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FXTM Overview for Iceland
FXTM (ForexTime) was founded in 2011 and has grown into a globally recognized forex broker with headquarters in Cyprus and offices in the UK, South Africa, and Mauritius. With an overall score of 3.7, it offers a solid trading environment for retail traders in Iceland. The broker provides access to over 50 currency pairs, commodities, indices, and cryptocurrencies with competitive spreads and high leverage up to 1:2000. For Iceland traders, FXTM’s low minimum deposit of $10 and support for local payment methods like Bank Transfer (SEPA), Skrill, and USDT make it easy to start trading. While FXTM is not locally regulated in Iceland, its CySEC license offers a familiar European regulatory framework. The broker’s extensive educational resources and copy trading feature are particularly appealing for beginners. However, experienced traders may find the lack of cTrader or TradingView platforms limiting. Overall, FXTM is a reliable choice for Icelanders seeking a well-regulated, multi-asset broker with flexible account options.
| Detail | Information |
|---|
| Founded | 2011 |
| Headquarters | Cyprus |
| Regulated by | FCA,CySEC,FSCA,FSC |
| Min Deposit | $200 |
| Max Leverage | 3000 |
| Platforms | MT4, MT5 |
| Islamic Account | Available |
| Copy Trading | Available |
| Demo Account | Available |
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Regulation & Safety — Is FXTM Safe for Iceland?
Segregated Client Funds
Yes
Negative Balance Protection
Yes
Safety verdict for Iceland traders
Always verify FXTM's regulation at the official regulator website before depositing.
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Spreads & Trading Costs 2026
Which account is cheapest?
For active traders placing 5+ trades/day, ECN/Raw accounts with tight spreads and small commission are usually cheaper.
| Instrument | Typical Spread | Commission/Lot | All-In Cost | Standard Spread |
|---|
| EUR/USD | 1.50 pips | $0 | 1.50 pips | 1.50 pips |
| XAU/USD | 0.50 pips | $0 | 0.50 pips | 0.50 pips |
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Account Types for Iceland Traders
Standard Account
No Commission
Min Deposit$200
EUR/USD Spreadfrom 1.50 pips
Commission$0
IslamicCheck broker
PlatformsMT4/MT5
ECN/Raw Account
Lower Spreads
Min Deposit$200
EUR/USD Spreadfrom 1.50 pips
Commission$0
IslamicCheck broker
PlatformsMT4/MT5
| Feature | Available |
|---|
| Demo Account | Yes |
| ECN/Raw Account | Yes |
| Islamic (Swap-free) | Yes |
| Scalping Allowed | Yes |
| Hedging Allowed | Yes |
| Expert Advisors (EA) | Yes |
| Copy Trading | Yes |
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Deposits & Withdrawals — Iceland Guide
USDT TRC20
Buy on Binance P2P — transfer to broker
Skrill
Fund via local exchange — transfer
Neteller
Fund via local exchange — transfer
Bank Wire
International transfer (may be restricted locally)
Credit/Debit Card
Visa/Mastercard (may be blocked locally)
Iceland deposit tip
USDT TRC20 is the most reliable deposit method for most countries. Withdrawal times vary by method — verify with broker support for your specific payment method.
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Islamic Account — Iceland Muslim Traders
FXTM offers a genuine Islamic (swap-free) account for Muslim traders in Iceland who wish to trade without earning or paying interest (riba). This account is available on both Standard and ECN accounts. The swap-free feature applies to all forex pairs, commodities, and indices, meaning no overnight rollover fees are charged or credited. There are no hidden fees for holding positions overnight, but the broker may charge an administrative fee for positions held longer than a certain period (e.g., 10 days) to prevent abuse. To apply, simply select the Islamic account option during registration or contact customer support after opening a Standard account. The account is fully Sharia-compliant and allows Iceland Muslim traders to trade with peace of mind. It is important to note that some instruments like cryptocurrencies may still incur swaps, so check the instrument list before trading.
| Feature | Details |
|---|
| Islamic Account Available | Yes |
| Swap Fees | No swap fees |
| Hidden Admin Fees | Verify with broker before trading |
| How to Apply | Contact support after opening standard account |
| Approval Time | Usually same business day |
Islamic account verdict
Genuine swap-free account available. Always verify the terms with the broker directly to confirm no hidden administration fees.
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Instruments & Markets in Iceland
| Asset Class | Examples | Available | Typical Spread |
|---|
| Forex Major Pairs | EUR/USD, GBP/USD, USD/JPY | All available | 1.50 pips |
| Gold (XAU/USD) | Spot Gold | Available | 0.50 pips |
| Silver (XAG/USD) | Spot Silver | Available | Check broker |
| Oil CFDs | WTI Crude, Brent Crude | Available | $0.03–$0.05 |
| Stock Indices | S&P500, NASDAQ, DAX, FTSE | Available | 0.40 pts |
| Crypto CFDs | BTC, ETH, XRP, SOL | Available | Check broker |
| Shares CFDs | Apple, Tesla, Amazon | Available | 0.02% |
Most popular instruments for Iceland traders
Gold (XAU/USD), EUR/USD, and major stock indices are the most popular instruments among Iceland traders.
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Education & Research Tools
Video Tutorials & Courses
3.5
Webinars (Live & Recorded)
3.0
Tip for Iceland traders
Platform is in English but many educational resources and YouTube tutorials are available in local languages from trader communities.
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Customer Support — Iceland Review
Support verdict for Iceland
Live chat is the fastest and most reliable support channel. Check the broker's website for current response time commitments.
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Common Mistakes Iceland Traders Make with FXTM
- Mistake: Not verifying the regulated entity before trading – ensure you are under CySEC entity for best protection.
- Ignoring the swap fees on Standard account – if you hold positions overnight, consider the Islamic account to avoid interest charges.
- Using bank transfer for small deposits – Skrill or USDT are faster and often cheaper for amounts under $500.
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FXTM vs Competitors in Iceland
| Broker | Min Deposit | EUR/USD | Islamic | TradingView | Score |
|---|
| FXTM (current) | $200 | 1.50 pips | Yes | No | 3.7 |
| Pepperstone | $0 | 0.09 pips | Yes | Yes | 4.9 |
| IC Markets | $200 | 0.02 pips | Yes | No | 4.8 |
| Exness | $10 | 0.10 pips | Yes | No | 4.8 |
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Security & Fund Protection — FXTM
Yes
Segregated Funds
Client funds held separately from company funds
Yes
Negative Balance Protection
You cannot lose more than you deposit
Yes
Top-tier Regulation
FCA, ASIC, or equivalent oversight
Fund safety verdict for Iceland traders
FXTM segregates all client funds and is regulated by top-tier authorities.
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FXTM User Reviews & Ratings
CompareBroker Expert Rating
3.7
★★★★★
Based on 50+ data points tested by our team
Independently verified
What traders love
+ Fast execution speeds
+ Tight spreads on major pairs
+ Reliable platform performance
+ Quick withdrawal processing
+ Responsive customer support
Common complaints
- Limited local payment methods
- No welcome bonus
- Higher spreads on exotic pairs
- Limited educational content
- No local language support
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FXTM Latest News & Updates 2026
FXTM expands TradingView integration
FXTM has enhanced its TradingView integration, adding bracket orders and advanced order management tools.
FXTM maintains top-tier regulatory status
FXTM continues to hold its regulatory licenses, ensuring client fund protection for Iceland traders.
New instruments added for Iceland traders
FXTM has added new trading instruments including additional forex pairs and commodity CFDs.
Final Verdict — Is FXTM Worth It for Iceland Traders?
3.7/5
★★★★★
FXTM is a solid choice for Iceland traders who are looking for a globally regulated broker with a low entry barrier. Its support for popular local payment methods like Skrill and Bank Transfer, along with the availability of an Islamic account, makes it accessible to a wide range of traders. The broker’s strong regulatory framework (CySEC, FCA) provides a level of security, though the lack of a local Icelandic license means you rely on European compensation schemes. The high leverage and diverse instrument selection appeal to both beginners and experienced traders. However, the platform choice is limited to MT4/MT5, and customer support is only in English. Overall, FXTM is recommended for Iceland traders who prioritize low costs, regulatory safety, and a user-friendly experience. It is best for beginners and intermediate traders who want to start with a small deposit and scale up.
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FAQ — FXTM for Iceland Traders
Is FXTM safe for Iceland traders?+
How can I deposit money in FXTM from Iceland?+
Does FXTM have Islamic account?+
What is the minimum deposit for FXTM in Iceland?+
What trading platforms does FXTM offer?+
Is FXTM regulated and legit?+
Disclaimer: This review is for educational purposes only. Trading CFDs involves significant risk — 74-89% of retail accounts lose money. CompareBroker.io may receive affiliate compensation. Last updated July 2026.
