FXTM is a top-tier regulated CFD broker. Malaysian clients are registered with offshore entity Exinity Ltd. Check all the pros and cons of choosing FXTM for CFD trading in Malaysia
FXTM is a well-regulated CFD broker. They have multiple top-tier regulatory licenses. It is an ECN broker that offers maximum leverage of up to 1:2000 in Malaysia.
There are several pros and cons of choosing FXTM in Malaysia. Clients must check and compare every aspect of an online CFD broker to choose the best-suited broker for themselves.
We have honestly reviewed every component of the broker that can affect the trading experience. In this review, we have comprehensively reviewed the Malaysian entity of FXTM named Exinity Ltd for clients based in Malaysia.
FXTM Malaysia Pros
FXTM Malaysia Cons
Table of Content
|Broker Name||Exinity Ltd|
|Regulation||FSCA, FCA, CySEC, FSC|
|Year of Establishment||2011|
|Minimum Deposit||$/€/£ 10|
|Trading Platforms||MT4, MT5|
|Trading Instruments||200+ CFDs on forex pairs, commodities, indices, shares, ETFs, cryptocurrencies|
FXTM Safety Pros
FXTM Safety Cons
The safety of funds and data of clients depends largely on regulatory compliance under which the clients are getting registered. The regulation of a particular CFD broker can be different for clients residing in a different jurisdiction.
Following are the regulation details of FXTM for different entities.
The compliance, protection, current status, and other details of FXTM in the UK can be checked through the official FCA website. Clients in the UK are protected under the Financial Ombudsman Service of the Financial Conduct Authority (FCA). Malaysian clients are not registered under FCA regulations and regimes.
According to our review, FXTM is a well-regulated CFD broker. Although, the Malaysian clients are registered under offshore regulation of FSC Mauritius. The third-party risk of choosing FXTM in Malaysia is moderate.
FXTM Fees Pros
FXTM Fees Cons
The fees charged by the online CFD brokers for trading and non-trading activities can have a major impact on the trading experience. For a comprehensive analysis and comparison of the fee structure at FXTM, we have separately reviewed every component of fees.
The average spread for EUR/USD is 1.9 pips with the Standard and Micro account types. The Advantage Plus account incurs an average spread of 2.1 pips for EUR/USD. Spreads are negligible on currency pairs with the Advantage Account.
The following table compares the spreads incurred with different account types at FXTM.
|Trading Instrument||Standard Account||Advantage Account||Advantage Plus Account|
|US Tech 100 Index||40||8||36|
The spread at FXTM is slightly higher with the commission-free account type. The following table compares the average spread on major currency pairs with different regulated brokers in Malaysia. It must be noted that the spreads mentioned in the table are with the commission-free account types and spread-only fee structure.
|Trading Instrument||FXTM||eToro||CMC Markets||Pepperstone|
The trading commission for the MT5 Advantage account is fixed at $4 for a round trade of a standard lot.
The trading commission at FXTM with the MT4 Advantage account is variable and depends on the volume traded. It is calculated with a predefined formula.
(Volume * Contract Size * Open Price) / 1,000,000 * Commission * 2
For a round turn trade of 1 standard lot of EUR/USD, the commission is $4.88. Although it depends on the prevailing rates and equity in the account.
Exchange of swap fees is considered Haram according to Sharia Law. Clients can choose to open an Islamic account at FXTM to avoid exchanging swap fees. Any account type can be converted to an Islamic account upon request.
Clients who trade for more than a day must check the swap fees before trading. A swap fee is not applicable if a position is opened and closed on the same day.
At FXTM in Malaysia, deposits are free for all the available methods but a fixed commission is charged on withdrawals through some of the methods. The withdrawal fees are different for each method and have been reviewed separately under the deposits and withdrawal section.
FXTM also charges inactivity fees if no trading activities occur consecutively for 6 months. After 6 months of inactivity, 5 EUR/ USD/ GBP (depending on the account currency) will be deducted every month until the account balance reaches 0.
Apart from these, there is no other non-trading fee at FXTM in Malaysia.
Overall, the spreads are higher at FXTM when compared with the majority of CFD brokers in Malaysia. The spreads can be slightly lower at times with the Advantage Plus account but it is still wider than many peers.
The commission is variable and depends on the trade size or the account equity. Compared to commission-based accounts of other regulated CFD brokers, commissions are average at FXTM.
The swap rates and non-trading charges are higher than average. Many regulated brokers in Malaysia do not charge inactivity fees or withdrawal commissions.
Different account types are ideal for different types of traders. We have separately reviewed features and differences between all the account types at FXTM in Malaysia. If you cannot decide which account type is best for you, this section can assist in choosing.
There are 4 types of accounts at FXTM with a difference in fee structure, execution method, and a few other methods. Clients can open a demo account with trading conditions of all the account types.
Each account type can be chosen with GBP/USD/EUR as the base currency. The account equity will be held in this currency regardless of the deposit currency. MYR deposits will be automatically converted to base account currency according to prevailing conversion rates.
Following are the available account types at FXTM in Malaysia.
It uses an instant execution technique in which trades are executed at the quoted price only. A maximum of 10 lots can be traded in a single order with a margin call of 60%.
The disadvantage of choosing this account is that it does not allow trading on all the available instruments. It can only be chosen with MT4 trading platform.
This account is ideal for all types of traders seeking spread-based CFD trading on forex, gold, and silver.
This account type is ideal for beginners and small volume traders.
The Advantage account follows the market execution technique where orders are executed without requotes.
The minimum deposit for this account is $/€/£ 500. All the available instruments at FXTM can be traded with the Advantage account. This account can be chosen with MT4 and MT5 trading platforms. The commission with the MT5 platform is fixed while with MT4 is variable.
The Advantage account at FXTM is ideal for scalpers and large volume traders who wish to trade with very low spreads at the expense of trading commission.
All the available CFD instruments at FXTM can be traded with this account type. This account is ideal for all types of traders who wish to trade with market execution without commission at a slightly lower spread.
Apart from pricing pattern and order execution technique, there are no major differences in the account types. Although, different account types can suffice the needs and suit the trading styles for different types of traders in Malaysia.
Before opening the account, clients must check and compare all the components of the broker. Once you are certain of the choice of account type, a trading account can be opened through the website and app of FXTM.
Follow these steps to open an account at FXTM.
Step 1: Basic Details
Clients need to visit the account opening page at FXTM and enter their basic details. This includes first name, last name, county of residence, mobile number, email, and password. The phone number needs to be verified through OTP via SMS.
Step 2: Address and DOB
After verification of the phone number, you will be redirected to your personal area but you will need to fill up the address form before using it. Gender, date of birth, address, and Tax Identification Number (TIN) need to be filled in.
Step 3: Account Configuration
After submitting the address form, the account needs to be configured according to personal preferences. In this step, the account type has to be chosen. Clients also need to select the base account currency between USD, EUR, and GBP and maximum leverage. Once done a password needs to be chosen by the client for the trading account.
Step 4: Verification
To access all the features in the personal area, clients are required to verify their accounts by uploading documents supporting proof of address and identity. A passport or any national ID can be used for this. A scanned copy can be uploaded under profile verification. The verification can take up to 24 hours.
Step 5: Deposit & Trade
Once the account is verified, a confirmation mail is sent to the registered email. Now clients only need to make a deposit to start trading. Several methods can be used to deposit at FXTM in Malaysia. Once the deposits are reflected in the bank account, the trading platform can be downloaded or a web trader platform can be used to execute trade orders.
The demo account at FXTM can be opened directly without verification of the documents. Traders only need to enter their basic details to open a demo account. The demo account at FXTM can be customised according to the preferences of traders which is highly advantageous for beginners as well as experienced traders.
To open a demo account at FXTM in Malaysia, traders need to enter their basic details like name, email, and phone, on the ‘open account’ screen. Once entered, either of phone number or email needs to be verified through an OTP. Upon completion, traders will be redirected to the personal area at FXTM.
There are 3 options for the demo account type at FXTM namely Micro, Advantage, and Advantage Plus. The pricing structure for each account type is different, hence the traders can choose the best-suited fee structure to practice their trades at the FXTM demo account.
Each demo account type can further be configured with the account currency choices between USD, EUR, and GBP. AUD cannot be chosen as the base currency for the demo account. The maximum leverage can be chosen from 1:25 to 1:1000 for major pairs. Traders can have any amount of their preference as the initial deposit amount on the demo account.
The amount of virtual currency to be added to the demo account balance can be entered while opening the demo account. Traders can also top-up their demo account any time after opening the account.
The demo account at FXTM can be used on the MT4 trading platform with all three account types. The Advantage and Advantage Plus account types can be used with the MT5 trading platform as well.
According to our analysis and comparison, FXTM offers a very useful demo account for traders. The customization of the demo account according to the preferences of the trader is a major advantage for all types of traders.
FXTM Deposit/Withdrawal Pros
FXTM Deposit/Withdrawal Cons
Clients residing in Malaysia can deposit and withdraw at FXTM through local bank transfers, Credit cards, E-wallets, and Bankwire transfers. The processing time and the withdrawal commission are different for each available method.
Deposits through credit cards are free while each withdrawal will incur a fixed commission of 2 EUR/ 3 USD/ 2 GBP.
Compared to other CFD brokers in Malaysia, the number of available transaction methods is high. Local African Solution is the best method to transact at FXTM in Malaysia. A commission on withdrawal is a disadvantage at FXTM.
FXTM supports the complete suite of MetaTrader 4 trading platforms for all account types. The MT4 trading platform is the most widely used CFD trading platform globally. While the MT5 trading platform is an upgraded version of the MT4 mostly preferred by professional and experienced traders. Currently, the MT5 trading platform is not supported by FXTM in Malaysia.
Forex and CFD traders can trade at FXTM through web trading platforms, mobile trading platforms, and desktop trading platforms. Each trader prefers to trade through different mediums. We have separately reviewed each trading platform at FXTM.
Web Trading Platform
The web trading platform at FXTM in Malaysia is built on MetaTrader 4 and MetaTrader 5 trading platforms. Web platforms have a one-step login and can be customized according to the client. The web trading platform has the market, limit, and stop order. Trailing stop loss order is not available on the FXTM web trading platform. FXTM MT4 and MT5 web trading platforms are available in 47 languages.
Overall, the web trading platform is convenient to use through any web browser without downloading any software. However, the web trading platform offers limited features. The accessibility to the charts is also limited.
Mobile Trading Platform
For mobile trading at FXTM in Malaysia, two platforms are available. Traders can trade through FXTM trader app and FXTM MetaTrader 4 and MetaTrader 5 application.
The FXTM trader app is a proprietary trading application for mobile and tablet devices. It can be used to open, close, or modify trade orders. It has a user-friendly dashboard where accounts can be managed and monitored on the go.
FXTM MetaTrader 4 app is available on Android and iOS devices. It has a much simpler and older-looking interface compared to the FXTM Trader app. It has a one-step login with no fingerprint or faces ID authentication. The FXTM mobile trading platform has limited features, time frames, patterns, etc.
The MetaTrader 5 mobile trading platform has a better interface and looks modern. It has slightly more features compared to the MT4 platform.
Desktop Trading Platform
FXTM offers MetaTrader 4 and MetaTrader 5 trading platforms that can be downloaded on Windows and macOS desktop devices. The desktop trading platform is similar to the web trading platform but has more features. It can be customized and does not require a login every time.
The MT4 and MT5 desktop trading platform also supports trailing stop loss apart from market, limit, and stop loss orders. FXTM additionally offers regular market updates and volatility alerts through the mailbox on the MT4 trading platform.
At the time of this review, there are no other trading platforms supported with any of the account types.
FXTM offers various tools that can enhance the trading experience of the traders and help them make better trading decisions. FXTM offers research and education tools on the MT4/MT5 trading platform, website, and FXTM Traders app.
The tools that can help in the research are daily market analysis and an economic calendar. The daily market analysis is an analysis report published by the team of experts at FXTM. The daily reports include the overall summary of the market with predictions of trends.
The analysis report does not involve any instrument in particular but global capital markets as a whole. If you seek research reports for any particular instrument, you might need to look up to third parties. Fundamental analysis reports are also not available at FXTM.
The education tools have a rich variety and can help beginners to acknowledge the basics of forex and CFD trading. The trading guides for forex and CFD trading cover everything that a beginner must know to start trading.
However, the education tools at FXTM are limited and can only help beginners who know nothing about forex and CFD trading. There are no tools that can enhance the knowledge and trading strategies of retail traders who are already trading for a while.
In terms of research and education tools, FXTM is a decent broker with just enough learning and research tools to help beginners. Experienced traders might have to look out for third parties for research and education.
Whenever clients face queries, the customer support service can be reached out to resolve them. A user-friendly and easily accessible customer support service can enhance the trading experience. Chat, email, and phone are the three methods available to connect with the support staff at FXTM.
Overall, we liked the customer support service as the executives are very helpful and diligent. There is no issue in connectivity through all the available methods. The availability of support services through Telegram and Facebook Messenger is an additional advantage.
FXTM supports STP method for trade execution and claims to be 100% STP broker with no dealing desk.
No Dealing Desk (NDD) Model: FXTM’s STP execution operates on a no dealing desk model, aiming to eliminate potential conflicts of interest and provide more transparent order processing.
Order Routing: When you place a trade, FXTM’s systems automatically route your order to liquidity providers, which can include banks, financial institutions, and other market participants.
Competitive Spreads: STP execution often allows traders to access competitive bid and ask prices from various liquidity providers. This can result in relatively tight spreads, especially during times of high liquidity.
Market Prices: With STP execution, you’re likely to receive execution at the best available market prices. This means that your trades are matched with the prices provided by liquidity providers in the broader market.
Several financial instruments can be traded as Contract for Deposit (CFD) at FXTM in Malaysia. A total of 4 asset classes namely forex, commodities, indices and stocks can be traded as CFD at FXTM.
Clients must note that CFDs are derivative instruments in which there is no physical settlement of the underlying asset. There is no exchange of the asset that is getting traded as CFD. Only the price difference between opening and closing positions is speculated to book profits or losses.
Following are the instruments that can be traded as CFD at FXTM.
Following is a table that compares the available instruments for all asset classes at FXTM in Malaysia.
|Asset Class||Number of Instrument||Maximum Leverage|
Compared to other regulated CFD brokers in Malaysia, the number of available forex pairs is impressive. The number of commodities and indices is comparatively lower than most of the peers. Cryptocurrency CFDs and soft commodities CFDs are not available to trade at FXTM.
FXTM has offered several bonus and rewards to new and existing clients in the past. However, we could not find any promotional bonus at FXTM at the time of this review.
There is a referral program that can reward you with $50 every time a referred client opens an account and makes a deposit. Up to $10,000 can be earned with the referral program at FXTM. The new clients referred by the existing client also get a reward of 50$.
Many regulated CFD brokers in Malaysia offer attractive bonuses for the new as well as existing clients.
Yes, FXTM is a well-regulated CFD broker and can be considered safe for clients in Malaysia. There are multiple account types with a different fee structures to suit the trading styles of different types of traders.
It offers excellent customer support service but the trading and non-trading fees are slightly higher than peers. Clients who wish to trade with an ECN broker that is well regulated can choose to trade with FXTM in Malaysia.
Yes, FXTM offers a Micro account for beginners where micro lots can be traded. The account currency is kept in cents and pence instead of dollar and pound. It also offers demo accounts. Several educational content is available on the website that can be used to learn forex and CFD trading.
The headquarters for the FSC Mauritius regulated entity Exinity Ltd is situated in Mauritius. There are several other offices of FXTM in UK, Nigeria, and Cyprus.
The spreads at FXTM are slightly higher than many regulated brokers while each withdrawal through credit card and bank wire transfer involves a fixed commission. The number of trading instruments is low.
Withdrawals through credit/debit cards are processed and reflected in the bank account within 24 hours on a business day. Withdrawals through e-wallets take less than 2 hours while bank wire transfers can take up to 5 business days to process.
$/€/£ 10 is the minimum deposit with the standard account type at FXTM. The minimum deposit for the Advantage and Advantage Plus account type is $/€/£ 500.