Forex Time: broker with controversial reputation
Forex Time (FXTM) has been operating in the market for 10 years. The forex company provides its services to over 2 million clients in 150+ countries around the world. However, it was the reviews of traders that made us pay attention to ForexTime. The broker has a number of regulators, so it cannot be called a forex kitchen, but the complaints about the long withdrawal of funds and blowing accounts are suspicious. Let's take a closer look at the information about the broker.
Forex Time describes itself as a globally licensed broker. Indeed, the company lists a number of credible organizations' licenses.
The FXTM brand is authorized and regulated in various jurisdictions.
ForexTime Limited (www.forextime.com/eu) is regulated by the Cyprus Securities and Exchange Commission with CIF license number 185/12, licensed by the Financial Sector Conduct Authority (FSCA) of South Africa, with FSP No. 46614. The company is also registered by the Financial Conduct Authority of the UK with number 600475.
ForexTime (www.forextime.com/uk) is authorised and regulated by the Financial Conduct Authority with license number 777911.
Exinity Limited (www.forextime.com) is regulated by the Financial Services Commission of the Republic of Mauritius with an Investment Dealer License bearing license number C113012295.
Card transactions are processed via FT Global Services Ltd, Reg No. HE 335426 and registered address at Ioannis Stylianou, 6, Floor 2, Flat 202 2003, Nicosia, Cyprus. Address for cardholder correspondence: email@example.com. Business location address: FXTM Tower, 35 Lamprou Konstantara, Kato Polemidia, 4156, Limassol, Cyprus.
Exinity Limited is a member of the Financial Commission, an international organization engaged in the resolution of disputes within the financial services industry in the forex market.
Risk Warning: Trading Forex and Leveraged Financial Instruments involves significant risk and can result in the loss of your invested capital. You should not invest more than you can afford to lose and should ensure that you fully understand the risks involved. Trading leveraged products may not be suitable for all investors. Trading non-leveraged products such as stocks also involves risk as the value of a stock can fall as well as rise, which could mean getting back less than you originally put in. Past performance is no guarantee of future results. Before trading, please take into consideration your level of experience, investment objectives and seek independent financial advice if necessary. It is the responsibility of the Client to ascertain whether he/she is permitted to use the services of the FXTM brand based on the legal requirements in his/her country of residence. Please read FXTM’s full Risk Disclosure.
It is important to understand that FXTM is a brand, which consists of several companies. Europe-focused ForexTime Limited is regulated by the Cyprus Securities and Exchange Commission (CySec), the Financial Sector Conduct Authority (FSCA) of South Africa, and the Financial Conduct Authority (FCA) of the UK. Russian-speaking users sign a client agreement with Exinity Limited. This company is registered in the Republic of Mauritius and has a common headquarter with Alpari International. Exinity Limited is regulated by the Financial Services Commission of the Republic of Mauritius.
Exinity Limited is regulated by the Financial Services Commission (FSC) of Mauritius, with an Investment Dealer License number C113012295.
The foremost aim of the FSC is to position Mauritius as a jurisdiction of integrity with a fair balance of regulation and business development. Exinity Limited has been granted an Investment Dealer (Full Service Dealer, excluding Underwriting) Licence pursuant to Section 29 of the Securities Act 2005, Rule 4 of the Securities (Licencing) Rules 2007 and the Financial Services (Consolidated Licencing and Fees) Rules 2008.
Exinity Limited is licensed to offer trading with Forex and CFD products, among other instruments and securities.
Based on the content of the website, we can conclude that the Russian-speaking traders are not the target audience of the ForexTime broker. For example, in the section Account Opening Agreements, the broker recommends reading carefully 15 documents in English.
For people who do not speak English, translation of the client agreement will take a long time. On page 51, for example, it is written about force majeure circumstances that allow Forex Time to increase the margin requirements, close out any or all open positions, increase spreads, decrease leverage, etc. without prior written notice.
Forex Time promises that customer funds will be segregated from the company's assets. But the risk notices mention non-segregated funds. Traders are informed that such funds will be used in the course of the company’s business, and in the case of insolvency of the company you will rank as a general creditor.
16. The Company's insolvency or default, may lead to positions being liquidated or closed out without your consent. In certain circumstances, you may not get back the actual assets which you lodged as collateral and you may have to accept any available payments in cash or by any other method deemed to be appropriate.
17. Segregated Funds will be subject to the protections conferred by Applicable Regulations.
18. Non-segregated Funds will not be subject to the protections conferred by Applicable Regulations. Non-segregated Funds will not be segregated from the Company's money and will be used in the course of the Company's business, and in the event of the Company's insolvency, you will rank as a general creditor.
ForexTime offers its clients support, trading in different markets as well as on a demo account. The broker provides an affiliate program and the ability to copy trades from strategic managers. Analysis articles, statistics, and news are published on its website.
The margin and leverage requirements are also described in English. The fees charged by Forex Time are worth carefully studying. When registering you need to provide the company with a number of documents, including payments for utilities. All data will be kept by the broker for another 5 years after the closing of an account.
We request you to share the following kinds of personal data:
Please note that if you suspend your cooperation with ForexTime (FХТM), we must keep your personal data for the next five years after the closing of an account.
Forex Time promotes instant deposits and withdrawals. However, depending on the chosen method of money transfer the time increases to 24-48 hours. Traders report that it takes longer to make a deposit or withdrawal. According to the reviews, it may last for a week and even a month. There are complaints about the complete blocking of an account, personal account, and even computer hacking. Forex Time clients note the frequent requotes in profitable trades and are horrified by spread changes (for some accounts, they are fixed, for others - floating). Many people write about blowing accounts and the company ignoring calls and letters.
FXTM's reputation is not great right now. You cannot believe the negative reviews, but when you have personal experience working with them, you understand that they are true. For every withdrawal of funds over $ 200, they take a huge commission. Although I've never broken the rules and I don't even know how to do it. For half a year I've been watching the company keep more than 15% of the withdrawn amount.
Those who have traded cryptocurrencies at Forex Time will understand me. Even with a profitable trade, swaps will leave you with no deposit.
I've been waiting for my money for three months. Not only do they have self-made financial quotes and a glitchy terminal, but it also takes so long to withdraw money!
I tried to work with FXTM and traded with them for 3 months. But it didn't last much longer. It feels like their task is to blow up profitable trades! How else could one explain that at other sites with a real license I make profit transactions, and this broker has constant bugs and glitches on the platform!
FXTM is a group of thieves. I am still waiting for my withdrawal. I inform them that I want to withdraw my funds, but they tell tall tales about the need to visit the bank and let them know.
ForexTime cheated me. I invested $12,000 in this company. I tried to contact them by phone and email, but no one answered. Be careful using the services of this fraudulent company. They always ask you to deposit more funds, and as soon as you request a withdrawal, they don't pick up the phone and don't respond to letters.
I've also faced the challenge of withdrawing funds from ForexTime. It has been more than a month, but the funds haven't arrived in the account. They don't answer the mail and the phone. Typical scammers! Stay away from this company!
Don't believe the positive reviews about Forex Time. They are submitted either by company employees or PR people. There are a lot of traders who have been ripped off by FXTM. I am one of them. They not only canceled the profit, but they did not allow my own money to be withdrawn either. The company just blocked my personal account.
Forex Time is a company with experience, regulators, industry awards, and a big name. It is important to understand that different brand companies operate in different countries and they also have different regulations. A closer look showed that there are some specific features of collaboration with Forex Time. This applies to customer accounts, changes in margin calls, spreads, leverage, liquidation, etc. The main complaints from traders are the delay in withdrawing funds, unreasonable closing, and changing conditions of transactions. That is not to say that ForexTime blows accounts, but before using the services of this broker, it is worth reading all the agreements and documents.
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