Beware! FTM Global Market is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
We are reviewing FTM Global Market, a shady brokerage purportedly located in Denmark. They claim to offer standard Forex instruments as well as social trading programme, which actually seems pretty suspicious. Also, it’s said Skrill and Neteller are available for deposits, but that’s not actually the case. Worse though, there are many other discrepancies, which made us put this broker on the list of scam suspects. Find out why in the full FTM Global Market review.
FTM Global Market REGULATION AND SAFETY OF FUNDS
FTM Global Market lists a headquarter address in Kopenhagen, apparently trying to introduce as a Danish broker. However, to work in or from Denmark, they need to hold a valid license to operate there. The local regulator DFSA accept brokers licensed elsewhere, too, but they make sure to enlist all of the entities granted permission to operate in Denmark. As seen from the screenshot at the bottom of this section, they are not authorised, so FTM Global Market is unregulated and risky to deal with. Your funds are not safe if you make a deposit.
Stay away from FTM Global Market and see the high-rated EU brokers and British brokers instead. The European markets offer high-grade security because deposit insurance funds protect traders’ money in case of insolvency or fraud. For example, CySEC brokers’ clients can claim up to 20 000 EUR in compensation, while the British guarantees are up to 85 000 GBP per person. It’s safe to go ahead if you can open an account with an EU or UK regulated broker.
FTM Global Market TRADING SOFTWARE
FTM Global Market claims to provide MetaTrader5, but that’s falsehood and more evidence of a scam. It’s impossible to download the Desktop platform because the link is broken, while the mobile distributions are the generic ones. In conclusion, FTM Global Market can’t offer any functional trading software, so it’s not worth wasting your time with this suspected scam.
Instead, consider the high-rated MetaTrader4 brokers and MetaTrader5 brokers on both lists. We suggest these because MetaTrader delivers market-leading platforms, which seasoned traders prefer and acclaim. The software provides sophisticated features such as Expert Advisors, Algo Trading, complex indicators and various charting tools. There is also a marketplace where you can find more than 10 000 apps you can benefit from.
As their platform was out of reach, we can’t discuss real-time spreads and leverage levels. However, FTM Global Market claims to offer a Buy/Sell difference starting from 0.0 pips, but we can’t validate this information. The spreads form some trading costs, so 0.0 pips difference would be the best possible rate if true.
The maximum leverage possible stated on the website is 1:500, which is an exceptionally risky ratio if available. But this level is no longer allowed in Denmark due to customer protection reasons, and that once again shows that FTM Global Market is a fishy business and potentially a scam. 1:500 presents excellent profit potential, but the risks are tremendous, and if traders are not careful enough, they would quickly blow their accounts.
As a matter of fact, leverage is so risky that many financial authorities agreed on regulations to restrict its usage. As a result, EU (Dahish too), British and Australian brokers are limited to 1:30, while Canadian brokers and US brokers are not allowed to provide more than 1:50. Most of the high-leverage brokers are poorly regulated offshore businesses, so be cautious.
FTM Global Market DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit with FTM Global Market is $10, which looks like a favourable requirement. But as already explained, there isn’t functional trading software, so you’ll lose even those 10 bucks if you deposit.
The deposit methods presented on the website include many options, but in reality, it’s only possible to fund trading accounts via cryptocurrency direct transfers. This is a discrepancy and evidence of a scam. Worse though, digital coins direct payments are final, non-refundable, and you don’t even know whom you are actually sending money to. Beware!
Speaking of funding methods, see some Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have a preferred payment system. The high-rated brokers on the lists are strictly regulated, so you won’t face scammers.
The rest of the trading provisions are unknown because FTM Global Market doesn’t even have T&Cs, User Agreement or other document revealing withdrawal requirements or fees. The absence of legal documentation makes their business illegal and presents significant evidence of a scam. Beware!
FTM Global Market claims to offer bonuses starting from 20% on the deposits, but the offer is seemingly only available for their social trading programme. However, there is no detailed information about the campaign, which yet again shows it’s a fishy business.
Overall, FTM Global Market looks like the typical fraudulent broker and doesn’t even have a functional trading platform or legal documentation. Stay safe and avoid this suspected scam.
HOW DOES THE SCAM WORK
The Forex scam is a popular type of fraud that’s rather distinctive because it’s effectively a process. In the usual scenario, victims click on an ad, then receive a phone call, and at some point get convinced to deposit money. To make people accept their fraudulent offers, scammers would present deals that sound too good to be true, bonuses, get-rich-quick schemes and so on. Their imagination is very rich, and they would invent as many stories as possible to get the deposits wanted.
But the money transfer is not an end; that’s the beginning of the actual Forex scam. Gradually, scammers would manipulate the victims and would urge them to invest more. For example, the con artists would not allow people to trade but would pretend to manage the account instead of the traders. They’d then falsify the trading results to show victims massive profits and ask for more money, promising to generate a fortune in no time. However, if the victim asks for a withdrawal, that won’t happen. Scammers would come up with a story that the unfortunate trader needs to deposit again if they’re going to pull money out. Those criminals won’t stop asking for more, whatever the situation.
In the worst case, the victim would believe in the scammers’ falsehood and deposit repeatedly. Sooner or later, though, the scam would become evident, and that would be a signal for the fraudsters to cut the communication and disappear. They would abandon the website and would create a new one, carrying on with their criminal activities.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is immune to scam. If this unfortunately happens, the first thing to do is to protect yourself from further risk. Contact your bank and explain what happened to you so that they can give you instructions and help you, if possible, recover your money.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing, call the police if you feel necessary. Seek help actively!
Remember, it’s crucial not to rush blindly trying to recover your funds because many scam chargeback agencies and individuals are trying to double scam the victims. They ask for upfront payment, take the money, but won’t do anything to help you!
Share online your experience; it’s important to protect others, as well. Be responsible!