FXTM is a popular online Forex broker that offers a wide variety of trading products and services. However, like any broker, FXTM has some drawbacks that potential traders should be aware of before opening an account.
In this article, we will discuss some of the cons of FXTM. We will also provide some tips for choosing a Forex broker that is right for you.
Cons of FXTM
Limited product offerings. FXTM does not offer as many trading products as some of its competitors. For example, FXTM does not offer CFDs on stocks or indices.
High minimum deposit. FXTM's minimum deposit requirement is $500, which is higher than the minimum deposit requirement of some other brokers.
Inactivity fee. FXTM charges an inactivity fee of $5 per month if an account is inactive for more than 12 months.
Withdrawal fees. FXTM charges a withdrawal fee of $5 for withdrawals via bank transfer.
Limited educational resources. FXTM's educational resources are not as comprehensive as those of some other brokers.
Choosing a Forex Broker
When choosing a Forex broker, it is important to consider your individual needs and trading goals. Here are some factors to consider:
Fees. Compare the fees charged by different brokers. These fees can include commissions, spreads, and overnight financing charges.
Trading platform. Make sure the trading platform is easy to use and has the features you need.
Customer service. Make sure the broker has a good reputation for customer service.
Regulation. Make sure the broker is regulated by a reputable government agency.
Product offerings. Make sure the broker offers the trading products that you are interested in.
Conclusion
FXTM is a reputable Forex broker with a number of advantages. However, it is important to be aware of the some of the cons of FXTM before opening an account. By carefully considering your individual needs and trading goals, you can choose a Forex broker that is right for you.
