A shady broker that claims to reside in Denmark, FTM Global Market is a fraudulent trading platform. The broker claims that the platform will maximize profit while bringing down costs. Once you land on their homepage, you notice that the slides are too fast. This is because the slides have been used in other scams. It’s clear from the word go that this is another clone website belonging to the same group. Learn more in this clear and vivid ftmglobalmarket.com review.
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On their about us page, FTM Global Market claims to be a leading STP broker. This means that the platform won’t trade against you. Although this is the case with STP brokers, there’s something the platform hides.
We dived deeper to find out what the broker wants with a clone website. Due to the numerous complaints regarding the platform, we had to investigate them. What we found out will shock most investors.
Before using your impulse and signing up with an aesthetically appealing website, do due diligence. It’s best to conduct small research before jumping into any online trading platform. One of the best ways to do so is to read reviews from trusted sources.
Our investigative team has years of experience in determining a legit and scam broker. The evidence we have proves that FTMGlobal Market is a scam.
When we started with the account opening process, there was nothing off about it. The issue was with the verification procedure. A member has to send their bank account statement, a copy of your ID, and credit card information.
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These are valuable documents that you can’t just send to anyone. This means we are dealing with a broker trying to harvest banking information from clients. With the information, they can easily wipe clean your account balance.
There’s an affiliate program that helps the broker get more clients from online marketers. The only issue with their platform is the lack of payment from the broker. The broker hasn’t paid affiliate members their commissions.
This means that we are dealing with a ruthless platform. Victims will also point the finger at these affiliate members for pointing them to a scam website. You don’t want to get into the crosshairs of someone who’s lost huge sums of money.
You get to choose between four classes of trading assets. The four include commodities, crypto, forex, and stocks. Trading conditions include overnight commissions, 28 currency pairs, and optional swaps.
The broker also offers no commissions or spread markup on all their assets. Leverage for currencies is set at 1:500 and 1:200 for metals. Regulators have set minimum leverage of 1:50 in the States and 1:30 in Europe. It’s to protect users from incurring huge losses during trading.
MAM investors get a 20 percent welcome bonus which is quite enticing. The welcome bonus is a trap set by these scam artists. Offshore brokers will later leverage your account, thanks to the bonus you received.
Investors have to pay a certain amount of money to gain access to their accounts. Members won’t withdraw funds unless the broker receives a new deposit amount. This amounts to online fraud.
The disclaimer at the footer of their homepage shows why this is a clone website. Despite their efforts of having a clean image, they did make mistakes. You can read from the disclaimer that the broker used to go by the domain ftmglobalmarket.net.
That domain is currently not active, which means it’s the original. These scam brokers shut it down and now use the very same name on a new domain.
We still don’t know who owns the website making it an anonymous trading platform. Avoid anonymous trading platforms at all costs. There’s no way of getting in touch with anonymous brokers once you deposit.
As we publish this review, the website is 371 days old. The website went live on April 7, 2020. We can see that their IP address is in Germany, which points to the owner’s residency. The name of the registrant is redacted for privacy reasons.
We didn’t expect to find any names as no scammer wants their name plastered on a scam. For over a year, the website has been scamming hundreds of unsuspecting investors.
Stephan had already made up his mind when he deposited $6,000 with the broker. He was enticed by a call urging him to deposit a large sum and get a 50 percent ROI in a week. The account balance would reflect an increase in profit which made him ecstatic.
Two weeks later, he decided to withdraw part of the money. This is where his troubles started as the broker gave him excuses as to why he couldn’t withdraw. It has been over six months, and Stephan has given up.
FTM Global Market is a platform that has no valid license from regulators. Their claim of having authorization and regulation from authorities is unfounded. We couldn’t find any proof of their compliance on their website.
Checking with authorities was our next move, and this too did not yield any results. No regulator has this website on their records. This is the proof we need to expose the broker as invalid.
A genuine broker will post details of their license as well as the issuer of the document. Without these documents, a broker might even use random names. It helps show transparency when a broker openly shows their license details.
Investors also get the chance to check and validate the registration with authorities. With some brokers using random numbers on their licenses, it’s best to confirm with authorities.
FTM Global Market offers several account types, which are divided into two. Members can choose between MAM and PAMM account types. There’s no minimum deposit on either of these accounts. It gives the broker the chance to ask for any amount for the same trading features.
There’s no live chat, and you can only communicate using email or a message board. The broker wants to control the communication process. The broker can get in touch at any time, especially when they need you to deposit more funds.
Members don’t get any safety features for their funds. The broker does not segregate accounts which is against trading regulations. Once you deposit funds, the broker transfers them to a personal bank account. Don’t enlist the services of recovery agents, as they, too, won’t help you recuperate funds.
FTM Global Market is a scam waiting to pounce on investors. The broker doesn’t care about trading and is only interested in having users deposit funds. There’s no actual trading taking place within the platform.
We find the broker culpable of misappropriating funds and stealing from clients. Please stay away from them.
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