FTUK.com Review: FTUK group LTD a SCAM?
FTUK.com proclaims that your skills are their capital and would like to fund your trading. The company’s website proclaims that they’re in the business of making trading “affordable” because everyone deserves a chance.
Additionally, their website states that in February 2022, they increased funding capacity to $2,880,000.
However, the homepage is also equipped with annimated pop-up messages depicting that traders will enjoy instant funding up to 5 millions Euros.
We can’t find any verifiable funding of traders by this company. The only ‘”proof” that exists out there is in the company’s Trustpilot profile where several “traders” seemingly submitted their reviews and are praising this company for funding their accounts.
All of those “reviews” are rated 5 stars.
To use the funding services of FTUK, the company wants you to pay a fee ranging between 119 Euros to 449 Euros.
This upfront payment does not guarantee that you’ll be funded. Furthermore, neither trials nor refunds are promised in the marketing material.
FTUK has admitted that they’re using a CFDs broker called EightCap.
Unfortunately, EightCap is another broker that can’t be trusted as they’re using clever marketing strategies to gain high ratings so that they can deceive new traders.
FTUK review and overview
The website FTUK.com has been peddling this service since April 2022. The domain was acquired by the company FTUK group LTD sometime in 2022.
The company was incorporated in the UK and is only two years old. In the records, they cite a dutch national called Hassem GAFER.
In a nutsell, FTUK is claiming to be a proprietary trading firm that wants to “help” traders realize their goals through funding.
We’re particularly concerned about the deceptive and manipulative fine print on this website.
According to FTUK.com, “all information provided on their website should not and cannot be construed as or relied on”.
If these folks can confess this on your face, why would you go ahead and trust them? How can we be sure that this is not another Blue Guardian Capital or True Forex Funds?
The company also claims that it does not need an FCA license because it is not a broker.
The truth is that FTUK is a proprietary trading firm and thus they need licensing from the FCA due to the financial implications that come with this sort of business.
Their only claim to fame is that they’re incorporated in England & Wales under company registration number 13793849.
UK company incorporation does not mean much. In fact, scammers are known to register their websites in the UK as long as they have a name and a virtual address.
This is not a tedious process and should not be used as “proof” that an entity is conducting legit business.
How traders lose money with FTUK
Remember that all so-called prop trading firms must work with a broker.
However, some of them have devised clever ways of installing a trading sim on their platforms to double up as brokers.
In the case of FTUK, their fine print says the following:
The offered technical solution for FTUK platform and data feed is powered by our platform partner’s institutional liquidity providers.
FTUK.com
This statement is circumventing the requirement or need of a broker operating in the picture.
In other words, it can be construed to mean that FTUK is operating a brokerage platform as well.
When we had a quick chat with these folks, they claimed that they’re using EightCap broker.
This is where your trades are supposedly executed.
However, EightCap is a broker who has racked up a mountain of withdrawal-related complaints.
These complaints arise simply because of the nature of CFDs trading. There is always a huge conflict of interest arising between the broker and the trader.
If you make money, the broker will lose money (if they actually accept to pay your winnings). On the other hand, if you lose money, the broker will gladly pocket it.
In other words, the broker involved must ensure that you’re not making money on a consistent basis.
They achieve this goal using a variety of means such as freezing the platform during critical hours, hunting your stops and widening spreads.
Ultimately, you’ll hung your boots. You may make a few returns here and there but your winning streak won’t last long.
Remember that FTUK has rules before they can “fund” you. You must achieve the following:
1)10% profit target
2)Absolute drawdown should be 5%
If you don’t achieve this within 180 days (nearly 100% of traders don’t and won’t achieve it), you lose the fee which you paid to FTUK.
It does not matter what trading strategy you’re using. EightCap will make sure that you’re not winning consistently and hence affecting your FTUK metrics?
Does FTUK know that you will automatically lose? Yes they do. They’re also banking on your ignorance.
Now imagine if 50 traders approach FTUK and they pay the fee. Let’s say all of them decide to stick with the basic plan where each trader pays 119 euros.
The amount of money that this company will make in total is 5,950 Euros.
Keep in mind that the company is also preying on your greed.
If you want more money in your trading account, you have to choose the 449 Euro plan.
This would be 22,450 Euros.
If all of you fail, the company gets to pocket the money.
Statistically, 95% of traders fail and part of the reason why this is so is because traders rely on CFDs brokers who cheat the system.
Wrapping it up
FTUK will remain profitable while you lose the fee. They are aware that majority (if not all traders) will lose the money.
While they smile to the bank, you lose both your money, morale and dignity.
Keep off these “fund my account” scams!
Thanks for reading. Let’s read your comments now.