Your trading journey starts with your trading account.
ForexTime is a forex and CFD trading broker. They give traders access to a wide variety of instruments in several markets like currencies, commodities and etfs.
FXTM offers a very simple account opening process with access to six different account types under two categories called Standard and ECN. The broker also provides access to a demo trading account.
FXTM Account Types
FXTM offers Standard Accounts and ECN Accounts, both of which have variants. Both FXTM account types are offered on MT4 and MT5 trading platform.
- Base Currency: You can open your account in currencies: USD/GBP/EUR. For South African traders, we recommend to choose USD as the base currency. But if you deposit via payment method in ZAR, then the amount deposited in ZAR will be converted into your account base currency like USD, and there may be some currency conversion charges. The minimum deposit is $/€/£50 for Micro accounts, $/€/£500 for Advantage account.
- Instant Order Execution with Micro Account: FXTM offers Instant order execution with the Micro Account. With Advantage & Advantage plus accounts, they have Market Execution.
- No Negative Balance Protection: FXTM doesn’t offer negative balance protection, according to their statement, but they are said to normally correct negative balances, but this is at their discretion as they evaluate the requests case by case. We did not test this.
FXTM ZAR Account
FXTM South Africa does not have ZAR account currently. They only offer USD, EUR & GBP account currency options.
If you are looking to open a Trading Account in ZAR currency then you can choose from this list of ZAR Account forex brokers which includes regulated brokers like Hotforex.
FXTM Standard Accounts
There are 3 types of standard accounts that FXTM offers – Standard, Cent and Shares Accounts.
1) Micro Account ($50 deposit): The minimum deposit for a Micro Account is $/€/£ 50, a maximum leverage of 1:1000, access to all forex trading instruments. You can trade in micro lots, a maximum Lot size of 30 per trade upto a maximum number of 100 orders. The margin call level is 40% and stop out is 20%.
2) Advantage Account ($500 deposit): The minimum deposit for Advantage account is $/€/£ 500, a maximum fixed leverage of 1:2000 for FX. This is an ECN type account with Raw spread starting from 0 pips, and there is a volume based commission.
3) Advantage plus Account: The minimum deposit for this account is $/€/£ 500. This is similar to the Micro Account, but the advantages are lower spread than Micro account & higher number of intruments.
FXTM ECN Accounts (recommended)
ECN, stands for Electronic Communications Network, where the broker gives direct you access to the live forex markets. Hence, with ECN trading there is no middle man.
Note: FXTM does not offer multiple ECN Accounts now as of June, 2021. They only have Advantage trading account, which is an ECN type account with 0 pips Raw spread plus commission.
Here are the 3 ECN account types offered at FXTM:
1) ECN MT5 Account (recommended & has $500 deposit): The minimum deposit for a ECN Account is $/€/£ 500, a maximum leverage of 1:1000, the average EUR/USD spread is 0.4 pips with access to almost all trading instruments.
With this account You can trade in standard lots, a maximum Lot size of 100 per trade for unlimited number of orders. The margin call level is 80% and stop out is 50%.
2) ECN Zero Account: The minimum deposit for a ECN Zero Account is $/€/£ 200, with the same leverage, but the spread is much higher than ECN MT5 account.
3) FXTM Pro Account: The minimum deposit for a ECN Account is $/€/£ 25000, a maximum leverage of 1:200. But the average spread is lowest with this account.
Overall, we recommend you to choose FXTM’s MT5 ECN account as the spread is the lowest with this account & the deposit requirements of $500 are also not very high.