Forex Time Review
Forex Time is one of the brokerage services that stands out in the pool of several brokers in the exchange industry. Founded in 2011, Forex Time has served forex and cryptocurrency traders around the globe. This is one broker whose percentage patronage has increased exponentially over the years.
Perhaps you just stumbled upon the name of this broker and you want to know if it is legitimate or not. Legitimacy is not the only factor that needs to be assessed. The kind of broker a trader uses plays a huge role in the success of trades hence it is important to properly check all the features of Forex Time before settling with it.
This review is a detailed analysis of Forex Time as a company and a broker. By the end of this article, it would become clear if Forex Time is worth the time or if it isn’t.
Features Of Forex Time
| Account type | 3 |
| Minimum deposit | Depends on account type |
| Supported countries | All countries |
| Verification | Necessary |
| Main currencies | 4 |
| Accessibility | Web, mobile and desktop |
Account Creation Process
Traders are discouraged from registering on certain platforms because the sign up and account creation process is stressful. Sometimes, it is loaded with unnecessary paperwork that avoiding the platform completely becomes the easiest way out.
Reputable brokers do not stress traders with unnecessary requirements. All that required is an email address and proof of identity in compliance with the global “know your customers” and “anti money laundering” policies.
On Forex Time, creating an account is very easy. The first step is accessing the website’s sign up page. When signing up, an email address will be needed. Other details that are required include the name, country of residence, desired account type, current address, educational background and phone number. Some digits will be sent to the given mobile number and the trader will have to insert the digits before the sign up process can be continued.
After that, you will need to fill out a couple of questionnaires. Then lastly, verification of identity. Identity verification is done with a government issued identity card and a utility bill or bank statement. Submitted documents will be checked and if the documents are genuine, the account will be fully verified. Trading and other activities can then commence after the minimum deposit is made.
Account Type
The account types available on a brokerage platform is a direct representation of the level of consideration given to traders on the platform. All traders cannot be on the same skill, experience or financial level hence different accounts are needed so that everyone’s needs can be met.
Forex Time gives traders on its platform the ability to create any of the three account types. There is the micro account, the advantage account and the advantage plus account.
Several factors could influence a trader’s account choice like country of residence, initial deposit, and availability of financial instruments. Although, all account types are open to all countries.
The micro account does not charge a commission but traders are faced with high charges. The advantage account comes with both forex spread and commission. Then the advantage plus account has little forex spread and no commission. Traders that wish to run accounts free from interest can have this configured at will.
Forex Time also makes provision for business accounts. Traders interested in this account type can have it opened easily by sending the platform an email. Once the email is acknowledged, the trader will be told the necessary steps for creating the account.
Minimum Deposit
Certain brokers have high minimum deposits that do not favor inexperienced traders. The minimum deposit on Forex Time is considerate and varies for the three accounts. For the micro account, the minimum deposit is $50 and $500 for the advantage and advantage plus account.
Trading Fees
Forex Time charges fees for trading forex, cryptocurrencies, commodities, and stocks. The fees range from minimal to average. The fees for trading forex is minimal when compared with the charges by other brokers. Though, the fees for other transactions on Forex Time are almost in line with the fees other brokerage companies charge. The good thing with forex time is that it does not charge above industry standards nor are the fees extortive.
Fees Outside Trading
Fees outside trading includes activation fees and withdrawal fees. Forex Time charges brokers an activation fee of $5 after the broker’s account has been left inactive for a long period of time. Then, there are withdrawal fees as well. However, the withdrawal fees are not fixed and vary based on the trader’s country of residence.
Withdrawal and Deposits
A good number of brokerage platforms do not offer withdrawal or deposit options. Deposits and withdrawals are carried out via third party channels or e-wallets. Certain traders prefer platforms that offer these options. Hence, lots of traders look out for this feature before signing up.
Forex Time provides a variety of options for traders to make deposits and withdrawals. These options include: credit cards, wire transfer as well as third party channels. All deposits and withdrawals are processed within a maximum of 72 hours and deposits come with no transaction fee. Although withdrawals come with transaction fees which vary from country to country.
Main Currencies
Main currencies refers to the currencies in which a broker operates. Residents in areas with these currencies can make direct deposits and withdrawals. Others would have to seek possible alternatives. Some brokers provide a long list of main currencies while others provide a few. The brokers that provide a few in turn make provision for alternatives. It is left for traders to decide if they are cool with the alternatives or if they would be going with another broker.
Forex Time provides four main currencies which are the Great British Pound, Euro, United States Dollars and Nigerian Naira. Though most brokers provide more main currencies, Forex Time is making up for this shortcoming by providing alternatives like allowing traders to fund their accounts from other electronic channels for payments. Several traders on Forex Time are funding their accounts in one of these main currencies and saving up on conversion costs. They do this by opening an account with an online bank. This bank account will be configured to operate several currencies. Creation of this account takes no more than a couple of minutes and can be done from anywhere via a mobile, tablet, desktop or laptop.
Traders can then fund their accounts and make withdrawals via these online bank accounts. This bank account can also be used for other purposes.
Platform Interface
The user interface of Forex Time is simple and easy to navigate. The interface comes in English and 40 other languages. It makes use of meta Trader and does not have its own design.
Orders
There are four different kinds of orders traders can place on Forex Time. There is the market order,the limit order,the trailing stop order and stop order. Stop orders help traders stay on the safe shores of the market when buying or selling.
Copy Trading
Copy trading is a strategy used by traders, especially beginning traders, to carry out successful trades. Here, traders simply imitate moves that have been proven to be successful and used by others.
This feature is not available on all brokerage platforms but most top performing brokers have this enabled on their platform.
Forex Time is one of the brokers that allow traders on their platform to copy trades. Beginning traders can make good use of this feature to make successful trades in the start of their trading journey while getting a hang of how the system works.
Trading Support
There are a variety of ways that brokers can provide trading support to traders but one thing that stands out is the provision for updates, charts, analytical tools and strategies. This is because the charts and tools serve as the traders guide and even very skilled traders cannot do without this.
Forex Time updates traders with the latest and most authentic news. Traders can get clues on how to go on trading from the charts, calendars and technical tools provided. There are about thirty seven technical indicators on the platform.
The website has a segment dedicated to sharing valuable updates about the market and relevant updates that can influence better trading decisions.
Customer Service
The quality of a broker’s customer service must be properly scrutinized. Anybody can run into a problem when using a platform and the only way to get help is reaching out to customer service.
The customer service agents here are reliable. They work all through the week with exception of weekends. Complaints can be forwarded via email and phone and they are always quick to respond. They make use of English and 15 other languages.
In addition to phone and email, their agents are available for live chats on channels like WhatsApp, Telegram and Facebook.
Educational Materials
The demo account provided by all brokerage platforms is the first line of education for any beginning trader. Brokers also provide other resources like videos, books and articles.
On Forex Time, traders can easily gain access to the demo account and start practicing. Then there are videos, articles, and occasional webinars. The webinars are value packed and most brokers do not make provision for this. The trouble traders face here is the location as webinars are specific to a certain location and not all traders can be in attendance.
Safety
Forex Time is a registered broker regulated by the top tier Financial Conduct Authority. They have been offering their services for quite some time and have also acquired licenses from Cyprus and Mauritius. Although they do not hold a license to serve as a bank and their brand is not so famous. As a result, they are not on the list of stock exchanges.
However they offer protection to professional clients from the European Economic Area. Protection covers investments as high as €20,000 with the exception of United Kingdom clients. Traders from the United Kingdom enjoy protection for investments as high as €85,000. International clients enjoy no protection as there is no regulation in place to cover for that.
Accessibility
It is no longer uncommon to see traders trading from virtually anywhere. This is because it is possible and brokers have to keep up with this expectation.
Forex Time can be accessed very quickly from anywhere in the world. Logging in to the platform is quite easy and can be done via the mobile Android, IPhone app or desktop. Some traders find trading from the website more convenient. Forex time ensures its software is strong enough to handle the trades being placed.
Security
Forex Time is licensed and regulated by three financial services regulation bodies. They also comply with KYC and anti money laundering policies. All traders upon signing up must verify their claimed identities by providing recognizable documents. These documents are screened before account approval hence all traders on the platform have correct identities.
Speed Of Order Execution
A broker serves as the middle man in trades. When traders place buy or sell orders, the broker will receive the order and then execute it afterwards. Here, some brokers take a lot of time to execute orders hence order execution is very poor. This translates to losses in most cases as the time lapses affect the outcome of orders.
Forex Time is one of the brokers with the best order execution speed. Orders placed at a specified time are executed within those limits. This way, traders are protected from losses. The exchanges, commodities and the cryptocurrency market is ruled by time and some other factors making the playground very volatile. To be successful with trades, going with a broker with a wonderful execution speed is necessary for trading success.
Leverage
Leverage refers to the ability of a trader to obtain funds from a broker in order to augment already existing investment. Some traders are able to get leverage from certain brokers even without having an existing investment. Leverage is an awesome way for traders to raise their profit and scale up quickly. Traders looking to benefit from leverage prefer to trade with brokers that offer high leverage.
Forex Time is one of the brokers that offer very high leverage to brokers. The amount of leverage traders can receive depends upon the kind of commodities that would be traded. Forex Time offers a leverage as high as 1:1000. They also keep regulations in place to help traders make the most of trades and to be guided while handling higher investments.
Industry Awards
Awards are a good way of assessing the worthiness of a broker. It does not just prove legitimacy but also signifies dedication to quality service.
Forex Time has won over 23 industry awards. They have been recognized across 150 countries for exceptional services, provision for smooth trading and devotion to the success of traders.
Contests
In all walks of life, contests are used to test one’s skill, gain experience and learn a lesson or two. Brokers that organize contests for traders are countable. Contests encourage traders to master their trading skills. It is an avenue to reward skilled traders.
Forex Time organizes contests for brokers almost yearly. The contests urge traders to test their skills amongst others and to come up with better trading strategies. It is one event that propels traders to think outside the box.
Being an intuitive broker, they fully understand the needs of beginning and experienced brokers. The contests are split in two categories. There is the demo contest and the live contest.
In the demo contest, beginning traders are able to compete with other traders, test the waters and get a feel of the market. Since inception, the contest has served as a great growth catalyst. Traders follow the laid down rules and the winner is rewarded.
The live contests are for intermediate to expert level traders. These contests happen live. It sets the stage for skilled traders to compete and have fun. Contests help traders understand that there is room to keep learning. Most traders enter the contests as a way of showcasing their trading prowess. It comes with several shades of excitement and delight. The winning traders are selected based on performances and awarded significant monetary prizes.
Short Selling
Forex Time allows short selling of commodities. Here the investors profit when the expected price of a given commodity falls. Investors take advantage of the situation to gain some profit but this is risky and the investor has to be very calculative. Although, regulations are created by forex time to save investors from extreme unexpected losses.
Conclusion
From effective order execution to an awesome user interface and great customer service, Forex Time has proven to be one most trustworthy brokers. The software is great and the platform is constantly being reviewed and updated with better features.
With its current coverage, successes and awards, there is no doubt that Forex Time is well suited for any kind of trade.
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