FWTMarkets

Does FWTMarkets have what it takes to survive the ever competitive forex industry, or is this one broker for the pile of scams. Read on to find out.

FWTMarkets, or Financial Wealth Trading Markets (Pty) Ltd is allegedly regulated by the Financial Services Board (FSB) which was South Africa’s current regulating watchdog’s predecessor, the Financial Sector Conduct Authority (FSCA). So first things first, the broker hasn’t even gotten the right regulatory name. Second, and most importantly, the FSCA online database is devoid of any results for FWTMarkets, which leads us to conclude that this broker is UNLICENSED, and therefore a risk to all investors.

Always check for a proper broker license within the domains of the regulatory agencies. All of them have access to either an online database of regulated financial services providers, or separate lists of authorized companies. We advise traders to go with FCA/CySEC regulated brokerage firms, since these two agencies are some of the best for the job.

Furthermore, it’s important for us to note that we were not able to properly log in. After registering we we received an email that confirmed our account, but even so, did nothing to allow us to login.

The leverage is maxed at 1:400, as seen when we were registering.

We encountered an issue with the trading platform that we shall dive into in the next section. Long story short, we could not get a proper cost of trade from the terminal, so we have to rely on the website for that infraction, and as some readers know, it’s never really a good idea to trust an unlicensed broker with such details. Our failed login attempt did nothing to help. Nevertheless, the spread for the EUR/USD is said to be 2.7 pips which is way too high of a cost to be considered favorable to traders.

Trading assets are, according to the website, Forex Pairs, Metals, Energies, Indices.

The only language is English.

FTWMARKETS LOGIN

The situation with the platform is typical fraudulent broker stuff. The unhelpful confirmation email we received had a MT5 downloadable link attached to it, yet on the website it mentions nowhere that the MT5 is made available. The only advertised trader on the website is the MT4. However, once installed, the MT4 turned out to be a MT5. So, there is no MT4, only a MT5.

METATRADER 5

MT5’s characteristics, that were built upon MT4, make it more professional and dynamic. Not to mention that MT5 allows for trades in centralized market, plus it’s certified by many stock exchanges. All features for MT4 are present and fully functioning on MT5, including market indicators and trading bots.

At FWTMarkets, there exist two variants of the MT5, both of which do not in any way belong to the broker. First is the mentioned MT4 that turned out to be an MT5 situation, which in the end spawned a Metaquotes Demo one that everyone can download from the manufacturer’s main website (it’s mainly used by novice traders who wish to take the platform for a free spin).
The other MT5 was downloaded from the email we received upon registration, and surprise, surprise, it turned out that the MT5 belongs to another broker, by the name of TradePro Markets Limited. It’s common for shady brokers to not have a trader of their own.

Different account have different commissions. The Mini Account and the Standard account have a minimum commission of $0.1 (nothing else is made clear), while the ECN Account has a $3, what we assume to be per side, which increases any spread by 0.6 pips. However, we wouldn’t worry too much because, a) this broker is not to be trusted with any of the information is provides, and b) we strongly recommend against making any sort of investment with it.

FTWMARKETS MINIMUM DEPOSIT

The minimum deposit is $150.

The payment information is extremely limited. In fact there is close to no details, so we cannot give you any actual payment methods. We aren’t 100% sure if that is the actual minimum deposit. The closest thing we have are images of payment system logos, that does close to nothing, but we will nevertheless show them to you:

As we have, multiple times, concluded, this unregulated broker is not to be trusted, hence we advise against making any deposits whatsoever. If traders wish to trade in a safe and regulated environment, we recommend any broker that has a license from the FCA/CySEC since these agencies are renowned for their strict law enforcing and protection of clients’ investments and personal information.

DON’T PROVIDE YOUR CREDIT CARD CVV CODE

The three digit CVV code is essential to making purchases or completing transactions online. By handing this info to someone claiming to be a broker, your are exposing your savings to the biggest risk of all!

DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER

A novice mistake that has been numerously repeated and taken advantage of is providing access to your computer and bank account via AnyDesk or TeamViewer. These two softwares allow for others (in our case the people behind the shady brokerage) to log-in to your PC and flip through all files and browsers, essentially taking over your computer as another user and having access to your personal information like bank account passwords, credit card information etc. Thankfully, these platforms are completely legal and will need your own personal approval in order to be used.

FTWMARKETS WITHDRAWAL TIME AND FEES

And we though the deposit information was lacking. There is quite literally absolutely nothing on withdrawals, and so we are, unfortunately, word-less.

Furthermore, there are no legal documents, aside from the Risk Disclosure that is greatly unhelpful.

ADDITIONAL FEES AND TAXES

Heed our words. Unregulated brokers do not care who you are and what your situation is; all they see is money, and they will trick you into giving it to them every chance they get. It is only logical then, that any attempt at withdrawing will be unsuccessful. The most popular excuses for denying your withdraw requests are usually smart and for the most part scripted. These include but are not limited to loopholes in the T/C, asking for more deposits in order to withdraw, or just prolonging your pending withdrawal by claiming that the market will suddenly propel, multiplying your winnings by unrealistic proportions.

ACCOUNT VERIFICATION

If a broker is unlicensed, never give you ID and personal details to it, because the broker will use these details against you once you file for a charge back. Furthermore, any allegation held against the brokerage will be easily refuted if they have in their possession a copy of your ID and proof of address.

We are positive that this so called broker will not return your funds; the evidence we have laid out before you work in sync against it. The sound thing to do is to direct your attention and investment to an FCA or CySEC licensed broker where the law is integrated in every aspect of their operations.

HOW TO RECOVER

Filing for a chargeback is the best advice we could give you. Immediately contact your bank or credit card company and lay out the circumstances.

Cancel your credit card if you have shared any notable details with the fraudulent broker, especially if you have provided them with the card’s CVV code. If such is the case, annul your credit card ASAP.

Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won’t ever hear from them again.

The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!

BOTTOM LINE

Obviously FWTMarkets doesn't have what it takes. In fact if it has absolutely nothing but trouble. Stay away from this one.