FTMO has been identified as a risky opportunity by Intelligence Commissioner users. It is similar to Exness Refund. We’ve received over 4 complaints against FTMO.
FTMO, a well-known proprietary trading firm, is embroiled in multiple legal battles over profit distribution tactics. Traders claim they were refused compensation despite following regulations, raising questions about the FTMO’s impartiality and openness. Critics believe that the firm’s tight criteria are designed to maximize failed challenges in order to earn revenue. Concerns have also been raised about the use of demo accounts and a lack of regulatory monitoring, with the FTMO accused of avoiding big rewards to successful traders.
Get Your Money Back From These Scammers!
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Key Takeaways
Is FTMO Regulated? Do They Have a License?
Well-known proprietary trading company FTMO has had a number of disputes and accusations over its profit distribution practices. Concerns about traders not getting their full profits even when they follow FTMO’s regulations have sparked discussions about the firm’s fairness and transparency.
FTMO reportedly declined to pay out large winnings to a number of dealers, citing reasons the traders contest. Some traders said, for instance, that FTMO refused to pay out $15,000 and $19,000, citing “over risk exposure” as the reason. These traders maintain they carefully complied with all regulations and contractual requirements.
The FTMO has tried to improve policy transparency in reaction to complaints. To avoid misconceptions and guarantee traders are aware of the laws they must follow, they have concentrated especially on elucidating regulations about the employment of expert advisors and trading during news events.
Critics contend that the financial model of FTMO mostly depends on fees received from traders who are unsuccessful in their challenges. Suspicion is growing that the firm’s strict guidelines are intended to maximize the number of challenges that fail, therefore raising their revenue from these fees.
Furthermore up for controversies are FTMO’s utilization of demo accounts and whether or not all trades are carried out on the actual market. Certain traders feel that this technique guarantees FTMO’s profitability, maybe at the expense of other traders who think their deals are performed live.
The lack of regulation or the presence of poor regulation is a huge red flag. It means FTMO is a scam and most likely, an illegal operation.
Companies offering investment services or opportunities without having a license can vanish without leaving a trace. Furthermore, the lack of a regulatory license allows them to get away with it and face no legal consequences.
That’s why it’s vital for you to always check a company’s regulation status as well as its license information. The presence of a license allows consumers to reach out to an authority if something goes wrong.
In the case of FTMO, victims have nowhere to go due to the absence of a watchdog or license.
You should ask yourself the following questions when you come across a new investment firm or opportunity:
- Does the investment provider maintain transparency about its CEO?
- Do they have a license from a renowned regulatory authority?
- If the need arises, can I reach out to an authority to report this company as a scam?
Concerning Issues Present at FTMO
A trader claimed in another case that FTMO abruptly closed his accounts, which had more than $22,000 in earnings. The dealer disputed the rationale given, saying it was a cover for not paying out the gains because it involved the employment of “forbidden practices.”
There are also more general claims that FTMO routinely closes the accounts of really successful traders. Critics contend that these moves are made without adequate explanation and that FTMO is trying to avoid paying out a lot of money by criticizing the traders’ techniques or approaches.
In response, FTMO has said that withdrawals are only halted if traders use illicit tactics, commit fraud or gambling, or break terms of service by engaging forbidden expert advisors. FTMO said these steps are required to protect the integrity of its trading platform.
According to the company, the primary reasons for withdrawal denials are fraud, misuse of restricted trading techniques, or deficiencies in Know Your Customer (KYC) compliance. FTMO says their activities are in keeping with upholding a fair and safe trading environment and they do not arbitrarily refuse withdrawals to profitable traders.
However, it’s worth noting that many scammers disable their payment channels before shutting down their operations.
They might give you multiple reasons including:
- A technical error
- A glitch in their system
- Banking issues
- A “hacking attack”
And many others.
But in 9/10 cases, the scammers stop making payments and keep the money to themselves. Hence, the payment methods we discussed here might not work.
If you want to get your money back from a scammer, you’d need to file a chargeback.
FTMO Customer Service: Do They Handle Complaints Well?
The FTMO has tried to improve policy transparency in reaction to complaints. To avoid misconceptions and guarantee traders are aware of the laws they must follow, they have concentrated especially on elucidating regulations about the employment of expert advisors and trading during news events.
When it comes to scammers, you should only measure the quality of their customer service if they respond to your complaint.
In the beginning, scammers tend to remain very accessible.
This means their representatives will keep calling you until you invest with them. Furthermore, they will act friendly and make it seem as if you’re one of their most valuable consumers.
However, they do all this just to win your trust.
Scammers understand that to convince someone to give them a large sum, they will need to seem like a friend.
Nevertheless, when you have invested a considerable amount of money and need to get it back, their customer support will become inaccessible.
All of a sudden, their numbers would either stop responding or become unavailable.
Still, they might remain accessible to convince you to invest further. Also, they might begin by making a few excuses regarding your payment.
However, in the end, customer support won’t resolve your issues and become increasingly unavailable.
If you have information on a scam or criminal operation, you can get access to 40+ investigative journalists & news outlets for free. Send us a detailed report here and if you qualify, we will forward your case ahead.
FTMO Reviews: What Do Others Say?
It’s worth noting that many scammers tend to purchase fake reviews. Buying fake reviews has become extremely easy and it’s a multi-million dollar industry.
Scammers like FTMO tend to purchase fake reviews for their online profiles to make themselves seem more credible.
TIME Magazine investigated the fake review industry and estimated it to be worth more than $150 million. Certainly, there are a ton of scammers who want to seem legitimate and a bunch of fake reviews is the most effective way to do so.
That’s why you shouldn’t trust FTMO reviews easily.
It’s easy to identify fake reviews as well. You should look out for 5-star reviews posted by temporary accounts (profiles that only posted 1 or 2 reviews on the platform). Also, you should see if the positive reviews share any detailed information about their experience with the firm or not.
In the case of FTMO, chances are, you wouldn’t find many legitimate reviews.
Another prominent way scammers like FTMO enhance their credibility is by burying negative reviews and complaints under a lot of fake reviews.
This way, when you’ll look up “FTMO reviews”, you might not find many complaints. Or, you might find them buried within numerous reviews praising FTMO.
You should always look out for consumer complaints. In the case of FTMO, the most common complaints I found were about:
- Poor customer support
- Delays in payments
- High fees
- Lack of transparency regarding their leadership team
- Aggressive sales staff
Do you have a similar complaint about FTMO? You can share your complaint in the comment section or submit an anonymous tip.
Is FTMO Legit Or a Scam?
FTMO is an unregulated entity. Although they might fall under the jurisdiction of a watchdog, they don’t have the license to offer financial services to consumers.
The lack of a license means they are not answerable to any regulatory authority. As a result, the people behind FTMO can run away with your money without any prior notice. It would help if you were extremely cautious when dealing with an unregulated service provider.
The absence of a watchdog also means you cannot report to them to anyone.
Also, due to the absence of specific regulations, there is no provision protecting you from the insolvency of this entity. If they go bankrupt, you won’t be able to do anything about it.
Can You Trust FTMO?
Even as FTMO claims that its procedures are legal and intended to preserve a safe trading environment, many traders have complained about regulations that they believe are meant to prevent paying out huge amounts to extremely successful traders, lack of transparency, and refused payouts.
To create a more open relationship with its traders, FTMO has improved communication and education about their policies and procedures in spite of these disputes. The continuous discussion emphasizes the need of traders fully reading the terms and conditions before interacting with FTMO.
All the evidence suggests that FTMO is a scam. If you have lost money to them, there is still a chance you can get it back.
To recover your funds, you’d need to file a chargeback.
Frequently Asked Questions
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How The FTMO Online Scam Works
Intelligence Commissioner investigates & reviews online money-making opportunities. We strive to provide critically helpful information to our readers and assist them in identifying scams. 
