ForexTime Review

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Overview

Founded by Andrey Dashin in December 2012, ForexTime is considered a newcomer to the online forex trading scene. Nevertheless within a span of two short years, this broker has managed to carve out a name for itself by wining several awards such as “Best Newcomer 2013” and “Fastest Growing Forex Broker” from the industry

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Details

Broker ForexTime
Website URL http://www.forextime.com
Founded 2012
Headquarters FXTM Tower 35 Lamprou Konstantara Kato Polemidia, 4156 Limassol, Cyprus
Support Number 00357 25558777
Support Types Multi Lingual, 24/5
Languages Multi-lingual
Trading Platform MT4, MT5, MT4 iPhone/iPad, MT5 iPhone/iPad, MT4 Android, MT5 Android, MT4 Windows Mobile, MT5 Windows Mobile, MetaTrader 4/5 for Linux, MetaTrader 4/5 for Mac
Minimum 1st Deposit $1
Minimum Account Size $1
Minimum Trade Amount 0.01 lot
Bonus 200% rebate up to $10000 on your deposit
Leverage max 1:1000
Spread Fixed and Variable spread from 0 pip on EUR/USD
Free Demo Account Yes
Regulated Yes
Regulation CySEC, MiFID, FCA
Commissions Yes
Commission Info Commissions: depending on account type
Account Types Standard Account: no minimum deposit minimum trade size: 1k (micro lot) maximum leverage: 1000:1 Fixed Spread Account: no minimum deposit minimum lot size: 1k (micro lot) maximum leverage: 500:1 Cent Account: no minimum deposit minimum lot size: 0.0001 lot maximum leverage: 1000:1
Deposit Methods Visa Mastercard Maestro China Union Pay Neteller Moneybookers (Skrill) Western Union Quick Pay Payza OKPay BANKWIRE Barclays Bank Rietumu Banka Promsvyazbank PPF Banka Nigerian Local Bank Indonesian Local Transfer FasaPay
Withdrawal Methods Visa Mastercard Maestro China Union Pay Neteller Moneybookers (Skrill) Western Union Quick Pay Payza OKPay BANKWIRE Barclays Bank Rietumu Banka Promsvyazbank PPF Banka Nigerian Local Bank Indonesian Local Transfer FasaPay
Number of Assets 61+
US Traders Allowed No
Mobile Trading Yes
Tablet Trading Yes
Overall Score 4.4

Screenshots

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Pros

  • Attractive prizes for completion Choices of Fixed or variable spread ECN account available Exceptional Customer support Fast and efficient trade executions Multiple choices of platforms No minimum deposit requirement Offer very tight spreads (starting from 0 pips)

Full Review

 

ForexTime Background and History

New brokers are nothing new to the market as they appear quite often, but every now and then comes a broker that presents something truly unique and offers a proven formula for achieving success. Such happens to be the case of ForexTime.com (FXTM), established by Andrey Dashin, who is also the man behind the renowned Alpari line of forex broker companies. Back in 1998, Dashin decided to focus on developing the European as well as the U.S. retail forex trading market. His latest venture, however, is designed to encompass almost everything else and apparently the formula he applies to all of his businesses is cooking up its magic once again, since in the short time that FXTM’s been on the market it has managed to acquire a number of prestigious awards. The company’s HQs are located in Cyprus and it went operational back in 2012.

It is among the fastest growing brokers in the whole industry, and in order to be able to accommodate the needs of its global client base, ForexTime moved into new HQs, a five-story FXTM Tower located in Limassol. Various independent reviews around the web give high marks for the company’s services. FT Global Ltd has managed to obtain a regulatory license from Belize’s International Financial Services Commission (IFSC), a non-EU regulatory institution. CySEC, the FCA and MiFID have also given their approval of the company. FXTM places a large share of focus on the various security and safety aspects of its business.

The product and service offered by the company is all encompassing. Traders are to find everything that they might be searching for and beyond. You have standard back-office dealing desk modules at your disposal as well as the more pro-oriented ECN/STP set up/. MT4 and MT5 platform protocols are responsible for support formats and you can also use a mobile trading app to conduct your operations. The customer support of the firm is top notch, and it also features various information feeds, charting tools, educational materials and free flowing commentary. There are also a number of contests and promotions. When evaluating FXTM it is hard to find any area lacking something.

ForexTime unfortunately does not accept U.S. and Canada traders.

Unique Features of Trading with ForexTime

The company was founded by Andrey Dashin in Cyprus back in 2012. Dashin is also responsible for founding the highly successful Alpari forex brokers group. The company’s management team is highly committed to providing the best of services possible and their thorough expertise is evidence enough for their efforts. The firm falls under the regulation of CySEC (license number 185/12) and is registered with the UK FCA (reference number 600475). Traders have the opportunity of choosing from three different dealing-desks and four ECN platforms with one of them being Islamic. Each of the platforms is driven by the use of MT4 and MT5 technology. There is a mobile trade app for those on the go. There is a free demo version for you to test the system first.

The minimum deposit goes as low as USD 1. Due to deep bank liquidity there are tight trading spreads and execution is one of the fastest on the market. Hedging, scalping strategies and EAs are permitted. You have a dealing desk at your disposal with three standard account classifications and there is also a full ECN/STP trading model for the purposes of pro accounts – the respective fixed and variable pricing options are in correspondence with the account choice. Leverage levels go as high 1,000:1. The customer service department is available 24/7 and can be reached via e-mail, Skype, live chat or phone. There are plenty of promotions and various contests for those eager to participate. The firm’s learning center supplies traders with streaming news feeds, webinars, commentary and free tutorials. The basis package features social trading components, charting tools, e-mail and mobile alert options, and streaming news feeds. Customer funds are subjected to a segregation process in Tier-1 banks at all times for the purposes of protection, and in compliance with the regulatory standards. U.S. and Canada traders are not accepted by the company.

Spreads And Leverage

Tight spreads come as the norm for variable as well as fixed pricing formats, whether a trader is using traditional or ECN/STP setups. Leverage levels can reach a maximum of 1,000:1.

Platform

FXTM’s software basis relies on the widely known Metatrader trading platform series – the MT4 as well as the MT5 varieties. The classification of accounts relates back to the two varieties, with traders having three categories for traditional as well as ECN/STP services. Every account comes with a free demo account option with an unlimited time period. There is also an ECN Islamic account. Traders on the go have the option of using a mobile version of the platform. All data is encrypted via the use of the latest SSL technology, thus managing to restrict hacker attacks.

Deposits And Withdrawals

ForexTme offers a wide series of options for making deposits and respectively withdrawals. The firm accepts credit and debit cards, as well as bank wire transfers but due to its global client base, there are also featured options for various local payment methods. Customers should keel ID data on file in order to make sure that their withdrawal request receives approval in the fastest manner possible.

Beginner Support

Beginners as well as pro traders are going to appreciate the educational academy of the company. There is a large number of webinars along with daily commentary, signals, streaming news, alerts and dedicated account managers that will give you further insight when contacted via e-mail, live chat or phone 24/7.

Conclusion

The number of companies that have managed to come into the brokerage market and achieve such success as ForexTime is actually quite small. The firm’s management team fully grasps the concept of pleasing a highly demanding global client base. All of the prestigious awards and positive testimonials are evidence of that. As the firm website states, ”We have always strived towards placing a great deal of focus on honesty, transparency and integrity in every line of business we conduct. Whether regarding trading terms, products or tools, our top goal is to supply our customers with a secure trading environment.”

Given the many positives of the company, you should definitely give ForexTime a try.

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