Scam Alert: You Will Never Want to Trade with TradeFTM

Finding a legitimate forex broker has always been a headache, primarily when the market is full of good and bad brokers. Despite stringent regulatory checks on counterfeit fraud elements, dishonest brokers continue to operate in the forex market. That's why careful broker selection is crucial, especially when you are new to the market. This TradeFTM scam review provides everything you need to know to avoid losing money. The info came from trader ratings, customer complaints, and government precautionary recommendations.

TradeFTM - A Quick Overview

Trading Point of Financial Markets, or TradeFTM (https://tradeftm.com/about-tradeftm/), was founded in London in 2007 as an ECN Forex and CFD broker. The broker facilitates trading in currency pairings, commodities, CFDs, and indices.  Micro, Mini, Gold, Professional, ECN Classic, VIP, and Elite are the eight tiers of accounts available on TradeFTM. Although the broker lacks a proprietary trading platform, clients can use the popular trading platform MT5 to explore the markets. You can fund your account with the company using debit/credit cards, e-wallets, and bank transfers. Live chat is unavailable, so you can use telephone, email, or the contact form if you wish to connect with the company. 

Is TradeFTM Regulated?

No! TradeFTM is neither regulated nor registered anywhere in the world. The company doesn't even bother to talk about its regulations. Since the broker is based in the United Kingdom, we checked its regulatory status on the FCA website and found nothing matched. 

TradeFTM doesn't look legitimate. Besides missing regulations anywhere across the globe, the company isn't a reputable concern either. 

Clientele Feedback

TradeFTM holds a poor reputation amongst traders. Clients have reported multiple issues with the company on BrokersView. The most common complaints from traders are related to the broker's inability to process withdrawals, ambiguous trading terms, and false or misleading information on the website. It's clear from the many complaints and low star ratings that this broker needs to live up to its customers' expectations. 

TradeFTM's Suspicious Points

Multiple reasons collectively make the broker a scam concern. Here we list a few. 

Ø The broker's website contains inaccurate information to win the favour of potential clients.

Ø The company doesn't hold regulations, which increases the risk of losing clients' money.

Ø Clients face bad experiences while talking to their representatives.

Ø The earnings and return estimates provided by the broker are unrealistic.

Ø The broker's frequent rule changes cause withdrawal complications.

Bottom Line

You should only open a trading account with a broker if they have a licence from a financial regulator, adhere to the required standards, and have a good track record over their operations. Remember that the regulations a broker must abide by do not absolutely guarantee the safety of your investments. However, you are protected if your broker breaks the code of conduct and you choose to file a complaint against them, unlike when dealing with an unregulated firm.