|Regulated:||Regulated by the FCA|
|Min Trade Amount:||0.01 Lots|
|Bonus:||$2 Cashback per Lot Traded|
|Fees:||$4 to $20 per 10 standard lots traded|
|Free Demo Account:|
|Trading Platform:||MT4, MT4 Mobile, MT5|
|GTD Stop Loss:|
FOREXTIME is the forex brand of Trading Point Holdings Ltd. This company is located in Limassol, Cyprus. Forextime is regulated by CySEC under license number 185/12 and registered with the UK FCA under reference number 600475.
Special Offers and Bonuses
The following special offers and promos are available on FOREXTIME:
a) Commissions on trades made with ForexTime’s enhanced STP platforms have been reduced to $2 per standard lot. This promo lasts until the end of September 2014.
b) There is also a cashback bonus which pays back $2 per traded lot to the trader, for a total of 200% of the account deposit. This promo lasts until the end of September 2014.
c) Weekend rollover charges are no longer charged to traders.
FOREXTIME also has a number of trading contests where traders can trade on real accounts in order to win prizes. Many contests have been concluded, but the only active one at the moment is a forex demo trading contest known as the Forex Trading Cup. This is for a chance to win $3,000 which would be paid to a live trading account.
Other trading contests come up from time to time.
Types of Trading Accounts
Accounts on ForexTime are classified into STANDARD and ECN accounts.
- Standard Accounts
The following standard account types are available on FOREXTIME:
a) FXTM Standard Account: This is the flagship account type which uses the MT4 platform for trading and offers a market maker execution model for trades, with a minimum deposit of $1 and a minimum lot size of 0.01 lots. The leverage floats from between 1:25 to 1:1000. Hedging strategies and the use of EAs are allowed with this account type.
b) FXTM Fixed Spread Account: This is an MT4 account type which uses an STP execution model. The minimum deposit is $200, with minimum lot size set at 0.01 lots and maximum leverage set at 1:500, while the minimum leverage is 1:25. The trades attract a commission of $2 per standard lot traded.
c) FXTM Cent Account: The only difference between this account and the MT4 Standard account is that the trading amounts are in cents and not in dollars.
- ECN Accounts
The following ECN accounts are available on ForexTime
– FXTM Amanah Zero ECN Account: This is the account with trading features which are compatible with Islamic injunctions on investment. The minimum deposit is set at $200, with a minimum lot size of 0.01 lots and a maximum leverage of 1:500. The commission paid on this account type is a profit sharing commission which ranges from 2% to 7%.
– FXTM ECN: Commission here is from $4 to $20 per 10 standard lots traded. Leverage floats from 1:25 to 1:500.
– FXTM ECN MT5: Same as above, but traded on the MT5 platform. Commission is set at $2 per standard lot traded.
– FXCM ECN ZERO: This is the zero commission ECN account with a leverage which floats from 1:25 to 1:500.
On all account types, traders can also open swap-free versions. Traders can also participate in the PAMM account program, and all account types use the MT4 platform.
Trading Platform Features
At FOREXTIME, it’s an MT4 and MT5 galore for traders:
a) FOREXTIME MT4: This is the standard MT4 and MT5 platforms for the PC. This is for computers which run on Windows software.
b) FOREXTIME MT4 and MT5 for Android: These are the MT4 and MT5 platforms for Android phones and tablets. The platform for the phone is slightly different from that for the tablets.
c) FOREXTIME MT4 and MT5 for iPhone/iPad: These are the MT4 and MT5 platforms for iPads and iPhones.
d) FOREXTIME MT4/MT5 for Mac: This is the MT4 platform for Mac users.
Commissions and Spreads
Below is the table of spreads for the major, minor and exotic currency pairs on ForexTime:
|Ticker||Name||Min. Spreads (pips)|
|GBPUSD||Great Britain Pound/US Dollar||0.1|
|USDJPY||US Dollar/Japanese Yen||0.1|
|AUDUSD||Australian Dollar/US Dollar||0.1|
|NZDUSD||New Zealand Dollar/US Dollar||0.1|
|USDCAD||US Dollar/Canadian Dollar||0.1|
|USDCHF||US Dollar/Swiss Franc||0.1|
|AUDCAD||Australian Dollar/Canadian Dollar||0.1|
|CHFSGD||Swiss Franc/Singapore Dollar||0.5|
|AUDDKK||Australian Dollar/Danish Krone||26.9|
|AUDNZD||Australian Dollar/New Zealand Dollar||0.1|
|EURHKD||Euro/Hong Kong Dollar||3.2|
|USDMXN||US Dollar/Mexican Peso||0.1|
The charting packages are in-built to the MT4 trading platforms in use on FOREXTIME. Traders also have access to a Forex VPS hosting service.
Education and Demo Accounts
Traders can get access to a $100,000 free and unlimited demo account. Most of the educational content on ForexTime is limited to short tutorials on the website. However, there is a Forex Circles as well as a Trading Center portal. These cater to fundamental and technical analysis on the ForexTime website.
Here’s how to reach the customer service desk on ForexTime, 24/7:
- PHYSICAL ADDRESS: Kanika International Business Centre 4 Profiti Ilias, 4046, Germasogia, Limassol, Cyprus.
- Phone: +357 2555 8777
- Email: [email protected] or [email protected]
There is also a live chat service available in several languages for traders to get instant solutions to their issues
Deposit and Withdrawals
Deposits and withdrawals are available using the following methods:
– Credit cards: VISA, Maestro, MasterCard and China UnionPay.
– Electronic Payments: Neteller, Skrill, Payza, OKPAY, FasaPay (Indonesian traders only)
– Bank wires, made to the following banks: Barclays Bank, Rietumu Banka, Promsvyazbank, PPF Banka,
– Local Bank Transfers to the ForexTime offices in Nigeria and Indonesia only, for traders from those countries.
– Western Union Quick Pay
Deposit limits are set at according to the account type and the transaction method used. For instance, the deposit minimum for a standard account is $1, while the deposit minimum for those who use wire transfers is a lot higher. So traders who want to make such low deposits will have to use other methods such as credit cards or e-wallets. There are no maximum deposit limits.
Withdrawals are processed in 24 hours for e-wallets and credit card transactions. Bank wires may take up to 5 working days. Minimum withdrawal amounts are not specified but will have to factor in the fees which are charged for each method of transaction.
The thrill with FOREXTIME happens to be the PAMM account, which has been widely hailed as one of the best structured managed accounts services in the forex industry. The PAMM account service allows Strategy Providers and Investors to benefit in a symbiotic manner from this network.