In recent years, foreign exchange trading has gained significant popularity in Nigeria, with more and more people looking to invest in the global currency market. As a result, numerous Forex brokers have emerged in the country, providing individuals with an array of trading options and features.
One such broker is FXTM Nigeria, a subsidiary of the global forex broker, FXTM. In this article, we will review FXTM Nigeria and explore the various features and services that it offers to its clients.
From trading platforms to account types and customer support, we will cover everything you need to know about this broker to help you make an informed decision about whether it is the right choice for you.
Contents:
About FXTM Nigeria
FXTM Nigeria is the Nigerian subsidiary of FXTM (Forex Time), a multi-regulated forex and CFD broker with a strong reputation in the industry.
One of the standout features of FXTM Nigeria is its focus on the Nigerian market. The broker provides local support and customer service in Nigeria, with local phone numbers and a Nigerian website. This can be a significant advantage for Nigerian traders, as it makes it easier to access customer support and resolve issues quickly.
Company Address: Lagos, 3rd Floor, 5, Allen Avenue, Ikeja, Lagos, Nigeria
Phone: +234 803 4573 593 , +234 803 153 4373
Email: nigeria[at]fxtm.com
FXTM Nigeria Pros and Cons
Pros
- Wide range of trading accounts
- Large number of training materials
- Great educational tools
- Ability to use automated programs in trading
- Ultra-low spreads from 0.0 pips
- Huge choice of trading instruments
- Professional support
- Digital and fast account opening
- No deposit fee
Cons
- Only copy trading is available for investment
- Inactivity and withdrawal fees apply
- Not accepting clients from the United States
FXTM Regulations
FXTM is a well-regulated forex broker, providing a secure trading environment for its clients. The company is regulated by various regulatory bodies across the world, ensuring that it operates within the law and follows the necessary guidelines.
FXTM is regulated by :
- Cyprus Securities Exchange Commission (CySEC) under license number 185/12
- International Financial Services Commission (IFSC) in Belize with license numbers IFSC/60/345/TS and IFSC/60/345/APM
- Financial Conduct Authority (FCA) in the UK with license number 777911
- FSCA in South Africa under the name FOREXTIME LTD with FSP number 46614.
- The parent company of FXTM, Exinity Group, has also been approved as a non-dealing forex broker by the CMA in Kenya.
FXTM Account Types
FXTM provides traders with various types of accounts, including a free demo account and three live trading accounts, each tailored to different levels of experience and trading expertise.
One of the unique features of FXTM is its acceptance of the Naira currency for transactions, enabling Nigerian traders to deposit and withdraw funds in Naira directly to and from their local bank accounts.
This convenient option allows for a hassle-free trading experience for Nigerian traders.
FXTM Micro Account
FXTM’s Micro Account is suitable for both novice and advanced traders, providing live market access for testing trading strategies. As everything is in cents, the Micro Account minimizes the potential for loss, making it an excellent option for those who are new to trading or looking to refine their approach.
| Minimum Deposit Required (₦) : | 10,000 Nigerian Naira |
| Average Spreads : | Floating spread from 1.5 pips (EUR/USD) |
| Trading Instruments available : | Forex, Precious Metals, Commodities, Forex Indices, Stock Baskets |
| Commission charges : | None |
| Platforms Supported : | MetaTrader 4, FXTM trader |
| Base Account Currency : | US Cent, EU Cent, GBP Pence, or Nigerian kobo |
| Leverage and Margin : | Forex – from 1:3 to a maximum of 1:1000 Metals – up to a maximum of 1:500 |
| Order Execution : | Instant Execution |
| Margin Call (%) : | 60 |
| Stop-Out Level (%) : | 40 |
| Islamic Account Option : | 1 spread |
| Quote Decimals on Forex and Special Metals : | Forex: 5 decimals (3 on JPY pairs) Metals: 2 decimals for XAUUSD, 3 decimals for XAGUSD |
| Minimum Volume per trade (lots) : | 0.01 |
| Maximum Orders : | 300 |
| Maximum Volume per Order : | 10 |
| Maximum Volume in lots per order : | 3000 |
| Maximum Pending Orders : | 100 |
FXTM Advantage Account
The FXTM Advantage Account is an ECN account type, offering spreads from 0 pips. It is the preferred choice for many retail forex traders, striking a balance between accessible trading conditions and a vast selection of financial instruments. This account type is ideal for advanced traders with varying trading strategies.
| Minimum Deposit Required (₦) : | 80,000 Nigerian Naira |
| Average Spreads : | From 0.0 pips (EUR/USD) |
| Trading Instruments available : | Forex, Precious Metals, Commodities, Indices, Forex Indices, Stock Baskets, Stock CFDs & Individual Stocks on MetaTrader 5 |
| Commission charges : | average between $0.40 and $2 according to the trading volume |
| Platforms Supported : | MetaTrader 4, MetaTrader 5, FXTM trader |
| Base Account Currency : | USD, EUR, GBP, or NGN |
| Leverage and Margin : | Floating Leverage up to 1:2000 |
| Order Execution : | Market Execution |
| Margin Call (%) : | 80 |
| Stop-Out Level (%) : | 50 |
| Islamic Account Option : | Yes |
| Quote Decimals on Forex and Special Metals : | Forex: 5 decimals (3 on JPY pairs) Metals: 2 decimals for XAUUSD, 3 decimals for XAGUSD |
| Minimum Volume per trade (lots) : | 0.01 |
| Maximum Orders : | Unlimited |
| Maximum Volume per Order : | 100 |
| Maximum Volume in lots per order : | Unlimited |
| Maximum Pending Orders : | 300 |
FXTM Advantage Plus
The FXTM Advantage Plus is a Standard account with market execution and zero commission. Geared towards advanced and professional traders, it offers enhanced features and some of the most competitive trading conditions available. This account type is ideal for high-frequency traders, day traders, and those who are highly active in the markets.
| Minimum Deposit Required (₦) : | 80,000 Nigerian Naira |
| Average Spreads : | From 1.5 (EUR/USD) |
| Trading Instruments available : | Forex, Precious Metals, Commodities, Indices, Forex Indices, Stock Baskets, Stock CFDs & Individual Stocks on MetaTrader 5 |
| Commission charges : | None |
| Platforms Supported : | MetaTrader 4, MetaTrader 5, FXTM trader |
| Base Account Currency : | USD, EUR, GBP, or NGN |
| Leverage and Margin : | Floating Leverage up to 1:2000 |
| Order Execution : | Market Execution |
| Margin Call (%) : | 80 |
| Stop-Out Level (%) : | 50 |
| Islamic Account Option : | Yes |
| Quote Decimals on Forex and Special Metals : | Forex: 5 decimals (3 on JPY pairs) Metals: 2 decimals for XAUUSD, 3 decimals for XAGUSD |
| Minimum Volume per trade (lots) : | 0.01 |
| Maximum Orders : | Unlimited |
| Maximum Volume per Order : | 100 |
| Maximum Volume in lots per order : | Unlimited |
| Maximum Pending Orders : | 300 |
FXTM Demo Account
FXTM provides a no-cost demo account with $100,000 in virtual funds to help novice traders hone their trading skills. Registering on the FXTM website is all that is necessary to access the demo account. Once registered, traders can practice trading strategies and simulate real-market trades on currencies via FXTM’s MT4 and MT5 platforms.
FXTM Islamic Account
FXTM provides Islamic Accounts to Muslim traders who adhere to the teachings of the Quran, which prohibit the charging or debiting of interest for overnight positions. By offering halal trading, FXTM allows Muslim traders to implement mid-to-long-term trading strategies without violating Sharia law. This ensures that they can trade with peace of mind while being exempt from any interest that is prohibited by their religious beliefs.
FXTM Leverage System
FXTM provides a six-tiered leverage system with a maximum leverage of up to 1:2000. As trading volume increases, the leverage decreases, with most retail traders receiving between 1:500 and 1:1000. For larger trading volumes, the leverage gradually decreases to 1:200, 1:100, and 1:25. This feature is another example of FXTM’s commitment to providing industry-leading services to its clients.
FXTM Nigeria Deposit & Withdrawal Method
FXTM does not charge deposit fees and offers several deposit methods, including credit cards, bank transfers, and electronic wallets. Availability may vary based on client location.
| Availability | EU Countries | UK | Non EU |
|---|---|---|---|
| Neteller, Skrill | Yes | Yes | Yes |
| Bitcoin | Yes (through Skrill) | No | Yes |
| Crypto (BTC only) | No | No | Yes |
| Yandex.money, Qiwi | No | No | Yes |
| VLOAD, WebMoney, Perfectmoney, Fasapay, TC Payment, GlobePay, Nganluong | No | No | Yes |
| Algerian / Afghani / African Local Solutions (D) / Bangladeshi / Egypt / Ghanan / Indian / Indonesian / Iraq / Latin American local transfer / Malaysian / Nigerian bank wire / Pakistani / Palestinian / South Arabian Peninsula / Sub-Saharan Africa and Dubai / Turkish Local Transfe | No | No | Yes |
| Online Banking Malaysia / Indonesia / Vietnam / Thailand | No | No | Yes |
Deposits can only be made from accounts held in the client’s name, and account verification is required before trading can begin.
Processing times for deposits and withdrawals can range from instant to ten business days, and traders may face third-party processing costs.
Nigerian investors can add funds to their accounts and withdraw through local bank transfers or Nigerian credit/debit cards. Instant funding options are available for online payment methods, such as Visa and Mastercard, Bitcoin, Perfect Money, and Webmoney. It is recommended to check processing costs to determine the most cost-effective solution for your needs.
Copy Trading with FXTM (FXTM Invest)
FXTM’s Copy Trading feature, also known as FXTM Invest, allows you to benefit from the financial markets’ opportunities, even if you lack the necessary skills or time to trade yourself.
With copy trading, you can simply replicate the trades of expert strategy managers and enjoy a hassle-free trading experience. You only need to decide on the investment amount, and the skilled strategy managers will take care of the rest.
These experienced FXTM traders share their trading setups with you and earn a percentage split of your profits. Choose a Strategy Manager based on your investment preferences, and their trades will be automatically mirrored in your account.
FAQS
What is FXTM?
FXTM, or Forextime, is a forex and CFD broker that offers trading services to clients around the world. It was founded in 2011 and is headquartered in Cyprus.
Is FXTM regulated?
Yes, FXTM is regulated by several financial authorities, including the Cyprus Securities and Exchange Commission (CySEC), the Financial Conduct Authority (FCA) in the UK, and the Financial Sector Conduct Authority (FSCA) in South Africa.
What types of accounts does FXTM offer?
FXTM offers several different account types, including Micro Account, FXTM Advantage Account, and FXTM Advantage Plus. Each account type has different features and requirements, so it’s important to choose the one that’s right for you.
What trading platforms does FXTM offer?
FXTM offers several different trading platforms, including MetaTrader 4 (MT4), MetaTrader 5 (MT5), and the FXTM Trader app for mobile devices. Each platform has its own features and benefits, so it’s a good idea to try them out and see which one works best for you.
What instruments can I trade with FXTM?
FXTM offers a wide range of instruments for trading, including forex, stocks, indices, commodities, and cryptocurrencies. This gives traders plenty of options for diversifying their portfolios.
Does FXTM offer any educational resources for traders?
Yes, FXTM Nigeria provides a wide range of educational materials, including webinars, seminars, and video tutorials, to help traders improve their skills and knowledge.
What kind of customer support does FXTM offer?
FXTM offers customer support through live chat, email, phone, and social media. The support team is available 24/5 to answer any questions or concerns you may have.
How can I deposit and withdraw funds with FXTM?
FXTM offers several different methods for depositing and withdrawing funds, including bank transfers, credit/debit cards, e-wallets, and more. The specific options available may depend on your location, so it’s best to check with FXTM directly to see what methods are available to you.
Is FXTM a good broker for beginners?
FXTM can be a good broker for beginners, thanks to its range of educational resources and user-friendly trading platforms. However, it’s important to remember that trading involves risk, so it’s important to start with a demo account and practice trading before risking real money.
Does FXTM offer any bonuses or promotions for traders?
FXTM may offer bonuses or promotions from time to time, such as deposit bonuses or cashback offers. However, it’s important to review the terms and conditions carefully before taking advantage of any promotions, as there may be certain requirements or restrictions involved.
How do I open an account on FXTM Nigeria?
Opening an account on FXTM Nigeria is a quick and straightforward process that can be completed digitally. Simply register on the FXTM Nigeria website, verify your account, and start trading.
Are there any fees associated with trading on FXTM Nigeria?
Yes, inactivity and withdrawal fees apply on FXTM Nigeria, but there are no deposit fees.
Overall, FXTM Nigeria is a reliable and reputable forex and CFD broker with a strong offering of trading instruments, platforms, and educational resources. Its focus on the Nigerian market and local support make it a good choice for Nigerian traders.
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