Is it safe to trade with FteFXpro? This FteFXpro review gives you the whole truth.
There are excellent brokers out there doing a good job. However, there’s an increase in unregulated forex brokers who scam and take advantage of unsuspecting traders.
Here, we take your safety and client protection very seriously. That’s why we carefully review services offered by brokerage firms and tell you nothing but the truth.
FteFXpro Review: In a Nutshell
In this review, we give you all the details you need to know about FteFXpro. This includes:
- What FteFXpro is
- Licensing and regulation
- Customer feedback concerning the firm
- Critical red flags
Finally, we will clearly show you that FteFXpro is an unregulated scam.
We trust that this information will help you make an informed decision as you chose a reliable investment or trading partner.
Have you lost money to an unscrupulous online broker? Did you file a complaint but didn’t get anywhere? There’s hope. You can get your money back. Book a free consultation with a reliable expert to begin the process.
FteFXpro Scam: Warning by Consob
In March 2020, the Italian securities regulator Consob ordered Italy’s internet service providers (ISPs) to restrict Italian investors’ access to seven online brokers.
This was because the brokerage firms were offering financial services without the requisite authorization or permissions. FteFXpro was among the blacklisted, unauthorized online brokers.
Consob published warnings against these blocked online trading firms on its website. It went on to note that the firms were engaging in “unlawful” and “misleading” marketing practices in the promotion of their investment services such as FX.
What is FteFXpro?
FteFXpro is an online forex and CFD broker. Its owner is St. Vincent, an offshore company, and Ace Capital Ltd in the Grenadines – a location notorious for questionable brokerage.
As noted earlier, the two companies have attempted to target unsuspecting European customers without legitimate authorization. As such, FteFXpro is blacklisted as a potential scam by Italy’s financial authorities.
FteFXpro offers MetaTrader4 – the market’s most popular trading platform – and features advanced charting tools. The platform claims to be highly reliable and has 50+ inbuilt market indicators and trading robots that you can customize. These robots can help you run automated trading sessions with ease.
Other services offered by FteFXpro include:
- Currency pairs trading
- Various CFDs – stocks, precious metals, indices, trade commodities, and crypto futures
- Gold instruments
The broker also offers you a free demo account. You get unlimited time to polish your trading skills as well as test strategies risk-free within simulated market conditions.
Its website entices you with promises of immediate access to the financial markets, professional guidance, support, and a robust regulatory framework.
The Red Flags
Trading with unregulated offshore brokers is extremely risky. Often, this is how traders and investors get scammed.
Such brokers are unreliable and not accountable for the way they handle your invested funds. They can easily scam you since there’s no reputable authority that they answer to. Scammy, unregulated brokers can instantly disappear without notice.
Below are some of the red flags highlighted in FteFXpro’s operations:
1. Lack of Proper Authorization
On its website, FteFXpro claims that it is ‘authorized and regulated in various jurisdictions’, but there is no information regarding the regulating bodies. This is a glaring omission.
The truth is that FteFXpro is an unregulated broker. The registration number at the homepage footer is simply random numbers meant to counter any suspicion.
A legit and regulated broker should have information regarding its operations easily available to potential investors. You ought to be able to confirm its authorization status and the people behind it.
Lack of such crucial information means that your money will be handled by an entity you can’t trust.
2. Withdrawal Restrictions
FteFXpro invites you to allow them to manage your account via an “Algo trading service”. Unfortunately, with this service, you will not be able to withdraw your funds for 6 months, as shown below. You will also not be able to file a chargeback, thus losing all your money.
This is highly unusual. A legit broker should allow you to withdraw your funds whenever you feel like. Furthermore, with FteFXpro managing your account, they act as a market maker, hence make money whenever you lose. Therefore, they will simply have no incentive to manage your money since they still make money when you lose. This is a conflict of interest.
3. Poor Customer Support
While the website claims that you will have professional guidance and support, there is no evidence of a proper communication system. There is no live chat support for users. They use one-way emails when communicating, and responses to your tickets may take a while.
Besides, the contact page has a number with a UK code. This means that they are using a fake virtual phone number.
4. Rigged Demo Account
Shockingly, there are claims that the demo account shows fake results. Apparently, it shows high returns, ensuring users receive above 98% successful trades.
This fools them into believing they can use the platform to attain similar results using a real account – and real money. This is a huge trap and a terrible red flag.
3. Negative Reviews
Below are some FteFXpro reviews found in Forex Peace Army, which hosts the biggest collection of human-moderated forex reviews:
FteFXpro Review: Conclusion
From this detailed review, it’s easy to see that FteFxpro is a scam online broker that’s unsafe to trade with. You should avoid depositing any funds with this firm if you don’t want to lose your hard-earned cash. At the end of the day, you want to ensure that your funds are safe and accessible when needed.
To avoid falling prey to dubious brokers like FteFXpro, Eightcap and others, ensure that you only trade with brokers who have legit licenses. Check if the licensing is via official financial institutions such as the UK’s Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC).
However, if you are the unfortunate victim of a scammy online broker, all is not lost. Our reputable experts can help you recover your money quickly and efficiently. Book a free consultation for more details on this.