FTM Brokers review
About the company:
FTM Brokers is a Belarusian forex broker, which has been operating since 2004 as Forexline. In 2016, the broker got a Forex license from the central bank of the country, which also acts as a forex regulator.
Company. Security of funds
In Belarus the regulatory requirements for forex brokers came into force in 2016: companies should be registered in the National Bank and should meet certain requirements, including the available capital size and membership in the compensation program of the National Forex Center.
In the Belarusian forex industry, local companies and brokers, mainly oriented to the Russian market, such as Alpari, TeleTrade, Forex Club and Gerchik & Co dominate. This seems reasonable since the regulatory requirements in the two countries are more or less similar, as well as the common Russian language. Large global forex brokers do not seem to be interested in Belarus.
Given that FTM Brokers is most likely aimed at the Belarusian market, it has relatively little competition and can afford not to offer the most profitable terms.
FTM Brokers offers CFD trading on Forex on three types of trading accounts: Basic, Standard and Pro. There is also a free demo account.
In addition, the broker offers trading with other instruments: commodities, indices, stocks, and ETF. According to the information on the website, the total number of assets is 1,500.
The lowest amount, which the broker allows to start work with, is $20 that is quite acceptable.
Clearly, there are brokers with even lower requirements, for example InstaForex (from $1).
Spreads and commissions
FTM Brokers has fixed, market and variable spreads according to the type of a trading account. Proposed fixed spreads are medium-sized for the industry (from 2 pips). Practice of providing variable spreads with an additional commission for covering expenses is common enough.
The highest rate of leverage in FTM Brokers is 1:100, which is below the average, and the rate for RUB pairs is even lower: 1:50.
FTM Brokers offers the popular MetaTrader 4 platform in versions for PC and mobile devices.
Another platform presented by FTM Brokers is xStation.
xStation was recognized as The Best Trading Platform of 2016 according to Online Personal Wealth Awards. The platform provides high-speed order execution, technical, analytical and charting tools, as well as a variety of other options. In addition to the desktop version, FTM Brokers offers a mobile version and gives access to xStore – API, which allows users to create their own applications.
Customers can get loyalty points for closed transactions, for which various prizes are offered. Trades should be made on the following instruments: currencies, indices, futures, and metals. It is simple to become a participant: open a real account, read the rules of the loyalty program, and accept the terms.
As of September 2017, the prize was a Bosch mixer. There are also smart watches, game consoles, televisions, computers, laptops, smart phones, bicycles, and tablets.
The main office is located in Minsk. There are three phone numbers, e-mail and Skype available. However, neither feedback form nor live chat is suggested.
On the broker’s website traders can find important financial information in the form of news, technical analysis, economic calendar, and investment ideas.
Those who are just learning to trade will benefit from the Training section. FTM Brokers specialists developed online lessons and full-time trading courses of several difficulty levels. For beginners, there are materials, which give basic knowledge and financial market skills. Experienced traders can enjoy specialized programs for analyzing and forecasting the state of financial markets, as well as trading psychology and creating successful investment systems.
FTM Brokers accepts payments through bank wire and bank cards. However, the last method is available only for the owners of cards issued by the Belarusian banks. The company does not accept deposits through electronic payment systems such as Skrill and PayPal.
For depositing through a bank card, the broker charges a commission from 1.5% of the deposit amount.
FTM Brokers 1/10 (votes 2185)