FXTM started its activity back in 2011 – today it is a well-known brokerage service that serves over 2 million traders. Users are guaranteed “unparalleled trading conditions” and Forex trading training.
Is the middleman keeping his promises, and is there any reason to believe FXTM is a scam? The platform review will provide answers to these questions.
Brief information about the FXTM project
The brand was founded in 2011. The management company that owns the FXTM broker is Exinity Limited. The same firm in 1998 created Alpari, a brokerage service that is now well known in Russia and the CIS countries. Although both platforms have been on the market for a long time, their reputation is dubious; some traders report that brokers take too long to withdraw money.
One cannot ignore the fact that FXTM has listed only one license – from the FSC regulator of the Republic of Mauritius. For European users, such permission is irrelevant, as offshore control authorities are unable to provide a high level of protection for funds. The FCA regulator also restricted the activities of this firm.
Online broker reputation – what do the reviews say?
Although the service has been operating for a long time, lately only claims that FXTM is a deception have been appearing in its direction. Users unanimously complain that the intermediary refuses to compensate for the losses incurred by traders through the fault of analysts; mentions a long and often impossible withdrawal of funds.
Many reviews of FXTM also highlight some of the platform’s weaknesses. The support service works slowly and “feeds breakfast” – some traders receive an answer to their question only after a few days, and some continue to wait for a decision on the withdrawal of funds. As the review of comments about FXTM showed, there are statements that the firm blocks accounts, does not restrain the conditions for holding contests, and does not pay bonuses.
Registration and account opening on the FXTM platform
Users are allowed to open a free demo account, but you need to understand that the conditions on such accounts are far from real execution. To register with FXTM, you must provide your phone number, mail and other data. Verification of documents with a broker also takes a very long time, as traders say.
The range of services, of course, is not limited to a demo account. You can open an account on the FXTM platform one of three; the section with their description has not been translated into Russian for unknown reasons. The conditions are as follows:
Micro – the minimum deposit is only 10 euros, spreads are available from 1.5 pips, it is allowed to trade currencies, metals, commodities, indices;
Advantage is a € 500 account that offers zero spreads and the ability to trade stocks on the MT5 terminal. FXTM fees range up to $ 2;
Advantage Plus is a € 500 account with Micro-account conditions and higher leverage – up to 1: 2000. It is possible to trade stocks.
Special attention should be paid to the leverage indicated on the official website. A micro account allows you to increase the leverage up to 1: 1000 – given that it is mainly traded by beginners, it is not difficult to come to the conclusion that this is the easiest way to drain a deposit. European regulators severely limit leverage to 1:30.
Conclusion – is it worth trading with FXTM?
A license from an offshore regulator, a huge leverage and a large number of bonuses – there are many loopholes in the broker’s activities that allow him to profit from clients with impunity. Numerous complaints about slow or unsuccessful withdrawals from FXTM, along with allegations of deposit leaks, hint that it is better to look for another company.
