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FXTM : Forex Broker Reviews 2023

At Chump Profit as experienced forex traders and platform reviewers, we understand the significance of selecting a trustworthy forex broker for a seamless trading experience. With years of experience in the industry, we have developed a comprehensive methodology to evaluate broker reliability, ensuring traders make well-informed decisions.

In this review, we will apply our method to assess FXTM Brokers and their trustworthiness.

1. Regulatory Compliance:

Regulatory compliance is the cornerstone of a reputable broker. FXTM's global presence across Europe, Africa, Asia, and Latin America indicates its commitment to adhering to various regional regulatory bodies. To ensure clients' protection, FXTM is regulated by respected financial authorities in each of these regions, providing a secure trading environment.

2. Track Record and Reputation:

Evaluating a broker's track record and reputation is crucial in assessing their trustworthiness.

Trustpilot score was not good, logo of FXTM, reviews 769, score 2.3 out of 5, poor score from Trustpilot.
Trustpilot score was not good

Analysing client reviews, testimonials, and feedback from other traders is an essential aspect of this evaluation. Our findings.

- FXTM has garnered mixed reviews, indicating satisfactory experiences with the broker's services in general.

- However, there are concerns raised by some clients regarding:

- Customer support: Some clients have reported unresponsiveness or delays in addressing queries.

- Withdrawal processing delays: There have been reports of delays in the processing of withdrawal requests.

- High spreads on certain account types: Some clients have experienced high spreads, impacting trading costs.

3. Security of Funds:

Client fund security is of utmost importance in the forex trading industry. As we delved into how FXTM handles client funds, we conclude they are segregated and are held in reputable financial institutions. While there are no specific reports of funds mishandling, complaints about delayed withdrawals raise a red flag and warrant careful consideration.

4. Trading Platform and Technology:

A robust and user-friendly trading platform is vital for a trader's success. While FXTM offers leveraged trading on various instruments, its limitation to MT4 can be a drawback. This puts it behind other brokers, especially considering that MT4 has restrictions on downloading from Apple devices. Traders, especially those using Apple devices, may find this limitation to be a drawback. Assessing the platform's stability, functionality, and availability of analytical tools can help determine its suitability for traders of all levels.

5. Customer Support:

Prompt and efficient customer support is of utmost importance for traders, especially when they encounter issues or require assistance. However, there have been concerns raised about FXTM's customer support being unresponsive, which is indeed worrisome. Regrettably, we can attest to experiencing this issue ourselves.

Exceptional customer support plays a crucial role in ensuring timely resolution of queries and concerns, thereby significantly enhancing the overall trading experience.

6. Transparent Fee Structure:

Transparent and competitive fee structures are indicative of a trustworthy broker. FXTM claims to offer competitive pricing, but some negative reviews mention hidden fees and high spreads on specific account types. Clarity and fairness in fee structures are essential for building trust with clients.

7. Speed and Reliability of Withdrawals:

Timely withdrawals are paramount for traders. Negative reviews pointing to delays and difficulties with withdrawals raise concerns. FXTM must prioritise streamlining its withdrawal process to instil confidence in its clients.

8. Educational Resources:

Educational resources, such as webinars and market analysis, play a crucial role in enhancing traders' knowledge and skills. However, FXTM seems to be falling behind its competitors in this aspect. While they claim to offer such resources, their current offerings may not be as comprehensive as those of other brokers.

A broker's commitment to empowering traders with robust educational materials reflects positively on their reliability and dedication to their clients' success. Enhancing their educational resources could significantly improve FXTM's appeal to traders looking for valuable learning opportunities.

9. Risk Management Features:

The provision of risk management tools, such as stop-loss and take-profit orders, is essential for responsible trading. While there are no specific mentions of these features on FXTM, it is a critical aspect that ensures clients can mitigate potential losses.

10. Transparent Terms and Conditions:

A transparent and well-defined terms and conditions policy is essential for clients to fully understand their rights and responsibilities when using a broker's services. While FXTM does mention their terms and conditions on the platform under commissions, it lacks comprehensive details. Clients should independently seek clarity on this aspect to ensure they are fully informed before engaging with the broker's services. Improving the transparency and accessibility of their terms and conditions can enhance FXTM's credibility and build trust with their clients.

Forex Broker Reviews:

Our assessment of FXTM Brokers based on hundreds of reviews and from our own trading experiences reveals a mixed reputation among traders.

While positive reviews commend the company's services, negative feedback raises concerns about customer support, withdrawal delays, and high spreads on certain accounts.

As traders and reviewers, we emphasise the importance of conducting thorough research and considering individual trading preferences and risk tolerance before choosing a forex broker. Traders should approach FXTM and any other broker with caution, relying on comprehensive evaluations and due diligence to ensure a reliable and trustworthy trading experience.

"Our methodology for reviewing brokers and apps is straightforward: we are traders, and we personally use and test each platform we write about".

Kyriacos Kyriacou, experienced trader, broker, and educator in forex. He has a B.A. in Economics from Liverpool University and an M.S. in Marketing from Surrey University

Trading and investing carry financial risks and could lead to partial or complete loss of funds. Invest only what you can afford to lose and seek advice from an independent financial advisor if you have doubts about your investment choices.


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