WikiFX Review: Please watch out for FTM!!!!

With the rise of the Internet, the foreign exchange market has leapt to become the most liquid and traded financial market in the world. With this, a large number of different kinds of foreign exchange transactions have emerged, so how should investors choose among the many Forex brokers？ This article takes Financial Trade Markets Limited (FTM) as an example to analyze if this broker is trustworthy. If your broker has the following dangerous signs, please run away!

No License

FTM is a broker providing macro trading services in currency, stock and commodity markets. It claimed to be based in the UK and acquired license by the national financial institution. To find out if a forex broker is trustworthy, check first that it is registered and authorized with a local financial institution.

We can see from the figure above that the query result is quite negative – there is a brokerage named as FTM Tradewas warned by Financial Conduct Authority(FCA), which said ftmtrade.com is not authorized but offered financial services and products in the UK. All members of the British public should be careful and stay away from it. Meanwhile, no registration information for FTM was found at the Financial Conduct Authority(FCA). It clearly proves that FTM was not authorized by FCA, all members of the British public should be careful and stay away from it.

Insufficient information

In addition, to get a better idea of FTM, WikiFX also paid a visit to its official website. However, the outcome was disappointed - the website is not accessible any longer.

Without access to the website, we cannot see for ourselves if it holds up to something like industry. As a forex broker, Its shocking that it does not have an official website or even the most basic information available to the public？ Actually, most of investors should be highly vigilant when they see this. Do investors still dare to invest in such platforms that does not even want to display basic information？

Short life of establishment

Moreover, in order to find out more about FTM, WikiFX made an attempt to access the domain tool to learn about the domain information.

It can be found by tracking its website information that its official website domain name is up to date -- it was registered on September 13, 2021, just over a year ago. Besides, the domain is only valid for two year - until September 13, 2023. It's easy to see that when FTM was registered, it didn't intend to stay in business for long. It expected to get money and then switch to a new domain name and continue scamming. This is a very simple but very effective strategy because the cost of a new website is very low and it doesn't take much time to run a black platform, which is why the number of scammers like FTM is on the rise!

Low score on WikiFX

WikiFX is an authoritative global inquiry platform providing basic information inquiry and regulatory license inquiry. WikiFX can evaluate the safety and reliability of more than 36,000 global forex brokers. WikiFX gives you a huge advantage while seeking the best forex brokers. Investors can understand the overall situation through WikiFX, the higher the score is, the more reliable the broker is. Now let's do a WikiFX search for “FTM” to see what FTM p combined score is.

As you can see, based on information given on WikiFX (https://www.wikifx.com/en/dealer/7021114652.html). FTM has no valid regulatory license and the score is rather negative - only 1.12/10! WikiFX will comprehensively score dealers in five aspects: license index, business index, risk control index, software index and regulatory index. Since FTM does not have any supervision and does not obtain regulatory license, its license index, risk control index and regulatory index are all 0 points, and the final total score is 1.12 points (full score of 10 points).

Please note that WikiFX is also reminding the majority of users: low scores, please stay away!

Based on the above points, it can be concluded that FTM is not trustworthy and the trading risk is high. If your forex broker shows any of the above signs, stay away, these are red flags! Before deciding whether to invest, investors are advised to search the above channels for information about the brokerages you tend to trade with, but the easiest way for most investors is to search on Wikipedia. This is not only to say that the information is very comprehensive, covering all our channels of inquiry information, more importantly, the information is very accurate, can save investors time and tedious steps.

All traders should be vigilant when investing in a broker. WikiFX reminds you that forex scam is everywhere, you'd better check the broker's information and user reviews on WikiFX before investing. You can also expose forex scams on WikiFX. WikiFX will do everything in its power to help you and expose scams, warn others not to be scammed.