown. These documents may be found in the 'History' section of the menu bar. We couldn't figure out how to get them.
In addition to MetaTrader 4, FXTM offers a superb mobile trading platform through MetaTrader 4. It's well-thought-out and simple to utilise. It does not, however, have a secure login.
The MetaTrader 4 mobile trading platform is available from FXTM. We put this mobile trading platform through its paces in the same way we did the web-based one.
Both iOS and Android users may access MetaTrader 4 on their devices. We tried it out on the Android platform first.
For example, you may use a web browser to connect to the FXTM server once you've downloaded the MT4 mobile trading platform. ForexTime-ECN.
There are a wide variety of languages available on the mobile trading platform, much as the online site. Android smartphones have a stumbling block when it comes to changing the language. Changing the default language of your mobile phone is the only way to accomplish this.
This mobile trading platform from FXTM has a wonderful design and user-friendliness. All of the functions are conveniently accessible.
FXTM's login process is identical to that of the online trading platform. It's safer to use two-step authentication.
Fingerprint or Face ID authentication is not an option. It would be more convenient if this functionality was available.
Search options are excellent. If you're looking for a certain product, you may type in its name or browse through the many categories.
Order types and time limitations are exactly the same as on the online trading platform, so there's no learning curve.
You can establish alerts and notifications on the desktop trading interface, but you can only do so. If you could set these alerts on the mobile trading interface, it would be considerably more convenient.
FXTM's MetaTrader 4 desktop platform is nearly identical to the web trading platform in terms of design and functionality. The desktop trading platform allows you to set price alerts, which is a big difference.
The MetaTrader 4 desktop trading platform is available.
In terms of design, languages, order types, and search tools, it is identical to the online trading platform. It also provides portfolio and fee reports, much like the web trading platform.
As an example, desktop trading platforms allow you to establish alerts and notifications in the form of both mobile push and email messages. You'll need to enter your email address and mobile MetaQuotes ID (found in the MT4 app's settings) in order to enable email or mobile notifications. In the 'Options' section, you can add them.
FXTM offers a wide range of forex and CFD products. Customers outside of the European Union may deal in genuine stock. There are no ETFs, mutual funds, bond funds, options or futures to choose from.
In terms of forex product offerings, FXTM is lagging behind some of its rivals in the market. This is true for both stock index and commodity CFDs, but the number of stock CFDs is low compared to the competition. Additionally, metals are accessible, although ETF and bond contracts are not.
FXTM Invest, a social trading service, is available to all customers except UK and EU clients. For those registered under the Mauritius legislation (FXTM's Exinitiy Ltd business), this implies that this functionality will be accessible to them.
An Investor or a Strategy Manager may choose their own path. The trades of Strategy Managers may be copied by investors. Selecting a Strategy Manager gives you the option of narrowing the results based on a variety of criteria, including risk, success fee, and overall profit. Every time a transaction is successful, a commission might be paid to the strategy manager.
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FXTM provides a wide range of research resources, including anything from market news to technical analysis-based trading suggestions. The lack of basic data is a downside.
Trading tips based on technical analysis are provided by FXTM. You'll find them under the 'FXTM Trading Signals' area of MyFXTM under 'Trading Services.'
That FXTM is able to handle so many languages is a big plus: Arabic; Czech; Chinese; English; Farsi; French; Hindi; Indonesian; Italian; Korean; Malaysian; Polish; Russian; Spanish; Urdu; and Vietnamese; among others.
The live chat on FXTM is rather nice. Even the most difficult questions, such as how financing costs are calculated, were answered in a straightforward manner. Also available are WhatsApp, Viber, Telegram and Facebook Messenger for live chats with FXTM.
Worked good for me with fxtm phone support They answered our questions in a matter of seconds and were really helpful and competent.
We received timely and relevant responses to our questions via email within a few hours of submitting them.
24/7 availability was the only thing we were missing.
In addition to the top-tier Financial Conduct Authority, FXTM is regulated by a number of financial agencies throughout the world (FCA).
On the bright side, customer service is quick to respond with accurate information. Demo accounts and webinars are only two examples of the many instructional resources available. Opening a new account is simple and quick thanks to the use of digital technology.
Due to its hefty CFD costs, inactivity and withdrawal taxes and restricted product choice, FXTM has certain downsides.
Learn more about online trading brokers for UAE citizens and residents.
Sites like ForexTime in the UAE
Here is a list of top online brokers to open an account for trading Forex, Bitcoin, CFDs and Stocks in the UAE. These brokers have above-average reviews on sites like Reddit, Quora and Trustpilot; and are totally legit, safe and trustworthy for UAE citizens and residents.
The brokers listed on this webpage accept clients from within the United Arab Emirates. Most of these companies provide an online trading platform for fiat currencies (such as Pound Sterling, the Euro, the US dollar, Japanese Yen etc.), buying and selling of cryptocurrencies (for example Bitcoin, Ethereum, Tether, XRP etc.), stocks (this includes listings on Abu Dhabi Securities Exchange, Borse Dubai, Dubai Mercantile Exchange, Dubai Financial Market and NASDAQ Dubai), CFDs (Apple, Microsoft, Amazon, Google, Tesla etc.), UAE government and corporate bonds, and short-term to long-term fixed income securities.
- Olymp Trade - People simply love this one (Olymp Trade Review)
- Binance - World's largest cryptocurrency e-wallet and exchange that also has an online trading platform, where their members can invest or trade in virtually hundreds of cryptocurrencies and new tokens. (Binance Review)
- IG Markets UAE - UK broker located at Tower 2, Level 27, Al Fattan Currency House, DIFC. (IG Markets UAE Review)
- City Index Middle East - London-city broker with a branch in the UAE. (City Index Middle East Review)
- eToro - Social trading platform, but much better options are available out there. (eToro Review)
- Swissquote - It's a Swiss bank that offers an online trading platform for forex and CFD trading. (Swissquote Review)
- easyMarkets - Israeli brand that is big all over. (easyMarkets Review)
- OANDA - American broker that is now spreading its wings. (OANDA Review)
- Forex.com - Google ranks them in the top 10 for the term "forex". (Forex.com Review)
- Plus500 - UK brand that has its own platform, OK for CFDs, with mediocre reviews. (Plus500 Review)
- AvaTrade - Regulated by ADGM's Financial Services Regulatory Authority (FSRA) in Abu Dhabi. (AvaTrade Review)
- FXCM.com - Oldest brand when it comes to retail online forex trading. (FXCM.com Review)
- Mashreq Neo - An online trading platform provided by Mashreq Bank. (Mashreq Neo Review)
- Noor Capital - Licensed and Regulated by the UAE Central Bank and SCA. (Noor Capital Review)
- XM.com - XM broker is big in Africa and South East Asia, and now promoting themselves hard in the UAE. (XM.com Review)
- Saxo Bank - Danish Investment Bank with a long history of catering for premium forex investors. It also provides crypto trading facility. (Saxo Bank Review)
- Pepperstone - Originally Australian, but licensed locally by Dubai Financial Services Authority. (Pepperstone Review)
- ADSS - Based out of Abu Dhabi and regulated by the Central Bank of the United Arab Emirates. (ADSS Review)
- CMC Markets - UK-based broker that is popular among CFD traders. (CMC Markets Review)
- Orient Finance - Local online-trading broker that caters to novice traders looking to invest in the foreign exchange markets. (Orient Finance Review)
- Alfa Financial - Their office is located at City Centre Deira on Port Saeed Road; and generally tends to attract investors within Dubai. (Alfa Financial Review)
- One Financial Markets - Local forex broker with an office at Dubai International Financial Centre at Index Tower. (One Financial Markets Review)
- Amana Capital - A broker located at Central Park Towers, Dubai International Financial Center. (Amana Capital Review)
- ETX Capital - UK broker that has a decent reputation among Arab investors. (ETX Capital Review)
- Century Financial - Old online-trading broker with an office at Level 6, Building 4, Emaar Square, Downtown Dubai. (Century Financial Review)
- IFCM UAE - Nothing special about IFC Markets, but it does have a dedicated .AE website for UAE clients. (IFCM UAE Review)
- EARNEX - This one is present at Jumeirah Lakes Towers and is licensed by the SCA. (EARNEX Review)
- Interactive Brokers - American online-trading broker that is expanding into Asian and Arab markets nowadays. (Interactive Brokers Review)
- Rakuten Securities - Japanese broker that usually looks out for large institutional investors. (Rakuten Securities Review)
- Dukascopy Bank SA - Swiss bank that offers online forex trading on its own proprietary platform. (Dukascopy Bank SA Review)
- Gulfbrokers ae - Dubai Multi Commodities Centre (DMCC) regulates this broker, but there nothing extraordinary about this brand. (Gulfbrokers AE Review)
- IQ Option - It's a below-average broker with no Dubai office, but does have a toll-free virtual number for UAE: 800 032 0891 -> No Arabic, English only. (IQ Option Review)
Reviewed by Arpita Singh
Arpita Singh is the main writer at ForexBroker.ae. As a senior investment professional with 10+ years of experience working at top-tier Private Equity and Sovereign Wealth Fund; she is also responsible for fact-checking concepts, reviews, and related details about brokers and exchanges listed on this website. Full Bio.