FT Markets Review: Is ftmarkets.com Legit or Scam? - Topedgefx.com

FT Markets Review: Is ftmarkets.com Legit or Scam?

FT Markets is an offshore broker, registered as FT Worldwide Holdings Limited in Virgin Islands and regulated by the Seychelles Financial Services Authority.

FT Markets is running their business from the domain ftmarkets.com, which was registered 3 years ago, despite the broker claiming to have been around for 15 years.

Their regulatory standing with Seychelles Financial Services Authority is not any helpful because these offshore financial watchdogs are not strict when it comes to giving out licenses.

That is why every trader who uses an offshore broker for trading will always complain of one thing or another.

This is why FTmarkets has accumulated for itself a barrage of complaints from people who appear to have been disappointed with their services.

On the other hand, the broker is desperately trying to woo new clients by giving out unrealistic bonuses and making all the good promises that are synonymous with new Forex brokers.

For example, their website says if you deposit $200, $500 or $1,000, you will be entitled to a deposit bonus of up to $4,000.

The broker claims that they are going to guarantee 100% safety of funds, and that order execution will always be 10ms.

I do not know why they think they can guarantee fast order execution when this is a big problem for most brokers, including those who have served traders for many years.

That is why FT Markets looks and sounds like a suspicious broker not worth signing up with.

If you want to invest in the financial markets, our safest bet is to trade with these recommended services.

FT Markets Review: What this broker offers

Those willing to sign up and test this broker’s services will trade on an MT4 software.

According to the promotion declarations appearing on the homepage, FTMarkets will provide 100+ financial instruments for trading on the MT4 software.

The broker is also providing rebates for free where those who invite their friends will earn $10 per invite and up to a maximum of $51,000.

The broker will also provide “exclusive” trading analysis and promotions with high bonuses for free.

In my opinion, this is just a marketing ploy and not something you should base your decision on when signing up.

Your decision to sign up should be based on reviews, cost of trading with the broker, quality of customer support, speed of funds withdrawal and such like things.

Looking at the spreads table for their Forex instruments, we found that the cost of trading was reduced based on the account type.

For instance, Gold and Platinum account holders were entitled to trading with friendlier spreads than their counterparts who used a basic FT Markets account.

However, we didn’t see our favorite pair, EURUSD on this list of Forex products. It appears that this broker does not offer this instrument for trading.

Also, we generally felt that FTMarkets was offering very few tradeable assets. They are fewer than 50, which is a far cry from the advertised 100+ instruments.

This is why we said this broker is too much on the advertising but does very little to make what they say a reality.

FT Markets Leverage and quality of support

The broker provides up to 1:500 leverage which is generous but detrimental to traders who over-leverage without knowledge of what they are doing.

In terms of support, the website provides a hotline (which remains closed during weekends), live chat, email and social media.

All in all, one would not run into problems when it comes to the medium they would like to use in order to reach this broker.

What we don’t like about this Forex broker

Their website is painfully slow. It is like they are hosting on an old, bogged down server.

If their landing page can’t meet the internet speeds standard, then how can we believe that trade execution will be any faster?

Secondly, there are a couple of customers who have complained about this broker treating them badly.

One trader is reported saying FTMarkets is always modifying market trends. Another one reported that this broker shut down their account without any notice.

A broker who is insensitive to traders in this manner can lead to huge losses especially if the victim account was funded with big amounts of money.

These weird actions are always associated with offshore brokers who are either not regulated or regulated by financial organizations that don’t implement strict measures to enforce the rules for which they give out licenses.

The Conclusion

We don’t like this broker. We don’t like how they handle customers. We also don’t fancy their website because it is littered with advertising and promotion which renders it user-unfriendly and an eyesore.

The broker’s website is also mixing English with another type of language, making it difficult for English natives to understand what they are trying to communicate.

That said, we don’t see how useful their FSA license is, and we wouldn’t recommend a broker like FT Markets.

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