FTMO Review: Scam or legit?
FTMO is an unregulated offshore broker. It is a clone that disguises itself as a legit broker that it is not so as to steal from investors. It is another unregulated scammer in the market.
This is a scam similar to Dogestaker.
We will highlight the red flags in this broker that you need to consider before deciding whether to or not to invest with them.
Who is FTMO?
FTMO is an offshore unregulated confirmed scam broker.
It is a clone disguising itself as legit but it is not.
Unregulated investment companies are untrustworthy.
They are likely to abuse the trading rules as they are sure no one will follow their back to ensure compliance.
Do not be gullible enough to fall into their trap, stay away from this scammer.
How does this scam work?
Scammers present many fraudulent ads on the Internet and social media. Their aim is to lure as many people as possible to steal from.
Once you click and provide them with your e-mail and contact number they will ring you immediately and would promise you anything to make you deposit money with them as quickly as possible. Most of the scammers are experienced manipulators and before you know it they’d ask for your bank card numbers to assist you with the deposit. You shouldn’t ever provide this information unless you want to get in trouble. There is also a chance to become a victim of Identity Theft, experiencing many more problems consequently.
Gradually they would ask for more money from you no matter the results. If you lost on the market, they’d persuade you to put more money and recover the losses. If you traded well, they’d convince you to put more money and increase the profits.
The troubles start when you ask for a withdrawal. The scammers would do anything to discourage you and even ask you to pay them if you want to withdraw. The scammers’ mantra is “give me your money”, they’d insist every day you should deposit again and again, for no obvious reason. Legit companies do not bother you over the phone to deposit with them, so if someone pushes you to invest, it’s most probably a scam.
Are funds safe with FTMO?
An unregulated broker is not safe to invest in. Ask yourself why it would be so difficult for a broker to be simply regulated. Unregulated players are a risky venture to dump your money in.
In addition to the above, this broker is a clone. It is disguising as a legitimate company that it is not to swindle money from unsuspecting investors.
Security of funds is a huge problem with unregulated Investment Companies. They can easily do silly things because they are sure they are not answerable to any watchdog which may go after them.
We cannot recommend this scammer at the moment.