FXTM Cent Account Review

FXTM Cent Account Review

Forex, Gold & Silver

  • FCA & CySEC regulated ✔
  • EUR/USD spreads from 1.5
  • FX Trader Friendly grade: A
  • STP/ECN trading
  • $5 minimum deposit
  • No commissions charged
  • Islamic accounts available
  • MT4 provided
FXTM Cent Account: GBP, USD, EUR & Nigerian Naira accounts • FXTM

FXTM Cent Account Review

The FXTM Cent account has a very low minimum deposit of $5. The Cent account is one of FXTM's three Standard accounts offering Instant Execution, it is not an ECN account and does not allow scalping. It uses the MT4 platform, and also a web trader based on MT4. FXTM is authorised and regulated by the FCA in the United Kingdom, is regulated by the CySEC in Cyprus and the FSC in Mauritius and is licensed by the South African FSCA.

Awards

In 2016, FXTM won the Best Forex Brand In Nigeria in Global Brands Magazine, the Best FX Broker at the European CEO Awards, the Best Sell-Side Analysis Contributor at the FXStreet Awards and Top Customer Service Provider at The 9th Saudi Money Expo. FXTM also won a range of awards in previous years.

Account opening and minimum deposit

FXTM can open accounts for residents of many countries around the world but not for residents of the USA, Japan, British Columbia, Quebec, Saskatchewan and some other countries. Account currencies available are GBP, EUR, USD and NGN. NGN accounts are only available for clients in Nigeria.

Account opening is swift and takes the trader to a dashboard where the platforms can be accessed. The minimum deposit for the Cent account is $/€/£5 and ₦1000. As a Cent account, it is denominated in cents, pence or kobo. Margin call is 80% and stop-out is 50%. There is no maximum deposit.

The smallest trade size is micro lots (0.01) and the maximum trade size per trade is 1 standard lot (i.e 100 Standard Cent lots). One lot can still be a relatively large trade size and increasing leverage increases risk.

Demo account

FXTM provides a demo trading account for free which can be opened here: FXTM demo account.

Account services

FXTM provides signals from the dashboard, which can show conjectured outcomes for Forex pairs. FXTM also allows the trader to register with a Copy Trading provider and provides Trading Central. Trading Central provides a range of technical analysis. Both these services can be accessed from the account dashboard. FXTM also selects MT4 indicators and provides these for download. All these services are available for the Cent account.

FXTM provides webinars, seminars and an e-Book titled: 'The Road to Success: 50 Successful Traders’ Habits', by FXTM's Head of Education. FXTM also has a 'Show Me How' feature which provides videos showing clients how to use their account. All in all, FXTM does provide a range of account services accessible from the dashboard.

Islamic accounts

A swap free version of each account type is available, including the Cent account.

Platform

The Cent account provides MT4 and a web trader which is based on MT4. The web trader has bar, candlestick and line charts and time frames from one minute to one week and 30+ technical indicators. MT4 increases the number of technical indicators available and the range and number of markets.

Markets

There are 25 Forex pairs and Spot Silver and Gold available on MT4 for the Cent account. The web trader has 20 Forex pairs available.

Commissions

There are no commissions charged on the Cent account.

Spreads and leverage

Spreads are variable. The minimum spread is the highest minimum spread of all the account types offered by FXTM, that is 1.5 pips for EUR/USD under normal market conditions. As a minimum variable spread it can vary higher than this under normal market conditions.

Maximum leverage is at FXTM (FCA or CySEC regulated).

Funding

Deposit methods include credit/debit cards, China Union Pay, Rietumu Banka, Promsvyazbank, PPF Banka, WebMoney, Skrill, Neteller, Western Union Quick Pay, Payza, Alfa-Click and DotPay. FXTM does not charge a commission for deposits. FXTM does not charge a commission for withdrawals on the FXTM Virtual Mastercard, China Union Pay and Neteller. Fees/commissions are charged for other withdrawal methods.

Regulation

  • Forextime UK Limited is authorised and regulated by the Financial Conduct Authority with license number 777911.
  • ForexTime Limited is regulated by the Cyprus Securities and Exchange Commission with CIF license number 185/12 and is licensed by the Financial Services Board (FSB) of South Africa, with FSP No. 46614.
  • Exinity Limited (www.forextime.com) is regulated by the Financial Services Commission of the Republic of Mauritius with an Investment Dealer License with license number C113012295.

Summary and grade

This is an accessible account with a broker which offers a range of other accounts, including ECN accounts. It has a very low minimum deposit and offers a range of trading services. It has a relatively small range of markets but a competitive number of Forex pairs. However FXTM provides other markets, including Shares CFDs on its other accounts. As an accessible trading account with a range of features for traders it gets a Trader Friendly Grade of A.

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