FXTM Broker Nigeria
The majority of customer reviews about FXTM international forex broker confirm the leadership of the company, which is deservedly the #1 broker in the list of the best providers providing access to the international foreign exchange market to Nigerian traders.
The brand is regulated by some of the major league regulators – CySEC, FCA, and offers instant execution of market orders and no fees for deposits. For some account types, FXTM has slightly inflated spreads compared to competitors. In a detailed review, the advantages and features of the forex broker are reviewed to enable traders to decide whether the broker is worthy of attention or not.
Global forex broker has been on the foreign exchange market since 2011 and has offices in more than 10 countries. It offers good working conditions both for beginners and professional traders. The Company provides access to trade in more than 60 currency pairs of Forex, metals, indices, futures, and ETFs.
The possibility to participate in the social trading is opened for the newbies – the broker offers an access to more than 5000 traders, the signals of each of them can be copied. For professional investors, in addition to self-trading, offers FXTM Invest program for investing savings and transferring them into asset management.
The account currency may be one at choice: GBP, EUR or USD. For Nigerian traders the broker offers a unique opportunity – to open an account in naira.
ForexTime Nigeria – General Overview
Name: FXTM Nigeria (ForexTime).
Year founded: 2011.
Legal address: Allen Avenue, Ikeja, Lagos, Nigeria
Minimum deposit: 10,000 NGN ($50)
Maximum leverage: up to 1:2000 (depending on the asset and account type).
Regulation: FCA (UK), CySEC (Cyprus), FSCA (South Africa), CMA.
Trading Instruments: 62 Forex currency pairs, 100+CFD on stocks, commodity futures, indices and cryptocurrencies.
Trading platforms: MT4 and MT5 for all types of devices: PC, browser, smartphones or tablets.
Regulation of the broker
FXTM company is regulated by the most respected regulators in the Forex industry and is licensed by various commissions on several continents, which makes trading with the broker as safe as possible.
The company has received licenses from the following agencies:
- Cyprus Securities and Exchange Commission. FXTM has been under the supervision of CySEC (Cyprus Securities and Exchange Commission) since December 13th 2012 with license number 185/12.
- The International Financial Services Commission (IFSC), based in Belize, oversees the broker under licenses IFSC 60/345/TS IFSC60/245/APM.
- FCA or (British Financial Services Authority) controls the broker and under the license number 777911.
- The FSCA or financial regulator of South Africa also oversees the company.
- The CMA or Kenya’s regulator also monitors the broker’s financial work.
Many brokers are limited to one or two licenses, while FXTM is licensed on different continents by some of the most reputable commissions.
There is no negative feedback from active traders towards the broker, which positions the broker as a reliable company for traders in Nigeria.
One of the criteria for choosing a forex company for trading is the fees charged for access to the foreign exchange market. The broker has set the following transaction fees for trading accounts:
Spread. FXTM has a minimum spread of 1.5 pips for micro or Advantage Plus accounts. A separate type of account, one of the most popular with the broker, Advantage, due to the absence of the spread. Instead, there is a commission charged per lot, from $3 to $4.88, depending on the trading instrument.
Important. Spread on open positions is charged by the broker in parts: 50% of the commission will be withheld by the broker when a position is opened, and the remaining 50% will be deducted when the order is closed.
Account replenishment. The Company offers a wide choice of channels for depositing to the account, among which there is a possibility of depositing in cash through local Nigerian banks. This method of depositing money takes up to 1 business day, also without any fees – the client receives 100% of the deposited amount on his account. When using other methods of depositing to the account operations are carried out instantly.
Withdrawal of funds from the account. The broker offers plenty of ways to withdraw profit from your account, many of them commission-free – via local Nigerian banks, using Scrill, Neteller or TC Pay payment services, transactions are completed within 24 hours. The maximum fee is charged when using WebMoney – 2%, when withdrawing money to Visa MasterCarf Maestro card is withheld 2 EUR (3USD).
The final fees or commissions charged by a broker are quite loyal. Thus, other companies offer lower spreads, but take a commission for depositing money to the account (at many brokers it varies from 0,5% to 3% of the transaction amount). Withdrawal of profit is also performed at most brokers for a commission – from 1% to 5%.
Types of trading accounts FXTM
Forex broker simplified the trading account system and offers traders to work with one of three accounts to choose from.
As a responsible broker, FXTM necessarily offers all customers to trade on a free virtual account. Clients are offered one of the highest limits on the market for training – $100,000. There is no limit on the practice account duration (many brokers offer a 30 day trial period), the client can trade on the virtual account for as long as they need to sharpen their trading skills, strategies and get accustomed to the currency market.
Important. The demo account is designed for each type of account so that the client can practically compare all advantages of each account and choose which deposit is more interesting for him: with a commission-free spread or with a spread, but no commission.
FXTM Naira account
FXTM is one of the few international brands that offers trading to Nigerian traders in the country’s local currency, the Nigerian Naira. This allows you to fund your account in NGN, which gives an additional advantage when working with a broker – no conversion fees. Withdrawals are also available in Nigerian naira at local bank branches without any commissions.
There are 3 types of accounts available for trading. To open and operate the accounts is offered in several currencies at investor’s choice: Euro, US dollar, Pound Sterling or Nigerian Naira.
1_ Micro account (investments from 10,000 naira). Account for novice traders to learn how to properly manage the risks of the account while trading with real money. Minimum capital for work – from 10,000 naira or $50 (euro or pound). Clients can work with the main trading instruments available on the MT4 trading platform (the account is opened only on the MetaTrader 4 platform), therefore, CFD trading on stocks or commodities is not available (which is quite logical, because these derivatives have higher risks and require additional trading practice and are offered by the broker for trading on MT5). Spread on the account is calculated from 1.5 pips. Leverage on the main Forex trading instruments is up to 1:1000, for metal trading – up to 1:500. Instant execution of deals, Stop out is set to 40%, Margin call – to 60%. Maximum number of simultaneously opened positions – up to 300, pending orders – up to 100.
2) Advantage account (minimum capital starting from 80,000 naira). Account works on ECN system that guarantees execution of orders at the best price and output of transactions on interbank market directly to liquidity providers. The minimum deposit to start is 500 US dollars or the equivalent in naira. The account can be opened with MT4 or MT5 platform. The latter option will give access to trade besides the standard for all accounts Forex instruments, metals, indices and stocks, work with CFD on shares or commodities. Leverage up to 1:2000. No spreads, instead of which we charge a commission per lot – from $3 to $4.88. Stop out at 50%, Margin call at 80%. There are no requirements to the maximum number of open positions.
3) Advantage Plus account (investments from 80,000 naira and higher). Offers all the features of a micro account, the main differences are the higher minimum deposit requirement of $500 (or equivalent in another account currency), increased leverage up to 1:2000 and the ability to trade CDF, as the account can be opened on the MT5 platform, which is not available in the micro account.
Types of ECN FXTM Accounts
The company has now reduced the number of accounts available for trading and only offers 3 accounts instead of 6.
Advantage account type is similar to ECN accounts. The minimum capital for work is $500, spread is zero, but there is a commission per lot. Advantage accounts use market order execution.
Analysis of the trading conditions of the Forex broker shows that the company provides the best execution price for traders’ market orders. Slippage is excluded when opening transactions. This is achieved through the use of NDD technology, which guarantees customers a clean and transparent pricing policy of the provider.
How to open an account with FXTM
In order to test all trading opportunities and options offered by the largest forex broker, a client needs to create an account and choose an appropriate tariff plan in the personal cabinet.
To do this, follow these steps:
- On the official website of the company, select the menu section “Open an account”.
- Then the client is redirected to a special page to fill in a brief questionnaire (sections must be filled out: name and surname, trader’s country of residence, cell phone number, e-mail and password for the personal account).
- After giving the necessary information, the user has to confirm the e-mail address, for which the pin-code sent to the client is entered.
Personal account is created. Then you need to fill in the profile of the opened trading account – choose the type, the necessary leverage, create the account password and confirm it.
- The trading account is opened. In order to use the resources to their full extent, it is necessary to deposit the minimum required amount, depending on the created account.
The funds are credited to the account instantly, you should use such deposit channels as debit or credit cards, e-wallets Scrill, Vload, Neteller, WebMoney or PerfectMoney. Depositing cash via banks in Nigeria takes place within 1 working day. All deposit transactions are processed by the broker without any fees.
FXTM Trading Instruments
FXTM company has been in the Forex market for over 10 years and offers its clients competitive conditions, which is reflected in the number and range of trading instruments offered. Clients may choose from the following:
- Forex currency pairs. The broker offers the access to earn on the fluctuations of the currency pairs of the most liquid market in the world, the total number of instruments is 62. Available are the major currency pairs (19 positions), secondary in the amount of 22 assets, exotic (20 pairs) and currency pairs with the Russian ruble – EUR/RUBand USD/RUB, which leverage 1:100. One of the main advantages of working with currencies is the twenty-four-hour trading (without reference to the US or London trading sessions, like it works with stocks or indices), minimal spreads and lot size from 0,01.
- Metals. The company offers in addition to the standard gold or silver trading (gold/USD, silver/dollar), available at most brokers, work with such quotations as XAUGBP or XAUEUR (gold with GBP or EUR). Unlike currency pairs, the maximum leverage on swap metals is up to 1:500 and trading is not round-the-clock (the trading session has a break of 23:55-01:05).
- CFD on shares or indices. Trade popular U.S. (Apple, Bank of America or Citigroup), European or Hong Kong shares. More than 180 names in total.
- CFD on commodity futures. In addition to stocks, the broker offers trading in futures for three types of commodities – British or U.S. oil and natural gas.
- CFD on cryptocurrencies. The company provides an opportunity to get acquainted with the most popular cryptocurrencies: Bitcoin, Etherium, Lightcoin. The allowable leverage is limited to 1:100.
The list of instruments available to the investor is one of the most comprehensive and diverse. The client is offered to work with different assets to fully diversify the investment portfolio. For active trading, currency pairs with high volatility are offered and allow earning up to 100% to the deposit for a short period of time. For the long term, you can take a closer look at stocks of major American companies that have been showing stable profits for decades (the so-called dividend aristocrats or kings).
Depositing and withdrawing funds to FXTM
As one of the largest forex companies in the world, FXTM is constantly improving and upgrading its deposit and withdrawal channels. There are a variety of methods available to Nigerian traders to conduct financial transactions on their accounts.
Ways to make deposits
The following channels are available for depositing funds:
- Local bank transfers through financial institutions in Nigeria. The company supports transfers in naira through banks such as Diamond Bank, Guaranty Trust Bank, Keystone Bank, Zenith Bank or Standard Chartered Bank. The transaction is carried out within 24 hours and without transfer fees.
- With the use of Nigerian debit or credit cards the transaction is made instantly.
- Additionally account can be replenished by one of the following payment services: Neteller,WebMoney, Scrill, TC Pay or VLOAD (instant execution of transfers), you can also use cryptocurrency payment (the transaction is carried out within 24 hours).
Withdrawal methods from the account
Customers can withdraw money from their account using one of the following options (the transaction takes up to 24 hours to process), many channels are commission-free:
- Transfer through local banks in Nigeria. No fees.
- Credit or debit card Visa,MasterCard, Maestro. Fee 2 EUR/GBP or $3.
- Using one of the e-wallets: Scrill,Neteller, VLOAD or TC Pay (no fee),
- PerfectMoney (0,5%) WebMoney (2%).
- Bank wire transfer with a fee of 30 EUR.
Withdrawal transactions are processed from 6.00 to 20.00 GMT +2 (GMT +3 during summer time), Monday to Friday.
Important. Before ordering withdrawal the client must go through a verification procedure or identity verification. The client must provide an ID, the residential address must be confirmed by one of the documents chosen by the broker (bank card statement or utility bill). This is a mandatory requirement for financial companies that operate legally and within the law. KYC (Know Your Client) policy is mandatory for any licensed international broker.
FXTM forex broker bonuses in Nigeria
Any broker offers bonus promotions or affiliate programs to attract clients. Recommendations from existing clients is the easiest way to attract new traders in Nigeria. FXTM offers the following bonus programs:
- Cashback or refund of a portion of the money placed on deposit for active trading.
- Friend Bonus. The company pays $50 for each invited friend of an active trader, the same amount will be received by an invited client. To get the bonus, you need to trade at least 10 lots and deposit the minimum amount specified in the conditions of the account chosen by the client.
- The partner program allows you to become a partner of FXTM or the introducing broker. For the referred traders who opened and funded an account, a partner receives a commission, which is calculated on the turnover of the referred users. Up to $18 per traded lot.
FXTM Customer Service
FXTM is a reliable partner on the forex market offering comprehensive help, guidance and support to clients.
1)The company has a representative office in Nigeria and a local contact number. If necessary, traders can personally contact the broker by visiting the company’s office in Nigeria, located in Lagos and Abuja.
The company’s address is 5 Allen Avenue, 3rd floor, Lagos, Nigeria.
Contact phone numbers are +234 1 460 1586, +234 908 735 2313, +234 803 457 3593.
Email address: [email protected]
2)Real-time customer support. Employees are in touch with customers 24 hours a day, every day. They speak more than 15 languages and will help every customer. You can contact them in any way: by email, online chat on the company’s website or in the personal cabinet.
3) Free educational materials, reviews and webinars on Forex market. The company believes that the successful trader is an educated trader, so a lot of time is allocated for theoretical training. Any beginning trader can open a demo account and practice the acquired knowledge and skills on a virtual account. There are also additional channels of communication and communication in social networks – a channel in Telegram or YouTube, where users have access to reviews and analytics.
Is forex broker FXTM Nigeria recommended for traders?
In order to understand whether FXTM can be recommended for trading in Nigeria, it is worth summarizing the main features and benefits of the broker.
FXTM is an international level broker, a global company providing forex trading services to clients from more than 150 countries. The brand is recognized in international financial markets, as it is annually recognized and awarded by the most respected rating agencies of the Forex market. Thus, for several years the broker for several years is recognized as the best in Nigeria, the best educational Forex project or the best ECN broker.
FXTM offers a wide range of deposit and withdrawal options for Nigerian traders, with most channels conducting transactions for free.
In addition, the broker offers different types of accounts: with or without a spread. The higher advance on standard accounts in comparison with the main broker-competitors, is compensated by the availability of the account with the zero spread. On the other hand, Advantage accounts are offered by the broker as analogues to ECN accounts, which always imply a closed lot commission (depending on the broker’s pricing policy, the commission varies from $5 to $50 per lot).
If a client is looking for a standard account with minimal spreads, it may be worth considering other major forex providers. Although it is possible that the lower spreads will be compensated by paid deposit or withdrawal channels. FXTM is also interesting because the broker has no commission on most methods, not only deposits, but also withdrawals.
Frequently Asked Questions about FXTM
Is FXTM Broker Legal (legit)?
Yes, the company is supervised by 3 top level regulators (CySEC, FSCA and FCA), this confirms the transparency and reliability of its financial operations.
Does FXTM have an S&P 500?
Yes. The Forex broker offers CFD trading on the S&P 500, the most popular and well-known U.S. equity market index. In addition, traders can work with more than 100 well-known and reliable stocks and indices of the largest stock markets in the world.
What is the minimum deposit at the broker?
An initial deposit of 10,000 naira (or $50) is sufficient.
How do I deposit and withdraw money? Is there a fee?
FXTM offers Nigerian traders the convenience of depositing and withdrawing money through local banks in Nigeria. Transactions are processed within 24 hours and no fees are charged.