FTM Trade Forex Review – Unbelievable Scamming Tactics Revealed

 The life of a company that was allegedly registered in the UK finally came to an end. It took quite a long time to expose this company’s dirty tactics. Luckily, traders were aware enough to share their opinions and report to the broker. That ultimately helped make the whole process way faster.

Yet, the main issue remains. Customers are still unable to get their funds out from this firm. Therefore, we suggest you stick with us in this detailed FTM Trade Review and find out what are your next steps.

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.

Regulatory Warnings Against FTM Trade Scam

Regulatory oversight is something traders must watch for with any brokerage. With some, it’s quite easy to testify if they are legit or not. For instance, FTM Trade broker presented itself as UK-based. So, you just need two minutes to check the FCA database, and voila. You find out they are not legitimate.

But the agony doesn’t end there. Instead, of being found in the list of regulated entities, they are found on a warning list. Not only one, but six. Starting with the FCA itself. But also, there are reputable institutions that also follow FCA’s example. Such as AMF (France), FSMA (Belgium), CNMV (Spain), IOSCO (Spain) and CSA (Canada).

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 the broker 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

The firm 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.

Islamic Accounts

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 the trading company 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

The trading company operates in the following countries:

• US
• UK
• Canada
• Germany
• France
• Italy

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 the K7 Trade, HotTrades and Fusionfx24 trading 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

The broker 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. 

How to Get Money Back From an Inactive Broker?

With these numerous warnings in mind, it’s quite obvious the company was not running legitimately. These warnings resulted in the FTM Trade website being sold and the company’s disappearance. Luckily, if you were a victim of the FTM Trade scam, there’s still a way to get your funds back.

Some methods might depend on the date of your first transaction. However, those significant ones were mostly made with some alternative payment methods. Such as cryptos and e-transfers. That’s why you shouldn’t give up and let these swindlers get away with your money. For detailed advice and consultation, book your first meeting with our experts for free!

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.