Table of Content
FxTime Review – Reasons to Avoid This Scam Broker
Table of Content
FxTime broker doesn’t reveal much about itself. Yet, they claim to be a trusted online trading company with millions of users. With an extremely low rating, untrusted platform and uncompetitive conditions, we doubt that. But not to jump to conclusions we will analyze everything in detail.
| Leverage | 1:500 |
| Regulation | No regulations |
| Headquarters | N/A |
| Minimum Deposit | $250 |
| Review Rating | 1.8 on Trustpilot |
| Broker Type | Active Forex trading scam |
| Platforms | Web trader |
| Spread | From 0.0 pips |
Keep reading this FxTime review to find out if you can trust your money to this trading company.
Is FxTime Legit or Scam? Regulation
Since 2020 this broker is providing FX and CFD trading services. It’s not hard to determine if the broker is doing it legitimately or not. If you just take a look at the level of anonymity you will realize it’s nothing good. The broker doesn’t reveal ownership info but also address information. With regulated companies, such information must be transparently revealed.
To define if you can trust a broker, they should have a Tier 1 license. For example, FCA, BaFin, ASIC, CONSOB or FINMA. So, we went through all these registers. Non-surprisingly, we couldn’t find anything good. Not to mention the lack of license for this investment scam. On the contrary, we found multiple warnings against this scam broker.
Starting with the Austrian FMA in May 2021. Already after 1 year of doing business, they were exposed. Consequently, German BaFin followed the same action. Lastly, Canadian CSA has made its own statement of this broker’s fraudulent activities.
https://www.securities-administrators.ca/investor-alerts/fxtime/
FxTime Trading Software Overview
As for the platform, the broker advertises the latest technological invention. Yet, FxTime broker reviews say the opposite. Not only that this app is manipulative, but also lacks important features. FxTime scam broker doesn’t provide some security features as well. For instance, negative balance protection or guaranteed stop-loss.
Additionally, their platform is a proprietary web trader. Not like they claim award-winning software. After all, they openly mislead traders. They claim to have even a mobile app suiting all mobile devices. But once you want to open their link, you get nothing.
It would be even a shame to compare this platform to Meta Trader or cTrader. Because this platform only has basic trading features. From pending orders and a few indicators to history and news. But advanced EAs, copy and social trading are missing.
Account Types Option at FxTime
The FxTime broker scam offers 3 different account types:
- Basic $250
- Standard $2.500
- Premium $25.000
The minimum deposit requirement starts at $250. As with many other trading companies. But the problem starts once you deposit those first funds.
The broker will harass you constantly and pressure you to deposit more money. Whether you lost everything due to trading or you made profits. They still keep finding reasons to give you why to deposit more. But as we can see from FxTime reviews, that doesn’t end up well.
Almost 75% of traders reported this company as a scam. Moreover, they all had the same issues. They will give you numerous reasons why they can’t approve a withdrawal request. But before that, they will try to extract your last money. But through non-existent withdrawal fees.
Trading Instrument Available
Trading classes with this broker are quite standard. You can choose between:
- Currency pairs (Forex) GBP/USD, EUR/JPY, HUF/GBP
- Commodities Gold, palladium, crude oil
- Indices S&P 500, AU 200, BE20
- Shares Shopify, Bank of America, American Airlines
- Cryptocurrencies BTC, BNB, ETH
Important to realize is that trading conditions here are dangerous. Every EU tier 1 regulatory allows a maximum of 1:30. As well as the European Securities and Markets Authority (ESMA). However, this broker allows leverage of up to 1:500. In fact, this can wipe your account balance in a second. One wrong market price swing and your money is gone. Not to mention, that with this broker you can get into debt.
As for the spreads, the broker gives 0.0pips on the highest account. However, for basic you can get spreads from 1.0 pips. Still below the industry average. Of course, if they stay at the lowest point. But with scam brokers like FxTime that rarely happens.
On the other hand, the commission goes up to $50/per lot for the highest account. Which is way above the industry average. A disadvantage of this broker is that they don’t have a demo account. This way, you can’t test anything, before you deposit any money.
Deposit and Withdrawal Process
In general, regulated brokers have transparent funding options. Above all with all costs and fees. However, Fx Time didn’t reveal any of those. Payment options available are:
- Debit/Credit cards
- Wire transfers
On the other hand, nothing about withdrawals is disclosed. You can’t see the processing time or minimum withdrawal amount. As other traders reported, this broker makes up non-existent withdrawal fees. The reason for that is to prolong the withdrawal process. But the end goal is to extort more money. But don’t fall for those dirty tricks, because you won’t see your money ever again
FxTime Scammed Me – How Can I Recover My Money?
This broker already earned some warnings from regulators. That means that all user-experience reviews are worth it. We can expose all scammers together and fight against it. But we understand that your money is the most important for you. There are solutions to get it back.
Our specialized fund recovery team can guide you through the whole process. A faster way to get it back is through a chargeback. Especially if you were using a debit/credit card. However, on the crypto transactions, there is a bit specific procedure with CipherTrace software. We know that many scam companies like this one might use crypto to hide their fraudulent activities.
If this broker scammed you, get in touch with our team already today. Book a free consultation now.
FxTime Summary
- Anonymous trading company.
- Risky trading conditions.
- Multiple warnings against FxTime broker.
- Non-competitive trading platform.
- Numerous negative reviews about the company.
FAQs About FxTime Broker:
Is FxTime A Good Broker?
No. This company is not regulated to provide trading services. Besides they are scamming traders.
Is My Money Safe at FxTime?
No. Lack of regulation and missing funds protection measures make funds unprotected.
What Is The Minimum Deposit for FxTime?
The minimum deposit requirement of FxTime broker complies with an industry average of $250.