FXTM ECN MT5 - ECN Trading On MT4's Successor
FXTM is a regulated broker offering trading on both MetaTrader 4 (MT4) and it successor MetaTrader 5 (MT5). MT5 has similar functionality to MT4 in that it lets the trader execute their own trades and use online trading robots called Expert Advisors (EAs) to trade on their behalf, executing automated trading strategies encoded as algorithms.
MT5 has a number of enhancements, including more graphical objects and time frames, a different language for programming EAs, more inbuilt technical indicators and order execution types, an embedded chat to connect with other traders and an Economic Calendar.
An Economic Calendar can be an important tool for all traders, as it shows what economic data is being released when. The release of economic data can have an effect on the market and is a key part of news trading. However all traders may wish to be aware of upcoming releases as these might affect their trade.
ECN trading
FXTM has a range of account types, some of which are ECN type accounts (namely Advantage and advantage Plus). The ECN accounts offer MT5 (and MT4). ECN stands for Electronic Communication Network and is an automated process where the broker matches orders with liquidity providers, using Straight Through Processing (STP). The broker may charge a fee called a commission charge. However spreads especially for Forex can be relatively low in ECN trading. FXTM charges a commission charge up to $2 per standard lot per side for MT5. $2 per lot is charged at opening and $2 per lot is charged at close
ECN account types
FXTM offers two ECN type trading accounts. These are the Advantage and Advantage Plus accounts. The Advantage account charges a commission, the Advantage Plus account does not charge commissions. The lowest spreads are offered on the Advantage account. Spreads on the Advantage account are from 0 plus commission. Spreads on the Advantage Plus account are from 1.5, without a commission charge.
| Broker | Trading Platforms | Description |
|---|---|---|
| FXTM Broker | MT5 Trading Platform | FXTM provides MetaTrader 5 with ECN account types from a minimum deposit of $500 and with a commission charge up to $2 per lot per side Description |
ECN minimum deposit
The minimum deposit for the Advantage and Advantge Plus accounts is $/€/£500.
MT5 markets to trade
The Advantage and Advantage Plus accounts offer Forex, Indices, Commodities and Stocks CFDs.
FXTM ECN MT5
FXTM offers ECN trading on MT5, allowing the trader to make use of this platform's added features (compared with MT4) and like MT4 to build and run online trading robots called Expert Advisors. Thus the trader can trade a core group of market executing their own trades, letting robots trade on their behalf or build their own robots. MT5 has a wide support community which the trader can connect with, allowing the trader to download EAs and technical indicators.
The trader can trade on the Advantage Plus account without a commission charge, or if they wish may trade on the Advantage account with a commission charge and very low spreads for the most liquid Forex pairs.
Since FXTM offers other account types, including a Cent type account (its Micro account) which offers a very low minimum deposit of $10 ($50 in the EEA) and lets the trader trade with low account sizes, the trader can potentially scale their trading at FXTM from low trade sizes to larger. However MT5 is only available on the ECN accounts (Advantage and Advantage Plus). Once the trader has opened an account with FXTM, they can add additional account types.
