FXTM Indonesia Review – 5 things you should know about forextime.com

FXTM Indonesia Review – 5 things you should know about forextime.com

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If you are based in Indonesia and interested in entering the trading world with a reliable broker who offers attractive conditions, look no further than FXTM Indonesia. This is a multiregulated broker with spotless reputation who is probably already known to many in the industry. Still, we will try to make an overview of the broker in the following review – what makes them such a good choice for trading and are they the right broker for you? While you are the only one who can answer the second question, we will try to provide some assistance in answering the first one. So keep reading if you want to find out what makes FXTM Indonesia so great.

FXTM Indonesia REGULATION AND SAFETY OF FUNDS

FXTM Indonesia is the branch of the renowned international brokerage brand FXTM that handles Indonesian clients specifically. The FXTM brand was created in 2011 in Cyprus – and as a Cypriot broker, FXTM is licensed by the well-known regulator CySEC as ForexTime Ltd. Any broker under CySEC’s jurisdiction has the right to offer financial services in all EEA countries – but the broker still went on and obtained a license by another reputable European regulator – the UK’s FCA. Later on, FXTM decided to expand its brand beyond Europe and became licensed by the FSCA (South Africa) and the FSC (Mauritius).

Companies licensed by the FCA and CySEC have meet some quite strict requirements if they want to be able to call themselves a broker and start offering services to clients. The minimum capital requirement is the same under both jurisdictions – €730 000. This money cannot be used for the broker’s daily financial operations, they can only serve as proof that the broker has sufficient capital to survive in the volatile markets. All European brokers are obligated to provide funds for compensations schemes –  if your broker becomes insolvent, you could receive a compensation of up to €20 000 in the EU and £85 000 in the UK. Negative balance protection is a must – so you could never lose more money than you have in your account. Finally, client money should be kept in segregated accounts so that the broker has very limited access to it – this means the broker would not be able to use your money without your knowledge. As you can seem obtaining a license by any of these two regulators is a big deal because it is not that easy – as a result you can count on a huge level of transparency and reliability.

The Indonesian branch of the broker is actually managed by the Mauritius-regulated subdivision of the company.

 

To obtain a full license in Mauritius, a broker has to maintain capital of at least $250 000 – which makes local authorities a lot sterner in their requirements than many other offshore regulators. Some offshore financial authorities don’t even regulate forex brokers – such is not the case with the FSA of Mauritius. You don’t have to worry about working with the offshore branch of the broker – FXTM is still an enterprise with great reputation that is as reliable when offering services to international clients as it is when it is dealing with traders based in Europe. The aim of the offshore branch is to avoid the stricter regulations that exist in Europe and offer better terms to clients.

FXTM Indonesia TRADING SOFTWARE

FXTM Indonesia uses MetaTrader 4 and MetaTrader 5 – the two most established and well-known platforms in the industry.

Since MT4’s introduction in 2006, the software has built quite the name for itself – it is accessible even to complete beginners but once you start acquiring more knowledge is when the full possibilities of the software will reveal themselves for you. Both MT4 and MT5 allow for some quite advanced charting and analysis. On top of preprogrammed Expert Advisors, you can develop your own trading bots and indicators, set up signals or subscribe to those set by other people, purchase various trading apps on the MT market, and exchange strategies with a huge community of traders. MT5 also comes with a built-in economic calendar.

That calendar is not the biggest difference between MT4 and MT5. While MT4 is was specifically created with forex traders in mind, MT5 offers easier trading in non-Forex CFDs. MT5 provides access to more indicators, instruments and pending order types – but which platform you will choose depends on your specific needs. MT4 might be slightly better suited for newer traders.

FXTM Indonesia offers FXTM Trader – FXTM’s own mobile app. For such a simple app designed for trading from multiple devices on the go, FXTM is actually quite impressive – it gives access to over 250 trading instruments which is more than what some brokers offer as a whole, even on desktop platforms. The app gives you the opportunity to manage multiple accounts and use some reliable indicators and charting tools while still remaining, in essence, a mobile app designed for convenient and fast trading and not so much for in-depth analysis.

FXTM Invest is the broker’s copy trading solution – experienced investors offer their trades for copying and get a rating based on their profits. You would also be able to see a risk level and choose which Strategy Manager might be right for you and your purposes – usually the higher the returns, the higher the risk. You can become a Strategy Manager yourself and get a share of the profits those who copy you make.

FXTM Indonesia TRADING CONDITIONS

The markets available with FXTM Indonesia are quite standard – forex, metals, stocks, CFDs, indices, commodities and stock baskets (index funds).

With this broker, you would be able to choose between three account types – Micro, Advantage and Advantage Plus.

Let’s talk minimum deposit amounts first. To open a Micro account, you would have to invest just $10 which is more than affordable affordable – although this account comes with some limitations. Such accounts can only be opened on MT4 which in turn means that you would not be able to trade indices, stock CFDs and stocks since those are not available on MT4. As is the standard for Micro accounts, the size of a lot is not 100 000 currency units as usual but 1000 currency units.

The minimum deposit amount on the Advantage and the Advantage Plus accounts is $500. Those could be either on MT4 or MT5 depending on your preference and give access to a higher number of pending orders – 300 versus 100 on the Micro account – and to more orders you could place as a whole – there is no limitations here while on the Micro account you would not be able to place more than 300 orders which means that such accounts have an expiration date, more or less.

Leverage on Micro accounts is fixed – you can change it from your own leverage settings. You can go up to 1:1000 on forex pairs, and up to 1:50 on metals.

The leverage you would get access to on Advantage and Advantage Plus accounts is up to 1:2000 – but how much depends on your equity. The more money you have in your account, the bigger the risk of losing fast and hard – which means the broker limits your leverage depending on the funds you currently have. You can check out what leverage you would be getting access to depending on your equity on the broker’s website – there some quite extensive tables. Check out the one for forex majors:

As for spreads, those start from 1.5 pips on the Micro and Advantage Plus accounts and from 0.0 pips on Advantage accounts. The broker charges no commission on Micro and Advantage Plus accounts but has a quite complicated system for Advantage accounts. Commission depend on how much you have invested and how actively you trade – the bigger the equity and the trading volume, the lower the commission.Again, the broker has provided some very informative tables on the website.

So if you have an Advantage account, your equity is between $0 and $2,999 and your trading volume is below 100 million, commission for 1 lot per instrument would look like this:

This is the amount of lots traded multiplied by the open price and then divided by the trading volume and the commission applied by the broker – 20 based on the equity and the trading volume. This sort of commission is not big at all compared to what some other brokers charge. And considering that the price of a pip per lot is $10 and you would have to pay at least $15 on Micro and Advantage Plus accounts, opening an Advantage account with charges under $5 per – even for low equity and trading volume – sounds quite attractive.

Islamic accounts are available if you want to trade swap-free – contact the broker to find out more.

FXTM Indonesia BONUSES AND PROMOTIONS

Although offering bonuses is generally not allowed to FCA and CySEC-regulated brokers, the offshore branch of FXTM is free to offer a variety of curious promotions legally.

Firstly, there is a $50 refer-a-friend bonus – just send a referral link to someone you know, and both you and your acquittance will get a $50 bonus if they open an account.

FXTM is known for organizing trading contests – both demo and live ones. While demo contest are a way for trying out strategies and getting to know the forex market without suffering losses, live contests are a means to show off your forex strategies – and if you have finished at a top spot, earn some money. Such contest are a good idea both from an educational standpoint and as a step towards feeling as a part of a large trading community.

FXTM Indonesia DEPOSIT/WITHDRAWAL METHODS AND FEES

There is a variety of payment methods available with FXTM Indonesia. You can, of course, use a few different credit/debit card providers – Visa, MasterCard, Maestro, Google Pay as well as bank transfer. The amount of online payment systems is pretty much unrivaled – Skrill, Neteller, WebMoney, PerfectMoney, QIWI, VLOAD, TC Pay Wallet, and if you are looking for some more local payment solution, an abundance of those is available too. Clients from Indonesia might be happy to learn that Indonesian Local Transfers and FasaPay are supported in Indonesian rupiahs.

he broker does not charge fees on deposits but does so on withdrawals.  Those fees depend on the payment method you are using. If you are using your credit/debit card to transfer money, you will be charged a fixed $3 fee. Bank wire transfers are more expensive – €30. Fees on online payments vary greatly – there is no commission for Neteller, Skrill, VLOAD and TC Pay Wallet and all other e-wallets are charged a different percentage fee – 0.5% of the withdrawn amount with PerfectMoney and FasaPay, 1.5% with QIWI and Yandex.Money , and 2% with WebMoney. So if you are transferring a bigger amount of money, the withdrawal fee might turn out to be quite big – in such cases it would be better to use wire transfer or card payment.

After six months of not logging in to your account, you will be charged a standard inactivity fee of $5 per month.

BOTTOM LINE

FXTM Indonesia is a classic example of an established and thoroughly regulated international broker that still manages to keep commissions and fees low enough to be attractive to the majority of clients. The broker is also doing their part in educating people on trading by providing a variety of educational materials and organizing demo contests. There is nothing not to like about FXTM Indonesia – the minimum deposit amounts are low, spreads are tight, and leverage can go pretty high. Brokers like this one are trying to bring trading closer to the masses – so try out their services in a demo account today.


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