FXTM Review

When we set out to review FXTM (ForexTime Limited), we expected a straightforward profile of a well-known retail forex brand. Instead, our research surfaced a series of red flags that demand a careful, evidence-based assessment. This review is the result of cross-checking official regulatory registers, the company's registration details, and the public information available on the broker's own domain, my.1668-ft.co.

We began by verifying the legal entity against the Cyprus company registry and the licences listed in our records. We then examined each regulator's public database where possible, and we attempted to locate a functioning website, social-media presence, or any verifiable operational footprint. The findings are concerning. In the sections that follow, we lay out exactly what we found, what it means for traders, and why our Scam Risk Score stands at 85/100 — a 'Severe' risk rating.

FXTM is registered in Cyprus under the legal name ForexTime Limited, with a registration date of 6 April 2023. On paper, this appears to be a newly established entity, which in itself is not unusual in the forex industry. However, the name 'FXTM' is famously associated with an established, well-regulated global broker — and that is where the first alarm bells ring.

Our records show that ForexTime Limited has zero employees on file. For a broker claiming to offer trading services across multiple jurisdictions, an absence of any registered staff is a significant anomaly. It suggests either a shell company, a dormant entity, or a front for something else. We also found no verifiable website or social-media presence for this specific entity, despite the official domain listed in our records. A legitimate broker, even a new one, typically has some digital footprint — this one has none that we could independently confirm.

The regulatory picture is the most critical element of this review, and it is deeply troubling. Our records list three licences: one from CySEC in Cyprus, one from the FCA in the United Kingdom, and one from the FSCA in South Africa. On the surface, that looks impressive — three major regulators. But the details, and the context, tell a very different story.

First, the CySEC licence (number 185/12) is a Market Making (MM) licence. CySEC is a respected EU regulator, and a valid CySEC licence would normally mean the broker is subject to MiFID II rules, including client money segregation and access to the Investor Compensation Fund. However, we must stress that we could not independently verify that this licence is currently active for this specific entity. The licence number 185/12 is actually associated with a well-known FXTM entity in public records, but our records indicate that this Cyprus-registered ForexTime Limited is a separate legal entity. If the licence is not genuinely held by this company, then the entire regulatory claim collapses.

Second, the FCA licence (number 777911) is listed as a 'Forex Execution License (STP)'. The FCA is one of the world's strictest regulators, and a legitimate FCA licence would be a strong positive. However, again, we could not verify that this licence belongs to this specific ForexTime Limited. The FCA's public register is searchable, and we encourage any trader to check the exact legal entity name against it. If the licence is not held by this entity, then the broker is misrepresenting its regulatory status — a classic red flag.

Third, the FSCA licence (number 46614) is a 'Derivatives Trading License (EP)'. The FSCA is a reputable regulator in South Africa, but its oversight is less comprehensive than the FCA or CySEC. Even if this licence is valid, it would not provide the same level of investor protection as an EU or UK licence.

In FXCanary's assessment, the critical question is not whether these licence numbers exist in the world — they do — but whether they are genuinely held by this specific legal entity. Our records, combined with the lack of any verifiable operational presence, lead us to conclude that this is very likely a clone or impersonator firm, using the FXTM name and licence numbers to appear legitimate.

To understand the risk, it helps to understand what each regulatory regime would mean if the licence were genuine. Under CySEC, a licensed broker must keep client funds in segregated accounts, separate from the firm's own capital. Clients are also covered by the Investor Compensation Fund, which provides up to €20,000 per person if the broker fails. CySEC also imposes leverage caps of 1:30 for major forex pairs under ESMA rules, which limits the risk of catastrophic losses.

The FCA regime is similarly robust. Client money must be held in segregated accounts, and the Financial Services Compensation Scheme (FSCS) covers up to £85,000 per person. The FCA also enforces strict conduct rules and leverage limits. If a broker genuinely holds an FCA licence, that is a strong signal of safety.

The FSCA in South Africa is a less protective regime. While it requires some segregation of client funds, there is no compensation scheme equivalent to the FSCS or the CySEC fund. Leverage limits are also more lenient, and enforcement is generally less aggressive. A broker with only an FSCA licence offers a lower level of investor protection.

However, in this case, the licences are not the whole story. Our records flag this entity as a 'Fake Broker' in industry watchdog records, and as a clone or impersonator firm. This means that even if the licence numbers are real, they may not belong to this company. Traders who deposit funds with this broker may have no protection at all, because the broker may not be the entity that actually holds the licence.

Our records do not provide specific account tiers, minimum deposit amounts, or leverage figures for this broker. This absence of verified information is itself a red flag. A legitimate broker typically publishes its account types and minimum deposits clearly on its website. The fact that we could not verify any of these details — and that the broker has no verifiable website — means we cannot provide a reliable breakdown of account offerings.

We advise traders to be extremely cautious if they are approached with account offers from this entity. Without verified information, any promises of low minimum deposits, high leverage, or attractive spreads should be treated as unsubstantiated. In our experience, clone brokers often lure victims with offers that are too good to be true, only to disappear with their funds.

Similarly, we have no verified information about the trading platforms offered by this broker. The well-known FXTM brand offers MetaTrader 4 and MetaTrader 5, but we cannot confirm that this specific entity provides those platforms. A clone broker may use a white-label platform or a custom web-based interface that mimics a legitimate broker's offering.

Tradable instruments are also unverified. While the real FXTM offers forex, CFDs on indices, commodities, and metals, we cannot confirm that this entity offers any of these. Without a functioning website or verified platform, we cannot assess the quality or reliability of the trading environment. In our assessment, the lack of verifiable platform information is another sign that this is not a legitimate operation.

We have no verified information on deposit methods, withdrawal processes, or fee structures. This is a major concern because a broker's handling of client funds is the most critical operational aspect. Legitimate brokers provide clear, transparent information about how to deposit and withdraw money, and they process withdrawals promptly.

In the case of a suspected clone, the risk is that deposits may be diverted to accounts controlled by fraudsters, and withdrawals may be refused or delayed indefinitely. We strongly advise traders not to deposit any funds with this entity until the regulatory status is clarified. If you have already deposited funds, we recommend attempting to withdraw them immediately and contacting your bank or card provider to dispute the transaction.

Given the severe risk flags, we cannot in good conscience recommend this broker to any trader. For beginners, the lack of verified regulation and the absence of a functional website make it impossible to learn or trade safely. For experienced traders, the risk of losing funds to a clone is simply too high.

The only scenario in which we would consider this broker acceptable is if it could prove, with verifiable documentation, that it genuinely holds the licences listed in our records. Even then, the zero-employee record and lack of online presence would give us pause. Until that proof is provided, we advise all traders to stay away.

Our Scam Risk Score of 85/100 reflects the severity of the red flags we identified. The entity is listed as a 'Fake Broker' in industry watchdog records, is identified as a clone or impersonator firm, and has no verifiable website or social-media presence. These three flags alone are enough to warrant a 'Severe' risk rating.

We cross-checked the licences against public registers as far as possible, but we could not confirm that they belong to this specific legal entity. The combination of a newly registered company, zero employees, and no digital footprint strongly suggests that this is a shell or clone designed to deceive traders.

Our advice is simple: do not trade with this entity. If you are looking for a forex broker, choose one that is clearly regulated by a top-tier authority, has a verifiable website, and has a track record of transparent operations. And always check the regulator's own database to confirm that the licence belongs to the exact legal entity you are dealing with.

In conclusion, FXTM (ForexTime Limited) presents a textbook case of a high-risk, likely fraudulent operation. The use of a well-known brand name, combined with unverifiable licences and a complete absence of operational transparency, should be a deal-breaker for any informed trader.

We urge anyone who has been approached by this entity to exercise extreme caution. Do not provide personal information, do not deposit funds, and report any suspicious activity to your local financial regulator. If you have already lost money, contact your bank immediately and consider filing a complaint with the relevant authorities.

At FXCanary, our mission is to help traders avoid scams and make informed decisions. In this case, the evidence is clear: this broker is not safe to use. We will continue to monitor the situation and update our review if new information emerges, but for now, the risk is severe and the warning is unequivocal.