BROKER REVIEW

Comments Rating 1.75 (3 reviews)

GENERAL INFORMATION

Broker Name:

FTefxpro

Broker Type:

Forex

Country

St. Vincent and the Grenadines

Operating since year:

N/A

Regulation:

Offshore

Address:

Suite 305, Griffith Corporate Centre P.O.Box 1510, Beachmont Kingstown, St.Vincent and the Grenadines

Broker status:

Unregulated

CUSTOMER SERVICE

Phone:

447520665025

Email:

[email protected]

Languages:

English, Italian, German

Availability:

Sunday 22:05 GMT to Friday 21:50 GMT

TRADING

Trading platforms:

MetaTrader4

Trading platform Time zone:

GMT+2 (Greenwich Mean Time)

Demo account:

YES

Mobile trading:

YES

Web-based trading:

YES

Bonuses:

YES

Other trading instruments:

CFD, Currency, Metals, Stocks

ACCOUNT

Minimum deposit ($):

$250

Maximal leverage:

1:100

Spread:

0.3 pip

Scalping allowed:

YES

FteFXpro Review: Scam Broker in a Nutshell

There are a lot of Brokers that pray on their customers’ trust. Unfortunately, FteFXpro is one of those unregulated, offshore brokers, which was quite recently, blacklisted as a potential scammer. In case you are thinking of starting your trading with this broker, please reconsider. This review, we give you all the details you need to know about FteFXpro.

Finally, we will clearly show you that FteFXpro is an unregulated scam.

We trust that this information will help you make an informed decision as you chose a reliable investment or trading partner.

General Info about FteFXpro Scam: Warning by Consob

In March 2020, the Italian securities regulator Consob requested Italy’s internet service (ISPs) to confine Italian investors’ entrance to seven online brokers. An offshore company owns FteFXpro – the St. Vincent and the Grenadines based Ace Capital Ltd.

This was because the business firms were offering financial services without the requisite authorization or permissions. FteFXpro was among the boycotted, unapproved online brokers.

FteFXpro trading platfor: MetaTrader4 available

MetaTrader is one of the most used trading platforms on the market. The fact that FteFXpro uses this platform is not something unusual… It is highly reliable and comes with over 50 in build market indicators. In addition to this, FteFXpro comes with a set of advanced charting tools.

FteFXpro : forex pairs and various CFDs

The broker offers up to 62 currency pairs as well as CFDs on precious metals, indices, commodities, stocks and crypto.

FteFXpro questionable Trading bonuses

The reason why we do not like trading is that they are always linked to some additional withdraw conditions – probably a minimum trade volume requirement. Usually, scammers use it as an excuse to cancel the withdrawal request.

Also, with unregulated brokers like FteFXpro, the bonus agreement could be changed at the broker company’s whimsy. So you should not be surprised if you are never able to get your money back.

Suspiciously highs spreads

As tested with a demo account, the benchmark EUR/USD spread floated above 1,7 – 1,8 pips. Bear in mind that spreads are generally considered attractive only if the start below 1,5 pips.This one though is higher than what traders would usually find appealing; with a standard account and no trading commission.

What is wrong FteFXpro?

Trading with unregulated offshore brokers is incredibly risky. Always remember that. Regularly, this is how brokers and financial specialists get defrauded.

Such dealers are inconsistent and not responsible for how they handle your contributed funds and precious money. They can scam you in a blink of an eye and trick you since there’s no proper authority to control them. Fraudulent brokers and unregulated merchants can in a split second vanish without notice. Disappear like a real magician. FteFXpro is one of them, so be careful!

FteFXpro is an online forex and CFD broker. Its proprietor is St. Vincent, an offshore organization, and Ace Capital Ltd in the Grenadines – an area infamous for suspicious and fraudulent trading activities.

As noted before, the two organizations have endeavoured to target mostly European customers without legitimate authorization. As such, FteFXpro is boycotted and blacklisted as a potential scam by Italy’s financial authorities.

Different services offered by FteFXpro include:

• Currency exchanging
• Various CFDs – stocks, valuable metals, indices, forex, and crypto prospects
• Gold instruments

The broker additionally offers you a free demo account. You get limitless time to train and polish your trading skills as well as test strategies risk-free within simulated market conditions. Little by little, like a spider, seduces its prey. The website lures you with guarantees of immediate access to the financial markets, professional guidance, support, and a robust regulatory framework.

The Red Flags

Here is a list of all the Red Flags that we’ve noticed during our research. The following are a portion of the warnings highlighted in FteFXpro’s operations:

1. Absence of Proper Authorization

On its site, FteFXpro claims that it is ‘approved and directed in different wards’; however, there is no data concerning the managing bodies. This is a glaring exclusion.

In all actuality, FteFXpro is an unregulated intermediary. The enlistment number at the landing page footer is essentially arbitrary numbers intended to counter any doubt.

A genuine and managed brokers ought to have data with its activities effectively accessible to potential investors. You should have the option to affirm its approval status and the individuals behind it.

Absence of such critical data implies that your cash will be dealt with by a broker you can’t trust.

2. Questionable Withdrawal Restrictions

FteFXpro welcomes you to permit them to manage your account via an “Algo trading service”. “Administration. Sadly, with this service, you won’t have the option to withdraw your funds for six months. You will likewise not have the opportunity to file a chargeback, thus losing all your money.

This is exceptionally uncommon. A legit broker should allow you to pull back your assets at whatever point you feel like doing so. Besides, with FteFXpro managing your account, they act as a market maker. Thus they profit every time you lose. Hence, they will have no motivation to deal with your cash correctly, since they gain much more than you. This is an actual conflict of interest.

3. Poor Customer Support

While the site guarantees that you will have proficient direction and backing, there is no proof of a legitimate correspondence framework. There is no live chat support for clients. They utilize a single one-way messaging system when conveying, and reactions to your inquiries may take some time.

Furthermore, the contact page has a number with a UK code. This implies they are utilizing a phoney virtual telephone number.

4. Rigged Demo Account

Not so shockingly, there are claims that the demo account shows counterfeit outcomes. It reveals exceptional yields, guaranteeing clients get above 98% active exchanges.

Also, this false advertisement fools traders into believing they can use the platform to attain similar: genuine cash. This is a huge trap and a terrible red flag.

FteFXpro Review: Conclusion

From this nitty-gritty review, it’s anything but difficult to see that FteFxpro is a trick online specialist that is risky to exchange with. You ought to abstain from keeping any assets with this firm on the off chance that you would prefer not to lose your well-deserved money. By the day’s end, you need to guarantee that your assets are protected and available when required.

To abstain from falling prey to questionable specialists like FteFXpro, Nightcap and others, guarantee that you just exchange with intermediaries who have genuine licenses. Check if the permitting is employing legitimate monetary foundations, for example, the UK’s Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC).

Besides, if you found your money stolen from a scam broker, don’t lose all hopes. Make sure to contact authorities and send them all the details of the fraud. This review, however, is our way of making sure you won’t make this type of mistake.

Also, we firmly encourage you to keep away from unregulated brokers like FteFXpro. While picking a broker, make sure the company is licensed and authorized by FCA in the UK, CySEC in Cyprus or ASIC in Australia – presumably the three most well known administrative centre points in the business.

There are fantastic brokers out there working admirably. There’s an increase in unregulated forex brokers who trick and exploit clueless traders.

Here, we take your safety and client protection very seriously. That is the reason we cautiously review every single broker that we stumble upon. Be careful and smart!

COMMENTS

3 Comments

Madallina Condziachi 20.08.2020
bad customer support
(1)
Support

(1)
Platform

(1)
Spread

(1)
Trading Instrument
I had a simple question about phone verification. Was trying to open a second account but phone verification kept saying my number was already in use. What on earth!?!?!?!?!??

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Laylah 30.09.2020
(2)
Support

(2)
Platform

(2)
Spread

(3)
Trading Instrument
Really low leverage, unacceptable

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Lea Holland 30.09.2020
(2)
Support

(2)
Platform

(2)
Spread

(2)
Trading Instrument
Has really dumb withdrawal requirements which make me pretty certain its a scam.

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