FTrade may seem like a reliable broker, but that is only if you look only at the surface. This broker has been the subject of an FCA warning. It is an alleged clone scam. This means that it has adopted the name, website design or logo of a regulated broker to attract customers and to seem legitimate. Although it actually has a license, this license is from a third-tier regulator that provides no security or oversight.
We Have Found Some Problems with FTrade
We don’t recommend opening an account with FTrade. The FCA warning is one reason. The other is that its license is issued by a third-rate regulator in the Marshall Islands. It may be a nice place to enjoy a vacation, but don’t rely on a Marshall Islands regulator. Fake brokers obtain licenses from regulators like these to try to get around the rules or adopt a veneer of reliability. Don’t trust FTrade’s license.
Red Flags Concerning FTrade:
No transparency
Third rate license
Flagged by the FCA
No contact information
Bad reviews
What Should You Do If You Have an Account with FTrade?
We do not recommend opening an account with FTrade. If you do hold an account with this broker, close it right away and ask for a withdrawal of your funds. If the broker will not allow you to retrieve your funds, talk to ChargeBax professionals right away. We will investigate the matter, track down the broker and your funds, and will help you prepare your claim.
