FXTM Fees and Commissions 2024: How Much Does Trading Cost?
FXTM Fees and Charges Overview
When it comes to FXTM fees, there are several elements to consider. FXTM offers two primary types of accounts that cater to different trading needs. The FXTM Advantage Account provides traders with raw spreads from 0.0 pips, which is ideal for traders who want to minimize spread costs. However, this account comes with a small FXTM commission per trade, ranging between $0.80 and $4.00 per standard lot. This low commission makes it a great choice for traders who are comfortable with paying a small fee in exchange for tighter spreads.
In contrast, the FXTM Advantage Plus Account is designed for traders who prefer commission-free trading. While there is no FXTM commission on trades with this account, the spreads are wider, starting from 1.5 pips. This option is perfect for traders who want to avoid paying a commission but are okay with slightly higher spreads. Both accounts come with a minimum deposit of $200, making FXTM accessible to a wide range of traders.
| Account Type | Spreads | Commission | Minimum Deposit |
|---|---|---|---|
| FXTM Advantage Account | From 0.0 pips | $0.80 – $4.00 per lot | $200 |
| FXTM Advantage Plus | From 1.5 pips | None | $200 |
The Advantage account is designed for traders who prioritize low trading costs and tighter spreads, while the Advantage Plus account is aimed at those who prefer a commission-free structure with slightly wider spreads.
FXTM Trading Fees
Trading fees at FXTM can vary depending on the type of account and the trading instruments you are using. Traders who use the FXTM Advantage account benefit from tight spreads that start from 0.0 pips. This makes the Advantage account ideal for scalpers, high-frequency traders, and those who prefer trading with minimal spread costs. However, these low spreads come with a small commission per trade, which ranges from $0.80 to $4.00 per standard lot.
On the other hand, traders using the FXTM Advantage Plus account can enjoy commission-free trading. However, the spreads in this account start from 1.5 pips, which is higher than the spreads offered in the Advantage account. This trade-off makes the Advantage Plus account more suitable for traders who prefer to avoid commissions and are comfortable with slightly wider spreads.
Key Trading Fees:
- Advantage Account: Offers the tightest spreads with a commission charged per lot. Perfect for traders looking to minimize spread costs while paying a small commission.
- Advantage Plus Account: No commission is charged, but spreads start from 1.5 pips. This account is great for traders who prefer commission-free trading.
- Leverage: FXTM offers leverage up to 1:2000, which impacts your margin requirements. However, leverage does not directly affect FXTM fees or trading costs.
FXTM Non-Trading Fees
In addition to the trading fees, traders should also be aware of the non-trading FXTM fees that may apply. These include fees related to deposits, withdrawals, and inactivity. Non-trading fees can be an important factor in determining the overall profitability of your trading account, so it’s essential to factor them into your cost analysis.
FXTM Withdrawal Fees
FXTM does not charge internal withdrawal fees. However, depending on the payment method you use, third-party charges may apply. For example, bank transfers typically involve a flat fee of around $30 or more, depending on your bank. E-wallets like Skrill and Neteller usually charge a percentage of the withdrawal amount, typically ranging from 1% to 2%. If you’re using a credit or debit card, FXTM itself doesn’t apply any withdrawal fees, but your card provider may impose its own fees.
FXTM Deposit Fees
Like withdrawals, FXTM does not charge deposit fees. However, payment processors or banks may charge their own fees for currency conversion or international transfers. This means that while FXTM ensures you can deposit without any internal fees, you should check with your bank or e-wallet provider for any additional costs.
Key Points to Remember:
- No internal deposit fees from FXTM, making it cost-effective for traders to fund their accounts.
- Third-party fees may still apply, depending on your payment method. Always verify with your bank or payment provider.
- Checking both deposit and withdrawal fees is crucial to minimize overall transaction costs.
FXTM Swap and Overnight Fees
For traders who hold positions overnight, swap fees may apply. Also referred to as rollover fees, these charges depend on the interest rates of the currency pair being traded and whether the trader is holding a long or short position. Traders who go long on a currency pair with a higher interest rate than the quoted currency will earn a positive swap. Conversely, those who go short will pay a swap fee.
Key Swap and Overnight Fees:
- Swap Long: The fee or credit for holding a long position overnight.
- Swap Short: The fee or credit for holding a short position overnight.
FXTM offers competitive swap rates, but for traders who wish to avoid swap fees altogether, an Islamic Account is available. This account type is swap-free and caters to traders who follow Islamic finance principles or those whose trading strategies necessitate swap-free conditions. However, these accounts are typically only available for certain trading instruments, so it’s important to check with FXTM to see if this account option is right for you.
| Instrument | Swap Long | Swap Short |
|---|---|---|
| EUR/USD | -6.90 | -6.90 |
| GBP/USD | -2.10 | -2.10 |
| Crude Oil | -1.20 | -1.20 |
These fees can fluctuate depending on market conditions, so it’s a good idea to check FXTM’s platform regularly for updated swap rates.
FAQs
Frequently Asked Questions about FXTM fees and FXTM commission for 2024:
What are the trading fees for FXTM in 2024?
FXTM offers two main account types with distinct fee structures. The Advantage Account features raw spreads starting from 0.0 pips, with a commission of $0.80 to $4.00 per lot. The Advantage Plus Account is commission-free, but the spreads start from 1.5 pips. Both accounts are tailored to different trading styles, depending on your preference for lower spreads or no commission.
Does FXTM charge any deposit or withdrawal fees?
FXTM does not charge any internal deposit or withdrawal fees. However, third-party fees from banks or payment providers may apply, particularly for bank transfers, which may incur a flat fee of around $30 or more. E-wallets, such as Skrill and Neteller, may also apply a percentage-based fee, typically around 1-2% of the withdrawal amount.
What are FXTM’s swap and overnight fees?
FXTM charges swap fees for positions held overnight. The exact fee depends on the currency pair and whether you’re holding a long or short position. For example, the swap fee for EUR/USD is -6.90 for both long and short positions. Traders looking to avoid swap fees can opt for an Islamic (swap-free) account.
Are there any non-trading fees at FXTM?
Yes, FXTM charges non-trading fees, including an inactivity fee of $5 per month after six months of account inactivity. To avoid this fee, you can make a trade or deposit at least once every six months.
Which FXTM account has the lowest trading costs?
The FXTM Advantage Account offers the lowest trading costs, with raw spreads starting from 0.0 pips and a commission of $0.80 to $4.00 per lot. This account is ideal for traders who prioritize low spreads and don’t mind paying a small FXTM commission.
Yes, you can easily switch between FXTM account types. Simply log in to your FXTM dashboard, go to ‘Account Settings,’ and select the account type you wish to switch to. The change will take effect immediately.
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