Global Mining FXTM has no right whatsoever to use this name and it is misusing this name to scam people. What is more, Global Mining FXTM is just one of many scam clones that are out there to scam people. We found a lot of identical websites, see our picture below:. StockTraders Option Ethtrive Crypto FXWay Pro World Summit FX Ultra Notch FX Olympics Optimum FX Trading-Market Pro FXTrade Stock DynamicsFX Trade Zahra Option BtFxInvest Bullish Binary Precise Option FX Optimum Crypto FX Smart Easy Trade 24high Option BitLine Trades Ultimate FX Mining FX Swift Exchange FX Additional Trade Digital Premium Trade Trusted FX Handler Excellent FX Trade ViaFX Trade.

While the legit FXTM broker is regulated, Global Mining FXTM has nothing in common with the legit broker and is not regulated. In fact, Global Mining FXTM is an anonymous scam that is not registered nor licensed in any country. It is a sketchy operation with the sole aim of scamming people out of their money. The classic trick of online investment scams is fake testimonials. And Global Mining FXTM and its clones do not disappoint in this regard. They all use the same fake testimonials.

As you can see in our picture, users, their faces and stories are always the same, but the name of the company changes every time. Scams like Global Mining FXTM, StockTraders Option, Ethtrive Crypto, FXWay Pro, World Summit FX, Ultra Notch FX, Olympics Optimum, FX Trading-Market Pro, FXTrade Stock, DynamicsFX Trade, Zahra Option, BtFxInvest, Bullish Binary, Precise Option FX, Optimum Crypto FX, Smart Easy Trade, 24high Option, BitLine Trades, Ultimate FX Mining, FX Swift Exchange, FX Additional Trade, Digital Premium Trade, Trusted FX Handler, Excellent FX Trade and ViaFX Trade work the following way.

First they will make you deposit money in their platform. Then they will quickly show big but fake profits. And they will use these fake profits to ask you for more deposits with the supposed aim of making you even more money.

But once you try to withdraw any money, you will see that something is wrong. They will ask you for all sort of fees that you have to pay in order to withdraw your profits.

But every deposit will get lost with them and they will just keep asking you for more. They might even tell you stories about rogue employees that will be sued to excuse their previous behaviour. But everything they tell is a lie. They just want to steal as much money as they can from you. Everything they tell you is tailored for that purpose.

The only thing you can do if you get scammed by Global Mining FXTM and company is to go to the police and file an official complaint. Global Mining FXTM is a scam and it is not alone, there are all these clones of this fraud: StockTraders Option, Ethtrive Crypto, FXWay Pro, World Summit FX, Ultra Notch FX, Olympics Optimum, FX Trading-Market Pro, FXTrade Stock, DynamicsFX Trade, Zahra Option, BtFxInvest, Bullish Binary, Precise Option FX, Optimum Crypto FX, Smart Easy Trade, 24high Option, BitLine Trades, Ultimate FX Mining, FX Swift Exchange, FX Additional Trade, Digital Premium Trade, Trusted FX Handler, Excellent FX Trade and ViaFX Trade.

Check out a few of the reliable regulators in the table below. Most brokers reviewed by BC fall below one of the following four regulators:.

FXTM is regulated by the top-tier UK regulator, the FCA or Financial Conduct Authority. FCA monitors which firms and individuals are able to enter the financial markets and supervises how firms work and stop those that don't meet their standards. If a broker goes bankrupt, eligible customers would also be protected by the FSCS up to £85, per claimant per firm.

For forex and CFD brokers you're also covered by negative account balance protection. A non-UK citizen is treated the same way as a UK resident in case something goes south. As you could see above, FXTM is supervised by the CySEC or Cyprus Securities and Exchange Commission. CySEC monitors the Cyprus Stock Exchange, registered brokers and companies, and the transactions taking place on the Stock Exchange.

CySEC also monitors licensed collective investment funds, registered investment service companies, companies that operate mutual funds and investment consultants. They also introduced a negative balance protection. At FXTM a non-Cypriot citizen is treated the same way as a Cypriot resident in case something goes wrong. There are some brokers that provide additional insurance because they have private insurance e.

It's worth checking it out when you're choosing your broker. FIND MY BROKER. Ticking them definitely adds to the reliability and legitimacy of an online broker, but not having them is not necessarily a big red flag.

FXTM doesn't have a banking background, which is not crucial, but would make a better case for their reliability. The reason is that even if it's not required by law that a struggling broker must be saved by its parent bank, in most cases you can count on this happening. FXTM is not listed on any stock exchange, hence it's harder to get detailed or any kind of direct information about its financial performance.

FXTM doesn't publish annual financial statements. These are sort of financial reports, which generally contain information about a brokerage's income, profit and loss, retained earnings and cash flows.

Not having these exposed to the public doesn't necessarily mean that a broker is not reliable or legit, it's just a factor that we should take into account when choosing where to invest or trade. FXTM doesn't provide two-step authentication when logging in, which is not so pleasing, since it might be easier for hackers to compromise clients' accounts. Ownership structure of FXTM is not public, it can't be checked on their website, which leaves some questions open about one's feeling of being up-to-date about the broker.

FXTM is transparent about their management structure, which means that anyone can see who is in charge of management issues at the brokerage. FXTM is not audited by one of the so-called Big Four auditors KPMG, PWC, Deloitte, EY , which is not necessarily an issue, however it would guarantee another layer of reliability.

Take your time and compare at your own pace. Sign up to receive bite-sized emails on specific account opening processes, fee calculation, brokerage comparison and more. Now that we have gone through the most frequent and - as we think - most important reliability aspects of FXTM, we hope that you feel armed enough with information for your future decision. In case you're still unsure, use our broker finder and meet the best online broker that suits your needs. Everything you find on BrokerChooser is based on reliable data and unbiased information.

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The majority of customer reviews about FXTM international forex broker confirm the leadership of the company, which is deservedly the 1 broker in the list of the best providers providing access to the international foreign exchange market to Nigerian traders. The brand is regulated by some of the major league regulators — CySEC, FCA, and offers instant execution of market orders and no fees for deposits.

For some account types, FXTM has slightly inflated spreads compared to competitors. In a detailed review, the advantages and features of the forex broker are reviewed to enable traders to decide whether the broker is worthy of attention or not. Global forex broker has been on the foreign exchange market since and has offices in more than 10 countries. It offers good working conditions both for beginners and professional traders.

The Company provides access to trade in more than 60 currency pairs of Forex, metals, indices, futures, and ETFs. The possibility to participate in the social trading is opened for the newbies — the broker offers an access to more than traders, the signals of each of them can be copied.

For professional investors, in addition to self-trading, offers FXTM Invest program for investing savings and transferring them into asset management. The account currency may be one at choice: GBP, EUR or USD. For Nigerian traders the broker offers a unique opportunity — to open an account in naira.

FXTM company is regulated by the most respected regulators in the Forex industry and is licensed by various commissions on several continents, which makes trading with the broker as safe as possible. Many brokers are limited to one or two licenses, while FXTM is licensed on different continents by some of the most reputable commissions.

There is no negative feedback from active traders towards the broker, which positions the broker as a reliable company for traders in Nigeria. One of the criteria for choosing a forex company for trading is the fees charged for access to the foreign exchange market.

The broker has set the following transaction fees for trading accounts:. FXTM has a minimum spread of 1. A separate type of account, one of the most popular with the broker, Advantage, due to the absence of the spread. Account replenishment. The Company offers a wide choice of channels for depositing to the account, among which there is a possibility of depositing in cash through local Nigerian banks.

When using other methods of depositing to the account operations are carried out instantly. Withdrawal of funds from the account. The broker offers plenty of ways to withdraw profit from your account, many of them commission-free — via local Nigerian banks, using Scrill, Neteller or TC Pay payment services, transactions are completed within 24 hours.

The final fees or commissions charged by a broker are quite loyal. Forex broker simplified the trading account system and offers traders to work with one of three accounts to choose from.

As a responsible broker, FXTM necessarily offers all customers to trade on a free virtual account. There is no limit on the practice account duration many brokers offer a 30 day trial period , the client can trade on the virtual account for as long as they need to sharpen their trading skills, strategies and get accustomed to the currency market. The demo account is designed for each type of account so that the client can practically compare all advantages of each account and choose which deposit is more interesting for him: with a commission-free spread or with a spread, but no commission.

This allows you to fund your account in NGN, which gives an additional advantage when working with a broker — no conversion fees. Withdrawals are also available in Nigerian naira at local bank branches without any commissions. There are 3 types of accounts available for trading. Account for novice traders to learn how to properly manage the risks of the account while trading with real money.

Clients can work with the main trading instruments available on the MT4 trading platform the account is opened only on the MetaTrader 4 platform , therefore, CFD trading on stocks or commodities is not available which is quite logical, because these derivatives have higher risks and require additional trading practice and are offered by the broker for trading on MT5. Spread on the account is calculated from 1. Leverage on the main Forex trading instruments is up to , for metal trading — up to Maximum number of simultaneously opened positions — up to , pending orders — up to Account works on ECN system that guarantees execution of orders at the best price and output of transactions on interbank market directly to liquidity providers.

The minimum deposit to start is US dollars or the equivalent in naira. The account can be opened with MT4 or MT5 platform. The latter option will give access to trade besides the standard for all accounts Forex instruments, metals, indices and stocks, work with CFD on shares or commodities.

Leverage up to There are no requirements to the maximum number of open positions. The company has now reduced the number of accounts available for trading and only offers 3 accounts instead of 6. Advantage account type is similar to ECN accounts. Advantage accounts use market order execution.

Slippage is excluded when opening transactions. This is achieved through the use of NDD technology, which guarantees customers a clean and transparent pricing policy of the provider.

In order to test all trading opportunities and options offered by the largest forex broker, a client needs to create an account and choose an appropriate tariff plan in the personal cabinet. FXTM company has been in the Forex market for over 10 years and offers its clients competitive conditions, which is reflected in the number and range of trading instruments offered.

Clients may choose from the following:. The list of instruments available to the investor is one of the most comprehensive and diverse. The client is offered to work with different assets to fully diversify the investment portfolio. For the long term, you can take a closer look at stocks of major American companies that have been showing stable profits for decades the so-called dividend aristocrats or kings.

As one of the largest forex companies in the world, FXTM is constantly improving and upgrading its deposit and withdrawal channels. There are a variety of methods available to Nigerian traders to conduct financial transactions on their accounts. Customers can withdraw money from their account using one of the following options the transaction takes up to 24 hours to process , many channels are commission-free:. Before ordering withdrawal the client must go through a verification procedure or identity verification.

The client must provide an ID, the residential address must be confirmed by one of the documents chosen by the broker bank card statement or utility bill. This is a mandatory requirement for financial companies that operate legally and within the law.

KYC Know Your Client policy is mandatory for any licensed international broker. Any broker offers bonus promotions or affiliate programs to attract clients. Recommendations from existing clients is the easiest way to attract new traders in Nigeria. FXTM offers the following bonus programs:. FXTM is a reliable partner on the forex market offering comprehensive help, guidance and support to clients.

Email address: [email protected]. Employees are in touch with customers 24 hours a day, every day. They speak more than 15 languages and will help every customer. The company believes that the successful trader is an educated trader, so a lot of time is allocated for theoretical training.

Any beginning trader can open a demo account and practice the acquired knowledge and skills on a virtual account. There are also additional channels of communication and communication in social networks — a channel in Telegram or YouTube, where users have access to reviews and analytics.

In order to understand whether FXTM can be recommended for trading in Nigeria, it is worth summarizing the main features and benefits of the broker. FXTM is an international level broker, a global company providing forex trading services to clients from more than countries. The brand is recognized in international financial markets, as it is annually recognized and awarded by the most respected rating agencies of the Forex market.

Thus, for several years the broker for several years is recognized as the best in Nigeria, the best educational Forex project or the best ECN broker.

FXTM offers a wide range of deposit and withdrawal options for Nigerian traders, with most channels conducting transactions for free. In addition, the broker offers different types of accounts: with or without a spread. The higher advance on standard accounts in comparison with the main broker-competitors, is compensated by the availability of the account with the zero spread.

If a client is looking for a standard account with minimal spreads, it may be worth considering other major forex providers. Although it is possible that the lower spreads will be compensated by paid deposit or withdrawal channels. FXTM is also interesting because the broker has no commission on most methods, not only deposits, but also withdrawals. Yes, the company is supervised by 3 top level regulators CySEC, FSCA and FCA , this confirms the transparency and reliability of its financial operations.

equity market index. In addition, traders can work with more than well-known and reliable stocks and indices of the largest stock markets in the world. FXTM offers Nigerian traders the convenience of depositing and withdrawing money through local banks in Nigeria. Transactions are processed within 24 hours and no fees are charged. Save my name, email, and website in this browser for the next time I comment. Popular Brokers.

no comments. Broker description. ForexTime Nigeria — General Overview Name: FXTM Nigeria ForexTime. Year founded: Regulation: FCA UK , CySEC Cyprus , FSCA South Africa , CMA.

Trading platforms: MT4 and MT5 for all types of devices: PC, browser, smartphones or tablets. Regulation of the broker FXTM company is regulated by the most respected regulators in the Forex industry and is licensed by various commissions on several continents, which makes trading with the broker as safe as possible. The company has received licenses from the following agencies: Cyprus Securities and Exchange Commission. FCA or British Financial Services Authority controls the broker and under the license number The FSCA or financial regulator of South Africa also oversees the company.

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A convenient way to save on currency conversion fees is by opening a multi-currency bank account at a digital bank. ForexTime will be launching MT5 in the near future, but these platforms are very similar to each other in functionality and design. Therefore, FXTM leverage is determined by various measures and firstly set according to the regulatory requirement in the region or another. Since the demand for these platforms is very high and there are quite a number of manufacturers and suppliers of these platforms, competition among them has been quite fierce and the only way for any trader to gain advantage over the competition is by creating his own customized trading platform. FXTM Forextime is an award-winning premier global exchange broker that provides traders with the ability to trade CFDs and Forex on a global platform. As you start to trade on the Forex market and want to increase your profits, you will have to increase your leverage.

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