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FTSFX Review – Reasons to Stay Away From FTSFX.Net Broker
Table of Content
There’s no bigger proof about a broker being fake than when a jurisdictional regulator issues a warning against them. This is exactly the case with FTSFX, which has been blacklisted as a scammer by Hong Kong regulator SFC.
Italian CONSOB has also issued a warning against FTSFX. These are a red flag about this company right from the start, so it is not safe to trust FTSFX.
FTSFX is owned and operated by a company called FTSFX Global Markets Limited. The address provided is sadly fake. So another step recommended to take is check the databases of the jurisdictional regulators when a broker claims to be licensed by them.
After doing that as well, we have come to the conclusion that this is a non regulated broker, nonexistent in any regulators database.
Are Your Funds Safe With FTSFX Broker?
Obvious are the reasons why no investor can trust the safety of their funds with a fraudulent broker. That’s because the main drive of a scammer is to perform cyber theft and get away with it, not to actually deliver a good trading experience.
Every licensed broker is operating under the loop of a jurisdictional regulator, that would prevent them from defrauding clients. Unregulated brokers don’t go by any rules or obligations, their point is to stay anonymous in order to steal and avoid being sanctioned.
Additionally, unlicensed brokers are often put a warning against. In this case, SFC of Hong Kong and Italian CONSOB have already done that.
What Trading Platforms Are Available?
Trading platforms are a tool in scamming schemes, used to manipulate the investor with a fictional trading environment, believable enough to make them think they’re trading. Like in most cases of scammer brokers, it is the same with FTSFX.
While you are promised a reliable trading platform, you don’t actually get it and will not be able to trade at all.
Beware of scammers’ tricks and just put your trust in trading platforms that are actually highly functional, multi optional and customizable.
Like MetaTrader 4 and MetaTrader 5 are, for example. These softwares have become so advanced and ahead of all others that they have become top tier, award winning platforms.
What Account Types are Offered at FTSFX?
An interested investor might attempt to make an account and check the account types provided. In this case unfortunately FTSFX hardly makes that doable, so it is impossible to see the account types offered.
Most of the licensed brokers give at least several options to choose between when picking an account type. These can differ in various features, so it is up to the investor to decide which one suits their trading needs the most.
FTSFX Trading Instruments Overview
Major brokers make it possible for their clients to trade hundreds or thousands of instruments, divided into several important classes like Forex , commodities, shares, cryptocurrencies, indices, etc.
FTSFX promises to provide all of these. However, since this broker is just another untrustworthy scammer, this is just a false claim.
FTSFX Method of Deposit and Withdrawal
To be able to deposit on this site a user would have to be able to make an account. While FTSFX does claim to allow depositing via debit/credit card, Neteller, Skrill, it is hardly believable. For most newly registered scammers, the most preferred way of depositing is via cryptocurrencies, since that is an irrevocable process.
Since there are no legal documents to be found, it is unclear how this fraudulent broker defines their withdrawal process and necessary steps for it.
How Can I Get a Refund If FTSFX Scammed Me?
First and most important thing in case a scam has happened is to beware of so-called recovery agents. These people are usually a part of the fraudulent scheme. Best solution is to refer to financial and other authorities and government institutions for actual help.
Of course, contacting your bank and changing your passwords and other relevant data is also a must. Money withdrawal is possible within 540 days if depositing was made with credit/debit cards.
Scammers aim to steal your personal information and misuse it. They occasionally ask clients to install some desktop apps for remote control, so never do this if it is ever requested of you.
In the end, please share your experience and knowledge with others so more people can protect themselves from that particular scammer.
Some crucial facts to remember about FTSFX are:
- FTSFX is an unregulated and unlicensed broker
- A warning has been issued against FTSFX by SFC and CONSOB
- Your funds are not safe with this fake broker
- Trading platform is only a mobile app that doesn’t function properly
- No clear information about account types, deposits and withdrawals is given
FAQ`s about FTSFX Broker
Is FTSFX a Scam Broker and Why?
Yes, FTSFX is a scam broker because they are unregulated and unlicensed
What Is the Minimum Deposit for FTSFX Broker?
It’s impossible to make an account and see the minimum deposit required.
How Long Do FTSFX Withdrawals Take?
All scammers claim to process withdrawals fast but it is not the case.
Is My Money Safe with FTSFX?
Investors’ money is absolutely not safe with FTSFX.