FXTM (ForexTime) South Africa Review 2024

Forextime (FXTM) is one of the world’s fastest-growing and reputable Forex brokers in the Forex industry. Ever since its establishment in 2011, FXTM has served more than 2 million clients from 150+ countries by providing superior trading conditions, advanced education, state-of-the-art trading tools, as well as trading services in 18 different languages.

FXTM South Africa has won more than 25 industry awards, including the Best Trading Experience 2021 from World Finance and the Best ECN Broker from daytrading.com. This company is also regulated by the FSC of the Republic of Mauritius, CySEC, FSCA of South Africa, and FCA of the UK.

At FXTM South Africa, traders can trade various trading instruments, including currency pairs, CFDs, precious metals, commodities, cryptocurrency CFDs, stocks, and indices.

Three different types of accounts are available at FXTM South Africa, namely Micro, Advantage, and Advantage Plus. These trading accounts can be easily accessed via the MetaTrader 4, MetaTrader 5, WebTrader, and FXTM Trading app. The lowest minimum deposit is 10 USD/EUR/GBP, and traders can enjoy tight spreads as low as 0 pip, fixed leverage up to 1:1000, and floating leverage up to 1:2000 with low to no commission. FXTM South Africa also allows Scalping and hedging.

FXTM South Africa offers various deposit and withdrawal methods, including credit cards (Visa, MasterCard, and Maestro), e-wallets (Skrill, Neteller, WebMoney, FasaPay, etc.), international bank transfer, local bank transfer, and other available local South African payments. All deposit-related charges will be 100% reimbursed.

Moreover, traders can use various resources and tools available on FXTM South Africa's website to improve their trading skills and knowledge. In addition to step-by-step tutorials, articles, online webinars, seminars, trading courses, podcasts, guides, eBooks, glossaries, and videos, traders will have access to important tools, such as in-depth daily market analysis, account manager, trading signals, economic calendar, various calculators, VPS trading, and EAs.

If the clients have any questions or encounter any problems, they can easily use FXTM multilingual and professional customer service, which is available 24/5 via email, phone, and live chat.

Account types offered by FXTM South Africa

Traders must choose the most suitable account type based on their trading needs. FXTM South Africa offers three account types, namely Micro, Advantage, and Advantage Plus.

Micro

Minimum Deposit: 10 USD/EUR/GBP
Leverage: 1:1000
Minimum trade size: 0.01
Spread Type: Floating from 1.5 pip
Commission: No
Account Currency: USD, EUR, GBP

👉 Open Micro Account

Advantage

Minimum Deposit: 500 USD/EUR/GBP
Leverage: 1:2000
Minimum trade size: 0.01
Spread Type: Floating from 0 pip
Commission: From 0.4 USD-2 USD
Account Currency: USD, EUR, GBP

👉 Open Advantage Account

Advantage Plus

Minimum Deposit: 500 USD/EUR/GBP
Leverage: 1:2000
Minimum trade size: 0.01
Spread Type: Floating from 1.5 pip
Commission: No
Account Currency: USD, EUR, GBP

👉 Open Advantage Plus Account

👌 1. Micro Account

This account is most suitable for traders who prefer smaller trade sizes. To use the Micro account, a minimum deposit of 10 USD/EUR/GBP is required. Traders can enjoy a minimum spread of 1.5 pips, high fixed leverage (Forex 1:1000, metal 1:500), a minimum volume of 0.01 lots per trade, maximum orders of 300, and maximum pending orders of 100. The Micro account is only available on MT4 with instant execution.

👌 2. Advantage Account

This is the most popular account type at FXTM South Africa since it offers the tightest spreads with market execution. To make use of the zero spread and maximum floating leverage of 1:2000 on MT4 and MT5 trading platforms, traders should deposit at least 500 USD/EUR/GBP. The minimum volume is 0.01 lots per trade, the maximum number of orders is unlimited, and the maximum pending orders is 300. There is a commission of 0.40 - 2 USD based on the trading volume. Both scalping and hedging are allowed.

👌 3. Advantage Plus Account

The trading conditions in this account are similar to those of the Advantage account, with the exception of no commission and wider spreads starting from 1.5 pips. By making a minimum deposit of 500 USD/EUR/GBP, traders can immediately trade a minimum volume of 0.01 lots with market execution and maximum floating leverage of 1:2000 on MT4 and MT5 platforms. The maximum number of orders and pending orders are unlimited and 300, respectively.

How to deposit and withdraw funds at FXTM South Africa

FXTM South Africa is one of the brokers that offer the widest payment methods, including bank cards, e-wallets, wire transfers, and various local payments. FXTM South Africa will reimburse 100% of all deposit charges.

Deposit and withdrawal via credit cards (Visa, Mastercard, and Maestro) are available in EUR, USD, and GBP. The minimum deposit amount is 5 EUR/USD/GBP and the fund is processed instantly. There is no commission for a deposit, but there is a 2 EUR/3 USD/2 GBP fee for a withdrawal. The withdrawal is processed within 24 hours. Bear in mind that the card processor may charge an additional fee.
There are many e-wallet options offered, the most popular ones are as follows:

🔸 Skrill (EUR, USD, GBP, PLN, CZK) à deposit: no commission, instant; withdrawal: no commission, within 1 business day
🔸 VLOAD (USD, EUR) à deposit: no commission, instant, minimum 50 USD/EUR; withdrawal: no commission, within 24 hours
🔸 TC Pay Wallet (USD, EUR, AED) à deposit: no commission, instant; withdrawal: no commission, withdrawal: within 24 hours
🔸 Neteller (EUR, INR, USD, GBP, PLN, NGN) à deposit: no commission, instant, minimum 5 EUR/USD or its equivalent; withdrawal: no commission, within 24 hours
🔸 WebMoney (USD, EUR, RUR) à deposit: no commission, instant; withdrawal: 2% commission, within 24 hours
🔸 PerfectMoney (USD, EUR) à deposit: no commission, instant; withdrawal: 0.5% commission, within 24 hours

Deposits and withdrawals via bank wire transfer can be done in EUR, USD, and GBP with no commission. The deposit process will take around 3-5 business days, while the withdrawal process around 24 hours with a 30 EUR fee.

South African traders can also deposit and withdraw funds via local bank transfer and other available South African solutions in Zar. Both deposits and withdrawals will be processed within 24 hours with no commission.

Is FXTM South Africa reliable and safe?

As a global brand, FXTM South Africa has maintained a reputable presence in the FX industry ever since its establishment in 2011. This broker is committed to creating a safe and secure trading environment for its clients.

FXTM South Africa is regulated by several authorities in various jurisdictions as follows:

👉 Cyprus Securities and Exchange Commission – under the name of ForexTime Ltd.
👉 Financial Sector Conduct Authority (FSCA) of South Africa – under the name of ForexTime Ltd.
👉 Financial Conduct Authority of the UK – under the name of Exinity UK Limited
👉 Financial Services Commission of the Republic of Mauritius – under the name of Exinity Limited

Therefore, FXTM South Africa must follow and apply the strict international standards of client protection, including segregated client funds, SSL (Secure Sockets Layer) network security protocol, and anti-money laundering protocols.

Furthermore, since FXTM South Africa is a member of The Financial Commission, its clients do not need to worry about unsolved disputes if the company is unable to fulfill its obligations in the future. The Compensation Fund will cover up to €20,000 per case based on the judgments of the Financial Commission.

Types of spreads in FXTM South Africa

FXTM South Africa offers tight spreads for different trading accounts.

Both Micro and Advantage Plus accounts offer spreads as low as 1.5 pips with no commission. On the other hand, the Advantage account offers tighter spreads starting from 0 pip, but with a 0.4 - 2 USD commission, depending on the trading volume.

Trading platforms offered by FXTM South Africa

To provide the best trading experiences for the clients, FXTM South Africa offers MetaTrader 4, MetaTrader 5, and WebTrader platforms, as well as the FXTM Trader app via PC, Mac, mobile, and tablet.

The MetaTrader 4 is available for Forex, commodities, CFDs, and indices. Some features of this platform include more than 30 technical indicators, 31 graphical objects, 9 different timeframes, 3 order execution types, 4 pending order types, as well as easy-to-read and interactive charts. MetaTrader 4 can be accessed via WebTrader.

As the newest and most advanced online trading platform, MetaTrader 5 is available for most instruments in 30+ languages. Traders can make use of more than 38 technical indicators, 44 analytical objects, 21 different timeframes, 4 order execution types, 6 pending order types, and an unlimited number of charts on this platform. Other important features include an integrated economic calendar and an email system, a multi-threaded strategy tester, as well as functionalities such as fundamental and technical tools for analysis. Copytrading and automated trading are also available. MetaTrader 5 can be accessed via WebTrader.

Another popular trading platform that traders can use is the FXTM Trader app on iOS and Android. Traders can access 250+ Forex and CFD instruments for both Live and Demo accounts on this platform. They can enjoy one-click trading, state-of-the-art charting tools, and live currency rates 24/5 using this application.

FXTM (ForexTime) South Africa Review 2024

Account types offered by FXTM South Africa

How to deposit and withdraw funds at FXTM South Africa

Is FXTM South Africa reliable and safe?

Types of spreads in FXTM South Africa

Trading platforms offered by FXTM South Africa

Key advantages of trading with FXTM South Africa