Do You Want to Open an Account with FTrade? Read This First!
FTrade has two main problems with it. First, it has been flagged by the FCA as a clone scam. This means that FTrade is trying to pass itself off as a broker that is regulated by the FCA. Second, this broker has a license, but a third-rate one. It claims it is regulated by a financial authority in the Marshall Islands. Sometimes, having this kind of license is almost as bad as having no license at all.
This is What We Found Out About FTrade
What is the problem with a license from the Marshall Islands? This kind of regulator provides no oversight. Most regulators do regular inspections and expect reporting and documentation. This regular requires only a fee and they will give brokers a license. This gives no protection to customers, nor do they respond to complaints. This and the fact it is a suspected clone broker scam are reasons not to open an account with FTrade.
Warning Signs About FTrade
We noticed the following about this broker:
- Third-rate license
- Flagged by the FCA as a clone scam
- No contact information
- No transparency
- Bad reviews
Lost Money with FTrade? Contact Our Team
If you’ve lost money with FTrade speak to CryptoScamBrokers immediately. Our team understands how to deal with broker scams and will take steps to locate your funds, whether they were lost through credit card or cryptocurrency transactions. Our intelligence reports help authorities launch their own investigation and can increase your chances of a successful claim.