FXTM Review 2021: There are so many brokerage firms in the market, and it becomes difficult for the trader to distinguish between fake and authentic. It is a common myth in the financial market that experienced firms offer better service. ForexTime, also known as FXTM, was founded in 2011, is a global CFD and FX broker. It is regulated by the UK Financial Conduct Authority (FCA) and the Cyprus Securities and Exchange Commission (CySEC).
The broker offers complex CFDs instruments and there is a high risk of losing money rapidly due to leverage. You should only invest and do trading when you have a proper understanding of CFDs FXTM offers a high amount of risk, and there are always chances of losing your money.
Here is a review of the FXTM. It provides you with all the information on whether you should move to this firm or not? Is it safe or not?
Is FXTM Scam or safe?
FXTM creates lots of problems for its clients due to the various jurisdictions. FXTM doesn’t disclose its financial company information on the website nor to its client, which left the client in the middle of the ocean about its safety and scam. Moreover, the company is also not listed on the stock exchange market and did not hold a valid banking license.
And there is no information about the trading period. They also don’t provide an accessible platform to the traders. There are more chances of losing the game because of its poor loading process.
There is always a doubt about it being a complete scam because, according to the various customers’ review, they hide many details about their company. The client has to pay much attention before investing their money with this firm.
Imagine when a broker is not revealing its basic information to its existing client, then what all can they do with your money. It is not about this information. They do not have proper general information like risk disclosures, withdrawals and deposits, which leaves clients in trouble.
FXTM: Customer Care Services
FXTM does not have a well-qualified service representative. The team doesn’t provide real client service. From the proper assistance services to 24 hours 5 days a week service to toll-free calls, the company needs to change its structure according to its clients’ accommodation. Though the company provides all medium of customer services tools, they aren’t maintained properly.
Moreover, when we click on the live chat function, it asks for personal details, which most of the clients are not comfortable providing their personal information. This is more than trick rehearses.
This is an utter and clear abuse of personal access as well as there are chances of more scam practices that might happen with the customer. The services care also renders unacceptable and inadequate services. They even do not respond to the mail sent to them.
While investing money in the trading and stock market, it is very important to know about the leverages as they enable traders to earn high profit. FXTM doesn’t offer the right amount of leverages. Sometimes, they are too high or too low, which increases the traders’ state of being into losses. There is no core value of trust and commitment on the leverages.
FXTM: Account Opening
The account opening process is long and very much complex. It is confusing and lacks a properly accessible tool. And while registering on it creates lots of glitches. The website is also not safe and encrypted by security software.
While registering on it, the user finds it difficult to upload the information. It is not user friendly. The people of the USA and Japan can’t do trading with FXTM. Account opening procedure is risky as they ask the user about their passport / ID/driver’s license and a bank statement or utility bill. Most of the user feels insecure about providing for them.
They also ask the user to fill the questionnaire about their financial knowledge, which a beginner who just started their career finds difficult and tricky.
Commission and fees
When it comes to commission and fees, they charge high commission and inactivity fees on withdrawals. They charge a commission of up to $2. FXTM Capital does not have to display its spreads on its website. This is an alarming sign, as it shows a lack of lucidity and transparency.
Web Trading Platform
The web trading platform is not safe, and its features and tools are not customizable. Because of its poor design, the trader cannot have access to the price alerts, data, charts and workspaces.
The web trading platform provided by Company is MetaTrader. It has a no clear fee report. On the other side, it dearth a two-step login, where a customer finds it’s so difficult to log in.
The platform is also outmoded. So the company needs to work on its perfect trading environment. MetaTrader 4 and 5 are not involving or attending traders efficiently and rigorously. A trading account can not be compared to the other platform because of its low feature tools. They also don’t provide a good analytical tool.
Moreover, MT5 offered by FXM is operated by a third party – BR Consulting group ltd, which looks like an outright scam. Above all, Sweden’s financial regulator has removed BRFX trade and BR Consulting group ltd from their list. They have been blacklisted.
FXTM: Research and Education
When we talk about the research strategies provided by FXTM, then it doesn’t make users available with fundamental data. They also do not regularly offer clients Technical analysis-based trading ideas, which is the most important tool for trading market clients.
FXTM educational resources do not aim at providing the paradigms of the financial market. It doesn’t offer traders a diversity of financial market demographics. The educational resources do not cover conceptualized relationships between traders and market professionals. Ebook, articles, modules and video are not currently available.
Withdrawals and Deposit
This company follows a high amount of withdrawal fees. They also charge withdrawal and inactivity fees. Most of the withdrawal is followed by a tight amount. The company does not have to tie up with a great variety of deposit and withdrawal options.
When depositing with this firm, it is also not secure as they indirectly move to a different page and ask you to pay money before asking the client to withdraw.
At FXTM, traders are not allowed to trade on Crypto.
To sum up, FXTM is not the best trading financial service provider. It is not rendering its services up to the clients wants. All tools and platforms offered by LMFX are not ultra-modern. Moreover, high CFDs trading charges make the platform extremely unaffordable for all kinds of traders. It offers limited features to the clients to enhance and increase the horizon of their portfolio.
They also impose inactivity and withdrawal fees on the users. The firm also does not provide 24/7 days service to the clients.
There are also high chances of spam when trading is done with this type of broker. Moreover, there are far better brokers available in the financial market than this broker. They are T1markets, Global TradeATF, ROinvesting.
Frequently asked questions
Is customer care services effective?
No, the company does not have well-equipped customer care services.
Do they provide financial assistance?
No, Company doesn’t offer financial assistance to its customers.
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