When FXTM was first founded, the goal for the company was to combine the love for trading and trying your luck with the natural affinity that many people have towards engaging into something that will run their emotions wild. And at a first glance, FXTM platform has managed to do so. This platform is a home to the passionate stock traders, index speculators and cryptocurrency players. How fun!
Far from it, actually. This platform is actually frowned upon in the trading community, and there are many reasons for it. From scamming their trusted clients to never returning phone calls, this fraudulent company is bound to shatter at any point. The name, however brief and catchy, is only created to hide disabilities and insecurities that are going on behind the spotlight. Simply the use of the title FX drags the entire honest and reputable part of the Forex Exchange market down with them. This is really unfair to all of the other trustworthy trading platforms out there.
Platform and Execution SCORE: 65%
This is a fully automated platform that operates in over 180 countries worldwide. Since it is an automated broker, this fact is supposed to add to the reliability of the trading platform. This platform is also fully regulated, which is assuring all of the clients that their information and funds will always be protected from possible misuse.
However, what immediately drew our suspicion was the fact that there is no clearly listed license or any background information. Instead, that place on the website is taken by the glorifying promotions and advantages of trading FXTM. So, if you really want to know about the licensing and regulation of this notorious platform, tough luck! You are going to have to dig deep into the secluded parts of the website.
Otherwise, it sounds pretty perfect, right? However, when I went past the glittering letters and bright adds, I was able to notice the real deal. And that is - for a platform that has been present for a long time, they sure have a limited amount of assets to offer. This was quite disappointing for me. Still, it wasn’t enough to put me off instantly. Oh, no. That came a bit later.
Withdrawal Speed SCORE: 73%
Speaking of efficiency, speed is the number one quality within the online trading community these days. FXTM keeps that in mind, which is why they have created special networks and software that processes each request within just a few minutes. No matter which spread you chose (fixed or variable), your request will be smoothly dealt with by the FXTM team of professionals.
Or so they would like you to believe by reading their website. However, the truth is much grimmer. For starters, when you try reaching out to the people who would be able to resolve any issues regarding withdrawals – you will mostly not even be acknowledged with a reply.
In addition, digging deeper I realized that, no matter which payment method I choose, FXTM will charge me a withdrawal fee. That’s right, I am not joking! My initial reaction was quite similar to what I assume was your reaction reading this, too: “What the hell? You can’t charge me for withdrawing my OWN money from my OWN account!” Yet, they do. Scamming brokers at their finest, ladies and gentleman!
Support and Assistance SCORE: 81%
If you have an issue that needs to be resolved right away - tough luck! Namely, you can only contact the staff on the weekdays, because weekends are off, buddy! Still, I guess it teaches your patience since you have to wait for Monday for your burning problem to be addressed. Who has that kind of time?
One of the main issues that many traders have experienced with FXTM, including myself, is a delay in responses. Yes, you heard it correctly! This big shot of a trading platform takes their sweet, sweet time in gracing their so-called valued clients with their answer! How about that for one of the most respected platforms out there? Think again.
Education and Tools SCORE: 77%
Whether you are an expert in the area of market trading or you have just been getting into it, FXTM has got you covered. Namely, in both cases, there is always something new and helpful to learn. This is why this trading app is regularly updating its educational section. We cannot stress enough how important knowledge is in any area, but especially in trading. And FXTM only supports that claim, which is hitting a lot differently after the review of the previous sections. I know, I was surprised, too!
This is why, by clicking on the education section on their app, a whole new world of opportunities opens up to you as a client. Which educational tools suit you best? Are you a more visual person that likes video tutorials and handy charts, or do you like in-depth research by the experts and market professionals? No matter which group you fall into - FXTM has the solutions for all. FXTM offers you the answers to all of the questions that may come up along the way. How does forex trading work? How to trade Forex? What is Forex trading, in its core?
To be perfectly honest, once I got to the educational section, I was quite satisfied with what I saw. However, many of you, I assume, won’t even be able to get to this part, since the previous sections are quite discouraging. My point is – no amount of education can make up the fact that this broker delays replies, making us all believe that there is a lot of shady stuff going on in the background.