Is FXTM (ForexTime) A Good Broker for Nigeria?
Also known as ForexTime, FXTM is one of the brokers who have a very large presence in Nigeria. They are regulated with FCA & CySEC, offer instant execution, quick deposit/withdrawals & also have office in Ikeja, with local phone number for support.
However,their spread is higher than other brokers. The broker has offices in Lagos, Abuja, and Port Harcourt. These offices double as training centers for traders who might want to get free forex trade training from the broker.
ForexTime has been offering services to traders all over the world and boosts of more than 3 million clients around the world.
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The firm started operations in 2011 with headquarters in Cyprus and quickly grew to serve clients in other parts of the world. Most notably, the broker is licensed and regulated by the UK’s Financial Conduct Authority (FCA Reference No: 600475 ). This makes FXTM one of the best regulated forex brokers in Nigeria.
However, there is more than makes a good broker, and in this FXTM review article, we dug deeper to see what FXTM really has to offer to traders in Nigeria.
Best Ongoing FXTM Promotions and Offers
Every forex broker out there offers some form of promotion and bonuses in order to attract traders to start trading with them. While some of these offers and bonuses have stringent requirements for qualifications, we’ve found FXTM to have quite some relaxed offers for traders to benefit from.
Here are some of the ongoing promotions at FXTM.
1. FXTM Refer A Friend Program
Do you have a friend who might be interested in forex trading? FXTM will reward you and your friend $50 each (₦ 19,000) for every friend who you refer to start trading with them. This is a good opportunity to build your trading capital or just get a few bucks to take of day to day bills.
For total transparency, you can see all your referred friends by logging into your account dashboard at FXTM.
The terms of this promotion are quite relaxed, and there’s no reason why you shouldn’t qualify for the $50. To qualify;
- You and your referred friend need to deposit the minimum deposit for your specific account type
- Trade at least 10 standard lots.
Even if you were trading using 0.1 lots, you’d only need to make 100 trades to qualify for the $50. But the maths get a little difficult if you opt for the minimum lot size of 0.01 as it means you’ll have to make 1,000 trades in order to fully qualify for this promotion.
You shouldn’t feel pressured to trade with a lot size that’s beyond your risk appetite though as you’ll ultimately qualify for this regardless of how many trades it takes.
The best way to refer friends is using social media. WhatsApp and Facebook work especially well with this kind of a promotion.
2. The FXTM Loyalty Program
The FXTM Loyalty Program can be compared to how supermarkets and malls reward you for shopping with them. Every time you trade with ForexTime, you’re rewarded with real withdrawable cash. The amount is calculated depending on the deposits you have in your FXTM account.
For deposits between $1-$15,000, FXTM pays $2 rebates for every lot traded. The payout is made out every Monday. And so, if you had traded 10 standard lots between Tuesday and Monday of the following week, you’re eligible for cashback of $20.
FXTM Nigeria Frequently Asked Questions
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