It becomes more and more difficult to choose a reliable and responsible broker every day. The thing is that among hundreds of offers on the Internet about brokerage services only few are really worth attention. The rest are projects of swindlers, whose only goal is to take the money of their clients, who trusted them and had the misfortune to invest in their platform. Advances in technology, unlimited access to information and the ability to operate online have made scammers more resourceful and cheeky with their own impunity.
We dedicate this review to another dubious brokerage project called FTMO, which is located on the website ftmo.com, where it spreads lies to the unlimited expanses of the web.
The broker itself claims to be the best and most reliable intermediary in trading operations.
Our article is not an incriminating one, the conclusions are based on the data of the official website of this dubious company, as well as on information that is being actively shared by users on topical forums, including local and foreign expert sites. For the sake of objectivity, we also check the licences and domain history of the FTMO project. Looking ahead, the organisation is secretive and suspect rather than trustworthy. The website is notoriously difficult to navigate and is not very informative. The data on the site is difficult to read, especially for uninitiated traders who are just starting their journey in online trading.
Types of trading accounts offered by FTMO
Lies we see from the first seconds of acquaintance with the official page, the so-called broker FTMO.
When a broker promises high profits, and even more so set specific numbers or percentages - it's frank and deliberate deception, which is designed for inexperienced clients. Moreover, the company promises to cover its clients' losses. This is a fiction - a lie in every word.
We see plenty of advertising and loud attractive statements, but we do not see the key information. FTMO does not tell about the trading accounts, does not make it clear what the minimum deposit amount and conditions can be expected by the potential trader. But there is information about a certain FTMO Challenge.
The procedure is divided into stages.
The first stage involves a funding process. This is a certain "face control" for traders: the company evaluates the investor's deal. Without passing this stage, the trader will not be allowed to proceed to the next level.
Investors are given a certain period of time to trade - 1 month, with a minimum of 10 trading days.
The target income is $1,000. The amount of the maximum loss is $1,000. The company, however, claims that it will pay back €155.
During the first stage the company supposedly checks whether the trader is able to manage risks. In fact it looks more like the broker is "testing" the financial solvency of the client.
The fears are confirmed by information from FTMO itself that only traders who have succeeded to reach the trading targets of the platform are allowed to participate in their investment services.
The second phase period lasts for two months. The maximum daily loss allowed is up to $500. The target profit is $500.
During this stage traders are required to demonstrate their trading skills and ability to discipline their trading processes.
The second stage involves verification. Only traders who pass it are allowed to trade with the capitals of FTMO financial partners.
All these unnecessary checks give more fake importance to the project than confidence to the traders.
Coming up with complications for traders, FTMO looks more like another crook, a typical dubious forex dealer whose sophisticated deceptions result in suffering capitals of naive users who just wanted to make money on trades.
Investors are not being offered a reliable platform, but rather the participation in a typical scam common to the global forex market.
FTMO Trading conditions
We have already shared our first impression of the website. Getting to know the terms and conditions, one is even more surprised by the dexterity of swindlers.
Among the main conditions, traders are offered to use popular trading platforms MT4 and MT5.
When working with reliable brokers, the use of these popular tools can bring profit, but not in this case. There is definitely no way to talk about the reliability of a secretive project.
About their conditions they tell extremely vaguely. See for yourself.
For example, low commissions - how low are they? Super-raw spreads - what are they? All in all, more questions than answers.
The leverage ratio is 1:100. Yes, let's agree, this is not an exorbitant figure, as many fraudulent brokers offer, increasing risks, for the sake of attracting users' attention. Nevertheless, reputable brokers listen to the requirements of their regulators and do not set the leverage ratio more than 1:40, for example.
That's not the case with FTMO.
Moreover, this fake broker, instead of a coherent presentation of normal trading conditions, says something about having some kind of performance psychologist of its own. Who is that anyway? The mission of this company representative is the brightest - to help clients on the trading floors.
In fact, this is just another fodder for crooks and not a real comfort for traders. An ordinary consultant, like on many platforms, but with a beautiful and unusual name.
On their website FTMO stresses that they are much more than just a funding company.
They explicitly guarantee that for clients who trust the platform, they have a lot of benefits. Only these benefits are, for some reason, very secret and the broker doesn't talk about them openly.
FTMO is known to offer several apps with different functions, for example a customisable app. FTMO promises that those who install the applications will learn how to discipline trading activities, keep logs.
Incidentally, when registering, the FTMO portal does not offer traders a client agreement - a serious red line for a company that operates in the financial market, offering clients to invest capital in its project.
The terms and conditions are not clear, more water than real information. The project does not plan to take responsibility for any violations against clients, so the risks of them taking money away and going unpunished are quite high.
And after all this FTMO nonsense they are still confident in their uniqueness and consider themselves to be the leading private firm in the market.
In the footer of the site in small print says that the site is owned and operated by the EU company FF Trader s.r.o., Vlkova 2725/34, Prague, Czech Republic
It is a common practice of dubious brokerage projects to provide false contact details.
In the Terms and Conditions section the fraudsters duplicate the information about the attitude to Europe.
The scammers assert that they operate under the supervision of the Czech regulator and that they are licensed. The question then arises: Why is FTMO working for English and German speaking audiences?
Let's turn to the regulator's website to which FTMO refers.
The website of the Municipal Court in Prague is in Czech only, so with the help of a translator we did manage to find evidence of the registration of the company which allegedly operates the FTMO project.
But for us, as potential investors, this information is empty: we have no documentary evidence of the relationship between the project and the company in question. Moreover, it is possible to "tie up" the project with any organisation if you want to, because there are plenty of options for FTMO in the Czech Republic.
The website also offers us representatives of the project team and reveals their names. It is impossible to verify the consistency of faces and names, so we will leave this point unchecked.
The website says that the project was launched in 2014. Since the activity is online, let's take a look at the domain history of ftmo.com.
The WhoIs domain name checker shows that the domain was registered back in 2001, but its re-registration took place in April of this year, 2021.
It is a common fraudulent practice to buy domains with a history for one-day projects. Only a novice would believe in the seriousness of such a project.
FTMO Reviews online
On its official website, FTMO links to trustpilot com, where traders leave their reviews of the company, boasting of the positive feedback from clients.
Following FTMO's recommendation, we too turned to the same site and saw a very different picture.
Things don't look so positive: people are talking about the company as a thief, a cheat. They talk about the company as one that operates without a licence.
Traders accuse FTMO of not keeping promises of refunds. Live chat advisors don't help solve traders' problems, which the company itself creates.
People strongly recommend not to trust the typical FTMO scammers and not to invest a cent in this platform.
This is the baggage of a project which is not even six months old, despite assurances to the contrary.
Safety and security of funds with FTMO
There is absolutely no trust in the fraudulent forex kitchen FTMO. The scammers who run it simply rob gullible investors.
FTMO makes no secret of the fact that it collects data about its users.
But promises to store them securely are most likely false. As is the fact that only profits and risk recovery await the investor on their platform.
FTMO is a typical scammer who cannot be trusted under any pretext. The company has no personal license. Through their website and bought a few reviews they "feed" users with false sweet words and lucrative promises. In fact, they do not make any money but only rob their customers.