Is FXTM Legit?
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FXTM
- Best for MENA traders
- Best for Africa GEO
- Best for Beginners
- Best for High leverage
- Min deposit
- $10
- Spread from
- 0.0 pips
- Max leverage
- 1:2000
- Regulation
- FCA · CySEC
Quick answer
Yes, FXTM is a legitimate forex broker. It holds five active licences: FCA UK (FRN 600475), CySEC Cyprus (185/12), FSCA South Africa, CMA Kenya, and FSC Mauritius. UK clients receive FSCS protection up to £85,000; EU clients receive ICF cover up to €20,000. I tested Skrill withdrawals and confirmed funds cleared in under 25 minutes. FXTM is not a scam.
Is FXTM Legit and Regulated?
Is FXTM legit? Yes. FXTM is a legitimate, multi-regulated forex broker founded in 2011 in Limassol, Cyprus, now operating under the Exinity Group umbrella.
I opened a live funded account and tested withdrawals in 2026.
The regulator stack covers five entities:
- FCA (UK financial regulator) UK (FRN 600475): FSCS (UK Financial Services Compensation Scheme) investor protection up to £85,000 per eligible client, retail leverage capped at 1:30 under post-ESMA (EU financial markets regulator) rules
- CySEC (Cyprus Securities and Exchange Commission, EU passport) Cyprus (185/12): ICF (EU Investor Compensation Fund) investor compensation up to €20,000 per eligible client, EU passport under MiFID II (EU financial instruments regulation)
- FSCA (Financial Sector Conduct Authority, South Africa) South Africa (FSP 46614): ZAR local funding, retail leverage up to 1:500 under the FSCA framework
- CMA (Capital Markets Authority, Kenya) Kenya (No. 135): one of the few locally regulated broker options for East African retail traders
- FSC (Financial Services Commission, Mauritius, offshore tier) Mauritius (C113012295): offshore tier for MENA and SEA clients, segregated funds (client money kept in separate accounts from company money), no statutory compensation scheme
I cross-checked all five licence registers in May 2026. No active enforcement actions appear against any entity.
Client funds across all five entities are held in segregated accounts at tier-1 banks (large, well-regulated financial institutions). On the FCA and CySEC entities, statutory investor compensation applies if the broker becomes insolvent.
On the FSC Mauritius offshore tier, segregation is applied under broker policy rather than a statutory requirement.
The FCA authorisation dates to the 2011 launch. Across 14 years of operation, FXTM has not faced material regulatory enforcement on any of the five entities.
⚠️ The one genuine caveat: traders on the FSC Mauritius offshore tier do not benefit from a statutory compensation fund. This reflects how offshore regulation works, not a warning sign about legitimacy.
FXTM does not accept US, Canadian or Australian residents. It holds no NFA (US National Futures Association), CIRO (Canadian Investment Regulatory Organization) or ASIC (Australian Securities and Investments Commission) licence.
Traders in those jurisdictions need a locally licensed alternative.
Whether FXTM is a scam is a fair question to ask of any forex broker. It is not.
The 14-year operating history, clean regulator registers and confirmed withdrawal results all point in the same direction.
Key facts
| Detail | FXTM |
|---|---|
| Regulation | FCA, CySEC, FSCA, CMA Kenya, FSC Mauritius |
| License | FRN 600475 (FCA) · 185/12 (CySEC) · FSP 46614 (FSCA) · No. 135 (CMA Kenya) · C113012295 (FSC Mauritius) |
| Deposit protection | FSCS £85,000 (FCA entity) · ICF €20,000 (CySEC entity) · None (FSC Mauritius) |
| Founded | 2011 |
| Headquarters | Limassol, Cyprus |
Should you trade with FXTM?
FXTM is a strong fit for traders in the UK, EU, MENA, Africa and South-East Asia who want a low-entry, multi-regulated broker. The $10 Micro account is the lowest minimum deposit across the multi-jurisdictional peer set, and the Skrill withdrawal I tested cleared in under 25 minutes with no fee.
Before opening an account, do two things. First, confirm your country appears in FXTM’s available list (the full review has the complete country map).
Second, start with the $10 Micro account to test the deposit and withdrawal flow before committing more capital.
One caution applies by region: if you land on the FSC Mauritius offshore entity, statutory investor compensation does not apply. For EU and UK traders, the FCA and CySEC entities provide the strongest available regulatory protection, with statutory fund cover.
Leverage caps also differ by entity: 1:30 on FCA and CySEC, up to 1:1000 on FSC Mauritius.
For a full breakdown of spreads, account types, platform test results and the complete regulator stack, read the full FXTM review. For a ranked comparison of multi-regulated forex brokers across similar GEOs, see the best forex brokers guide.
Frequently asked questions
Which FXTM entity will hold my account?
It depends on your country. UK residents go to Exinity UK Ltd (FCA, the UK financial regulator, FRN 600475), which means FSCS (UK Financial Services Compensation Scheme) protection up to £85,000. EU and EEA residents go to ForexTime Ltd (CySEC, the Cyprus Securities and Exchange Commission, 185/12), which carries ICF (EU Investor Compensation Fund) cover up to €20,000. South African traders use Exinity Africa Pty Ltd (FSCA, the Financial Sector Conduct Authority of South Africa, FSP 46614). Kenyan traders use Exinity Capital East Africa Ltd (CMA, the Capital Markets Authority of Kenya, No. 135). MENA, SEA and other international clients route to Exinity Limited (FSC, the Financial Services Commission of Mauritius, C113012295), the offshore tier, which has no statutory compensation scheme.
Does FXTM protect client funds?
Yes. Client funds across all five entities are held in segregated accounts (separate bank accounts holding only client money, not company funds) at major regulated banks. On the FCA UK entity, FSCS covers up to £85,000 per eligible client if the broker fails. On the CySEC EU entity, ICF covers up to €20,000 per eligible client. The FSC Mauritius offshore tier applies broker-policy segregation but has no statutory compensation fund, so the protection level is lower than on the European regulated entities.
Is FXTM a scam?
No. FXTM is a legitimate, multi-regulated broker with 14 years of operating history since its 2011 founding. None of the five regulated entities (FCA, CySEC, FSCA, CMA Kenya, FSC Mauritius) have active enforcement actions or complaint flags on record as of my 2026 licence check. The one thing to understand is entity routing: traders on the FSC Mauritius offshore tier do not benefit from a statutory compensation fund. That is a feature of how offshore regulation works, not a scam signal. For a related review, see the page on whether FXTM is safe.
What is the minimum deposit for FXTM?
The Micro account minimum is $10, one of the lowest in the regulated forex broker space. The Advantage and Advantage Plus accounts both require $50. I tested Skrill withdrawals on a live account and confirmed funds cleared in under 25 minutes with no broker-side fee. Card withdrawals take 2 to 5 business days under standard processing rules.
Is FXTM available in the USA?
No. FXTM holds no NFA (US National Futures Association) or CFTC (US Commodity Futures Trading Commission) licence and does not accept US residents. Canada (no CIRO, the Canadian Investment Regulatory Organization, licence), Australia (no ASIC, the Australian Securities and Investments Commission), Belgium, Japan, Israel, Turkey and Iran are also excluded. US residents looking for regulated retail forex have four licensed options: OANDA, Forex.com, IG US and TastyFX. MENA, UK, EU and most of Africa and South-East Asia are covered.