FTM Trade is a forex and CFD broker that offers trading on various instruments, such as currency pairs, indices, commodities, stocks and cryptocurrencies. The broker claims to provide a user-friendly and secure trading platform, as well as competitive spreads and leverage. In this FTM Trade broker review, we will examine the features and services of this broker and see if it is a reliable and trustworthy option for traders.
FTM Trade is operated by FTM Trade Ltd, a company registered in St. Vincent and the Grenadines. The broker does not disclose any regulatory information on its website, which means that it is not licensed or authorized by any reputable financial authority. This raises serious concerns about the safety and security of the funds and data of the clients. Unregulated brokers are often involved in scams and frauds, and they do not offer any protection or compensation to their customers in case of any issues or disputes.
FTM Trade offers four types of trading accounts: Basic, Silver, Gold and Platinum. The minimum deposit required to open an account is $250, which is relatively high compared to other brokers. The accounts differ in terms of the spreads, leverage, commission fees, trading signals and educational resources they offer. The spreads start from 2.8 pips for the Basic account and go down to 0.1 pips for the Platinum account. The leverage ranges from 1:100 to 1:400, depending on the account type and the instrument traded. The commission fees are also variable, and they can be as high as $20 per lot for some instruments.
FTM Trade provides its clients with a web-based trading platform that can be accessed from any browser or device. The platform has a simple and intuitive interface, with various tools and features to enhance the trading experience. Some of the features include charting, indicators, technical analysis, market news, economic calendar, trading history and account management. However, the platform lacks some advanced functionalities that are available on other popular platforms, such as MetaTrader 4 or MetaTrader 5. These include automated trading, custom indicators, expert advisors, backtesting and more.
FTM Trade also offers a mobile app for iOS and Android devices, which allows traders to access their accounts and trade on the go. The app has a similar design and functionality as the web platform, with some additional features such as push notifications, alerts and social trading. The app is easy to use and navigate, but it also has some limitations and drawbacks compared to other mobile apps in the market.
FTM Trade supports various payment methods for deposits and withdrawals, such as credit cards, debit cards, wire transfer, Skrill, Neteller and Bitcoin. The broker does not charge any fees for deposits, but it does impose some fees for withdrawals, depending on the method used. The minimum withdrawal amount is $100 for wire transfer and $50 for other methods. The processing time for withdrawals can take up to 10 business days, which is quite slow compared to other brokers.
FTM Trade claims to offer 24/7 customer support via phone, email and live chat. However, our experience with the support team was not very satisfactory. We tried to contact them via live chat several times, but we did not receive any response. We also sent them an email with some questions, but we did not get any reply either. The phone number provided on the website was also unreachable. Therefore, we cannot vouch for the quality and efficiency of the customer service of this broker.
In conclusion, FTM Trade is a forex and CFD broker that offers a range of trading instruments and services, but it also has many flaws and drawbacks that make it a risky and unattractive option for traders. The main issue with this broker is that it is unregulated and unlicensed by any reputable authority, which means that it does not comply with any rules or standards of conduct in the industry. This exposes the clients to various risks and dangers, such as scams, frauds, manipulation and abuse. Moreover, the broker has high spreads and fees, a mediocre trading platform, a slow withdrawal process and a poor customer support. Therefore, we do not recommend FTM Trade as a reliable or trustworthy broker.
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