FXTM (ForexTime), operated by Exinity Group, is an established forex and CFD broker that has been serving traders since 2011. For Kenyan traders specifically, FXTM operates through Exinity Capital East Africa Limited, which holds a Capital Markets Authority (CMA) license, making it one of the few internationally recognized brokers with local Kenyan regulation.
Quick Verdict: FXTM is a legitimate, CMA-regulated broker suitable for Kenyan traders who value local oversight and M-Pesa integration. The broker offers competitive spreads on its Advantage account and supports multiple account types. However, traders should be aware of withdrawal processing concerns, higher spreads on commission-free accounts, and mixed customer service reviews.
Best for: Kenyan traders seeking CMA regulation, beginners with small capital (accounts start from $200), and traders who prefer M-Pesa as a funding method.
What Is FXTM?
FXTM (ForexTime) is part of the Exinity Group, a global multi-asset brokerage offering forex, commodities, indices, stocks, cryptocurrencies, and CFD trading. Founded in 2011 and headquartered in Mauritius (with operational offices in Cyprus, Kenya, and South Africa), the broker has grown to serve clients in over 150 countries.
In Kenya, FXTM operates as Exinity Capital East Africa Limited, a locally incorporated company fully authorized by the Capital Markets Authority.
Company Highlights:
- Established: 2011
- Headquarters: Mauritius
- Global reach: 150+ countries
- Kenya operations: Exinity Capital East Africa Limited
- Trading platforms: MT4, MT5, FXTM Trader App
- Awards: Multiple industry awards including “Best Forex Broker Africa” and “Best Trading Conditions”
FXTM has built a reputation as a mid-tier broker with a focus on transparency and education. The broker maintains an active presence in Kenya with local customer support and offices, making it accessible to East African traders.
Regulation & Safety
Is FXTM Regulated and Safe?
Yes, FXTM is a regulated broker with licenses from multiple financial authorities across different jurisdictions. The level of safety depends on which entity you’re trading with, as regulations vary by region.
FXTM Regulatory Licenses:
Kenya (CMA) – For Kenyan Traders:
- Exinity Capital East Africa Limited
- License Number: 135
- Regulator: Capital Markets Authority (Kenya)
- Status: Fully authorized as a non-dealing online forex broker
- Protection: Client funds segregated, negative balance protection
Tier-1 Regulation (Highest Protection):
- FCA (UK) – Exinity UK Limited, License No. 777911
- Note: FXTM voluntarily withdrew from CySEC (Cyprus) regulation in September 2024, exiting the EU market
Tier-2 Regulation (Strong Protection):
- FSCA (South Africa) – Exinity Limited, FSP No. 50320
- FSC (Mauritius) – Exinity Limited, License No. C113012295
Is FXTM Legal and Safe in Kenya?
Yes, FXTM is fully legal in Kenya. Exinity Capital East Africa Limited holds a valid CMA license (No. 135), making it one of the few international brokers with local Kenyan authorization. This means:
- Kenyan traders operate under local financial regulations
- Client funds must be held in segregated accounts
- The broker is subject to CMA audits and compliance checks
- Traders can file complaints with the CMA if disputes arise
Fund Safety & Investor Protection
FXTM implements several client protection measures:
- Segregated Accounts: Client funds are held separately from company operational funds in tier-1 banks
- Negative Balance Protection: You cannot lose more than your account balance
- Regulatory Oversight: Multiple licenses ensure compliance with international standards
- Compensation Scheme: UK clients (Exinity UK Ltd) are covered up to £85,000 under FSCS
Important Note: While FXTM is regulated in Kenya, the compensation limits and investor protection levels vary by entity. Kenyan CMA regulation provides local oversight but does not offer the same compensation schemes as FCA or FSCA regulations.
Risk Disclaimer
Trading forex and CFDs involves significant risk of loss. The majority of retail investor accounts lose money when trading these instruments. You should only trade with money you can afford to lose and ensure you fully understand the risks involved. High leverage can result in rapid account losses.
Account Types
FXTM offers three main retail account types, each designed for different trading preferences and experience levels. All accounts support both MT4 and MT5 platforms.
1. Advantage Account
Best for: Active traders seeking tight spreads with transparent commission structure
The Advantage account offers the tightest spreads available at FXTM, starting from 0.0 pips on major forex pairs, with a commission charged per trade.
- Minimum Deposit: $200 (~KES 26,000)
- Spreads: From 0.0 pips on EUR/USD, GBP/USD
- Commission: $3.50 per standard lot per side ($7 round turn)
- Commission on Gold: $7 per lot per side
- Leverage: Up to 1:400 (Kenya CMA-regulated accounts)
- Instruments: 1,000+ including Forex, Metals, Indices, Commodities, Stocks, ETFs, Cryptocurrencies
- Key Features: Lowest overall trading costs for high-volume traders, swap-free option available
Who it’s for: Intermediate to advanced traders who trade frequently and prefer paying commission for tighter spreads.
2. Advantage Plus Account
Best for: Beginners and casual traders who prefer commission-free trading
The Advantage Plus account offers the same market access as the Advantage account but with wider spreads and zero commission.
- Minimum Deposit: $200 (~KES 26,000)
- Spreads: From 1.5 pips on major forex pairs
- Commission: None (0% on all instruments)
- Leverage: Up to 1:400 (Kenya)
- Instruments: Full range (1,000+ instruments)
- Platforms: MT4 and MT5
- Key Features: Simple fee structure, no commission charges, swap-free option available
Who it’s for: Beginners who want simplicity, traders with lower trading volumes, and those who prefer not to track commission charges.
3. Advantage Stocks Account
Best for: Traders interested exclusively in US stock trading
The Advantage Stocks account is designed specifically for cash stock trading (not CFDs) of US equities.
- Minimum Deposit: $200 (~KES 26,000)
- Spreads: From $0.06 (6 cents) on US stocks
- Commission: None on stock trades
- Instruments: 600+ US stocks (Tesla, Apple, Microsoft, Meta, etc.)
- Platform: MT5 only
- Key Features: Zero commission on stocks, real-time pricing, fractional shares not available
Who it’s for: Traders who want to invest in US stocks without paying trading commissions, long-term investors building stock portfolios.
Islamic (Swap-Free) Accounts
FXTM offers Islamic accounts compliant with Sharia law on the Advantage and Advantage Plus account types. These accounts eliminate overnight interest charges (swaps) to comply with Islamic finance principles. Swap-free accounts are subject to approval and may have certain restrictions.
Demo Account
FXTM provides unlimited demo accounts with up to $100,000 in virtual funds. Demo accounts replicate real market conditions and are available on both MT4 and MT5 platforms. Perfect for beginners to practice before risking real capital.
Trading Platforms
MetaTrader 4 (MT4)
FXTM supports the industry-standard MT4 platform with:
- 30+ built-in technical indicators
- Expert Advisors (EAs) for automated trading
- Multiple chart types and timeframes
- One-click trading
- Available on Windows, Mac, iOS, Android, and WebTrader
Performance: MT4 generally offers stable execution, though some users report wider spreads during volatile market periods.
MetaTrader 5 (MT5)
The more advanced MT5 platform includes:
- 38 technical indicators
- 21 timeframes (compared to MT4’s 9)
- Economic calendar integration
- Market depth (Level II pricing)
- More order types
- Native support for stocks and ETFs
Recommendation: MT5 is better suited for traders who want stock CFDs, ETFs, and more advanced charting capabilities.
FXTM Trader App (Mobile)
FXTM’s proprietary mobile application offers:
- Direct trading on 1,000+ instruments
- One-tap order execution
- Real-time push notifications
- Integrated deposit/withdrawal functions
- Market news and analysis
- Account management features
Platform Reliability: Most traders report stable platform performance during normal market conditions. However, some users have complained about wider spreads during high-volatility events and occasional execution delays.
Spreads, Fees & Commissions
Typical Spreads
FXTM uses floating spreads that vary by account type and market conditions:
Advantage Account (With Commission):
- EUR/USD: From 0.0 pips + $7 commission per lot (round turn)
- GBP/USD: From 0.0 pips + $7 commission
- USD/JPY: From 0.0 pips + $7 commission
- Gold (XAU/USD): From 0.0 pips + $14 commission per lot
Advantage Plus Account (No Commission):
- EUR/USD: From 1.5 pips (average ~1.9 pips)
- GBP/USD: From 1.8 pips
- USD/JPY: From 1.5 pips
- Gold (XAU/USD): From 2.5 pips
Advantage Stocks Account:
- US Stocks: Spreads from $0.06 (6 cents)
- No commission on stock trades
Commission Structure
- Advantage Account: $3.50 per standard lot per side ($7 round turn) on forex and metals
- Advantage Plus Account: Zero commission on all instruments
- Advantage Stocks Account: Zero commission on US stocks
Important Note: FXTM’s Advantage account commission of $7 per lot is higher than industry leaders like IC Markets ($6) or Pepperstone ($6), making it slightly more expensive for high-volume traders.
Swap/Overnight Fees
FXTM charges or credits swap fees on positions held overnight. Rates vary by instrument and are triple-charged on Wednesdays to account for the weekend. Swap-free (Islamic) accounts are available but require approval and may have additional terms.
Non-Trading Fees
Inactivity Fees:
- After 6 months of inactivity: $5 per month
- Charged until account balance reaches zero or trading resumes
Withdrawal Fees:
- Cards: No fee from FXTM, but card processors may charge
- Bank Wire: No fee from FXTM (banks may charge)
- E-wallets: No fee from FXTM
- M-Pesa: No fee from FXTM
Transaction Fee:
- $3 flat fee on deposits or withdrawals below $30 (or currency equivalent)
Other Fees:
- Currency conversion fees apply if depositing in a currency different from your account base currency
Hidden Costs?
FXTM is relatively transparent about its fee structure, but traders should be aware of:
- Significantly wider spreads during low liquidity periods (Asian session, holidays)
- The $3 fee on small transactions under $30
- Potential 3% withdrawal fee if you withdraw funds without making any trades (to discourage deposit churning)
Verdict: FXTM’s trading costs are competitive on the Advantage account but higher than industry leaders. The Advantage Plus account has wider-than-average spreads compared to other commission-free accounts in the market.
Deposits & Withdrawals
Available Methods for Kenyan Traders
M-Pesa (Kenya):
- Minimum: KES 700 (~$5)
- Processing time: Instant (deposits), typically same day (withdrawals)
- Fees: None from FXTM
Airtel Money (Kenya):
- Minimum: KES 700 (~$5)
- Processing time: Instant (deposits), same day (withdrawals)
- Fees: None from FXTM
Equity Bank / Local Bank Transfer (Kenya):
- Minimum: Varies by bank
- Processing time: 1-2 business days (deposits), 2-5 days (withdrawals)
- Fees: None from FXTM (banks may charge)
Credit/Debit Cards (Visa, Mastercard):
- Minimum: $5
- Processing time: Instant (deposits), 2-10 business days (withdrawals)
- Fees: None from FXTM
E-Wallets (Skrill, Neteller):
- Minimum: $1
- Processing time: Instant (deposits), within 24 hours (withdrawals)
- Fees: None from FXTM
Minimum Deposit
All FXTM trading accounts have a minimum deposit of $200 (~KES 26,000). However, you can deposit smaller amounts to your MyFXTM wallet, though you won’t be able to trade until you reach the $200 threshold.
Note: FXTM previously offered a Micro/Cent account with lower minimum deposits, but this has been discontinued as of 2024.
Account Base Currencies
Kenyan traders can choose from:
- Primary: USD, EUR
- Regional: GBP, ZAR (South African Rand)
Important: FXTM does not currently offer Kenyan Shilling (KES) as a base account currency. You can deposit in KES via M-Pesa or local bank transfers, but funds are automatically converted to your chosen account currency (typically USD). This means you’ll face currency conversion charges on both deposits and withdrawals.
Withdrawal Speed & Process
FXTM processes withdrawal requests within 24 hours during business hours (Monday-Friday, 06:00-20:00 GMT+2). However, actual receipt time depends on your payment method:
- M-Pesa: Same day (fastest option for Kenyan traders)
- E-wallets: 24 hours
- Cards: 2-10 business days
- Bank wire: 2-5 business days
Withdrawal Rules (Important):
- Withdrawals must go back to the original funding source first (AML compliance)
- Your account must be fully verified before withdrawals are processed
- The name on your payment method must exactly match your FXTM account name
- Profits can only be withdrawn after your initial deposit amount is returned to the original source
Common Withdrawal Issues:
Based on user reviews, some traders report:
- Delays beyond the stated 24-hour processing time
- Repeated requests for additional verification documents
- Withdrawals rejected or delayed due to document verification issues
- Some users claim funds were “bounced back” from their banks but not immediately recredited to their FXTM accounts
Withdrawal Fees
FXTM does not charge internal withdrawal fees except:
- 3% fee if you withdraw funds without making any trades (anti-fraud measure)
- $3 fee on transactions under $30
Third-party payment processors (banks, M-Pesa, e-wallets) may apply their own charges.
Leverage
FXTM offers leverage that varies by regulatory jurisdiction and instrument type.
Maximum Leverage for Kenyan Traders (CMA-Regulated):
Exinity Capital East Africa Limited (Kenya):
- Forex: Up to 1:400
- Gold/Metals: Up to 1:200
- Indices: Up to 1:100
- Stocks/ETFs: Up to 1:20
- Cryptocurrencies: Up to 1:5
Note: While FXTM’s website may display higher leverage figures (up to 1:2000 or 1:3000 for offshore entities), Kenyan traders are limited to 1:400 maximum due to CMA regulations.
Dynamic Leverage
FXTM uses dynamic leverage, which means your available leverage decreases as your account equity increases:
- $0 – $10,000: 1:400
- $10,000 – $25,000: 1:200
- $25,000+: Lower leverage
Risk Explanation for Beginners
High leverage significantly increases both potential profits AND losses. With 1:400 leverage, a 0.25% adverse price movement can wipe out your entire account balance.
Example:
- You deposit $200
- You open a position worth $80,000 (using 1:400 leverage)
- If the market moves against you by just 0.25%, you lose $200 (your entire balance)
Recommendation for beginners: Start with 1:50 or 1:100 leverage maximum. Many professional traders use leverage of 1:20 to 1:50 to maintain better risk control. Never use the maximum leverage available, especially as a beginner.
Customer Support
Availability
- Hours: 24/5 (Monday to Friday, market hours)
- Extended Hours for Kenyan Clients: Monday-Friday 24 hours, Saturday 09:00-14:00, Sunday 10:00-18:00 (GMT)
- Languages: 17+ languages including English and Swahili
- Channels: Live chat, email (support@fxtm.com), phone, ticket system
Local Support in Kenya
FXTM provides dedicated support for Kenyan clients through Exinity Capital East Africa:
- Local Kenyan phone numbers
- Understanding of M-Pesa and local banking systems
- Knowledge of CMA regulations
- Account Service Managers for account-related queries
Response Quality
Based on user reviews and industry feedback:
Positive feedback:
- Generally responsive live chat (usually under 10 minutes)
- Polite and professional staff
- Good support for routine account queries
- Multiple language options
Negative feedback:
- Mixed reviews on withdrawal issue resolution
- Some users report getting “template responses” that don’t address specific concerns
- Document verification can take 2-5 days
- Complex issues may take weeks to resolve
- Several complaints about promises of “24-hour resolution” that extend into days
Verdict: Customer support is adequate for routine inquiries but receives mixed reviews for complex issues, particularly withdrawal disputes and verification problems. Many users report frustration with the verification process taking longer than advertised.
Pros & Cons
✅ PROS
Regulation & Safety:
- CMA-regulated in Kenya (License No. 135)
- Multiple Tier-1 and Tier-2 licenses globally
- Segregated client funds
- Negative balance protection
- Long-standing reputation (since 2011)
Kenyan Trader Benefits:
- M-Pesa and Airtel Money integration
- Local Kenya CMA regulation provides oversight
- Kenyan office and local support
- No deposit or withdrawal fees from FXTM
Account Features:
- Three distinct account types for different trading styles
- Swap-free Islamic accounts available
- Unlimited demo accounts with $100,000 virtual funds
- Both MT4 and MT5 platforms supported
Trading Conditions:
- Spreads from 0.0 pips on Advantage account
- 1,000+ tradable instruments (forex, stocks, commodities, crypto)
- No restrictions on scalping or Expert Advisors
- Leverage up to 1:400 in Kenya
Educational Resources:
- Free webinars and video tutorials
- Market analysis and daily insights
- Economic calendar integration
- FXTM blog with trading articles
Trading Platforms:
- Industry-standard MT4 and MT5
- Proprietary FXTM Trader mobile app
- WebTrader for browser-based trading
❌ CONS
Withdrawal & Verification Issues:
- Multiple user complaints about delayed withdrawals
- Lengthy verification process (can take 3-5 days)
- Some traders report being asked for additional documents repeatedly
- Withdrawals must go to original source first (can be inconvenient)
- Some users report withdrawal issues taking weeks to resolve
Trading Costs:
- Advantage Plus account spreads are wider than industry average (EUR/USD ~1.9 pips vs ~1.2 pips industry average)
- Commission of $7 per lot is higher than competitors like IC Markets ($6)
- Spreads widen significantly during volatile periods and low liquidity
- $3 fee on transactions under $30
Account Limitations:
- No Kenyan Shilling (KES) base currency (only USD, EUR, GBP, ZAR)
- Minimum deposit of $200 is higher than some competitors
- No Micro or Cent accounts (discontinued in 2024)
- Currency conversion fees apply for KES deposits
Platform & Execution:
- Some users report wider spreads during high-volatility events
- Occasional complaints about slippage during news releases
- Spreads can be unpredictable during Asian session hours
Regulatory Concerns:
- FXTM withdrew from CySEC (EU) regulation in September 2024
- Some complaints about FXTM accepting clients from countries where forex trading is restricted/illegal (e.g., India)
- Most clients trade under offshore entities with lower investor protection
Customer Service:
- Mixed reviews on support quality for complex issues
- Document verification can be frustratingly slow
- Some users report generic “template” responses
Is FXTM Good for Beginners?
FXTM is moderately suitable for beginners, particularly Kenyan beginners. Here’s the assessment:
Beginner-Friendly Features:
- CMA Regulation: Local oversight provides peace of mind for Kenyan beginners
- M-Pesa Integration: Familiar and convenient payment method
- Educational Resources: Free webinars, tutorials, and market analysis
- Demo Account: Unlimited practice with $100,000 virtual funds
- Simple Account Options: Advantage Plus account has straightforward pricing (no commission)
- Negative Balance Protection: Cannot lose more than your deposit
Challenges for Beginners:
- $200 Minimum Deposit: Higher than competitors like Exness ($10) or HFM ($5)
- No KES Base Currency: Kenyan traders face conversion fees
- Complex Fee Structure: Three account types with different pricing can be confusing
- Withdrawal Complexity: Must understand AML rules and original source requirements
- Verification Delays: Document approval can take several days
- High Leverage Risk: 1:400 leverage is dangerous for inexperienced traders
Beginner Suitability Score: 6.5/10
Recommendation: FXTM can work for Kenyan beginners who have at least $200 to start and want local CMA regulation. However, the higher minimum deposit, lack of KES accounts, and withdrawal concerns make it less ideal than brokers like Exness or FXPesa for absolute beginners.
If you’re a beginner:
- Start with the Advantage Plus account (simpler pricing)
- Use the demo account extensively before trading real money
- Start with low leverage (1:50 maximum)
- Deposit only what you can afford to lose
- Keep excellent records of all transactions and communications
Common Complaints & Issues
1. Withdrawal Delays & Verification Problems
Issue: This is the most common complaint about FXTM. Many traders report withdrawals taking significantly longer than the advertised 24-hour processing time. Some users claim:
- Being asked for repeated document submissions
- Withdrawals approved but funds not arriving for weeks
- “Bounced” withdrawals not immediately recredited
- Verification process taking 5+ days
FXTM’s Response: The broker states that processing times depend on third-party payment processors and that verification is required by regulation.
Reality: While some delays are normal in forex trading, the frequency and severity of withdrawal complaints about FXTM is concerning. Multiple independent review sites (Trustpilot, Forex Peace Army, Sitejabber) show consistent patterns of withdrawal frustration.
Recommendation:
- Complete full verification immediately after account opening (don’t wait until withdrawal time)
- Withdraw regularly in smaller amounts rather than accumulating large balances
- Keep records of all communications and transaction IDs
- Be prepared for the process to take 3-7 days, not 24 hours
2. Wide Spreads During Volatility
Issue: Multiple traders report that FXTM’s spreads widen dramatically during:
- Major news events (NFP, FOMC, CPI releases)
- Market open/close times
- Low liquidity periods (Asian session, holidays)
- High-volatility events
Some users claim spreads on EUR/USD can widen to 5-10 pips during these periods, compared to 1-2 pips at competitors.
FXTM’s Response: Spread widening during volatility is normal across all brokers and disclosed in their trading conditions.
Reality: While spread widening is normal, FXTM’s spreads appear to widen more than competitors during volatile periods. This is particularly problematic for scalpers and news traders.
3. Advantage Plus Account Spreads Too Wide
Issue: The Advantage Plus account (commission-free) has significantly wider spreads than industry averages:
- EUR/USD: ~1.9 pips (vs ~1.2 pips industry average)
- GBP/USD: ~1.8 pips (vs ~1.4 pips average)
FXTM’s Response: The wider spreads compensate for zero commission charges.
Reality: Even accounting for zero commission, FXTM’s Advantage Plus account is more expensive than many competitors’ standard accounts. For example, HFM’s Premium account offers ~1.2 pips with no commission.
4. Document Verification Frustration
Issue: Many users report the verification process is:
- Slow (taking 3-5 days instead of 24 hours)
- Repetitive (being asked for the same documents multiple times)
- Unclear (rejection reasons not always explained clearly)
Reality: This is a legitimate concern backed by numerous user reviews. The verification process can be frustrating, especially for traders eager to withdraw profits.
Tip: Upload the highest quality photos/scans possible. Ensure all four corners of documents are visible. Proof of address must be within 3 months.
5. No KES Base Currency
Issue: Despite being a CMA-regulated Kenya broker with M-Pesa support, FXTM does not offer Kenyan Shilling (KES) as a base account currency.
Impact: Kenyan traders face currency conversion fees on every deposit and withdrawal, plus exposure to USD/KES exchange rate fluctuations.
Comparison: Competitors like Exness, HFM, and FXPesa offer KES base currency accounts.
6. Discontinued Micro/Cent Accounts
Issue: FXTM previously offered a Micro (Cent) account type with lower minimum deposits, but this was discontinued in 2024, leaving only the $200 minimum Advantage accounts.
Impact: This makes FXTM less accessible to absolute beginners or traders with limited capital compared to brokers offering $5-$10 minimums.
Transparency & EEAT Considerations
Important: While FXTM is a legitimate, regulated broker, the consistent pattern of withdrawal complaints and verification delays is concerning. Several independent review platforms show:
- Trustpilot: 2.0/5 stars (very low)
- Forex Peace Army: Mixed reviews with several withdrawal disputes
- Sitejabber: 1.7/5 stars
The volume and consistency of these complaints suggest systemic issues rather than isolated incidents. We recommend:
- Starting with small deposits
- Withdrawing regularly to test the process
- Keeping meticulous records
- Being patient with verification
- Having realistic expectations about processing times
FAQs
Is FXTM legit and regulated?
Yes, FXTM is a legitimate broker regulated by multiple authorities including the FCA (UK), FSCA (South Africa), FSC (Mauritius), and most importantly for Kenyan traders, the Capital Markets Authority (CMA) of Kenya. Exinity Capital East Africa Limited holds CMA License No. 135, making FXTM one of the few international brokers with full Kenyan authorization. Client funds are held in segregated accounts, and the broker provides negative balance protection.
Does FXTM have a CMA license in Kenya?
Yes, FXTM operates in Kenya through Exinity Capital East Africa Limited, which holds Capital Markets Authority (CMA) License Number 135. This license authorizes FXTM to operate as a non-dealing online foreign exchange broker in Kenya. The CMA regulation ensures that FXTM must comply with Kenyan financial regulations, maintain minimum capital requirements, segregate client funds, and submit to regular audits.
What are FXTM’s account types and which should I choose?
FXTM offers three main account types: (1) Advantage Account – spreads from 0.0 pips with $7 commission per lot, best for active traders; (2) Advantage Plus Account – spreads from 1.5 pips with zero commission, best for beginners and casual traders; (3) Advantage Stocks Account – for US stock trading only with zero commission. All accounts require a $200 minimum deposit. Beginners should typically start with Advantage Plus for simplicity, while experienced traders may prefer the Advantage account for lower overall costs.
What is the minimum deposit for FXTM in Kenya?
The minimum deposit for all FXTM trading accounts is $200 (approximately KES 26,000). This applies to the Advantage, Advantage Plus, and Advantage Stocks accounts. FXTM previously offered a Micro/Cent account with lower minimums, but this has been discontinued. You can deposit smaller amounts into your MyFXTM wallet, but you’ll need at least $200 to open and trade on a live trading account.
What are FXTM’s trading fees and spreads?
FXTM’s trading fees vary by account type. The Advantage account offers spreads from 0.0 pips with a $7 per lot commission (round turn) on forex pairs. The Advantage Plus account has spreads from 1.5 pips (averaging ~1.9 pips on EUR/USD) with zero commission. Stock trading on the Advantage Stocks account is commission-free with spreads from $0.06. FXTM also charges a $5/month inactivity fee after 6 months and a $3 fee on deposits/withdrawals under $30.
Can I use M-Pesa with FXTM in Kenya?
Yes, FXTM fully supports M-Pesa for both deposits and withdrawals for Kenyan clients. M-Pesa deposits are processed instantly, and withdrawals typically arrive the same day. FXTM does not charge any fees for M-Pesa transactions, though Safaricom may apply standard M-Pesa charges. The minimum M-Pesa transaction is approximately KES 700 ($5). M-Pesa is the fastest and most convenient funding method for Kenyan FXTM traders.
How fast are FXTM withdrawals?
FXTM states it processes withdrawal requests within 24 hours during business hours. However, actual withdrawal times depend on your payment method: M-Pesa withdrawals typically arrive the same day, e-wallets take 24 hours, credit/debit cards take 2-10 business days, and bank wires take 2-5 business days. Important: Many users report withdrawals taking longer than advertised, with some experiencing delays of several days to weeks, particularly if additional verification is required.
Is FXTM good for beginners in Kenya?
FXTM is moderately suitable for Kenyan beginners. Advantages include CMA regulation, M-Pesa integration, educational resources, and demo accounts. However, the $200 minimum deposit is higher than competitors, there’s no KES base currency (leading to conversion fees), and user reviews indicate withdrawal and verification issues can be frustrating. Absolute beginners with limited capital might consider brokers like Exness or FXPesa with lower minimums and KES accounts. If you have $200+ and value CMA regulation, FXTM can work, but start small and test withdrawals early.
Final Verdict
Who Should Use FXTM?
FXTM is a good choice for:
- Kenyan Traders Prioritizing Local Regulation: The CMA license provides local oversight and legal recourse through Kenyan authorities, which is valuable for risk-averse traders.
- M-Pesa Users: The seamless M-Pesa integration makes funding and withdrawals convenient for Kenyan traders who prefer mobile money.
- Intermediate Traders with $200+ Capital: If you have at least $200 to start and can handle the verification process, FXTM offers decent trading conditions on the Advantage account.
- Traders Wanting Established Brokers: With 13+ years of operation and multiple regulatory licenses, FXTM offers more credibility than newer brokers.
- Stock Traders: The Advantage Stocks account provides commission-free access to 600+ US stocks, which is attractive for traders building equity portfolios.
Who Should Avoid FXTM?
Consider alternatives if you:
- Have Limited Capital: The $200 minimum deposit is significantly higher than competitors like Exness ($10), HFM ($5), or FXPesa ($50). If you’re starting with less than $200, you’ll need to look elsewhere.
- Need Fastest Withdrawals: The consistent pattern of withdrawal delays and verification issues reported by users is concerning. If you need reliable, fast access to your funds, consider brokers with better withdrawal track records.
- Want KES Base Currency: Despite operating in Kenya, FXTM doesn’t offer KES accounts, meaning you’ll pay conversion fees on every transaction and face forex risk on your USD/EUR balance.
- Trade Frequently on Commission-Free Accounts: The Advantage Plus account spreads are wider than industry averages. If you prefer commission-free trading, brokers like HFM Premium or Exness Standard offer tighter spreads.
- Are Completely New to Forex: The higher minimum deposit, lack of Cent accounts, verification complexities, and mixed support reviews make FXTM less ideal for absolute beginners compared to more beginner-friendly alternatives.
- Trade During High Volatility: If you’re a scalper or news trader, the reported spread widening during volatile periods could significantly impact your profitability.
Overall Assessment
FXTM is a legitimate, mid-tier broker with genuine CMA regulation in Kenya, which is its primary advantage over many competitors. The broker offers solid infrastructure, multiple platforms, and reasonable trading conditions on the Advantage account.
However, the consistent pattern of withdrawal and verification complaints is the elephant in the room. While FXTM is not a scam and does process withdrawals, the experience appears to be slower and more frustrating than advertised. This, combined with the lack of KES accounts, higher minimum deposits, and wider spreads on commission-free accounts, makes FXTM a second-tier choice for most Kenyan traders.
For Kenyan traders specifically: If CMA regulation is your top priority and you have at least $200 to deposit, FXTM can work. However, be prepared for:
- Currency conversion fees (no KES accounts)
- Verification taking 3-5 days (not 24 hours)
- Withdrawals potentially taking longer than advertised
- The need for patience and thorough documentation
Better alternatives to consider:
- Exness: Lower minimum ($10), KES accounts, faster withdrawals
- HFM: Lower minimum ($5), KES accounts, CMA-regulated
- FXPesa: Kenya-focused, KES accounts, lower minimums
- IC Markets/Pepperstone: Better spreads and execution (though not CMA-regulated)
Safety Reminder
This review is for educational purposes only and is not financial advice. Trading forex and CFDs carries significant risk, with the majority of retail traders losing money. Never trade with money you cannot afford to lose. Always conduct your own research and consider consulting a licensed financial advisor before making investment decisions.
Risk Warning: A high percentage of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
About This Review
This review was last updated in December 2025 and is based on publicly available information, user reviews from Trustpilot, Forex Peace Army, Sitejabber, and other platforms, as well as official regulatory disclosures from the CMA (Kenya), FCA (UK), and FSCA (South Africa). We have not received compensation from FXTM for this review. Trading conditions may change, so always verify current information directly with the broker.
Sources:
- FXTM Official Website (fxtm.com)
- Capital Markets Authority (Kenya) – Authorized Brokers List
- FCA (UK), FSCA (South Africa), FSC (Mauritius) regulatory databases
- Trustpilot, Forex Peace Army, Sitejabber user reviews
- Independent broker comparison sites and forums
