FTM Brokers Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this FTM Brokers Review.
FTM Brokers Review
FTM Brokers offers trading in CFDs on forex on three types of live trading accounts: Basic, Standard and Pro. There is also a free demo account.
The broker offers trading in other instruments as well: commodities, indices, stocks and ETFs. According to its site, the total number of tradable assets is 1500.
The Company. Security of Funds
Company Country Regulation
FTM Brokers Belarus National Bank of Belarus
FTM Brokers is a Belarusian forex broker that has been active since 2004, as Forexline. In 2016 the broker obtained a forex license by the country’s central bank, which also acts as a forex industry regulator.
The regulatory requirements for the forex brokers in Belarus came into effect in 2016: the companies must be entered in the National Bank’s registry and comply with a set of requirements, including for capital and membership in the compensation scheme of the National Forex Center, as well as software compliance.
The forex industry of Belarus is dominated by local companies and brokers mostly targeting the Russian market like Alpari, TeleTrade, Forex Club and Gerchik&Co. This seems to be logical, as the regulatory requirements in the two countries are more or less similar and there is also the common Russian language. Major global forex brokers like FXCM and IG do not seem to show interest in Belarus.
Trading conditions
Minimum initial deposit
In theory, FTM Brokers does not have a minimum deposit requirement and one can open a live trading account without paying any money. But in order to start trading, naturally, one has to make a deposit. The smallest sum is $20, which is rather acceptable, considering the living standards in Belarus.
Of course, there are brokers with even lower requirements, like XM or FXTM, but like we already said, they are not actively targeting this market, even though both have a Russian version of their sites.
Spreads and commissions
FTM Brokers has fixed, floating and market spreads, depending on the type of trading account. The fixed spreads for the Basic accounts are in the average for the industry. The practice of giving very tight spreads, like with the Pro account and charging an additional commission in order to cover costs, is also standard. A major forex broker with similar practice is FxPro.
Leverage
The highest leverage FTM Brokers gives is 1:100, which is below the average and for the RUB pairs it is even lower: 1:50.
Another broker with similarly low spreads is Circle Markets, but it has much higher initial deposit requirements.
Trading Platforms
Like most brokers across the world, FTM Brokers offers the eternally popular MetaTrader 4 platform, in its versions for desktop computer and mobile devices.
Another platform that FTM Brokers provides, is the xStation – the proprietary platform of the Poland and FCA-regulated forex broker XTB. This fact suggests a partnership between the two companies, which is confirmed by publications in Belorusian sites.
The xStation platform has been voted “Best Trading Platform 2016” by Online Personal Wealth Awards and offers fast execution, very fast execution speeds, technical analysis and charting tools and a host of other options. In addition to the desktop version, FTM Brokers also offers the mobile version and access to xStore – an API that lets users create their own applications.
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Promotions
FTM Brokers has a rather practical approach to bonuses for their clients. The company has a loyalty program that offers various material prizes. At the time of writing of this review, the prize was a kitchen blender Bosch. There are also smart watches, gaming consoles, televisions, computers, laptops, smartphones, bicycles and tablets.
Methods of payment
FTM Brokers accepts payments through bank transfers and bank cards. The latter, however, is available only for holders of cards issued by Belarusian banks. The company does not appear to accept deposits through electronic payment systems like Skrill or PayPal.
FTM Brokers is a forex broker approved by the National Bank of Belarus, which for all intents and purposes means it is well regulated in accordance with the country’s legal requirements. They, on their part, seem to be more or less with the standard requirements of other European regulators.
FTM Brokers’ trading conditions, except the leverage, which is somewhat low, are more or less average for the industry. The $20 minimum deposit requirement is also fairly attractive for the small time retail traders. Considering that the broker is most likely aimed at the Belarusian market, it enjoys relatively little competition and can afford to not offer the most lucrative conditions.
Instead of the forex broker you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
FTM Brokers Review Conclusion
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