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Is FXTM legit?

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FXTM claims to be an international online broker offering financial services in various asset classes.

About FXTM

  • According to information available on its website, the company was founded in 2011 and had offices in several countries, including India, South Korea, Kenya, Indonesia, and Nigeria.
  • The company seems to have its headquarters in Mauritius or Cyprus. I am using the word seems because there is no explicit mention of its headquarters on its website and much information about the company is available only from third-party websites.
  • The company has merely mentioned on its website that it is registered with the Securities regulatory bodies in these countries and the UK.

FXTM Founders

  • According to third-party sources, the founder of the company is Andrey Dashin.
  • Mr. Dashin is also associated with another company called the Alpari Group which has a history of filing for insolvency and getting into regulatory difficulties in several countries.
  • The company claims on its website (forextime.com) that it has more than four million users, which is dubious because little information about the company and its founders is available on the company website.
  • The company claims to provide access to US stocks but is not registered with the Securities and Exchange Commission, USA.
  • Despite claiming to be registered with securities regulatory authorities in Cyprus and Mauritius, the company does not offer its services to residents of these countries, which is weird.

FXTM Services

  • FXTM allows International traders a platform to trade in Stocks, Currencies, FX Indices, Commodities, Indices, Stock Baskets, Stock CFDs, and Metals.
  • FXTM offers two trading platforms: MetaTrader 4 and MetaTrader 5. There are subtle differences in the features offered on both these platforms.
  • FXTM offers three types of accounts to customers. The accounts differ in terms of the investment required and services offered. For entry-level investors, FXTM offers a Micro account. For intermediate-level investors, it offers the Advantage account. For professionals and experts, FXTM offers Advantage Plus. For details and features of each type of account, you need to register with FXTM.

Is FXTM legit?

I doubt the authenticity and credibility of FXTM.

  • It looks like a shady company to me for reasons stated at the beginning of this discussion.
  • It is registered in countries like Cyprus and Mauritius, but it doesn’t provide services in these countries.
  • It allows us to deal in US and Hong Kong stocks, but it is not registered with the regulatory agencies in these countries.
  • On different places on their website, I came across claims to have 2, 3, and 4 million customers. It seems they are not sure about how many customers they have.
  • The company claims it doesn’t offer services in South Korea on its FAQs page but has stated a support email address and contact center number for South Korean customers.

All in all, I doubt the legitimacy of this company. But don’t take my word for it, do your research before investing through them.

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