Given the amount of technical and fundamental analysis that goes into running a successful investment strategy, it’s surprising how little time many traders allocate to analysing the health of their broker. With some of the big names in the sector recently sharing performance updates and news of system upgrades, we’ve caught up with developments at some of the best-trusted brokers. Popular broker FXTM is next up for review, and the good news for its 2m+ clients is that the firm is continuing to build on its already strong foundations.
FXTM spent much of 2020 picking up a whole stack of industry awards. The platform focuses on providing a great trading experience backed up by high-grade regulatory protection.
- Best Education Provider 2020 at the Forex Broker Awards 2020 – FX Daily Info
- Best Forex Trading Experience – Global Forex Awards – Retail 2020
- Best Trading Experience 2020 at the World Finance Forex Awards – DayTrading.com
- Best ECN Broker 2020 – DayTrading.com
- and Best Forex Trading Support in Africa – Global Forex Awards – Retail 2020
This year, FXTM’s emphasis has switched to overhauling its client onboarding procedures. There are now three super easy to compare accounts on offer and a ‘Professional Client’ account for those who qualify for that service.
Stripping back account options to just three is a welcome change because the old range of 6+ account options made comparisons hard to perform. For those willing to devote the time to understand the differences and similarities between the accounts, there was a chance to find the best fit. For others, it was all a bit confusing.
The three accounts on offer now are called Advantage, Advantage Plus and Micro. The latter is the new name for the old Cent account, and it looks likely to be as popular as its predecessor. It carries on the Cent account’s pioneering spirit by offering clients the chance to sign up with an ultra-low minimum account opening balance. However, be under no illusions, trading is hard, and it involves learning a lot of painful lessons to become successful.
The Micro account helps traders address that challenge head-on. New FXTM clients need just $10, €10 or £10 to onboard the FXTM platform and start trading. Those who are successful can scale up, but those who aren’t won’t necessarily burn through all of their available cash and will live to fight another day.
(Existing FXTM clients have the option to continue trading on the platform using established T&Cs. Only new clients will have the streamlined number of accounts to choose from.)
We at Forex Fraud do, unfortunately, continue to receive messages from traders who have been scammed. Given the health of the broker sector, anyone considering signing up with a broker or switching broker could do worse than check out the reviews of trusted brokers. Even the newer entrants into the sector realise that being regulated with a Tier-1 authority such as the FCA or CySEC is a fundamental first step towards attracting switched-on customers.
Crowdsourcing information about scam brokers can help others avoid falling into the traps set by disreputable brokers and you can share your experiences here. If you want to know more about this particular topic, or have been scammed by a fraudulent broker, you can also contact us at [email protected]
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