In the modern world, trading on various instruments can be accessed by anyone with an internet connection and some kind of computer or mobile device. The forex market presents a variety of trading opportunities for everyone from retail investors to large financial institutions. With that in mind, we compare two of the best forex trading apps, ForexTime FXTM and Forex.com. ForexTime FXTM focuses on currency trading, but also provides access to the stock market and various other CFDs. Forex.com is very similar, with a huge customer base and a wide range of trading instruments available.
Features
For starters, Forex.com and FXTM offer a range of powerful features that rank them among the best forex trading platforms in the world. On the one hand, Forex.com provides access to two trading interfaces. Beginners will benefit from the standard MetaTrader 4 interface, while the advanced native trading platform comes with a wide range of additional features and technical indicators to help you improve your trading performance. Additionally, FXTM also offers a few different trading platforms. For one, you can download MetaTrader 4 or 5 for desktop or mobile trading. You can also use the basic web interface to trade forex quickly and efficiently. Forex.com also has a great Active Trader program that offers traders a number of benefits. For example, regular traders will be able to access cash back rewards of up to €9 for every million dollars traded. You will also have access to a personal market advisor and exclusive events. On the other hand, FXTM comes with a range of additional tools to help you trade. For example, all users have access to an automated trading signals interface that provides technical analysis of various currency pairs and other instruments. Additional tools are also available for download, as well as regular contests and business promotions. Overall, FXTM and Forex.com offer hugely impressive features and advanced trading tools suitable for traders of all levels. It is impossible to separate the two here.
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FXTM provides access to technical indicators designed to help you improve your trading performance (Image credit: FXTM)
To assess the overall performance of Forex.com and FXTM, we tested a simple demo account with both platforms. And while both are extremely powerful and offer the trading experience you expect from a leading platform, there were a few surprises. For starters, Forex.com's web interface is extremely beginner-friendly, with advanced features designed to demystify the forex trading process. It allows you to view charts, markets, your open positions and more from a very cleverly designed dashboard. When it comes to opening and closing trades, Forex.com also excels. When you open a trade, you will be presented with a number of options that allow you to specify the order amount, as well as stop loss and take profit prices. And you will even be informed of the necessary margin to fulfill the order. Additionally, one-click trading is available for those who need immediate access to new positions. For its part, FXTM has a more than acceptable trading interface, but it simply cannot be compared to Forex.com. The web trader is based on MT4 and can be a bit cumbersome and confusing at times. That being said, all the necessary tools are available. Like Forex.com, FXTM offers one-click trading and allows you to specify order amounts, stops, and take profit prices. Pre-order options are also available. However, the main problem we had with FXTM was that it did not specify the required margin before placing a trade. This lack of transparency can make managing your funds a bit difficult. Forex.com is a clear winner here with its beginner-friendly interface and advanced trading features.
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The Forex.com web trader is very beginner friendly and comes with advanced tools (Image credit: FXTM)
Support
FXTM and Forex.com offer a variety of support services, including various educational resources and how-to articles. Both include extensive documentation as well as a selection of guides on how to trade forex and how to use more advanced features. Additionally, FXTM comes with strong live customer service via their 24/7 phone, live chat, WhatsApp, Telegram, and other support channels. In addition, Forex.com offers live chat and phone support, as well as an email option for more complex issues. In general, there isn't much separating the two platforms here.
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FXTM offers a variety of live support channels (Image credit: FXTM)
Prices and plans
Forex.com and FXTM use margin-based fee structures and offer various account options. FXTM has the most options available here, with seven live account types as well as several demo account options. Spreads are generally very low, starting at just 0.1 pips with some accounts. And FXTM never charges a commission on currency transactions. On the other hand, Forex.com only offers three different types of accounts, as well as a demo option that is only valid for a maximum of 30 days. Its spreads are very similar to FXTM, although it has a minimum of 0.8 pips instead of 0.1.
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FXTM offers more account options than Forex.com (Image credit: FXTM)
Verdict
FXTM and Forex.com are extremely powerful forex trading platforms and both are industry leaders for a reason. All in all, it's extremely difficult to separate them, even after hours of exhaustive testing and comparison. Ultimately, Forex.com is a slightly better option if you're looking for a beginner-friendly web trading interface. On the other hand, FXTM is a better option for those looking for higher leverage and more flexible account options. Both platforms have similar fees, very advanced trading features, and excellent customer support.