Are you looking for a trustworthy Forex brokerage? Are you overwhelmed by the sheer number of scammers whose only goal is to steal your hard-earned money?
Turns out, there’s a big chance for you to get scammed by your trading service provider, which is why you need to make sure everything clicks in before choosing the broker.
On our part, we want to help you make the best possible decision. Today, we’ll take a look at the FTGMarkets Forex broker and find out whether its platform deserves your trust or not.
The website overview
First off, let’s start with the broker’s website and find out what it offers. When you enter there, the first thing you’re going to notice is that the interface has a very amateurish look. It looks like a beginner website developer was given a task to create a very “fancy” website with visual and transition effects and they did the best they could.
But it’s not only about the looks that is underwhelming at FTGMarkets: the website fails to convey information about lots of important aspects, be it spread charges, other commissions, or deposit/withdrawal details. Without any further observation, we can already see that FTGMarkets isn’t the most open Forex broker in the world.
Then there are various trading accounts that you can get at FTGMarkets. Namely, you can get:
- Basic account for 250-10,000 EUR
- Silver account for 10,001-20,000 EUR
- Gold account for 20,001-100,000 EUR
- Platinum account for 100,001-200,000 EUR
- Diamond account for 200,001-499,999 EUR
It’s pretty obvious that FTGMarkets doesn’t really care about low-end (and even regular) traders who cannot afford such high deposits. Being locked in the Basic area even if you make a 9,999 EUR deposit is a very bold move from a brokerage that has just started operating on the market. And the reason for that is that you’re not getting many “high-end” features like educational courses, professional account manager, or a higher leverage ratio.
The educational segment is actually one of the shadiest areas of the FTGMarkets Forex broker; you need to pay tens of thousands of euros to get hold of very basic materials and improve your knowledge. Now, would you imagine being a beginner trader who wants to improve their knowledge without too many risks and paying, say 10,000 EUR to actually get online courses at FTGMarkets? We didn’t think so either. This goes to show how greedy this broker really is.
The secrecy is also maintained in the trading platform section. FTGMarkets vaguely lists the ways in which you can place new orders on its platform, yet it doesn’t specify which software is used and what specifications it has. Since the platform is planted within the website, it’s safe to say that we’re dealing with a proprietary WebTrader, which further increases the chances of a scam.
Is FTGMarkets regulated?
After the website overview, we wanted to find out whether FTGMarkets has regulatory obligations towards any financial institution. Proper regulation can make a world of difference in terms of the safety of the trading platform, which is why it’s always one of the most important entries in any broker review.
Despite our attempts to dig up any kind of license, we weren’t able to find one. FTGMarkets doesn’t even mention whether it is regulated or not. And as reviewers, our responsibility is to always be critical and care for the safety of our readers, which is why we’re automatically assuming that the FTGMarkets FX brokerage is unregulated.
This assumption instantly brings new perspectives about the broker’s platform. It explains why FTGMarkets conceals so many details about its trading terms and conditions: just to reveal them can evoke suspicions in experienced traders. Therefore, you should try to stay away from this, as well as similar brokers.
Are FTGMarkets promotions beneficial to you?
Finally, let’s take a look at what opportunities you have at FTGMarkets. By signing up to its platform, you get the ability to trade:
- Major, minor, and exotic FX pairs
- Stocks and ETFs
Just for this flexibility, we should commend the broker and give some credit to it. However, just a multitude of tradable instruments won’t change the fact that the conditions and offerings for these assets are somewhat uninspiring. For example, we found that the maximum leverage you can get for FX pairs goes up to just 1:40. If you compare this to other brokers, you’ll instantly notice that there’s a huge chasm between them: others offer 1:200 or 1:300 leverage, whereas FTGMarkets doesn’t even go up to 1:100.
But that’s just about what we could find about the FTGMarkets promotions on the website. The broker doesn’t really talk about bid/ask spreads or other commissions, it vaguely mentions that spreads are very low, same as commissions for in-trading processes. Once again, this further enforces our opinion that FTGMarkets wants to hide a lot of stuff from its users – apparently, they’re not entirely appealing/believable.
As for the minimum deposit requirement, as well as minimum deposits for each trading accounts, we have only one thing to say: FTGMarkets has a very high entry threshold. And it’s not necessarily about the 250 EUR requirement; in order to get some decent trading conditions, you absolutely need to get more high-end accounts, which will instantly cost you tens of thousands of dollars.
As for deposit and withdrawal methods, FTGMarkets maintains its utmost secrecy. The only real thing we know for sure about transactions is that you can use Visa and MasterCard credit/debit cards, WebMoney, Western Union, and Bitcoin to make deposits and withdrawals. There are no minimum limits, transaction times, or fees indicated on the website.
Final FTGMarkets rating – you should be careful!
So, will you make the right decision by choosing FTGMarkets as your main trading counterparty?
Well, these are the facts that we know for sure: the broker has a very low-end website that not only looks bad but also fails to provide information about many important trading features.
The accounts are also very expensive and super-greedy in what features they offer. You need to spend tens of thousands of euros to go for the next account.
During our review, we found that the broker features no license whatsoever, which further fueled our FTGMarkets fraud suspicions and made it clear why so many details are missing from the website.
Finally, we took a look at trading terms and conditions, and once again, we weren’t really impressed by the leverage or other features.
In total, FTGMarkets is this unnatural conglomerate of random trading offerings that certainly don’t make up a trustworthy brokerage. Therefore, it would be a huge stretch to actually recommend doing business with it.[RICH_REVIEWS_SNIPPET category=”page”] [RICH_REVIEWS_SHOW category=”page”] [RICH_REVIEWS_FORM]