FXTM (ForexTime) Botswana Review 2024

FXTM (ForexTime), is one of the world’s fastest-growing Forex brokers with a good reputation. Founded in 2011 with a vision of providing unparalleled superior trading conditions, advanced education, and state-of-the-art trading tools in the Forex industry, this global leader brand has served more than 2 million clients from more than 150 countries. They provide trading services in 18 languages for their global clients.

As proof of their competencies and abilities in the financial industry, FXTM Botswana has won more than 25 industry awards, including the Best Trading Experience 2021 from World Finance and the Best ECN Broker from daytrading.com. This company is also regulated by FSC of the Republic of Mauritius, CySEC, FSCA of South Africa, and FCA of UK.

At FXTM Botswana, traders can trade various trading instruments, including currency pairs, CFDs, precious metals, commodities, cryptocurrency CFDs, stocks, and indices.

Three different types of accounts are available at FXTM Botswana: Micro, Advantage, and Advantage Plus accounts. All of these accounts can be accessed via the most popular trading platforms: MetaTrader 4 and MetaTrader 5, as well as WebTrader and FXTM Trading app. The lowest minimum deposit is 10 USD/EUR/GBP, and traders can enjoy tight spreads as low as 0 pip, fixed leverage up to 1:1000, and floating leverage up to 1:2000 with low to no commission. Scalping and hedging are also allowed at FXTM Botswana.

FXTM Botswana offers various payment methods for deposit and withdrawal, including credit cards (Visa, Mastercard, Maestro), e-wallets (Skrill, Neteller, WebMoney, PerfectMonet, Bitcoin etc.), international bank transfer, and local bank transfer. All charges related to fund deposits will be reimbursed 100%. At FXTM broker, traders can access important tools such as in-depth daily market analysis, account manager, trading signals, economic calendar, various calculators, VPS trading, and EA, to help them in their trading.

Should traders want to improve their skills and knowledge in trading, they can make use of various resources and tools available on FXTM Botswana's website. Traders can learn from step-by-step tutorials, articles, online webinars, seminars, trading courses, podcasts, guides, ebooks, glossaries, and videos. Last, any questions and problems can be directed to their multilingual and professional customer service. They are ready 24/5 via email, phone, and live chat.

Account types offered by FXTM Botswana

Before starting their trading journey, traders must choose the most suitable account types based on their needs. FXTM Botswana offers three simple account types: Micro, Advantage, and Advantage Plus.

Micro

Minimum Deposit: 10 USD/EUR/GBP
Leverage: 1:1000
Minimum trade size: 0.01
Spread Type: Floating from 1.5 pip
Commission: No
Account Currency: USD, EUR, GBP

👉 Open Micro Account

Advantage

Minimum Deposit: 500 USD/EUR/GBP
Leverage: 1:2000
Minimum trade size: 0.01
Spread Type: Floating from 0 pip
Commission: From 0.4 USD-2 USD
Account Currency: USD, EUR, GBP

👉 Open Advantage Account

Advantage Plus

Minimum Deposit: 500 USD/EUR/GBP
Leverage: 1:2000
Minimum trade size: 0.01
Spread Type: Floating from 1.5 pip
Commission: No
Account Currency: USD, EUR, GBP

👉 Open Advantage Plus Account

1. Micro Account

As the name suggests, this account is most suitable for traders with less capital who prefer smaller trade sizes. To use Micro account, a minimum deposit of 10 USD/EUR/GBP is required. Traders can enjoy a minimum spread of 1.5 pips, high fixed leverage (Forex 1:1000, metal 1:500), a minimum volume of 0.01 lots per trade, maximum orders of 300, and maximum pending orders of 100. Micro account is only available in MT4 with instant execution.

2. Advantage Account

This is the most popular account type at FXTM Botswana since it offers the tightest spreads with market execution. To make use of the zero spread and maximum floating leverage of 1:2000 in MT4 and MT5 trading platforms, traders should deposit at least 500 USD/EUR/GBP. The minimum volume is 0.01 lots per trade, the maximum number of orders is unlimited, and the maximum pending orders is 300. There is a commission of 0.40 USD-2 USD based on the trading volume. Scalping and hedging are allowed.

3. Advantage Plus Account

This account type has similar trading conditions with the Advantage account, but with no commission and wider spreads starting from 1.5 pips. Make a minimum deposit of 500 USD/EUR/GBP and traders can immediately trade a minimum volume of 0.01 lots with market execution and maximum floating leverage of 1:2000 in MT4 and MT5 platforms. The maximum number of orders and pending orders are unlimited and 300, respectively.

How to deposit and withdraw funds at FXTM Botswana

FXTM Botswana is one of the brokers that offer the widest payment methods, including bank cards, e-wallets, wire transfers, and various local payments. FXTM Botswana will reimburse 100% of any charges on all deposits.

Deposit and withdrawal via credit cards (Visa, Mastercard, Maestro) are available in EUR, USD, and GBP. The minimum deposit amount is 5 EUR/USD/GBP and the fund is processed instantly. There is no commission for deposit, but there is a fee of 2 EUR/3 USD/2 GBP for withdrawal. The withdrawal is processed within 24 hours. However, even though the broker itself does not charge any deposit fee, the card processor may charge an additional fee.

There are many e-wallet options offered, and here are some of the most popular ones:

PerfectMoney (USD, EUR) à deposit: no commission, instant; withdrawal: 0.5% commission, within 24 hours
WebMoney (USD, EUR, RUR) à deposit: no commission, instant; withdrawal: 2% commission, within 24 hours
Neteller (EUR, INR, USD, GBP, PLN, NGN) à deposit: no commission, instant, minimum 5 EUR/USD or its equivalent; withdrawal: no commission, within 24 hours
Skrill (EUR, USD, GBP, PLN, CZK) à deposit: no commission, instant; withdrawal: no commission, within 1 business day
VLOAD (USD, EUR) à deposit: no commission, instant, minimum 50 USD/EUR; withdrawal: no commission, within 24 hours
TC Pay Wallet (USD, EUR, AED) à deposit: no commission, instant; withdrawal: no commission, withdrawal: 24 hours

The deposit and withdrawal via bank wire transfer can be done in EUR, USD, and GBP with no commission. The deposit process will take around 3-5 business days, while the withdrawal process around 24 hours with a fee of 30 EUR.

Botswanan traders can also deposit and withdraw funds via local bank transfer and other available Botswanan solutions in INR. Both deposit and withdrawal will be processed within 24 hours with no commission. However, since FXTM Botswana’s base currencies do not include INR, the funds will be converted into one of the base currencies and traders have to pay the conversion fees.

Please note that FXTM Botswana does not accept any third party payment, so the name in your payment method must be the same as the name registered on your account. In addition, withdrawals must be made in proportion to the deposits according to the payment method used.
For more information about other available local payments as well as the minimum and maximum amounts of deposit and withdrawal per country, traders can check them on MyFXTM.

Is FXTM Botswana reliable and safe?

As a global brand, FXTM Botswana has successfully maintained their great reputation for years since its establishment in 2011. This broker is committed to creating a safe and secure trading environment for their clients.

FXTM Botswana is regulated by several authorities in various jurisdictions:

Cyprus Securities and Exchange Commission – under the name of ForexTime Ltd
Financial Sector Conduct Authority (FSCA) of South Africa – under the name of ForexTime Ltd
Financial Conduct Authority of UK – under the name of Exinity UK Limited
Financial Services Commission of the Republic of Mauritius – under the name of Exinity Limited

Therefore, FXTM Botswana must follow and apply the strict international standards of client protection, including segregated client funds, SSL (Secure Sockets Layer) network security protocol, and anti-money laundering protocols.

Furthermore, since FXTM Botswana is a member of The Financial Commission, clients do not need to worry about unsolved disputes if unfortunately, the broker is unable to fulfill their obligations in the future. The Compensation Fund will cover up to €20,000 per case based on the judgments of the Financial Commission.

Types of spreads in FXTM Botswana

FXTM Botswana offers tight spreads for different trading accounts.

Both Micro and Advantage Plus accounts offer spreads as low as 1.5 pips with no commission. On the other hand, Advantage account offers tighter spreads starting from 0 pip, but with a commission between 0.4 USD to 2 USD, depending on the trading volume.

Trading platforms offered by FXTM Botswana

To provide the best trading experiences for their clients, FXTM Botswana offers MetaTrader 4, MetaTrader 5, and WebTrader platforms, as well as FXTM Trader app via PC, Mac, mobile, and tablet.

Still the most popular and widely used trading platform, MetaTrader 4 is available for Forex, commodities, CFDs, and indices. Some features of this platform include more than 30 technical indicators, 31 graphical objects, 9 different timeframes, 3 order execution types, 4 pending order types, as well as easy-to-read and interactive charts. MetaTrader 4 can be accessed via WebTrader.

As the newest and most advanced online trading platform, MetaTrader 5 is available for most instruments in 30+ languages. Traders can make use of more than 38 technical indicators, 44 analytical objects, 21 different timeframes, 4 order execution types, 6 pending order types, and an unlimited number of charts in this platform. Other important features include an integrated economic calendar and email system, multi-threaded strategy tester, as well as functionality, fundamental, and technical analysis tools. Copytrading and automated trading are also available. MetaTrader 5 can be accessed via WebTrader.

Another popular trading platform that traders can use is the FXTM Trader app on iOS and Android. Traders can access 250+ Forex and CFD instruments for both Live and Demo accounts here. They can enjoy one-click trading, state-of-the-art charting tools, and live currency rates 24/5 using this application.

FXTM (ForexTime) Botswana Review 2024

Account types offered by FXTM Botswana

How to deposit and withdraw funds at FXTM Botswana

Is FXTM Botswana reliable and safe?

Types of spreads in FXTM Botswana

Trading platforms offered by FXTM Botswana

Key advantages of trading with FXTM Botswana