There are many things we could say about FTM Trade broker, none of which are good. For instance, the broker never listed the owner, legal framework, or license number. All this indicates that the firm is running an unsolicited business you should avoid. Read our honest FTM Trade review and gather all the facts.
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|Broker status:||Unregulated Broker|
|Regulated by:||Unlicensed Scam Brokerage|
|Blacklisted as a Scam by:||N/A|
|Headquarters Country:||UK (allegedly)|
|Minimum Deposit:||250 USD|
|Types of Assets:||FX, commodities, indices, shares, cryptocurrencies|
|Free Demo Account:||No|
|Accepts US clients:||Yes|
How Safe Is the FTM Trade Platform?
FTM Trade is an anonymous trading brokerage allegedly based in the UK. The firm has no financial license and failed to provide any relevant information. We don’t know who’s behind the entire charade or who’s responsible if something goes wrong. Companies operating from the UK ought to have an FCA license. The Financial Conduct Authority supervises activities and ensures that Forex and CFD firms have appropriate compensation funds to reimburse potential victims.
Upon checking registers of FCA, ASIC, BaFin, CONSOB, and other Tier1 regulatory bodies, we can confirm that FTM Trade is an unregulated scheme.
Reasons Not to Trust an Unlicensed Broker
If you’re wondering why unlicensed brokers are unsafe, we will explain. These firms don’t follow the rules, decide on their own trading conditions, and can vanish anytime. Once it happens, you have no relevant authority to file a complaint, meaning that you will have to find alternative ways to try and recover your money.
Is FTM Trade a Trustable Broker?
FTM Trade is not a legitimate financial service provider. The broker claims to be based in the UK, yet fails to provide FCA license. The consumer index is low, indicating that you should not trust the firm.
What Do Traders Think Of FTM Trade?
FTM Trade is a relatively new investment firm. The broker has been active since this year but already has many negative reviews. Upon checking traders’ opinions, we acknowledged that the biggest issue with FTM Trade is withdrawals. Broker is luring customers into investing using various promotions, trading plans, etc. However, once clients submit a withdrawal request, their access to the trading account is banned.
FTM Trade Available Online Trading Platform & Tools
If you want to start trading with FTM Trade, don’t expect anything superior. You will get access to a rudimentary WebTrader without any special features. The platform has no Stop Loss, Take Profit, EAs, or social trading.
Customers are doomed to traditional investing with 3 chart types and several indicators. Something that’s not satisfying even for trading newbies, not to mention veterans. If you’re about to join the Forex market, we always recommend licensed brokers providing MetaTrader4 or MetaTrader5.
FTM Trade Accounts Overview
FTM Trade has quite a vast offer of account types, including:
- Bronze – 10,000 EUR
- Silver – 25,000 EUR
- Gold – 50,000 EUR
- Platinum – 100,000 EUR
- Diamond – 250,000 EUR
- Premium – 500,000 EUR
- VIP – 1,000,000 EUR
Each account brings new perks such as VODs, risk-free trades, personal assistants, trading specialists, and more.
In addition, customers are provided with an Islamic swap-free account. According to the website, there is no interest on this account, and customers can access market reviews, webinars, and regular spreads.
Does FTM Trade Use SSL? – Security Socket Layer
FTM Trade uses SSL or Security Socket Layer. It indicates that your data, including credit card numbers and passwords, is safe. However, it’s not an indication of a legitimate firm. SSL can be purchased for a few hundred dollars and added to any website.
Since FTM Trade uses proprietary WebTrader, it has access to your trades and funds from there. They simply don’t need to abuse your password; they can change market prices and make you win or lose according to their needs.
FTM Trade Broker – Countries Of Service
FTM Trade operates in the following countries:
Note that these are just the most commonly defrauded areas. With the broker being unregulated, you can be approached wherever you reside.
FTM Trade Range of Trading Markets
Customers can trade in the following markets:
- Currency pairs – EUR/USD, GBP/USD, AUD/CAD
- Commodities – gold, silver, oil
- Indices – Dow Jones, NASDAQ, FTSE100
- Shares – Amazon, Google, Apple
- Cryptocurrencies – BTC, ETH, XRP
You should be aware that the first thing that matters is funds’ safety, not the variety of trading instruments.
Also remember the names of theK7 Trade,HotTradesandFusionfx24trading scams and avoid them at all costs! Moreover, always check the background of online trading companies before investing!
What Trading Terms Trader FTM Trade?
FTM Trade didn’t bother to provide us with details about leverage, spread, and other relevant information. Thus, traders cannot plan their costs and prepare a risk management strategy. Since there’s no Demo account, anyone interested in this firm will learn about risks and commissions upon paying the initial deposit.
Minimum Investment Amount
FTM Trade requires a standard minimum deposit of $250. Since the broker is unlicensed, we believe you shouldn’t risk this amount just to see your funds disappear. Instead, find a legitimate trading provider that can offer a low initial deposit of $5 or $10 and fund safety.
FTM Trade Deposit, Withdrawal Methods, and Fees
According to the Terms and Conditions, this trading brokerage accepts only two payment methods:
- Debit/credit card
- Wire transfer
However, we could not confirm or find anything about the company’s deposit and withdrawal fees.
Scammed by FTM Trade Broker? – Let Us Hear Your Story
With everything being said, it’s not hard to understand how FTM Trade is defrauding clients. If you or someone close to you falls victim, contact us for help with the chargeback procedure.
But What Is A Chargeback?
A chargeback is a way for your bank to recover funds from the merchant if you can prove that you have been scammed. Contact us to book a free consultation with our experts, and let’s act before it’s too late.