Beware! FXTMCorp.com 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.
Immediately upon entering FXTMCorp.com we notice the official FXTM logo right there. It’s obvious what FXTMCorp.com’s idea is, and it’s definitely not a good one, nor has it been executed in a proper way. If you’re new to this, well then welcome to your fist clone firm, essentially a copy or a semi-copy of a legit entity that “borrows” certain elements and applies them to its own platform. This approach is lazy, unproductive, and illegal. All other reveals about FXTMCorp.com are a bonus.
We were able to open an account is mere seconds, which is a very common scammer broker tactic. This way anyone can enter the client area, and after a quick verification process, can start investing backed by the broker’s false promises.
The user portal itself was a simple and scammer thing, that had nothing in common with FXTM’s client portal. At least FXTMCorp.com has its own dashboard, no matter how bad it turned out.
But the worst is yet to come. As far as we are concerned, this shady broker does not have a trading platform. We found nothing of the sort, meaning that none of the promoted financial instruments apply yo it, nor any leverages or spreads.
FXTMCORP.COM REGULATION AND SAFETY OF FUNDS
We already revealed the main thing about this broker in the introduction to the review. But let us back up and start again.
First of all, the broker claims to be registered in London with subsidiaries that are overseen by the United States Financial Crimes Enforcement Bureau and the US NFA. Even to readers with no experience in this business it may sound a bit off track for a broker looking like this one to claim it is legitimized in the United States. They have every right to doubt it. For one, the Financial Crimes Enforcement Bureau does not hold the power to regulate FX brokers and companies. Meanwhile, the NFA, although being the main regulator, is definitely no the only one. The CFTC is an integral part of the regulatory matrix in the United States, and without it a broker cannot be regulated. Not that FXTMCorp.com is licensed by either one; the US is the most severe of all worldly places, and only a handful of brokers are currently licensed there.
And no we come to the big fish, that FXTMCorp.com is essentially a FXTM clone, although being much simpler than the original. This means that FXTMCorp.com is automatically unlicensed and an utter scam! There is nothing for you here!
It would be a big shame to lose all that money to scammers. By registering and investing in an unlicensed broker, you are indirectly throwing your money away for a completely futile and illicit cause. There is no reason to do so. That is why we urge our readers to rely on European, UK, US, or Australian brokers, or any licensed entity for that matter. Licensed entitles are covered by hundreds of requirements, many of them apply financial compensation schemes, and anti fraud practices. In other words, they are the exact opposite of what this broker and others like it stand for.
FXTMCORP.COM TRADING SOFTWARE
There is no trading software, but it’s not like FXTMCorp.com has not tried. In the user area the broker has tried to include the MT5 but fails, either because it never actually had the platform to begin with, or there is some error that it cannot resolve or cannot be bothered to.
So, the client area MT5 links lead to absolutely nowhere, to a black page. The website is also pretty much useless.
FXTMCORP.COM DEPOSIT/WITHDRAW METHODS AND FEES
From the user area we could not access any of the payment areas. The broker requires a full account verification and as expected, we were no accepted. And so we had no choice but to turn to the website, which turned out to be a failure as well.
There are absolutely no payment details to be found anywhere, safe for this small FAQ section:
It states that there are no managed accounts, which we believe refers to normal accounts. Instead the broker offers a multi-account management system which seems to us like a one way ticket to be scammer. This translates, to us at least, to: the only way to invest is to contact the account manager.
Even if you find a way to deposit in FXTMCorp.com, don’t. It will steal all your money.
HOW DOES THE SCAM WORK
Generally, the first step to being in a scam, whether a user is aware of it or not, is to bridge the crucial gap that exists between a user and a broker. With legit entities rarely does this go beyond the limits of formality, whereas with scammers they will try to behave as close friends, and will try to sell you as much as they possibly can.
It easy to fall prey to their sweet talk, because as financial instruments grow more complex, so do scammers, and there are surprisingly advanced swindle techniques that will leave you empty handed faster than you know. So make sure to think before you act, and to ask for professional guidance if necessary.
Contact usually begins at the online ads level, and expands to the telephone line relatively fast, depending on how good the scammer is and how susceptible he or she is to manipulations.
The ultimate goal is reached once a scammer successfully causes an initial deposit to be invested. Once this happens the user has become the victim, and from then on the fraudsters will try to retain the client for as long as possible, draining him/her along the way.
On average, it takes 2 to 3 deposits for a user to realize that something very unlawful is happening. By that point however, the broker will cut all communications with the user and will deny all withdrawal requests.
WHAT TO DO IF SCAMMED
The most common action to take is to file for a chargeback, but this happens only if the user has invested with a credit or debit card. That’s why you don’t get many investment frauds taking card payment nowadays. But the good news is that, if money was invested via a card, the chargeback period for MasterCard and VISA is 540 days.
Wire transfer deposits are harder to get back, and the only thing we recommend is contacting the bank to sort things out if possible. Oh, and make sure to change you bank account user name and password ASAP!
Crypto transactions are lost for good, unfortunately. As cryptocurrencies become more numerous and the systems underlining them more complex, scammer are taking full advantage of these aspects, and the end results are very lucrative. So, never trust unregulated brokers with crypto payments.
And then, we have to mention the other type of scammer, the recovery agents. These are either third party fraudsters or extensions of existing swindles, and will provide the seemingly impossible service of tracing your lost money. All they need is a fee for their effort, a sum of money that will be lost once paid.
