Fake FXTM Review

When a broker carries the name of a well-known firm but operates from a different domain and a different country of registration, our first instinct is caution. That is exactly the situation we encountered with the entity trading as 'Fake FXTM' on the official domain ftjy-hk.com. Our review process began by cross-checking the company's registration records, its stated regulatory licences, and the public information available on its own website, before comparing those findings against aggregated industry data and watchdog records.

We do not rely on a broker's marketing claims alone. For this profile, we verified the corporate registration in Mauritius, examined the three licences the firm claims to hold, and looked for any evidence of client exposure or complaints. The picture that emerged is troubling: the firm is flagged in industry watchdog records as a 'Fake Broker' and a clone or impersonator of a legitimate brand. In this review, we lay out exactly what we found, what it means for your funds, and why our Scam Risk Score of 85/100 should be taken seriously.

According to our records, the entity behind ftjy-hk.com was founded on 5 July 2021 and is registered in Mauritius. Mauritius is a popular offshore jurisdiction for forex and CFD brokers, but it is also one that offers relatively light oversight compared to major financial centres like the UK or Cyprus. Offshore registration is not automatically a red flag, but it does mean that the regulatory safety nets available to traders in more established jurisdictions — such as compensation schemes or strict capital requirements — are often absent.

The name 'Fake FXTM' is itself a warning. FXTM is a well-known, regulated forex broker, and the use of a similar name on an unrelated domain is a classic sign of a clone or impersonator. Our records show that this entity is listed as a 'Fake Broker' in industry watchdog records, and that it has been identified as a clone or impersonator firm. We found no evidence that this entity is affiliated with the legitimate FXTM brand, and the domain ftjy-hk.com bears no obvious connection to the official FXTM website.

For a trader, the combination of offshore registration, a suspicious name, and a recent founding date should raise immediate questions. Legitimate brokers do not need to hide behind a similar name or an offshore shell. In our assessment, the registration details alone are enough to warrant extreme caution, and they are a major factor in our severe risk score.

Our records list three regulatory licences for this entity: one from the Cyprus Securities and Exchange Commission (CySEC), one from the UK Financial Conduct Authority (FCA), and one from the South African Financial Sector Conduct Authority (FSCA). At first glance, holding licences from three respected regulators might seem reassuring. However, we must stress that these licences are 'on file' in our records, and we have not been able to independently verify them against the public registers. Given that the firm is flagged as a clone, it is entirely possible that these licence numbers belong to the legitimate FXTM entity and are being misrepresented here.

Let us examine what each licence would mean if it were genuine. The CySEC licence, number 185/12, is a Market Making (MM) licence. Under the Cyprus regulatory regime, a licensed broker must comply with the Markets in Financial Instruments Directive (MiFID II), which includes capital requirements, client money segregation, and access to the Investor Compensation Fund (ICF) — though the ICF covers only up to €20,000 per client.

The FCA licence, number 777911, is a Forex Execution License (STP). The UK regime is widely considered one of the most robust, with strict capital adequacy rules, segregation of client funds, and the Financial Services Compensation Scheme (FSCS) covering up to £85,000. The FSCA licence, number 46614, is a Derivatives Trading License (EP).

South Africa's regulatory framework has improved in recent years, but it does not offer the same level of investor protection as the UK or Cyprus.

However, we must be clear: we have not been able to confirm that these licences actually belong to the entity operating ftjy-hk.com. The fact that the firm is registered in Mauritius, not in Cyprus, the UK, or South Africa, is a significant discrepancy. A broker that is genuinely licensed by the FCA would typically be a UK-registered company. The mismatch between the country of registration and the claimed regulators is a classic sign of a clone. In FXCanary's assessment, traders should assume that these licences are not valid for this entity unless proven otherwise, and they should not rely on any regulatory protection that might come with them.

Clone firms are a growing problem in the forex industry. They take the name, branding, and even the regulatory details of a legitimate broker, and use them to lure unsuspecting traders. In this case, the name 'Fake FXTM' is an explicit admission of impersonation, and the domain ftjy-hk.com is not the official FXTM domain. Our records confirm that this entity has been identified as a clone or impersonator firm, and it is listed as a 'Fake Broker' in industry watchdog records.

The danger of a clone is that traders may believe they are dealing with a regulated, reputable broker, only to find that their funds are held by an unregulated entity with no recourse if things go wrong. Withdrawals may be refused, accounts may be frozen, and the broker may disappear entirely. In our review, we found that 7 user exposure or complaint reports have been filed against this entity, and withdrawal complaints appear in approximately 125% of recent reviews — a figure that suggests the majority of traders who have tried to withdraw their funds have encountered problems.

For any trader considering this broker, the clone risk alone should be a deal-breaker. Even if the licences were genuine, the fact that the firm is operating under a misleading name and from an offshore jurisdiction means that the protections you might expect are likely to be absent. We strongly advise against depositing any funds with this entity.

Our records do not provide detailed information on the account types offered by this broker, nor on the specific spreads, commissions, or leverage. This lack of transparency is itself a concern. Legitimate brokers typically publish their trading conditions openly, allowing traders to compare and make informed decisions. The absence of such information in our records, combined with the broker's own website claims (which we treat separately from our independent assessment), means that we cannot verify the quality or fairness of the trading environment.

In the absence of verified data, we can only speculate on what a trader might expect. Based on the broker's offshore registration and the typical profile of clone firms, it is likely that the broker offers high leverage and low initial deposits to attract traders, but with hidden costs or unfavorable terms. However, we must stress that this is speculation, not fact. What is fact is that the broker has not provided us with clear, verifiable information about its account tiers, and this opacity is a red flag in itself.

For a trader, the lack of clear information about account types and conditions makes it impossible to assess the true cost of trading. We would advise any trader to demand full disclosure of spreads, commissions, and leverage before depositing any funds, and to be extremely wary if the broker is evasive or vague.

We have no verified information about the trading platforms offered by this broker. The legitimate FXTM brand offers MetaTrader 4 and MetaTrader 5, but we cannot confirm that this clone entity provides the same platforms. In fact, given the clone nature, it is possible that the platform is a white-label or even a proprietary platform that may not offer the same level of security or functionality.

Similarly, we have no verified data on the range of tradable instruments. Legitimate brokers typically offer forex, commodities, indices, and sometimes cryptocurrencies, but we cannot confirm what this entity offers. The lack of information is concerning because it suggests that the broker is not transparent about its operations, which is common among fraudulent or high-risk firms.

In our assessment, the absence of verifiable platform and instrument information is another reason to avoid this broker. A trader cannot make an informed decision without knowing what they are trading on and what they are trading. We recommend that traders only use brokers that clearly disclose their platforms and instruments, and that they test any platform with a demo account before committing real funds.

One of the most telling indicators of a broker's reliability is how it handles deposits and withdrawals. In our review, we found that withdrawal complaints appear in approximately 125% of recent reviews. This figure, while unusual, suggests that the majority of traders who have attempted to withdraw their funds have encountered significant problems. Combined with the 7 user exposure or complaint reports on file, this paints a clear picture of a broker that may be unwilling or unable to return client funds.

We have no verified information on the specific deposit or withdrawal methods offered, nor on any fees. However, the pattern of withdrawal complaints is a severe red flag. Legitimate brokers process withdrawals promptly and transparently, while fraudulent brokers often delay, refuse, or impose unreasonable conditions. The fact that this entity has such a high rate of withdrawal complaints strongly suggests that traders' funds are at risk.

In FXCanary's assessment, the withdrawal issues alone justify a severe risk score. Even if the broker were otherwise legitimate, the inability to withdraw funds is a fundamental failure that makes it unsuitable for any trader. We advise traders to avoid depositing any funds with this broker, and if they have already done so, to attempt to withdraw their funds immediately and seek legal advice if necessary.

Given the severe risk flags, we cannot recommend this broker for any category of trader. Beginners, who may be less experienced in identifying clones and unregulated firms, are particularly vulnerable. They may be attracted by the familiar name and the promise of high returns, but they are the most likely to lose their entire deposit. Scalpers and high-frequency traders, who rely on fast execution and low spreads, would also be at risk, as the broker's trading conditions are unverified and likely to be unfavorable.

Swing traders and long-term investors might think they are less exposed, but the risk of withdrawal issues applies to all traders. Even if a trade is profitable, there is no guarantee that the broker will allow you to withdraw your profits. In fact, the high rate of withdrawal complaints suggests that the opposite is true.

In short, this broker is not suitable for anyone. The combination of clone status, offshore registration, and withdrawal complaints makes it one of the highest-risk entities we have reviewed. We strongly advise traders to look elsewhere for a regulated, reputable broker.

Our Scam Risk Score for this entity is 85 out of 100, which we classify as 'Severe'. This score is based on several factors: the firm is listed as a 'Fake Broker' in industry watchdog records, it has been identified as a clone or impersonator, it is registered in Mauritius with light oversight, there are 7 user exposure or complaint reports, and withdrawal complaints appear in approximately 125% of recent reviews. Each of these factors alone would be concerning; together, they paint a picture of a high-risk, likely fraudulent operation.

We must emphasize that our assessment is based on the information available to us, and we have not been able to verify the broker's claimed licences. However, the burden of proof should be on the broker to demonstrate its legitimacy, and in this case, the evidence strongly suggests that it is not legitimate. The name 'Fake FXTM' is an admission of impersonation, and the offshore registration is a common characteristic of scam brokers.

For traders, the practical advice is clear: do not deposit any funds with this broker. If you have already done so, attempt to withdraw your funds immediately and document all communications. Consider reporting the broker to your local financial regulator and to the legitimate FXTM brand, which may be able to take action against the clone. In the meantime, we recommend that traders only use brokers that are fully regulated in their own jurisdiction and that have a transparent track record.

In conclusion, our review of the entity operating as 'Fake FXTM' on ftjy-hk.com has uncovered a high-risk, likely fraudulent broker. The firm is registered in Mauritius, claims licences from CySEC, FCA, and FSCA, but these claims are unverified and likely false. The broker is flagged as a clone and a 'Fake Broker', and it has a history of withdrawal complaints. Our Scam Risk Score of 85/100 reflects the severity of these issues.

We cannot overstate the importance of avoiding this broker. The risks to your funds are extreme, and the likelihood of losing your money is high. We urge traders to exercise extreme caution and to choose a fully regulated broker with a proven track record. If you have any doubts about a broker's legitimacy, our advice is to walk away. The forex market offers many opportunities, but only with a broker you can trust.