ForexTime is a well-regarded forex and binary options broker that offers a range of trading options, including forex, stocks, and cryptocurrencies.
If you see an offer from ForexTime that does not reflect the stated discount, or a couponcode does not work, please let us know and we will correct it as soon as possible.
Discount | Description | Expiry Date |
---|---|---|
$300 | $300 forex trading bonus - Black Friday
| 2024-12-11 |
$ 10,000 | Bonus ForexTime loyalty program fxtm - Black Friday
| 2024-11-29 |
$50 | Refer a friend and earn $50 - Black Friday
| 2024-11-30 |
The total fees charged by any brokerage should always be one of the very top considerations of someone looking for the most suitable Forex / CFD broker. It ranks right up there with security / safety of funds deposited. Each cost should be examined rigorously. It can be helpful to divide all fees and costs into two categories: trading fees, such as spreads, commissions, and overnight financing; and miscellaneous fees, such as periodic charges for account inactivity, or fees or commissions charged by the brokerage itself against account deposits or withdrawals. The trading fee element is the much more important side, so it makes sense to begin a fee analysis here.
Looking at trading fees first, we will start with spreads and commissions, which are worth taking together as a comprehensive 'round trip' cost of opening and closing one trade. As FXTM offer a few different account types which charge slightly different fees, we will judge the trading fees of its most common account type, the Standard Account.
The average round trip cost of trading the benchmark EUR/USD Forex currency pair is 2 pips with the company's Standard Account. This is slightly on the high side for the industry. The Cent Account, FXTM's account with the lowest minimum deposit (only $10) averages slightly higher at 2.2 pips. However, this falls to only 0.8 pips with one of the ECN-style accounts, which represents a very competitive rate considering the minimum deposit is only $500 for this account type.
The average round trip fees and costs for other CFD instruments offered such as commodities, individual stocks and equity indices are average for the industry.
Finally, FXTM's offering of real share trading through its accounts based outside the European Union is not only a relatively unique service, its trading costs in this area are competitive and slightly lower than its direct competitors.
These levels of spreads and commissions are broadly competitive on the ECN side, especially for clients with relatively low deposit amounts. The minimum deposit required to open a 'true' ECN account is only $500, so for traders depositing anything close to this sum, these fees are competitive. However, traders with considerably larger sums to deposit such as a few thousand dollars would find the trading fees average, but nothing special, at least for trading Forex and CFD products.
An often-overlooked element of the trading fee structure is overnight financing, which is typically a net charge applied to any trade open at 5 p.m. New York time. These fees are, at least hypothetically, calculated from intrabank tom/next intrabank fees, but retail brokerages usually give considerably less favorable rates. This can make swing or position trading expensive, particularly when a trader wants to be long of a currency with a relatively high interest rate and short of another currency with a relatively low (or even negative) interest rate. FXTM are totally transparent regarding their overnight financing rates, which is a sign of trustworthiness: frequently, brokers don't publicize their existing rates, but they can always be found within the relevant trading platforms if you know where to look for them.
FXTM makes no claims about how their overnight financing / swap rates are derived. Many brokers claim they are based upon interbank tom/next rates, yet the rates offered always seem to be considerably less favorable to the client than the prevailing tom/next rates. Therefore, we are inclined to applaud FXTM for not making any such claims. A comparison of FXTM's rates to the industry average at the time this FXTM review was written shows that FXTM's rates are very competitive and slightly better than the average. Now here's something truly unique about FXTM and their overnight financing / swap rates: some of their account types charge no swaps at all! The Cent Account and the Shares Account are completely swap-free, while swap is not paid in any other account that uses the MetaTrader 4 platform. While many brokers offer a swap-free Islamic Account option, it is usually offered only to Muslims, so this global swap-free option is both very rare and very appreciated. Overall, this means that FXTM is likely to be a good choice for traders planning to keep positions open longer than one or two days at a time.
Another factor which makes us believe that FXTM has a commendable sensitivity towards the problem of traders being 'bled' quietly by certain retail Forex CFD brokerages charging relatively high overnight financing rates, is that in 2013, they ran a limited period promotion where overnight financing would only be charged or paid over weekends, and not on weekday rollovers. This is impressive, and we never heard of another brokerage offering a similar promotion of this type.
Finally, we conclude the topic of fees by checking whether clients are charged any incidental fees by FXTM, regardless of whether a trade is made.
FXTM imposes a dormant account / account inactivity fee of $5 per month but an account must have initiated no trading activity for a period of at least six months before this fee will be imposed. This is good by the standards of the industry. FXTM also charges additional withdrawal fees against withdrawals made by credit cards or bank wire transfer. The exact charge depends upon the country of residence of the client making the withdrawal but is typically approximately $2 for a withdrawal by credit card and approximately €20 for a wire transfer. These fees are justifiable, but many retail Forex / CFD brokerages do not charge them, so it is not a competitive practice.
Get exclusive coupons with our newsletter
By subscribing to our newsletter you will be informed of the latest coupons and discounts. There are many advantages, subscribe now!
Each month, many shoppers rely on our website to find the best coupons for hundreds of online stores. With a commitment to transparency and trust, we've been helping smart shoppers save for years.
Our team of experienced shopping experts, supported by advanced AI technology, adds hundreds of new codes every day. We ensure authentic savings by verifying each coupon and avoiding misleading "deals" as much as possible.
Every page is kept up-to-date with the latest offers, continuously improved by daily checks and shopper feedback. Learn more about us.
*Risk alert: Trading and other derivatives is highly speculative and represents a high level of risk. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Get independent advice, if necessary.
FXTM has been in operation as a dedicated Forex / CFD brokerage house since 2011, giving it a reasonably long track record. Applying the 'lindy effect' rule, the longer time a broker has successfully been in business, the better the reputation that broker can be assumed to have. This means that FXTM has a meaningful track record and an established reputation of safety as a brand which it needs and wants to protect, to ensure it remains in good standing in such advanced and highly regulated financial services centers such as the U.K.
FXTM's story of steady expansion adds to their level of credibility. After its initial establishment in Cyprus in 2011, FXTM grew and acquired its South African license in 2016, and its U.K. license in 2018. FXTM's client base globally has grown quite steadily.
As with all Forex / CFD brokerages regulated in member states of the European Union like Cyprus or the United Kingdom, clients of FXTM operating through FXTM in the U.K. or Cyprus are automatically granted negative balance protection, but this is NOT offered to all clients globally. This means that it is impossible for any client not using the Mauritius branch to lose more than the amount they have deposited with FXTM. The 'tail risk' of an unusual, extreme market movement, which can be exponentially raised by excessive leverage, is borne fully and voluntarily by FXTM in other cases.
Discount Codes | 7 |
Best ForexTime Coupon | $300 |
Working Promo Codes | 0 |
Redeemed Codes | 6 |