FTM Global Market – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
FTM Global Market - DO NOT TRADE WITH THIS PROVIDER
2.5/10
$100
Minimum Depositupdated 2021
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
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://ftmglobalmarket.com
Founded:2020
Regulations: Unregulated
Languages: English
Deposit Methods:Cryptocurrencies
Minimum Deposit:$10
Free Demo Account:Yes
Number of Assets:N/A
Types of Assets:Forex
Trading Accounts and Conditions
FTM Global Market offers its clients 6 different types of trading accounts: Micro, Standard, Premium, ECN Pro, Star VIP, PAMM. However, we could not find details about these account types since all the links to these so-called accounts were broken.
On the broker’s main page, the minimum deposit is said to be $200. However, there is a contradiction, where on another part of the website, the broker states that the minimum deposit is $10.
The broker claims to offer spreads that start at 0 pips and a maximum leverage of 1:500.
FTM Global Market– Advantages
We did not find any advantages to trading with this broker.
FTM Global Market – Disadvantages
Here are the disadvantages of trading with this broker:
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Unregulated Broker
FTM Global Market claims to be best in Copenhagen in Denmark. The Danish forex market is regulated by the DFSA (Danish Financial Supervisory Authority) and for a brokerage to operate in this market, it needs to be authorized and licensed by this government body.
Therefore, we checked the DFSA’s online registry to verify if this broker was licensed by the watchdog. However, we found out that this broker is not regulated at all – its name was not listed with the DFSA.
What this means is that this broker is operating without a license and is an illegal entity.
Most unregulated brokers are scammers and therefore it is best to avoid dealing with such brokers – your funds are not safe at all.
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.
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.
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Broken Links
While this broker’s home page looks good, there isn’t much else that we can praise about it. Most of the links on this page are broken. Here is a list:
- Account Types: When you click on any of the account types, you will find that the links are broken. There is no way to access the details about the account types.
- Trading Conditions: The same thing can be said for the trading conditions section – it is unavailable!
- Trading Platform: FTM Global Market claims to offer its clients the use of the MetaTrader 5 platform. However, just like the other links, this is also broken. While the Download icon is available, when you click on it, it is – of course – broken.
Basically, any link that could have some relevant information is broken! This is a sure sign that this broker is a scammer and that it would be a very bad idea to invest with them.
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Extremely High Leverage Ratios
As we mentioned earlier, FTM Global Market offers its clients a maximum leverage of 1:500. This is an issue for two main reasons – it’s illegal in Denmark and it’s highly risky.
While a leverage of 1:500 has the potential to give a trader massive profits, the risk is so high that most regulators around the world have placed a limit on the amount of leverage that a broker can offer its clients. Denmark, like all other EU nations, has made it illegal for a broker to offer a leverage of more than 1:30. Therefore, the fact that FTM Global Market offers its clients a leverage of 1:500 is a clear indication that this broker is a scammer.
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Lies About Deposit Methods
FTM Global Market claims to offer multiple payment methods. However, upon checking, we found that the only way to make deposits was via cryptocurrencies. There are no options of bank transfers, credit or debit card payments or any other e-wallets.
The reasons why this is an issue are because firstly, the broker has lied about the services it provides, and secondly, crypto payments are non-refundable and irreversible. Therefore, once you have made a deposit using cryptocurrencies, there is no way for you to get that money back.
This is why crypto payment options have become so popular with scammers. And the fact that this is the only option that this broker offer only certifies its ill intent.
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No Legal Documents Available
FTM Global Markets – along with all the other links – has omitted to provide its customers with any legal documents. There are no Terms and Conditions, no clear trading conditions, no policies about fees and withdrawals.
This is a huge issue since the legal documents are what give traders clarity on the contract between themselves and the broker. These documents tell them what their trading costs will be and also the terms of service.
Without such documents, if a trader goes ahead and does business with this broker, they could be scammed of all their money and they would not be able to do a thing about it.
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Trading Bonuses Offered
The icing on the cake is that this broker also has trading bonuses. Trading bonuses are hugely controversial promotional offers which have been banned in most markets. This is because they are an ugly way to attract customers. Brokers offer seemingly attractive deals to rope in more clients. However, the conditions attached to those bonuses are extremely unfair. And because of this, they are now illegal in most jurisdictions.
Thus, here is yet another example of why it would be a bad idea to deal with FTM Global Market.
Conclusion
Everything we have researched about FTM Global Market has clearly shown us that this broker is a scammer. If you invest your money with this entity, then there is no way that you will be able to get your money back. Furthermore, there will be no legal action you will be able to take against this broker since it is unregulated and operating illegally. We strongly recommend to all our readers that they should avoid this broker.
FTM Global Market
Pros
- None
Cons
- Unregulated Broker
- Broken Links
- Extremely High Leverage Ratios
- Lies About Deposit Methods
- No Legal Documents Available
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
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.
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 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.