FTM Trade is a leading forex provider where clients can trade instruments of financial markets with leverage. Broker is a British firm that hides its founding date and talks about having regulation, but reviews tell a different story. Is it true, the company is safe? Or is it a usual scam which steals money from people? Let’s look into it.
Table of Contents
|🎲 Demo Account
|⏳ Start Time
|💲 Minimum Deposit
|⚖️ Minimum and Maximum Leverage
|⚙️ Trading Platform
First impression of Ftmtrade.co
The first thing that catches your eye is the template manner of FTM Trade’s official website. The standard sections, the classic division of account types like the scams, the lack of real documents, and evidence of the facts cited. 90% of the information is not useful. The broker does not give specifics, but tells only in general terms.
FTM Trade announces partnerships with Agenta Investment Management AB Corporation, Cryptopay Limited, and 1832 ASSET MANAGEMENT L.P. All these firms operate under regulation, and for some reason, the hero of our review decided that this applies to it too. The site also indicates a license from the CCA (Crypto Conduct Authority).
Partnership and Bonuses
You can’t just register at FTM Trade because you will need a referral code. Strangely enough, the site does not say a word about the affiliate program and its conditions. We have learned about the promo code only at the time of registration. It’s so similar to scams in the investment industry, where fraudulent pyramid schemes won’t let you sign up without a promo from an affiliate.
If you want to start trading here, you first need to find a partner who has an account. Is this even for the best? Most clients will have no desire to do it.
Account Opening on Ftmtrade.co
The registration procedure in FTM Trade is standard. However, as already written above, it is impossible to register without a referral invite. When you try to skip specifying a promo code, the site gives an error: “Your account was not created. Please correct the errors below and try again. Invalid Referral Code”.
You can’t try it on a demo. There is no information about this possibility, and you can’t get in without an invite.
Like many other firms, FTM Trade also requires verification. Required documents:
- Documents submitted for confirmation of identities, such as passports and utility bills.
- Payment documents: money transfer orders, bank statements, copies of bank cards, etc.
- The verification procedure is usual.
- There are no regulatory documents (AML&KYC policy).
- There is no information on how long the timing of data processing.
All that is known about the FTM Trade trading platform is a classic Webtrader. Here are standard tools and options: one-click opening/closing positions, several types of charts and timeframes, technical analysis, deposit and withdrawal. The platform is no different from other terminals.
Unfortunately, we were not able to try the working platform in practice. It is not possible to register and there is no demo. It remains to be believed that execution of orders is fast and that all functions are really there.
How Can I Trade With FTM Trade?
FTM Trade offers 7 tariff plans for clients. However, most of the conditions are still not disclosed to users.
All Info About Accounts
We offer you to check out the tariff plans of the broker:
|Minimum Deposit, €
|Arbitrage tire 1
|Arbitrage tire 2
|Arbitrage tire 3
Euro ränte konto*
Exclusive for swedish clients
|Arbitrage tire 4
|Arbitrage tire 5
|VIP & Business
|Arbitrage customized trading plan
What is “Arbitrage tire” we never understood. Obviously, fraudsters stole information from some Swiss sources because Swedish customers are mentioned and Swedish words are used. Why the minimum deposit of $10,000, if other places on the site specify $250? The size of spreads, leverage, and other important parameters of trading conditions FTM Trade hides.
However, it is worth noting the broker offers to open an Islamic type of account. It is probably the only plus we could find.
- Islamic option.
- Unclear description of tariff plans.
- There are no important terms and conditions.
- No cents, micro, and other account types.
- The minimum deposit varies.
Market Analysis and Education With Ftmtrade.co
As an additional service, FTM Trade shares technical and fundamental analysis. Nothing else, not even the usual economic calendar and news feed. Also, each client can consult and ask questions to their personal manager. Maybe he helps with analysis and educational materials?
Deposit, Withdrawal, and Fees
The company does not share detailed information on how to deposit or how to withdraw money. Since it is impossible to get into a personal account without a promo code, we have to guess that FTM Trade offers to use those methods of deposit/withdrawal, which have the icons on the official site.
How Can I Contact It?
You can contact the managers of the company by phone, email, or through a feedback form. Nothing special here, google shows the phones belong to FTM Trade. There is no online chat on the site for prompt communication. And also there are no pages on social networks.
- There are two phone numbers.
- There is no online chat.
- Lack of social networks.
Is FTM Trade Dangerous?
The design of the site is like a scammer’s broker. All the necessary and important information about trading conditions is missing. The minimum deposit amount is $10,000, but in different places, it is $250. Besides, it is possible to register only by referral code. At this stage of learning FTM Trade, all those facts raise great suspicions about security. Now let’s look at the signs of a scam in more detail.
How Long Does The Broker Work?
We don’t know exactly when the company was founded. However, we do know that scammers registered the domain in July 2022.
How Is FTM Trade Regulated?
FTM Trade states that it is regulated by the financial commission of the CCA (Crypto Conduct Authority). It even attaches a screenshot.
Well, if you try to find this broker on the CCA registry, you won’t succeed. That suggests that the firm fabricated its supervision. Fraudsters even went to such a despicable step as to draw a license in Photoshop.
Also, FTM Trade tells tales about being a partner of such companies as Agenta Investment Management AB Corporation, Cryptopay Limited, and 1832 ASSET MANAGEMENT L.P., working under regulation. However, there is no proof of that. Not only is the company unregulated, it blatantly lies about having partnerships and licenses.
Frequently Asked Questions (FAQ)
How to Trade With FTM Trade?
Is FTM Trade Legit?
How Risky Is It?
I’ve been trading the markets for more than 10 years, and I already have a good eye for such scams. The first thing I recommend is to check the license, real or fake, or whether the scammers photoshopped it. Scammers often like to lie about reliability, regulation, partnerships, and favorable conditions, but they do not specify at least half of this information and do not provide evidence. That’s what happened to FTM Trade!