The United Kingdom’s Financial Conduct Authority has issued a warning against Crypto FTMS in October 2023
If you are looking for a reliable and trustworthy broker to trade cryptocurrencies, you may have come across Crypto FTMS. This is a new platform that claims to offer low fees, high leverage, and access to over 100 crypto assets. But is Crypto FTMS a scam or a legit broker? In this review, we will examine the features, pros and cons, and reputation of Crypto FTMS to help you make an informed decision.
What is Crypto FTMS?
Crypto FTMS is a cryptocurrency broker that was launched in 2021. It is operated by a company called FTM Solutions Ltd, which is registered in St. Vincent and the Grenadines. According to its website, Crypto FTMS aims to provide a secure and transparent trading environment for crypto enthusiasts of all levels.
Crypto FTMS offers a web-based trading platform that is compatible with any device and browser. The platform has a simple and user-friendly interface that allows traders to easily navigate the markets and execute orders. Crypto FTMS also provides a range of tools and features to enhance the trading experience, such as:
- Market news and analysis
- Trading signals and indicators
- Charting tools and technical analysis
- Risk management tools and stop loss orders
- Customer support and education
Crypto FTMS supports over 100 crypto assets, including popular coins like Bitcoin, Ethereum, Ripple, Litecoin, and more. Traders can also trade crypto pairs with fiat currencies, such as USD, EUR, GBP, and JPY. Crypto FTMS claims to offer competitive spreads and low commissions on its trades. The broker also offers leverage up to 1:1000, which means traders can multiply their profits (or losses) by borrowing funds from the broker.
Crypto FTMS requires a minimum deposit of $250 to open an account. The broker accepts various payment methods, such as credit cards, debit cards, wire transfers, e-wallets, and cryptocurrencies. Crypto FTMS also claims to process withdrawals within 24 hours, subject to verification and security checks.
Is Crypto FTMS a scam or a legit broker?
Crypto FTMS is a new broker that has not been in the market for long. Therefore, it is hard to judge its reliability and reputation based on its track record. However, there are some red flags that suggest that Crypto FTMS may not be a legit broker. These include:
- Lack of regulation: Crypto FTMS is not regulated by any reputable authority, such as the FCA in the UK or the CySEC in Cyprus. This means that the broker does not have to comply with any rules or standards that protect the interests and funds of its clients. If something goes wrong with the broker, such as bankruptcy or fraud, traders may not be able to recover their money or seek compensation.
- Lack of transparency: Crypto FTMS does not provide much information about its background, ownership, or location on its website. The broker also does not disclose its trading conditions, such as spreads, commissions, swap rates, or margin requirements. This makes it hard for traders to compare Crypto FTMS with other brokers and assess its fairness and competitiveness.
- Negative reviews: Crypto FTMS has received many negative reviews and complaints from its clients on various online platforms. Some of the common issues reported by traders include:
- Difficulty in withdrawing funds
- Unresponsive or rude customer service
- Manipulation of prices and execution
- Unauthorized charges and fees
- Pressure to deposit more money or upgrade accounts
Based on our research and analysis, we do not recommend Crypto FTMS as a trustworthy broker to trade cryptocurrencies. The broker has many signs of being a scam or a shady operation that may put your money and personal information at risk. Therefore, we advise you to avoid Crypto FTMS and look for other regulated and reputable brokers that offer better services and security.
What to Do If You’ve Lost Money with Crypto FTMS?
If you have been scammed by Crypto FTMS or any other broker, you’ll want to seek assistance from cryptocointrace.com immediately. Our experts will consult with you and bolster your claim to help you get your money back. Cryptocointrace.com is a leader in recovering your funds and will help you retrieve your funds from a broker scam.