First of all, our Law Firm specialized in financial fraud is composed of a team of European experts in the French and Cypriot legislations. Based on various specific laws and regulations, our legal experts aim to help victims recover their lost funds. Our aim is to inform you about the threats that may exist on forex trading platforms. Today, in this article, we want to give you our opinion on the broker Forextime (FXTM).
I / What is ForexTime Ltd (FXTM)?
The broker FXTM, also known as Forex, entered the market in 2011. Its headquarters are in Cyprus, specifically in Limassol. FXTM has obtained certain regulations that are recognized worldwide, such as the Cyprus Securities and Exchange Commission (CySEC) and the Financial Sector Conduct Authority (FSCA). Recently, the broker has gone through a growth phase that has piqued the interest of trading experts. Indeed, in just a few months, FXCM has become extremely popular in Europe, Asia and even Africa.
However, on their website, FXTM appears to be registered to several companies such as:
- ForexTime Ltd which is registered by CySEC and FSCA of South Africa as mentioned above
- Exinity UK Limited is authorised and regulated by the Financial Conduct Authority in England
- Exinity Limited is regulated by the Financial Services Commission of the Republic of Mauritius
We advise you to be wary when a trademark is registered with several different companies. Under regular circumstances, it is normal one company to be authorized and regulated in several different countries.
According to their website, FTXM (ForexTime) seems to give you access to global markets with financial instruments such as:
- Currency pairs
- Precious metals and commodities
It also appears to give you access to platforms and tools such as:
- MetaTrader 4 / MetaTrader 5
- Mobile and tablet applications
- Web Trader
- Trading signals on MT4 / MT5
- Acuity Sentiment Tracking Tool for MT4
In order to trade with them, you have the possibility to choose among different types of trading accounts such as Micro, Advantage and Advantage Plus with a minimum deposit of $10 for the first one and a maximum of $500 for the latter.
II / The Founder of ForexTime (FXTM)
To better understand the world of ForexTime, we found the website of founder Andrey Valerievich. Here are the words they use for the Forextime (FXTM) brand:
“My team and I based the core concept of ForexTime on maximizing the value of the most precious commodity that all of us share, which is time itself. Through client-tailored products, cutting-edge technology, and genuine transparency, ForexTime grew into a globally-recognized and trusted brand known as ‘FXTM’ in an impressively short space of time. It is consistently honored with industry awards, some of which include “Most Educational Broker” from FX Empire in 2014, “Most Trusted Forex Broker Dubai” at the MENA awards in 2015, and “Best FX Broker” at the European CEO Awards in 2016 and 2017, «Best Trading Experience 2020» at the World Finance Forex Awards, «Best ECN Broker 2020» from DayTrading.com.
As a global broker, FXTM identifies the key demands of different regions and designs unique, localized solutions for those regions. These include daily insightful market analysis, highly educational tutorials, and videos, and innovative investment programs like FXTM Invest. These solutions are in constant development, with new products and services released to support traders’ needs on a regular basis.
FXTM embodies a principle that is not only very close to my heart but also extremely vital to understanding the essential nature of business: change is the only constant. By adapting to the ever-evolving conditions of the Forex market, FXTM will continue to prosper in the financial services sector.”
II / ForexTime (FXTM) Trading Platform Customer Reviews
In order to better understand the world of ForexTime (FXTM) broker, we have selected a few reviews on this broker. While we were seeking the opinions of traders who have chosen the broker FXTM as their trading platform, we found 685 reviews on TrustPilot. Out of the 685 reviews, 11% indicated a bad review for the broker Trade360. Obviously, reviews can be faked, so we ask you to take a step back. Therefore, we have tried to analyze the reviews on the TrustPilot website.
We can not show you all the reviews here, but many traders are dissatisfied. You can see the rest of the reviews on Trustpilot.
III / Our opinion on ForexTime (FXTM)
Our position on Forextime (FXTM) is clear. We warn people who want to invest in trading platforms via FXTM brokers. Indeed, even when all indications are that FXTM is a regulated organization with authority in different countries, the perception of the latter is increasingly negative.
Can we say that Forextime (FXTM) is a scam?
No, because there is no official evidence, such as for example a press release from the AMF against Laurent Chenot. However, as a network of law firms specializing in financial fraud, we encourage you to be careful with your investment and the advice you may receive. If you have any questions about Forex trading platforms, please contact us for more information.