FTGmarkets – Are They a Scam?

| Publish date: 06/12/2020 (Last updated: June 12, 2020 01:42 AM)
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Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.

FTGmarkets - DO NOT TRADE WITH THIS PROVIDER
2.6/10
$100
Minimum Deposit
X

updated 2020

Here is the list of account types offered by FTGmarkets:

  • Basic: The deposit range for the Basic account is from €250 to €10,000. The leverage offered is 1:10 and you’re offered a 50% Bonus.
  • Silver: The deposit range for the Silver account is from €10,001 to €20,000. The leverage offered is 1:20 and you get a 75% Bonus.
  • Gold: The deposit range for the Gold account is from €20,001 to €100,000. The leverage offered is 1:30 and you get a 100% Bonus.
  • Platinum: The deposit range for the Platinum account is from €100,001 to €200,000.

The broker has not disclosed the spreads offered, and since we were unable to access their platform, we could not check for ourselves.

Try these regulated brokers if you want to start trading cryptocurrencies

Plus500 Review - Regulated broker
Plus500CY Ltdauthorized & regulated by CySEC

82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money

Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

 

Website URL: https://www.ftgmarkets.com

Founded: 2020

Regulations: Not Licensed

Languages: English

Deposit Methods: Bank Wire, Debit/Credit Cards, Western Union, Bitcoin

Minimum Deposit: €250

Free Demo Account: None Available

Number of Assets: Unknown

Types of Assets: Forex Pairs, Commodities, ETFs, Stocks, Indices, Cryptocurrencies

Trading Accounts and Conditions

Here is the list of account types offered by FTGmarkets:

  • Basic: The deposit range for the Basic account is from €250 to €10,000. The leverage offered is 1:10 and you’re offered a 50% Bonus.
  • Silver: The deposit range for the Silver account is from €10,001 to €20,000. The leverage offered is 1:20 and you get a 75% Bonus.
  • Gold: The deposit range for the Gold account is from €20,001 to €100,000. The leverage offered is 1:30 and you get a 100% Bonus.
  • Platinum: The deposit range for the Platinum account is from €100,001 to €200,000.

The broker has not disclosed the spreads offered, and since we were unable to access their platform, we could not check for ourselves.

FTGmarkets – Advantages

Considering the serious lack of crucial information on this broker’s website, we cannot say that there is anything positive about FTGmarkets. Therefore, we have left this section of our review bare.

FTGmarkets – Disadvantages

Here are all the reasons why dealing with FTGmarkets would not only be a bad idea, but also extremely risky for you:

  • Anonymous Broker Lying About Regulation

If you inspect their website closely, you will realize that FTGmarkets is a completely anonymous broker. There is no corporate information; we do not know the parent company’s name and there is no corporate address provided either.

The broker hints that they are regulated by the UK’s FCA (Financial Conduct Authority) and that only regulated firms are permitted to offer financial services in CFD trading.

Just to be sure, we decided to check the FCA’s online register, where all regulated companies are listed. When we checked, we found no mention of this broker’s name on the agency’s list.

All of this clearly shows that we are dealing with a broker that has kept themselves anonymous and have lied by omission about their regulatory status.

And if you deal with such a broker, the risk you will take with your money is going to be extremely high. Most likely, you will never see your money again.

The reason why we urge all traders to only contract with regulated brokers is because then you are afforded protection. For example, many brokers today have to participate in a customer compensation mechanism, where your trading account is insured against losses due to broker insolvency or even scamming.

Plus500
$100
Minimum Deposit

82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money

Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

 

AvaTrade
$100
Minimum Deposit

The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.

 

  • Trading Bonuses

FTGmarkets offers trading bonuses to all traders wanting to open an account with them. The bonus looks very attractive, but here’s the catch. To be able to withdraw the money you have made using those trading bonuses, you will need to trade at least 30 times that amount. This amount is ridiculously high since barely any trader actually manages to achieve this target. And then, because you haven’t met their conditions for trading turnover, your withdrawal request.

This another tactic that is used by scammers – it’s a great way to get your money.

  • No Demo Account

FTGmarkets does not offer any demo account, which is another reason to be suspicious. A demo account is an important tool for traders, since they are able to verify the trading conditions offered by brokers and also test the effectiveness of the trading platform.

  • Inaccessible Trading Platform

FTGmarkets says that they offer some kind of an advanced web-based platform that they claim is a proprietary software.

This broker does not offer you the MT4 or MT5 trading software, which are the best in the world, and preferred by more than 80% of traders and brokers. These platforms have great features such as market data charting and analytics tools as well as bots so that you can carry out automated trading. And the MT5 platform allows you to trade in ETFs as well as bonds – all from one account.

Since this broker does not have a demo account, we decided to open a live account to check the trading conditions, as well as this so-called proprietary web-based platform. How despite registering for a new account, we were unable to access FTGmarkets’ trading platform.

The only thing that seems to work on this broker’s website is the deposit button. Which means the only thing that this broker wants from you is your money. Once they have it, then you will struggle to get it back since you cannot carry out any trades because the platform itself is inaccessible!

  • Suspiciously Low Leverages

We know that FTGmarkets offers traders a maximum leverage of 1:40, which is surprisingly low for an unregulated broker. Most unregulated brokers offer extremely high leverages in a bid to attract more customers.

However, when you see how this broker has implied that they are regulated by the FCA, then the leverage they offer makes sense. The FCA allows a maximum leverage of 1:40, so when you see FTGmarkets mention the FCA and a correspondingly appropriate leverage ratio, traders may tend to believe that they are legitimate.

  • No Spreads Mentioned

FTGmarkets has not mentioned any spreads on their website. Traders need to know what the spreads being laid out by brokers are because it will let them know the cost per transaction. A high spread means that the trader is going to pay more for a trade, while a low spread means that contracting with that broker will be more advantageous.

Conclusion 

FTGmarkets is a scammer and if you invest with them, you will lose your money. This broker completely lacks transparency about its identity as well as its operations. You will not even be able to access their trading platform. This is not a broker that we would recommend to anyone.

FTGmarkets

2.6

User Experience

3.5/10

Payment Options

2.3/10

Security

2.4/10

Support

2.5/10

Reputation

2.2/10

Pros

  • None

Cons

  • Anonymous Broker Lying About Regulation
  • Trading Bonuses
  • Inaccessible Trading Platform
  • Suspiciously Low Leverages
  • No Spreads Mentioned

Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:

Plus500
$100
Minimum Deposit

82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money

Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

 

AvaTrade
$100
Minimum Deposit

The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.

eToro
$200
Minimum Deposit

eToro is a multi-asset platform which offers CFD and non CFD products. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

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