Table of Content
FTM Trade Review – The Truth About This Scam Broker
Table of Content
Learn everything you want to know about this broker in this FTM Trade review. This enterprise claims to be a trading leader and promises full transparency. Instead, they are completely anonymous. They offer us a UK address, and that’s where almost all scam brokers get exposed – by providing fake addresses.
After that, things start rolling, because soon enough, you find out that there are many unsatisfied and defrauded customers that got their money stolen. If you are interested in the trading market, keep reading this article because you will find a lot of useful information.
|Broker Type||Currency pairs, cryptocurrencies, commodities, and shares.|
The Safety of Funds and the Regulation of FTM Trade
As we said, FTM Trade claims to be based in the UK and caters to more than 350 000 clients. So, the first thing we did is we went to the Financial Conduct Authority’s register of licensed entities and we didn’t find FTM Trade among them.
But we did find FCA’s warning about this company because they are offering financial services without being authorized. Almost all firms and individuals offering, promoting, or selling financial services or products in the UK have to be authorized or registered by the FCA.
That’s not the end. Spanish regulator CNMV has issued a warning about this broker, as well. This warning was later republished by Norwegian Finanstilsynet and the Belgian regulator, FSMA.
Also, regulated entities always provide license numbers, so a customer can check on them easily and compare the data in the register of the relevant regulator. Leaving only a random address doesn’t look trustworthy in an industry that relies on hard evidence and tight regulations.
FTM Trade promised a “state-of-the-art WebTrader with advanced graphs, one-click execution, and other useful features”. In reality, you get a simple web-based platform, which honestly lacks even some basic functionalities, such as pending orders, not to mention advanced functionalities like EAs or social trading.
It’s nowhere near professional trading platforms like the industry standard MetaTrarder4 or MetaTrader5. The trading platform is always a good showcase of how serious a certain broker is. By providing this basic software, we know this is not a real trading company.
Account Types Offered
FTM Trade offers seven accounts:
- 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
The FTM Trade’s minimum deposit is $250, but you get no benefits until you upgrade to the Bronze one. Also, the company offers Islamic swap-free accounts.
There are no demo accounts available. You can take a look at the platform, but you need to deposit money to start trading. That’s unfair, but you can’t expect much from a scam broker.
FTM Trade Trading Instruments
FTM Trade is an exclusively crypto-oriented broker. Clients can trade on:
- USDT, etc.
The spreads we came across on FTM Trade’s web-based platform looked pretty tight – fixed at just 0,6 pips for the benchmark EUR/ USD pair, without a trading commission being taken. This is not a bad offer, but it doesn’t change the fact that we’re dealing with an unlicensed trading scam.
Leverage is 1:200, while the limit in the EEA zone and the UK is 1:30. This may seem attractive, but higher leverage means higher profits, but also bigger losses.
Deposits and Withdrawals Process
FTM Trade claims to accept payments with major credit and debit cards like VISA and Mastercard, as well as bank wire transfers. Take this with caution because we were not able to confirm that credit cards are truly accepted. Keep in mind that quite too often scammers like FTM Trade prefer to receive your money in bitcoins or other crypto coins and there is a pretty good reason for that.
To begin with, crypto payments tend to be more or less anonymous, and that’s why scammers prefer this payment method. Credit and debit cards are a much safer choice since you still have the option to file for chargeback within a certain period.
The minimum deposit requirement is $250, which we already talked about.
How Do I Obtain A Refund After Being Defrauded by FTM Trade?
If you got scammed and your money got stolen – the important thing is not to panic, but also to act quickly. You are not the first, and most definitely not the last person that’s a cyber fraud victim. Since we got that out of the way, let’s talk about your options.
First of all, if you deposit money with credit/debit cards you can use a chargeback – a reversal of a credit/debit card transaction. It’s performed by the issuing bank. The request needs to be submitted within up to 540 days.
If you choose wire transfer as your payment method you can use a recall. It’s reversing funds to a bank account. Once the payment is accepted, the transfer cannot be reversed, which is why it’s important to act quickly.
Crypto transactions are hard to track, but there are tools following the transaction by the ID and connecting it to a certain wallet within the exchange. Once tracked, a customer can submit a legal letter to the exchange requesting a refund.
Most importantly, always leave a negative review about a scam broker. You can save innocent people’s money.
FTM Trade Summary
- FTM Trade provides a fake UK address, and we don’t know their exact location.
- This broker is blacklisted by the British FCA, Spanish CNMV, Norwegian Finanstilsynet, and the Belgian regulator, FSMA.
- They offer an over-simplified trading platform.
- The leverage is 1:200, while the limit in the EEA zone and the UK is 1:30.
- FTM Trade’s minimum deposit is $250, but you get no perks until you upgrade to the Bronze account, which has a 10,000 EUR minimum deposit.
FAQs About FTM Trade Broker
Is My Money Safe at FTM Trade Broker?
Your money can’t be safe with an unlicensed broker that got blacklisted by four different regulators.
How Long Do FTM Trade Withdrawals Take?
Scam brokers don’t really have withdrawals. Once they take your money, they don’t plan on giving it back.
What Are The Funding Methods For FTM Trade?
FTM Trade claims to accept payments with major credit and debit cards like VISA and Mastercard, as well as bank wire transfers.