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A choice of six different account types is offered.

Accounts are divided into two types: Standard Accounts and ECN Accounts, which operate an ECN-execution model. The difference is essentially between execution costs restricted to variable spreads subject to a minimum amount, and variable spreads subject to no minimum plus commission (ECN). Both execution models have pros and cons, and each may better suit a different type of trader.

The Standard Account with the lowest minimum deposit is the Cent Account, which requires a deposit of only $10 to open. The account may be denominated in USD, EUR, GBP, or Nigerian Naira for customers residing in Nigeria. Variable spreads are charged and are subject to the highest minimums imposed by FXTM, making a typical 'round trip' spread on the benchmark EUR/USD currency pair as high as 2.2 pips. However, overnight swaps are not charged or paid in this account type. This account offers 25 major and minor Forex currency pairs and 2 metals for trading. The maximum position size per trade is 1 lot (typically equivalent to $100,000 in nominal value) although of course where account size is low, maximum leverage (more on leverage later) will play a big role in defining a lower practical maximum. The only trading platform which may be used with this account type is the MetaTrader 4 platform.

The next Standard Account is, a little confusingly, called the Standard Account. It is available in the same base currencies as the Cent Account, but a minimum deposit of $100 is required. Variable spreads are charged and are subject to somewhat lower minimums, making a typical round trip spread on the benchmark EUR/USD currency pair approximately 2 pips. Customers have a choice whether to use the MetaTrader 4 or MetaTrader 5 trading platform with this account type. If MetaTrader 4 is used, overnight swaps are not charged, but they are charged if MetaTrader 5 is used. This account offers the full range of Forex, metals, commodities, equity indices and equities as CFDs described earlier as FXTM's offering - everything except U.S. shares not wrapped as CFDs. The maximum position size per trade is 30 lots (typically equivalent to $3 million in nominal value).

The last of the Standard Accounts offered is the Shares Account. It is available in the same base currencies as the other two Standard Account types and requires a minimum deposit of $100 to open. Only the MetaTrader 4 platform may be used with this account type. Over 120 U.S. shares can be traded wrapped as CFDs. A fixed leverage of 10 to 1 is offered. A maximum position size per trade of 10 lots is offered.

Now we will move on to the range of ECN Accounts offered by FXTM, which all offer (obviously) an ECN execution model. This execution model means that you will tend to pay a lower cost to execute trades, but that prices may gap wildly under extreme market conditions, especially when trading currency crosses with generally low liquidity. All ECN type accounts are available in the same base currencies which we already listed for the Standard Accounts. All the accounts are swap-free with no overnight swap charged if the MetaTrader 4 platform is used. Customers have a choice between using MetaTrader 4 and MetaTrader 5 in all account types.

The ECN Account with the lowest minimum deposit required is the ECN Zero Account, at only $200. No commission is charged, and the minimum floating spread is 1.5 pips, so it is very difficult to see here what qualifies this to be considered as an ECN account. Traders using the MetaTrader 4 platform can trade 48 Forex currency pairs and crosses, 3 metals, and 14 CFDs. Traders using the MetaTrader 5 platform have a smaller range of assets they can trade: 33 Forex currency pairs and crosses are offered here, as well as 2 metals.

The next account we'll look at is the ECN Account. A minimum deposit of $500 is required. There is a variable floating spread which is always at a minimum of 0.1 pips, unlike some ECN style accounts at other Forex / CFD brokerages which offer no minimum spread and sometimes even quote inverted spreads. The commission charged is $2 per lot for a round trip trade, which translates to 0.02% of the nominal value of the trade position size. Traders using the MetaTrader 4 platform can trade 48 Forex currency pairs and crosses, 3 metals, and 14 CFDs. Traders using the MetaTrader 5 platform have a smaller range of assets they can trade: 33 Forex currency pairs and crosses are offered here, as well as 2 metals.

The final account of the six offered is the FXTM Pro Account. As its title suggests, this account type is intended for advanced and well-capitalized traders, requiring a minimum deposit of $25,000. Despite it being an ECN account, no commissions are charged, and the variable spread which FXCM describes as 'institutional level' may fall as low as zero. If the MetaTrader 4 trading platform is used to trade this account, 43 Forex currency pairs and 2 metals may be traded. If the MetaTrader 5 trading platform is used instead, 33 Forex currency pairs and 2 metals may be traded, as well as 10 major stocks.

Bottom line: our verdict is that a suitably wide range of alternative account types are offered, but some of the account types seem to be better value and more meaningful than others. We see the best all-round account offered by FXTM as the ECN Account which requires a minimum deposit of $500. The Cent Account can be opened with a deposit as small as $10 and at this level of capitalization, even with the relatively high average spread on EUR/USD of 2.2 pips, at such a low deposit level it is certainly competitive.

Leverage is an important topic to consider when evaluating a Forex / CFD brokerage. FXTM's position on leverage is a little complicated as it offers accounts based in several different countries, all of which have different laws and regulations governing the maximum amount of leverage which may be offered. This means that we must consider where the trader is based more than the type of account which the trader wants to open to determine available leverage.

FXTM in the United Kingdom and Cyprus offer a maximum leverage of 25:1 on Forex, 20:1 on precious metals and indices, 5:1 for individual stocks and shares, and 2:1 on cryptocurrencies.

FXTM in South Africa and Mauritius are not subject to any restrictions on leverage, therefore the maximum amounts offered by them to these accounts are a decision for FXTM alone. Here FXTM's leverage offering is quite complex, because the maximum leverage offered is determined by a combination of factors:

Account Type (the Pro Account offers a lower maximum leverage than the other account types, presumably to mitigate risk to FXTM from large wins by successful traders who have deposited the $25,000+ minimum deposit)

Instrument Traded - major Forex pairs offer the highest leverage, minors and metals less, followed by Forex exotics and then cryptocurrencies, which are offered with the lowest leverage of any asset class.

Notional Value of a Trade - the maximum leverage is only offered on the first $200k or $300k of the notional value traded, decreasing by higher tranches of value.