Overall rating: 4.3 / 5 — Regulated by FSCA & CySEC • Minimum deposit $10 (≈ ₦ 15 000) • ECN Zero spreads from 0 pip + $2
Open Your FXTM Account →
Updated 26 April 2025 · Written by Joshua Okapes
Pros & Cons at a Glance
| ✅ Pros | ❌ Cons |
|---|---|
| Instant NGN deposits & withdrawals via Flutterwave, Opay, GTBank & Zenith (10-40 min) | Leverage capped at 1 : 2000 (lower than FBS/Exness) |
| ECN Zero account 0 pip + $2 / lot — tighter than HFM | No unlimited leverage |
| FSCA licence (#46614) + €20 000 Investor Compensation Fund | Minimum $200 for ECN account |
| Copy Trading (FXTM Invest) & free MT5 VPS | Fixed spread Micro account costs 1.5 pip |
| Local NGN support 24 / 7 + ₦ bonus promotions | Crypto coverage limited (20 pairs) |
Table of Contents
- Is FXTM Safe?
- Account Types & Minimum Deposits
- Fees, Spreads & Swaps
- Deposits & Withdrawals (NGN)
- Platforms, FXTM Invest & Tools
- Execution Speed Tests
- Education & Research
- Customer Support Nigeria
- FXTM vs Exness & HFM
- Step-by-Step Account Opening
- FAQs
- Verdict
1. Is FXTM Safe for Nigerian Traders?
| Entity | Regulator | Licence |
|---|---|---|
| ForexTime UK Ltd | FCA (UK) | 777911 |
| FXTM South Africa (Pty) Ltd | FSCA | 46614 |
| Exinity Ltd | CySEC (Cyprus) | 185/12 |
- Segregated client funds at Barclays & Standard Bank
- Negative Balance Protection
- Civil-liability insurance up to €2.5 million
Bottom line: FXTM is one of only three global brokers with an FSCA licence that also offers instant Naira funding.
2. Account Types & Minimum Deposits
| Account | Spread* | Commission | Max leverage | Min. deposit (₦) | Best for |
|---|---|---|---|---|---|
| Micro | 1.5 pip fixed | 0 | 1 : 1000 | ₦ 15 000 | New traders, fixed costs |
| Advantage | 0.4 pip avg. | $0.40 – $2 | 1 : 2000 | ₦ 150 000 | Swing traders |
| Advantage Plus (ECN) | 0 pip | $2 / lot | 1 : 2000 | ₦ 300 000 | Scalpers / EAs |
*EURUSD, London session.
3. Fees, Spreads & Swaps
| Pair | FXTM Advantage Plus | Exness Raw | HFM Zero |
|---|---|---|---|
| EURUSD | 0 pip + $2 | 0.1 pip + $3.5 | 0 pip + $3 |
| GBPUSD | 0.1 pip + $2 | 0.2 pip + $3.5 | 0.1 pip + $3 |
| XAUUSD | 6 ¢ + $2 | 6 ¢ + $3.5 | 7 ¢ + $3 |
- Swap example (23 Apr 2025): EURUSD long = –$4.95 / lot
- No deposit or withdrawal fees on NGN channels
4. Deposits & Withdrawals in Naira
| Method | Deposit time | Withdrawal time | Fee |
|---|---|---|---|
| Opay / Flutterwave | 1–2 min | 10–40 min | 0 |
| Local bank transfer | 5–30 min | 30–60 min | 0 |
| Visa / Mastercard | Instant | 1–3 days | Bank |
| Skrill / Neteller | <5 min | <20 min | 0.5 % |
| Crypto (USDT/BTC) | 10–30 min | 10–30 min | Network |
Live test: ₦ 20 000 deposited via Flutterwave credited in 1 m 42 s; ₦ 10 000 withdrawn to GTBank arrived in 29 m 10 s.
5. Platforms, FXTM Invest & Tools
- MetaTrader 4 & 5 — full EA, hedging, one-click trading
- FXTM Invest — copy top Strategy Managers from $100; performance fee 10–30 %
- FXTM Trader App (Android / iOS) — fund, trade & withdraw on mobile
- Free VPS for deposits ≥ $5 000; integrated pip, margin & profit calculators
6. Execution Speed Tests
| Metric | Result | Industry “good” |
|---|---|---|
| Ping MT5 → LD4 | 91 ms (MTN Fibre Lagos) | <100 ms |
| Advantage Plus order-fill | 187 ms average | 200–250 ms |
| Slippage (London open, 150 orders) | –0.01 pip | ±0.05 pip |
| Re-quotes (Micro) | 0.5 % | <2 % |
7. Education & Research
- FXTM Academy: structured video courses & ebooks
- Daily market outlook, trading signals & heat-map
- Live webinars every Tuesday 17 : 00 WAT on gold & indices
8. Customer Support (Nigeria)
| Channel | Hours (WAT) | Response |
|---|---|---|
| Live chat | 24 / 7 | 28 s |
| Free-call 0800-006-0037 | Mon-Fri 09-18 | 3 min |
| 08-20 | 2 min | |
| Email support@fxtm.com | 24 / 7 | 34 min |
9. FXTM vs Exness & HFM
| FXTM | Exness | HFM | |
|---|---|---|---|
| Min. deposit | ₦ 15 000 | ₦ 1 500 | ₦ 7 500 |
| Raw EURUSD | 0 pip + $2 | 0.1 pip + $3.5 | 0 pip + $3 |
| Max leverage | 1 : 2000 | 1 : ∞ | 1 : 1000 |
| Instant NGN withdrawals | ✔️ | ✔️ | ✔️ |
| Copy trading | FXTM Invest | Built-in | HFcopy |
10. How to Open Your FXTM Account (≈ 5 min)
- Click Open FXTM Account above.
- Register email & password; verify the confirmation link.
- Upload NIN / passport + utility bill (KYC approval ~3 h).
- Deposit ₦ 15 000 via Flutterwave or Opay.
- Download MT5 or FXTM Trader, log in and you’re set!
11. Frequently Asked Questions
Is FXTM legal in Nigeria?
Yes – Nigerian residents trade under the FSCA-licensed entity; funds are segregated and NGN payments use CBN-approved gateways.
What bonuses are available?
30 % Credit Bonus (on Advantage accounts) and periodic cashback campaigns.
Is 1 : 2000 leverage risky?
High leverage amplifies losses as well as profits; risk ≤ 1 % equity per trade and always use stop-losses.
12. Verdict
FXTM pairs tight ECN spreads with FSCA oversight and fast Naira payouts, making it a solid middle-ground between Exness’s unlimited leverage and HFM’s bonuses. If you need raw spreads at the lowest commission and a local licence, FXTM Advantage Plus is worth testing with just ₦ 15 000.
Risk warning: CFDs are complex instruments and come with a high risk of rapid capital loss due to leverage. Trade responsibly.