FXTM Nigeria Review 2022

FXTM is a well regulated CFD broker that follows ECN method for execution. They offer great customer support for Nigerian clients and NGN can be chosen as base currency. Check pros and cons.

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Minimum Deposit
$/€/£ 10
Typical EUR/USD Spread
1.9 pips
Regulation(s)
FCA, FSCA, CySEC, FSC

FXTM is a well-regulated CFD broker. They have multiple top-tier regulatory licenses. FXTM is an ECN broker that offers maximum leverage of up to 1:2000 in Nigeria.

There are several pros and cons of choosing FXTM in Nigeria. 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 Nigerian entity of FXTM named Exinity Ltd for clients based in Nigeria.

FXTM Nigeria Pros

  • NGN can be chosen as base currency of the account
  • FXTM is regulated by global top-tier regulatory authorities
  • Multiple account types available for all types of traders
  • The minimum deposit is $/€/£ 10
  • Local banking solutions can be used to deposit and withdraw in Nigeria
  • Local phone support is available in Nigeria

FXTM Nigeria Cons

  • Spreads are higher than average
  • Each withdrawal through local bank, credit card, and bank wire incurs a fixed commission
  • cTrader trading platform not available
  • Inactivity fees are charged after 6 months of inactivity
  • No bonus available

FXTM Nigeria Summary

Broker Name Exinity Ltd
Website www.forextime.com
Regulation FSCA, FCA, CySEC, FSC
Year of Establishment 2011
Minimum Deposit $/€/£ 10
Maximum Leverage 1:2000
Trading Platforms MT4, MT5
Trading Instruments 200+ CFDs on forex pairs, commodities, indices, shares, ETFs, cryptocurrencies


Safety and Regulation

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.

  • Financial Sector Conduct Authority (FSCA)
    The FSCA is a top-tier regulatory authority in the jurisdiction of South Africa. FXTM is Authorised by the FSCA of South Africa under FSP number 46614. The entity name of the FSCA regulated entity of FXTM is Forextime Ltd. The FSCA authorized entity is also regulated by the CySEC.
    FXTM FSCA license
    Clients in Nigeria are not registered under FSCA regulation.
  • Financial Conduct Authority (FCA)
    FCA is the local financial regulatory authority in the United Kingdom. FXTM is regulated as well as authorized by the Financial Conduct Authority (FCA) of the UK. Exinity UK Ltd is the FCA regulated entity in the United Kingdom under firm reference number 777911. FXTM and ForexTime are the trading names of Exinity UK Ltd.

    FXTM FCA license

    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). Nigerian clients are not registered under FCA regulations and regimes.

  • Cyprus Securities and Exchange Commission (CySEC)
    CySEC is not a top-tier regulatory authority but it is based in a member country of the European Economic Area (EEA). A regulatory license from CySEC authorise FSPs to operate their business in Europe.
    FXTM CySEC license
    FXTM holds the CySEC license under license number 185/12. The entity is registered as Forextime Ltd with the website www.forextime.com/eu.
  • Financial Services Commission (FSC) of Mauritius
    The global entity of FXTM is regulated under the Financial Services Commission of Mauritius. Exinity Limited is the regulated entity under FSC with an Investment Dealer License number C113012295. Clients in Nigeria are registered under this entity. There is no insurance or similar protection for clients registered under FSC regulation.
  • According to our review, FXTM is a well-regulated CFD broker. Although, the Nigerian clients are registered under offshore regulation of FSC Mauritius. The third-party risk of choosing FXTM in Nigeria is moderate.

    FXTM Fees

    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.

    1. Spread: The difference between the bid and ask price of a CFD instrument is called the spread. This is the most important component of trading fees.
      FXTM spreads
      The spreads at FXTM start from 1.5 pips with the Standard Account type. The Advantage account type has lower spreads starting from 0 but a fixed commission on currency pairs and metals.

      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
      EUR/USD 1.9 0 2.1
      GBP/USD 2 0.2 2.5
      EUR/GBP 2.4 0.6 2.7
      Gold/USD 45 9 36
      Crude Oil 9 6 12
      US Tech 100 Index 40 8 36
      UK 100 50 14 45


    2. Trading Commission: FXTM offers commission-based trading on CFD instruments with spreads as low as 0 pips. The trading commission is only incurred with the Advantage account at FXTM.

      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.
      FXTM MT4 commission

      FXTM MT4 commission
      (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.

    3. Swap Fee: When a leveraged position is kept open for more than a day, an interest needs to be paid to the leverage provider. This interest is called a swap fee or overnight charges or rollover rates.
      For keeping a position open for EUR/USD (standard lot) overnight, clients will be charged -0.63 pips and -0.08 pips respectively for long and short positions.

      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.

    4. Non-Trading Commission: There are a few other components of the fee that can be incurred without executing trade orders.

      At FXTM in Nigeria, 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 Nigeria.

    Overall, the spreads are higher at FXTM when compared with the majority of CFD brokers in Nigeria. 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 Nigeria do not charge inactivity fees or withdrawal commissions.

    FXTM Account Types

    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 Nigeria. 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 opened with NGN as the base currency in Nigeria. The account equity will be held in this currency regardless of the deposit currency. Deposits will be automatically converted to base account currency according to prevailing conversion rates.
    FXTM account comparison
    Following are the available account types at FXTM in Nigeria.

    1. Standard: This is the basic account type at FXTM that can be opened with a minimum deposit of $/€/£ 10. The trading fees with this account are built only into spreads.

      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.

    2. Micro: This is the Micro version of the Standard account type. The only difference is that the lot size is micro (1000) instead of standard (100,000). All other features and trading conditions with this account are the same as the Standard Account. The account equity is kept as US Cent / EU Cent / GBP Pence.

      This account type is ideal for beginners and small volume traders.

    3. Advantage Account: This is a commission-based account with very low spreads. The trading commission with this account is calculated according to a formula (discussed under the fees section).

      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.

    4. Advantage Plus: This account type offers market execution without trading commission. The spreads are slightly lower than the Standard account type but the minimum deposit amount is $/€/£ 500. This account type can be used either with MT4 or MT5 trading platforms.

      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 Nigeria.

    How to Open an Account at FXTM

    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.
    FXTM account opening

    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.
    FXTM account opening

    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.
    FXTM account opening

    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 Nigeria. 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.

    FXTM Deposits and Withdrawals

    Clients residing in Nigeria can deposit and withdraw at FXTM through local bank transfer, Credit cards, E-wallets, and Bankwire transfers. The processing time and the withdrawal commission are different for each available method. For the NGN based accounts, there will be no currency conversion if deposits are also done in NGN.

    1. Local African Solution: FXTM accepts deposits and withdrawals from local bank transfers in Nigeria. NGN deposits can be made through this method without any additional commission for deposit and conversion. Deposits are processed instantly while withdrawals can take up to 24 hours to process. Deposits are free but each withdrawal through this method will incur a fixed commission of $1 or equivalent.
    2. FXTM deposit method

      FXTM deposit method

    3. Credit Cards: Clients in Nigeria can deposit and withdraw through the credit cards of VISA, Mastercard, and Maestro. Deposits can be done in GBP, USD, and EUR. The Processing time for deposits is 2 hours and withdrawals can take up to 24 hours to reflect in the bank account.
      FXTM credit cards deposit methods

      FXTM credit cards deposit methods
      Deposits through credit cards are free while each withdrawal will incur a fixed commission of 2 EUR/ 3 USD/ 2 GBP.

    4. E-Wallets: Skrill, Neteller, several other e-wallets can be used to deposit and withdraw without any commission. The deposits are processed in 2 hours while withdrawals can take up to 24 hours.
    5. Bankwire: The bank wire transfer through Barclays Bank and Hellenic Bank are accepted. This may not be the ideal option to deposit as the minimum deposit amount is 500 units of the base currency. The deposits take 3 to 5 business days to process. Each withdrawal will incur a fixed commission of 10 EUR or 5 GBP depending on account currency.

    Compared to other CFD brokers in Nigeria, the number of available transaction methods is high. Local African Solution is the best method to transact at FXTM in Nigeria. A commission on withdrawal is a disadvantage at FXTM.

    FXTM Trading Platforms

    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 Nigeria.

    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 Nigeria 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.

    FXTM web trader

    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 Nigeria, 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 mobile trader app

    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.

    FXTM mt4 mobile trading

    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.

    MT4 trading platform

    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.

    MT5 trading platform

    At the time of this review, there are no other trading platforms supported with any of the account types.

    FXTM Customer Support

    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.

      1. Live Chat: We tried connecting with the support staff at multiple timings. The support service through the live chat window at the website and app is good. It is available 24/5. FXTM also offers support services through Telegram and Facebook Messenger. They generally reply within 2-5 minutes on a business day.
      2. FXTM live chat

      3. E-mail: Queries can also be resolved through email support. They take 3-12 hours for a reply through e-mail. This can be useful when a soft copy of a document is needed from the support staff.
      4. Local Phone Support: Clients can connect with the support staff at FXTM directly through local phone numbers +234 1 460 1586, +234 908 735 2313, +234 803 457 3593. Availability of local phone support is an advantage in Nigeria.
      5. FXTM Nigeria support

        FXTM nigeria support

      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 Research and Education Tools

      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.

      FXTM Research

      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.

      Available Instruments

      Several financial instruments can be traded as Contract for Deposit (CFD) at FXTM in Nigeria. 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.

      1. 60 Currency Pairs: Forex trading is done in currency pairs. A total of 62 currency pairs including 19 major pairs can be traded at FXTM. The maximum leverage on Major Forex pairs is up to 1:2000. For the minor and exotic currency pairs the maximum leverage is 1:500 and 1:200 respectively.
      2. 5 Metals: A total of 5 crosses of gold and silver can be traded as CFD at FXTM. The maximum leverage for XAUEUR, XAUGBP, and XAUUSD (gold crosses) is 1:20 and for XAGEUR, XAGUSD (silver crosses) is 1:500.
      3. 3 Commodities: UK Brent, US Crude, and US Natural Gas can be traded as CFD on spot prices. The maximum leverage in Nigeria for the three energy CFD is 1:500.
      4. 11 Indices: Major stock indices from the largest stock exchanges of the world can be traded in a spot via CFDs. This includes UK 100, US Tech 100, Germany 30, Europe 50, etc. The Max leverage on CFD of Hong Kong 50 and Spain 35 is 1:10. For all the other CFDs on indices, the maximum leverage is 1:500.
      5. 1000+ Stock CFDs: Major stocks from American, European, and Asian stock markets can be traded as CFD without commission. 50 stocks are from Europe and 120 from the USA. The maximum leverage for CFD on shares is 1:20.

      Following is a table that compares the available instruments for all asset classes at FXTM in Nigeria.

      Asset Class Number of Instrument Maximum Leverage
      Currency Pairs 60 1:2000
      Indices 11 1:500
      Commodities 8 1:500
      Shares 120 1:20
      Cryptocurrencies N.A. N.A.


      Compared to other regulated CFD brokers in Nigeria, 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 Bonus

      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 Nigeria offer attractive bonuses for the new as well as existing clients.

      Do We Recommend FXTM?

      Yes, FXTM is a well-regulated CFD broker and can be considered safe for clients in Nigeria. 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 Nigeria.

      FXTM FAQs

      How do you make money on FXTM?

      FXTM is a CFD broker. After opening an account with FXTM, clients can open long and short position on all the available financial instruments. If the prices of the asset moves as anticipated, clients make money. It is risky as clients can also lose money if price moves in opposite direction.

      How long does it take to withdraw from FXTM?

      Withdrawal through local bank transfer in Nigeria can take up to 24 hours. Each accepted method takes different time for withdrawal at FXTM in Nigeria.

      What is the Minimum Deposit at FXTM?

      $/€/£ 10 or ₦10,000 is the minimum deposit with the standard account type at FXTM. The minimum deposit for the Advantage and Advantage Plus account type is $/€/£ 500 or ₦80,000.

    77.29% of retail investors accounts lose money when trading CFDs with this provider. Visit Broker