FXTM Nigeria Review 2023
FXTM is our #5 ranked forex and CFD broker in Nigeria. They are well regulated and offer excellent customer support in Nigeria with availability of free local bank deposit. Check out our comprehensive review on FXTM Nigeria with 9 pros and cons.
FXTM is a well-regulated & popular Market maker CFD broker in Nigeria that was launched in 2011. The broker offers competitive spreads with ECN accounts and allows traders to choose from a wide variety of trading instruments from multiple account types.
FXTM has its headquarters in Cyprus but also has a local office in Lagos, Nigeria. They also offer 3 local Nigerian phone numbers for customer support and allow opening a Naira trading account with NGN as a base currency.
We tracked and compared FXTM’s fees, spread, withdrawal time, support & many more factors for this review.
Read our detailed review of FXTM specifically evaluated for the traders in Nigeria. Check the various pros and cons of FXTM in Nigeria before opening your account.
FXTM Nigeria Pros
- FXTM is regulated by FCA, FSCA, and CySEC making it safe for traders.
- It allows Naira trading account with NGN as a base currency.
- FXTM has a local office in Nigeria and local phone numbers for customer support.
- It allows deposits and withdrawals through local banks in Nigeria at zero commission fees.
- It supports multiple trading platforms with every account type.
- The ECN account type at FXTM allows trading at very low spreads.
- Apart from live chat, email, and phone support, FXTM also provides customer support through Telegram, WhatsApp, Viber, and Facebook Messenger.
- The minimum deposit at FXTM is as low as ₦2,000.
- A large number of deposit and withdrawal methods are available.
FXTM Nigeria Cons
- The spreads at FXTM with the standard account are higher than many of the peers in Nigeria.
- Only the standard account type gives access to all the available trading instruments.
- It does not support the cTrader trading platform.
FXTM Nigeria – A quick look
|👌 Our verdict on FXTM
|#5 Forex Broker in Nigeria
|🏦 Broker Name
|💵 Avg EURUSD Spread
|1.9 pips (with Standard Account)
|📅 Year Founded
|💰 FXTM Min Deposit
|⚙️ Maximum Leverage
|⚖️ FXTM Regulation
|CySEC, FCA, FSCA
|🛍️ Trading Instruments
|63 currency pairs, 100+ CFDs on Indices, Cryptos, Metals, etc
|📱 Trading Platforms
|MT4 & MT5 for desktop, web & mobile
Is FXTM Safe?
The safety of your invested amount is more important than the gains on the invested amount.
At FXTM, the safety of the money deposited by the traders is assured as it is a well-regulated entity. FXTM is currently regulated by the following major regulatory authorities:
- Financial Conduct Authority (UK)
FXTM is regulated by the top tier regulator FCA as an investment firm with the name of ‘Forextime UK Limited’ under license number 777911. The FCA is a top-tier regulatory authority based in the jurisdiction of the United Kingdom. FCA regulation makes FXTM considerably safe but the Nigerian clients are not registered under FCA regulatory compliance.
- Cyprus Securities and Exchange Commission (Cyprus)
FXTM is regulated by CySEC as an investment firm with the name of Forextime Limited under license number 185/12. The CySEC regulations grant permission to financial services providers to operate in the European Union.
- Financial Sector Conduct Authority (South Africa)
FXTM is regulated by FSCA which is also a top-tier regulatory authority based in South African Jurisdiction. It is registered as an investment firm with the name of Forextime Ltd under the FSP (license) number 46614. FSCA has the most strict regulatory compliance in the African continent.
- Financial Services Commission (Mauritius)
FXTM is regulated by the Financial Services Commission (FSC) of Mauritius as an investment firm with the name of Exinity Limited under license number C113012295. Nigerian clients are registered under the FSC regulation.
Regulatory licenses from multiple regulatory authorities make FXTM a safe forex and CFD broker in Nigeria. However, it does not hold a banking license and is not listed on any stock exchange.
The Nigerian clients at FXTM are registered under the Financial Services Commission (FSC) of the Republic of Mauritius with their international legal entity Exinity Limited.
FXTM has been operating since 2011 and claims to have served more than 2 million clients from all over the world. The majority of reviews regarding trading experience were found to be positive.
Compared to all the regulated brokers available in Nigeria, we found FXTM to be far better than many of the competitors in terms of safety due to multiple top-tier regulatory licenses.
FXTM Nigeria Fees
FXTM has a complex fee structure due to the availability of multiple trading accounts and trading platforms.
FXTM does not offer a fixed spread feature on any of the account types. Hence, all the spreads mentioned in this review are variable and depend on the market conditions.
We have analyzed every aspect of the money charged by the traders to provide a comprehensive view of the fees at FXTM.
Trading Fees at FXTM
The trading fees at FXTM are different for each account type chosen by the trader. Trading fees include the money charged by the broker for executing trade orders. Spreads and commissions are the major constituents of trading fees.
FXTM offers a total of 3 live account types. The standard account can be opened with Micro lots as well. The fees are lowest for the Advantage account type but the high initial deposit requirements limit traders from taking advantage of the professional accounts.
The Standard account types are commission-free and the spreads on the currency pair start from 1.5 pips per lot on the basic standard account. The spreads for the standard cent account are slightly higher than the standard MT4 and MT5 accounts.
We checked the average spreads for EUR/USD with each account type and found it to be 1.9 pips per lot for the standard account. The table below compares the average typical spreads in pips incurred to traders in Nigeria with different trading accounts at FXTM.
|US Crude Oil
|US Tech 100
The following table compares the average spread on major currency pairs for different brokers in Nigeria. These spreads are with the account types that involve no trading commission.
The Advantage account type involves a commission of 2$ per standard lot while the Advantage Plus account type, as well as Standard account types, are commission-free. The spread for EUR/USD with the Standard account type is 1.9 pips per lot. The trading commission depends on the trading volume from $0.40 to $2 per standard lot. This means the minimum commission that will be incurred with the MT4 Advantage account is $0.40 regardless of the trading volume.
The commission incurred to traders with Advantage MT4 account depends on the trading volume and the equity held in the account. FXTM follows a unique mechanism to calculate the commission for forex trading with the Advantage account. The commission pricing structure is described in the data below.
The trading commission with the MT5 Advantage account is fixed at $4 for a round trade of a standard lot.
We found the Standard account type at FXTM as the most cost-effective for the traders as it has low spreads and no commission involved. For those who wish to trade with commission-based accounts, the Advantage MT4 and MT5 accounts are ideal.
The swap fees or overnight charges are incurred by traders when a position is kept open overnight. Swap fees at FXTM are the same for every account type but each instrument has a different swap fee for a long and short position.
The swap fee for EUR/USD as a benchmark is -0.08 and -0.63 pips per lot for short and long positions respectively. On comparing this with the swap fees of other forex and CFD brokers in Nigeria, we found it to be slightly higher than the average swap fees.
Non Trading Fees at FXTM
The non-trading fees at FXTM are low, as most of the deposit and withdrawal methods incur no additional charges to the traders.
FXTM accepts deposits and withdrawals through local banks in Nigeria without any additional commission. Although, some of the payment gateways involve commission for each transaction. Hence, the deposit and withdrawal fees depend entirely on the methods chosen by the trader.
FXTM does not charge any account opening fees but an inactivity fee is charged if no trades are executed consecutively for 6 months. A monthly inactivity fee of 5$ or ₦1800 (depending on the account currency) is charged for each account if the account becomes inactive.
Overall, we found the trading and non-trading fees at FXTM to be decent but slightly higher than some of the regulated forex and CFD brokers in Nigeria. The trading fees with the pro account type are fairly attractive but the standard account type involves higher spreads.
FXTM Trading Platforms
FXTM offers the most widely used MetaTrader 4 and MetaTrader 5 trading platforms for web, PC, tablet, android, and iOS devices. Both the available trading platforms can be chosen along with any of the account types except the standard cent account.
The standard cent account type is exclusively available for the Metatrader 4 platform.
MT4 and MT5 trading platforms offer a convenient and user-friendly trading experience with the availability of various features. It has various charting and analysis tools, and technical indicators, and supports multiple order types.
On comparing the trading platforms with other regulated brokers in Nigeria, we didn’t find anything unique with trading platforms at FXTM. Nearly all the regulated brokers in Nigeria offer MT4 and MT5 trading platforms due to their popularity and user-friendliness.
The unavailability of the cTrader trading platform puts FXTM on the downside in terms of the trading platforms offered.
FXTM Customer Support
The customer support at FXTM is excellent as the customer service executives are very helpful and can be reached out through multiple methods. We tried reaching out to them through different methods and received an excellent response.
- Live Chat: The live chat feature at the official website of FXTM is very resourceful for traders. We raised different queries through live chat at different times and received a helpful reply within 10-15 seconds. The live chat feature is available 24/5 except at weekends. The queries raised on live chat on weekends are answered through email on the next working day.
- Email Support: Any individual can also raise their query through email at FXTM by emailing at [email protected]. They generally revert within 1-3 hours on a working day. FXTM has a separate email address specifically for Nigerian clients which is a unique feature for Nigerian traders.
- Local Nigerian Phone Number: Traders can reach out to customer support executives through 3 local phone numbers i.e. +234 1 460 1586, +234 908 735 2313, and +234 803 457 3593. Traders in Nigeria are offered quality service through local phone numbers.
- Social Media Messaging Apps: FXTM also offers customer service through various social media applications like WhatsApp, Telegram, Viber, and Facebook Messenger. Our experience with the social media application was decent as we had to wait for nearly 20-30 minutes for a reply each time we raised a query on WhatsApp and Telegram.
The customer support at FXTM is diligent and good for the traders in Nigeria. The availability of local Nigerian phone numbers is a major advantage for Nigerian clients. The availability of support services through social media messaging applications keeps you connected with the support staff through smartphones.
Compared to other regulated forex and CFD brokers, we found the customer service at FXTM to be among the best in Nigeria.
FXTM Account Types
FXTM offers 3 different live account types and a demo account which can be used to gain trading experience and learn basic strategies. Any individual can open a demo account at FXTM and trade with virtual currency free of cost.
The 3 account types are named Standard, Advantage, and Advantage Plus account types. The standard account can be opened with Micro lots that only allow trading Micro lots. The standard account only supports the MT4 trading platform while both the other accounts can be opened with either Advantage or Advantage Plus account types.
We have reviewed each account type offering forex and CFDs to traders in Nigeria. It must be noted that each account type can be opened with Naira (NGN) as base currency which is an advantage to traders in Nigeria.
- Standard Account: It is the basic account type that can be opened with a minimum deposit of ₦10,000 or 10 $/€/£ depending on the base currency of the account.
It is only available with the MT4 trading platform and cannot be chosen with the MT5 trading platform. It is a commission-free account type that gives access to all the available trading instruments at FXTM. The spreads start from 1.3 pips per lot and the maximum leverage is 1:2000.
- Standard Micro Account: It is the ideal account type for new traders that involves the highest variable spreads but the lowest minimum deposit at FXTM. The spreads start from 1.5 pips per lot. As the account is ideal for new traders, it allows trading on micro lots with a minimum deposit of ₦10,000.
Traders can only trade with 25 currency pairs and 2 CFDs on metals with the standard cent account. This account is not available with the MT5 trading platform and the maximum leverage is 1:1000 for currency pairs and 1:500 for CFDs.
- Advantage: This is the only account type at FXTM that incurs a commission ($0.4 to $2 per single side) for each executed trade order. The minimum deposit is ₦80,000 or 500$ but the spreads are as low as 0.1 pips per lot. This account type gives access to 48 currency pairs and 28 CFDs on different instruments.
It allows trading on standard lot sizes with a maximum leverage of 1:2000. This account is ideal for scalpers and high-volume traders with a better experience in the forex and CFD markets. The Advantage account can be opened with MT4 and MT5 trading platforms.
- Advantage Plus: This is an ideal account for the high volume traders as the spreads are as low as 1.5 pips and no commission is charged. The minimum deposit requirement is 500$ or ₦80,000.
It allows trading on all the available currency pairs and CFDs with lower maximum leverage of 1:2000. This account can be opened with either of MT4 and MT5 trading platforms.
The variation in the account types at FXTM can serve new as well as experienced traders. Traders have the flexibility to choose the most suitable account type in order to have pleasant and resourceful forex and CFD trading experience at FXTM.
FXTM Research and Education
FXTM Research Tools
There is a decent number of tools that can assist in research and analysis but the education tools are impressive. The market analysis videos and articles are published at regular intervals by the market analysis team at FXTM. These videos can assist in the research and are also educative.
FXTM also releases podcasts on market analysis and predictions. These podcasts are published on a regular basis and are available on Spotify, Google Podcasts, Apple Podcasts, and Amazon Music.
More than 100 global economic news concerning capital markets are published every day on the Forex news timeline on the website and app. The news feed is quite insightful and useful for traders in Nigeria. The economic calendar at FXTM contains the schedule for the major economic events.
FXTM Education Tools
FXTM provides multiple sources of learning for its clients. They have separate pages on their website and app that thoroughly explain the basics and strategies of forex trading. Any beginner to forex and CFD trading can learn everything they need to be going through the beginners’ guide to forex trading at FXTM.
FXTM has more than 50 short videos and 30+ comprehensive videos under the education section that covers all the major topics required to be understood by traders. Apart from these, several eBooks are available to read and download. These books can greatly enhance the knowledge of capital markets and assist traders in making better trading decisions.
FXTM regularly organizes webinars and seminars to enhance the skills of traders. The schedule for these can be checked from the official website and app of FXTM. Educational and news articles are also published regularly which can provide live news feeds and market updates.
Compared to other regulated forex and CFD brokers in Nigeria, FXTM has average-quality research tools. The educational tools are more than sufficient to educate the traders and enhance their skills.
FXTM Trading Instruments
FXTM offers a wide range of trading instruments to traders in Nigeria. The number of available instruments is different for each account type chosen. The following are trading instruments offered by FXTM:
- 59 Currency Pairs: FXTM offers a variety of major, minor, and exotic currency pairs. For the standard account type, a total of 59 currency pairs are available which includes 19 major, 21 minor, and 20 exotic currency pairs.
- CFDs: FXTM offers CFD trading on 3 commodities, 11 indices, 6 spot metals, and 4 cryptocurrencies. FXTM also offers CFDs on 180 stocks listed on the American and European markets.
FXTM offers a rich variety of trading instruments in Nigeria. Compared to other regulated forex and CFD brokers in Nigeria, FXTM has decent offerings of trading instruments.
Deposit and Withdrawal at FXTM
FXTM accepts more than 45 different methods for deposits and withdrawals from various countries around the world. The conditions and minimum amount depend on the method chosen by the trader. Following are the available funding methods for traders in Nigeria.
FXTM Deposit Method
Nigerian Local Bank Transfer: This is the most common method to deposit at FXTM in Nigeria. The minimum deposit amount is 10$ but depends on the account type chosen by the trader. No additional commission or currency conversion fee is applicable as the broker allows trading with NGN as a base currency. It generally takes less than an hour to reflect the deposits in the account balance.
Local Bank Wire Transfer: The wire transfer can also be done at FXTM in NGN. The processing time for this method is 24 hours.
Credit/Debit Cards: Deposits can also be made via credit and debit cards namely VISA, Mastercard, and Maestro. No commission is involved and the processing time is less than an hour. This method can only be used to deposit in USD, EUR, and GBP.
E-Wallets: FXTM accepts 10 E-wallets for deposit including Skrill and Neteller. No additional commission is incurred from traders for this method as FXTM covers all the third-party charges incurred.
FXTM Withdrawal Methods
The withdrawals at FXTM can only be done from the method used to deposit funds. The proportion in which the deposits were made needs to be the same for the withdrawals.
Suppose 700$ is deposited with a credit/debit card and 300$ is deposited with Neteller. 70% of the total amount can be withdrawn from credit/debit cards and the other 30% needs to be withdrawn through Neteller.
No additional fee is incurred for any of the methods and the minimum amount is 10$. Bank wire transfers take 3-5 business days to process withdrawal while credit/debit cards can take 3-10 days. Withdrawals through E-wallets and local bank transfers are processed within an hour.
FXTM regularly offers bonus programs for rewarding its clients. For traders in Nigeria, FXTM is currently offering a loyalty program in which 5$ is added for each executed trade. FXTM also has an ongoing referral program in which the trader, as well as the newly-referred client, receives 50$ each for a successful referral.
Traders in Nigeria can also get a 30% deposit bonus by making a minimum deposit of 100$ after registering themselves for the promotion. A maximum of 250$ can be gained through this offer.
We found the bonus offerings at FXTM to be fair for traders in Nigeria as some of the competitors in Nigeria have more attractive offerings in terms of rewards and bonuses.
Do We Recommend FXTM?
Yes, if you wish to have a safe forex trading experience at the expense of slightly higher spreads, FXTM Nigeria can be an ideal choice for you.
FXTM is a well-regulated broker with suitable trading accounts, impressive customer support, and multiple payment methods. The availability of local bank transfers, local offices in Nigeria, local phone numbers for support, and Naira trading accounts makes it an efficient choice for traders in Nigeria.
Frequently asked questions: FXTM Nigeria
Is FXTM Nigeria legit?
FXTM is regulated by 3 Tier-1 & Tier-2 regulators i.e. FCA in the UK, FSCA in South Africa & CySEC. They are also licensed by multiple other Regulators. And they have a local office in Ikeja, Nigeria. So, they are considered legit.
What is the minimum deposit at FXTM Nigeria?
The minimum deposit at FXTM is with their Micro Account & the amount required is $50 or ₦10,000 if you are depositing in Naira & opening a Naira account. The deposit varies with their account types.
What are the deposit & withdrawal methods at FXTM?
FXTM has multiple methods for deposits & withdrawals in Nigeria, including cards, wallets & Online bank transfers. The deposit & withdrawal time & fees depend on the method that you are choosing.