Is Fake FXTM a Scam?

When we at FXCanary sit down to judge whether a broker is safe, we do not rely on marketing pages or a broker's own claims about its trustworthiness. We start with the public regulatory record, cross-check the legal entity against the official register, and then weigh the structural protections that actually exist for a client's money. For a broker with no independent user reviews yet, that regulatory and structural analysis matters even more, because there is no track record of real trading experiences to balance against the official paperwork.

Our assessment produces a Scam Risk Score, and for the entity trading as Fake FXTM on the domain ftjy-hk.com, that score is 85 out of 100, which we classify as 'Severe'. That score is built from a combination of hard flags: the broker is listed as a 'Fake Broker' in industry watchdog records, it has been identified as a clone or impersonator firm, it is registered in Mauritius, and there are already seven user exposure or complaint reports on file. Each of those flags on its own would give us pause; together they paint a picture that a cautious trader should treat with the utmost seriousness.

Our records list three regulators for this entity: CySEC in Cyprus, the FCA in the United Kingdom, and the FSCA in South Africa. On the surface, that looks reassuring — three respected regulators, three licences. But the detail matters more than the headline. The CySEC licence is numbered 185/12, the FCA licence is 777911, and the FSCA licence is 46614. We have quoted those numbers exactly as they appear in our records, and we urge any trader to verify them directly against the public registers of those regulators, because a licence number that does not match the legal entity is the classic signature of a clone.

Here is the critical problem: the domain ftjy-hk.com does not obviously correspond to the legal name 'FXTM' that appears in our records, and the broker is registered in Mauritius, not in Cyprus, the UK, or South Africa. A genuine broker holding CySEC, FCA, and FSCA licences would normally operate from those jurisdictions, not from an offshore centre. When a broker claims regulation in multiple respected jurisdictions but is actually registered in Mauritius, we treat that as a serious discrepancy — and in this case, the industry watchdog listing as a 'Fake Broker' strongly suggests that the licences, if they exist at all, belong to a different entity entirely.

Even if the licences were genuine, the level of client protection varies enormously by regulator. Under CySEC, clients benefit from the Investor Compensation Fund, which can cover up to €20,000 per client if the broker fails, and CySEC firms are required to segregate client funds from their own operating capital. The FCA regime in the UK goes further: the Financial Services Compensation Scheme covers up to £85,000 per person, and FCA-regulated firms must adhere to strict client money rules and, for retail clients, offer negative balance protection on leveraged products.

The FSCA in South Africa is a different matter. While it is a legitimate regulator, its compensation scheme is far more limited, and the level of oversight is generally lighter than in the EU or UK. For a broker that is actually registered in Mauritius, none of these protections would automatically apply, because the legal entity is not the one holding the licence. In practice, a client trading with a clone broker has no meaningful access to any compensation scheme, because the regulated entity is not the one taking their money.

The single most important safety issue here is that this broker has been identified as a clone or impersonator firm. In the forex industry, cloning is a well-known scam: fraudsters take the name, licence numbers, and even the website design of a legitimate broker, and then set up a lookalike operation to collect deposits. The real broker is unaware, and the clone's clients have no recourse when withdrawals fail. Our records show that this entity is listed as a 'Fake Broker' in industry watchdog records, which is the clearest possible warning that the name 'FXTM' is being used without authorization.

We cross-checked the official domain, ftjy-hk.com, against the known facts, and we found no evidence that this domain belongs to the legitimate FXTM brand. The legitimate FXTM is a well-known broker with a long operating history, and it does not operate from a Mauritius-registered shell with zero employees. The combination of a lookalike name, a non-matching domain, and offshore registration is the classic profile of an impersonation operation. For a trader, the risk is not just that the broker is unregulated — it is that the broker is actively pretending to be someone it is not.

Mauritius is a popular jurisdiction for forex brokers because it offers light-touch regulation and low taxes, but that lightness cuts both ways. A Mauritius-registered broker is not subject to the same client money rules, capital requirements, or conduct oversight as a CySEC or FCA firm. If something goes wrong, the local regulator has limited resources and limited power to help a foreign client recover funds. In our assessment, offshore registration is a risk factor on its own, and when it is combined with a 'Fake Broker' listing, it becomes a decisive negative.

Our records also show that this entity has zero employees. That is a remarkable figure for any operating broker, and it is almost impossible to reconcile with the image of a legitimate trading firm. A real broker needs staff to handle client onboarding, compliance, trading desk operations, and customer support. Zero employees suggests that the entity is a shell — a legal vehicle with no operational substance. When a broker has no staff, no independent reviews, and a severe scam risk score, the prudent conclusion is that there is no real business behind the website.

Although this broker has no independent user reviews yet, our records include seven user exposure or complaint reports, and we note that withdrawal complaints appear in roughly 125% of recent reviews. That figure is unusual — it suggests that more complaints have been filed than there are reviews, which can happen when a single trader files multiple reports or when the complaints are aggregated from different sources. Either way, the direction of the signal is clear: clients are reporting problems getting their money back.

Withdrawal difficulty is the single most common complaint in forex scams, and it is the point at which a broker's true nature is exposed. A legitimate broker processes withdrawals promptly and transparently; a scam broker delays, demands additional fees, or simply stops responding. The fact that withdrawal complaints dominate the limited feedback we have is a strong indication that this operation is not in the business of returning client funds. For a trader, the lesson is simple: if you cannot get your money out, the broker has failed its most basic obligation.

If you have already deposited money with Fake FXTM on ftjy-hk.com, the first step is to stop depositing immediately. Do not send more money in the hope of recovering what you have already lost — that is a common tactic in recovery scams, where fraudsters ask for a 'fee' to release funds that never existed. Next, gather every piece of evidence you have: account statements, deposit confirmations, emails, and chat logs. This documentation will be essential if you decide to report the broker to a regulator or to the police.

You should also report the broker to the relevant authorities. In the UK, that means the Financial Conduct Authority; in Cyprus, CySEC; in South Africa, the FSCA. Even if the broker is a clone, reporting it helps the regulators build a case and warn other traders. You can also file a complaint with the Mauritius Financial Services Commission, since that is the jurisdiction of registration. Finally, be extremely wary of anyone who contacts you offering to recover your funds for an upfront fee — these 'recovery rooms' are almost always run by the same scammers or their associates.

In FXCanary's assessment, the evidence against this broker is overwhelming. It is listed as a fake broker, it is identified as a clone, it is registered in an offshore jurisdiction with light oversight, it has zero employees, and the limited user feedback points to withdrawal problems. Each of these factors on its own would be a serious concern; together, they leave no room for a positive safety rating. We assign a Scam Risk Score of 85 out of 100, which we classify as 'Severe'.

We want to be clear about what we can and cannot verify. We have no independent user reviews to draw on, and the web search results we reviewed did not clearly match this specific entity, so we have relied on the known facts from our records. But the absence of reviews is itself part of the story: a broker with no verifiable track record, no employees, and a fake-broker listing is not a broker you should trust with a single dollar. Our advice is to avoid this entity entirely and, if you have already deposited, to treat those funds as potentially lost and take the protective steps we have outlined.