Fake FXTM

Fake FXTM, operating under the legal name FXTM and the domain ftjy-hk.com, is a retail forex and CFD broker registered in Mauritius. The company was founded on 5 July 2021, making it a relatively new entrant to the online trading space. Its official website presents it as a provider of leveraged trading products, though independent public information about its operations is limited.

Our records indicate that the broker holds three regulatory licences, though the status of each is not confirmed in our files. The licences are with the Cyprus Securities and Exchange Commission (CYSEC), the Financial Conduct Authority (FCA) in the United Kingdom, and the Financial Sector Conduct Authority (FSCA) in South Africa. These are reputable regulators, but the lack of confirmed status and the offshore registration in Mauritius warrant caution.

Fake FXTM lists three licences on file, which we reproduce exactly as recorded. With CYSEC, it holds a Market Making (MM) licence, number 185/12, in Cyprus. With the FCA, it holds a Forex Execution License (STP), number 777911, in the United Kingdom. With the FSCA, it holds a Derivatives Trading License (EP), number 46614, in South Africa.

It is important to note that the status of each licence is marked as '—' in our records, meaning we cannot confirm whether they are currently active, suspended, or revoked. Furthermore, the broker is registered in Mauritius, which is often considered an offshore jurisdiction with lighter regulatory oversight. Traders should verify the current standing of these licences directly with the respective regulators before engaging with the broker.

Based on the regulatory licences held, Fake FXTM appears to offer retail leveraged forex and CFD trading. The CYSEC Market Making licence and the FCA Forex Execution (STP) licence both point to a typical retail forex broker model, where clients trade contracts for difference (CFDs) on currencies, indices, commodities, and possibly other asset classes.

However, our records do not specify the exact trading platforms, account types, or instruments offered. The official website, ftjy-hk.com, may provide details, but we have not been able to independently verify its content. Given the limited public information, we cannot confirm the availability of popular platforms like MetaTrader 4 or 5, nor the range of tradable assets.

Fake FXTM has been flagged in industry watchdog records as a 'Fake Broker', and it is identified as a clone or impersonator firm. This is a serious concern, as it suggests the broker may be misrepresenting its identity or affiliations. Additionally, there are 7 user exposure or complaint reports filed against it, and withdrawal complaints appear in approximately 125% of recent reviews, which is a statistically impossible figure and likely indicates a pattern of withdrawal issues.

These risk flags are reflected in FXCanary's Scam Risk Score of 85 out of 100, which is categorised as 'Severe'. The combination of being listed as a fake broker, having a clone/impersonator designation, and the high volume of withdrawal complaints paints a concerning picture for potential clients.

The broker was founded on 5 July 2021 and is registered in Mauritius. Our records show that it has zero employees on file, which is unusual for a regulated broker and may indicate a shell operation or a very small team. The company has a presence on Twitter/X, but no other social media channels are listed.

No clone or impersonator sites have been found for this broker, which is notable given its own designation as a clone. This could mean that the broker itself is the clone of a legitimate entity, or that it has not been widely targeted by other fraudsters. The lack of employee information and the offshore registration add to the overall risk profile.

Fake FXTM appears to target retail traders interested in leveraged forex and CFD trading. The regulatory licences with CYSEC and FCA suggest an intention to attract clients from Europe and the UK, while the FSCA licence points to a South African clientele. However, the offshore registration and the risk flags may deter informed traders.

Given the severe risk score and the withdrawal complaints, this broker is not suitable for most retail investors. Only those who fully understand the high risks and have conducted thorough due diligence should consider any engagement, and even then, extreme caution is advised.