To open an account with FXTM, follow these steps:
- Visit the FXTM Website: Go to the FXTM homepage and click on the “Open Account” button prominently displayed at the top of the page.
- Fill Out the Registration Form: You’ll need to provide personal information, including your name, email, phone number, and country of residence. Select your preferred trading platform (MT4 or MT5) and account type during this step.
- Verify Your Identity: FXTM requires all users to complete the KYC (Know Your Customer) process. You’ll need to upload documents such as a government-issued ID (passport, driver’s license) and a proof of address (like a utility bill or bank statement). This step is crucial for account activation and must be completed before you can start trading.
- Fund Your Account: After verification, you can make your initial deposit. The minimum deposit varies depending on the account type you choose, ranging from $10 to $500. FXTM offers various funding methods, including credit/debit cards, e-wallets, and bank transfers.
- Start Trading: Once your deposit is confirmed, your account is ready. You can now begin trading on the FXTM platform using either the MT4 or MT5 trading terminals, depending on your earlier selection.
Different Types of Accounts on FXTM
FXTM offers several account types, each catering to different trading needs and experience levels. Here’s a breakdown of the available account types:
- Micro Account:
- Minimum Deposit: $10
- Spreads: From 1.5 pips
- Leverage: Fixed, up to 1:1000
- Commission: None
- Best For: Beginner traders or those looking to start with a small investment.
- Advantage Account:
- Minimum Deposit: $500
- Spreads: From 0.0 pips
- Leverage: Floating, up to 1:2000 (varies by region)
- Commission: Volume-based commission
- Best For: Experienced traders looking for tight spreads and low trading costs.
- Advantage Plus Account:
- Minimum Deposit: $500
- Spreads: From 1.5 pips
- Leverage: Floating, up to 1:2000 (varies by region)
- Commission: None
- Best For: Traders who prefer commission-free trading but still want access to competitive spreads.
- Islamic Account:
- Available as an option on all account types.
- Features: Swap-free, complying with Sharia law.
- Best For: Traders requiring a Sharia-compliant trading environment.
Minimum Deposit on FXTM
The minimum deposit required to open an account with FXTM varies depending on the account type you choose:
- Micro Account: The minimum deposit is $10, making it accessible for beginners or those wanting to trade with a small amount of capital.
- Advantage Account: The minimum deposit is $500. This account offers lower spreads and a volume-based commission structure, suitable for more experienced traders.
- Advantage Plus Account: The minimum deposit is also $500, but this account is commission-free, with slightly higher spreads compared to the Advantage account.
Countries That Can and Cannot Open an Account on FXTM
FXTM is available in many countries around the world, but there are some regions where the platform is restricted or unavailable due to local regulations. Here’s a breakdown:
Countries Where FXTM Accounts Can Be Opened:
- Global Presence: FXTM operates in numerous countries across Africa, Asia, Europe, and the Middle East. Some of the major countries where FXTM is available include Nigeria, South Africa, India, the United Kingdom, Germany, and the United Arab Emirates.
- Regulated Regions: FXTM is fully regulated by various authorities, including the UK’s FCA, Cyprus’s CySEC, and the Financial Sector Conduct Authority (FSCA) in South Africa, which means it operates legally in these regions.
Countries Where FXTM Accounts Cannot Be Opened:
- United States: Due to strict regulations by the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA), FXTM does not accept clients from the U.S.
- Canada: Similar to the U.S., Canada’s regulatory environment restricts FXTM from operating within its borders.
- Other Restricted Regions: FXTM is also not available in jurisdictions where local laws prohibit foreign financial service providers from offering their services, including some countries in the Middle East and parts of Asia.