FTM Brokers – project overview and feedback from clients
Fraud Example: Broker Scheme Analysis
The Belarusian company FTM Brokers has come under scrutiny for deceiving its clients amid government regulation. Let’s take a look at the website and reviews to understand how this scheme operates.
FTM Brokers is a dishonest broker engaged in trading on the Forex market. The company officially started in 2002 and underwent reorganization in 2016 under a new name. The National Bank of the Republic of Belarus issued a license to them.
The renaming to FTM Brokers was nothing but an attempt to cover up their scams and continue fraudulent activities under a new name. Even the license from NBRB does not justify their actions. The name change did not alter the essence: the same management, the same staff, just a new disguise.
The NBRB, seemingly responsible for protecting depositors’ interests, is questionable in the country’s conditions.
Financial and Trading Conditions in Account Review
FTM Brokers offers trading on various accounts: Comfort, Standard, and Pro. A demo account is also available.
- Comfort. Fixed spread of 2 points, Stop Out at 30%, 0.04% commission per trade, free account opening and maintenance.
- Standard. Floating spread from 0.9 points, minimum deposit of 200 USD, 0.04% commission per trade.
- Pro. A minimum of 1,000 USD for trading, market spread from 0 points, 0.006-0.009% commission per trade.
Additionally, the company offers trading in other instruments such as commodities, indices, stocks, and ETFs. The total number of assets is 1,500.
For trading, FTM Brokers provides the MetaTrader 4 platform with versions for different devices. Another option is xStation, recognized as the best platform in 2016.
Legal Details: Agreement Analysis
According to the agreement, the company has the right to cancel operations in case of system failures.
It is important to note that the company can disconnect a client’s terminal without notice, opening up the possibility for fraudulent activities.
It is also stated that the company has the right to unilaterally terminate the contract with the client without the possibility of reimbursing the invested funds.
Client Reviews: Reviewing Feedback
Client reviews indicate non-compliance with financial obligations and trading conditions by FTM Brokers. The contract terms are only advantageous to the company.
Conclusion: Decision on Collaboration
The verdict on FTM Brokers is clear: the company does not offer any legal or financial reliability. The risk of investing funds here is not justified. Numerous negative reviews and accusations of fraud make dealing with this broker unsafe.