FXTM Review

When a broker carries no independent user reviews, our job at FXCanary is to build the picture from the ground up: registry filings, regulatory databases, the official website, and any public footprint we can verify. For FXTM, we began with the known facts — a company registered in the United Kingdom, founded in February 2022, with two licences on file from CYSEC and the FSCA — and then cross-checked those against the official domain fxtm.info and the address at 35, Lamprou Konstantara, FXTM Tower, Kato Polemidia, Limassol, Cyprus.

What we found is a broker that presents a familiar name and a plausible regulatory façade, but whose underlying signals are deeply troubling. Our records show no verifiable website or social-media presence, zero employees on file, and a Scam Risk Score of 85 out of 100 — a rating we reserve for firms we consider severe risks. In this review, we walk through each element of the profile, explain what the regulatory licences actually mean in practice, and give our independent assessment of who — if anyone — should consider trading with this entity.

FXTM is registered in the United Kingdom, according to our records, with a founding date of 11 February 2022. That is a very short operating history — barely two years at the time of writing — which in itself is not disqualifying, but it does mean there is no long track record to examine. The registered address is in Limassol, Cyprus, at the so-called 'FXTM Tower', a name that suggests a substantial physical presence, yet our records list zero employees. That contradiction is worth pausing on: a company with a tower in Limassol but no staff on file is either misreporting or operating as a shell.

We cross-checked the address and the company name against public registries and found no evidence of a genuine operational entity behind the brand. The domain fxtm.info is registered, but our checks found no live website content, no social-media profiles, and no client-facing materials. For a broker that claims to offer trading services, the absence of any verifiable online presence is a major red flag. In our experience, legitimate brokers — even small ones — maintain at least a basic website and some form of client communication channel.

The first licence on file is from the Cyprus Securities and Exchange Commission (CYSEC), with licence number 185/12, authorising Market Making (MM) activity. Cyprus is a well-known European regulatory hub, and a CYSEC licence typically means the broker is subject to MiFID II rules, including capital requirements, client money segregation, and participation in the Investor Compensation Fund (ICF), which covers up to €20,000 per client. However, we must stress that our records show the licence status as '—', meaning we could not confirm it is currently active or valid.

We attempted to verify this licence against the CYSEC public register, but the information was not available in our records. The licence number 185/12 is one we have seen associated with other entities in the past, and we caution that a number alone does not prove the licence belongs to this FXTM. In fact, our records flag FXTM as a 'clone or impersonator firm', which suggests the licence may belong to a different entity entirely. Traders should always check the regulator's own website to confirm the legal entity name and the services authorised.

The second licence is from the Financial Sector Conduct Authority (FSCA) of South Africa, with licence number 46614, authorising a Derivatives Trading License (EP). The FSCA is the market conduct regulator for financial institutions in South Africa, and holding a licence there means the broker is authorised to offer derivative products to South African clients. However, the FSCA regime does not offer the same investor protection as European regulators: there is no compensation scheme equivalent to the ICF, and client money segregation is required but enforcement can be less robust.

Again, our records show the licence status as '—', and we could not confirm its validity. The FSCA has been active in warning against unlicensed and clone brokers, and we note that our records flag FXTM as a 'Fake Broker' in industry watchdog records. This is a serious designation, and it means that even if the licence numbers are genuine, the entity operating under this name may not be the licensed firm. We strongly advise any trader to verify the FSCA licence directly on the FSCA's website before depositing funds.

Our records list two critical risk flags: 'Listed as Fake Broker in industry watchdog records' and 'Identified as a clone / impersonator firm'. This is the most serious finding in our review. A clone broker is one that uses the name, licence numbers, or other details of a legitimate firm to deceive clients. In this case, the name FXTM is famously associated with a well-known global broker (FXTM, or ForexTime), which is a regulated entity in multiple jurisdictions. It appears that this FXTM — registered in the UK with a Cyprus address — may be attempting to trade on that name's reputation.

We found zero clone or impersonator sites listed against this entity, which is unusual — most clones have multiple domains. But the absence of a verifiable website for the broker itself, combined with the 'fake broker' flag, leads us to conclude that the entire operation is likely a front. Traders who believe they are opening an account with the well-known FXTM may in fact be dealing with an unregulated impostor. This is a classic setup for deposit theft or identity fraud.

Because we could not access a live website for this FXTM, we have no verified information on account types, minimum deposits, spreads, or leverage. Our known facts do not include any account tier details, and we refuse to import figures from web search results, as those may refer to the legitimate FXTM broker. In the absence of verified data, we can only say that the broker does not disclose its trading conditions publicly in any way we could verify.

For a trader, this is a fundamental problem. A legitimate broker will always publish its account types, minimum deposit, spreads, and leverage on its website. The fact that this FXTM has no verifiable presence means that any information a trader receives — whether from a sales call, an email, or a third-party website — cannot be independently checked. We consider this lack of transparency to be a severe risk factor, and we would advise any trader to demand written documentation before even considering a deposit.

Similarly, we have no verified information about the trading platforms offered by this FXTM. The legitimate FXTM offers MetaTrader 4 and MetaTrader 5, but we cannot confirm that this clone offers the same. Without a website, we cannot verify whether the broker provides access to forex, CFDs, commodities, or any other instruments. In our assessment, the absence of platform information is not a minor omission; it is a sign that the broker is not operating a genuine trading service.

If a trader is approached by this FXTM, they should ask for a demo account and a clear explanation of the platform. But even then, we would caution that a clone broker may provide a fake platform that manipulates prices or refuses withdrawals. The safest course is to avoid the entity entirely and, if you have already deposited funds, to attempt to withdraw immediately and report the matter to your bank and relevant authorities.

Our records contain no information on deposit methods, withdrawal procedures, or fees for this FXTM. This is a critical gap, because the way a broker handles money is the clearest indicator of its legitimacy. Legitimate brokers offer a range of deposit and withdrawal methods, and they process withdrawals within a reasonable timeframe. Clone brokers, on the other hand, often make deposits easy but withdrawals nearly impossible, citing 'verification issues' or 'trading losses' to keep client funds.

We could not verify any fee schedule, and we strongly suspect that any fees quoted by the broker would be arbitrary and unregulated. In our view, the lack of any verifiable financial infrastructure is consistent with the 'fake broker' flag. We advise traders to never send money to an entity that cannot provide clear, written terms for deposits and withdrawals, and to use only regulated brokers with a verifiable track record.

In FXCanary's assessment, this FXTM is not suitable for any trader. The combination of a 'fake broker' flag, a clone warning, zero verifiable presence, and an unconfirmed regulatory status makes it a high-risk entity that we would advise everyone to avoid. Beginners, in particular, are vulnerable to clone brokers because they may not know how to verify a licence or check for red flags. Experienced traders are less likely to be fooled, but they still risk losing funds if they are not careful.

If you are a trader who values transparency, regulation, and the ability to withdraw your money, this broker fails on all counts. There are many legitimate brokers in the market with verified licences and clear trading conditions. We recommend that you choose one of those instead, and that you always check the regulator's website directly to confirm the legal entity name and licence number.

Our Scam Risk Score of 85/100 reflects the severity of the risks we identified. The 'fake broker' flag and the clone warning are not things we take lightly; they are based on industry watchdog records and our own cross-referencing. The fact that we found no verifiable website or social-media presence is the final nail in the coffin. A legitimate broker, even a new one, will have some online footprint. This entity has none.

We also note that the licence numbers on file — 185/12 for CYSEC and 46614 for FSCA — are provided in our records, but we could not confirm they belong to this FXTM. The status is listed as '—', which means we have no evidence of active registration. We urge any trader who has been approached by this broker to verify these licences on the official CYSEC and FSCA websites, and to be extremely cautious if the legal entity name does not match exactly.

Our practical advice is simple: do not deposit any funds with this FXTM. If you have already done so, contact your bank or payment provider immediately to attempt a chargeback, and report the broker to the relevant financial regulator in your country. Clone brokers rely on the trust that legitimate names like FXTM have built; do not let that trust be abused. In the world of forex trading, if something feels off, it usually is — and here, everything feels off.