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Is FXTM safe and legit?

Your expert
Krisztián G.
Fact checked by
Tamás D.
Updated
Jan 2024
Personally tested Personally tested
Data-driven Data-driven
Independent Independent

FXTM is not a scam

Signing up with a fraudulent broker can easily result in you losing your money. The monetary loss can set back your investment plans by years.

You can rest assured, FXTM is considered reliable as it is regulated by the top-tier FCA in the UK.

Top reasons why FXTM is a safe and reliable choice
Krisztián
Krisztián Gátonyi
Method-man | Forex • Market Analysis • Algo Trading

I have personally tested dozens of brokers and helped people who have fallen victim to fraudulent brokers. Our team tracks 30,000+ brokers globally with a special focus on their safety profile. Here are the key reasons I consider FXTM a safe option:

  • FXTM is regulated by at least one top-tier regulator.
  • We thoroughly tested the services of FXTM.
  • FXTM’s clients most likely have access to investor protection.
  • FXTM has a strong track record in the industry.
BrokerChooser score
4.1 4.1 /5
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75% of retail CFD accounts lose money

FXTM is regulated by at least one top-tier regulator

Brokers overseen by top-tier regulators are legally required to meet very strict rules designed to protect their clients’ money. Non-compliance with these rules typically results in the loss of their license to operate. Brokers overseen by top-tier regulators are seldom - if ever - scams.

They must keep clients’ money segregated from their operational funds, offer fair fees and prices as well as provide transparent trade execution. Top-tier oversight curbs fraud and manipulation through regular audits, licensing requirements, and steep penalties for violations.

We compiled a list of all the regulators that supervise FXTM:

  • UK - Financial Conduct Authority (FCA)
  • International clients except USA, Japan, Alberta, British Columbia, Quebec, Saskatchewan, Haiti, Suriname, the Democratic Republic of Korea, Puerto Rico, the Occupied Area of Cyprus - Financial Services Commission of Mauritius (FSC)
Regulators

We thoroughly tested the services of FXTM

We tested every aspect of FXTM’s services using a combination of automated analysis and manual verification with real money. We conducted real trades on the broker’s trading platforms, deposited and withdrew money, and contacted customer service through all available channels. Check out our findings and assessments in the full review of FXTM.

We put special emphasis on the safety profile of the brokers we evaluate and analyze 33 safety related data points at each. Our team maintains a comprehensive database with over 32,000 brokers and collects detailed information on each to identify legitimate businesses versus fraudulent operations.

This database powers our unique Scam Broker Shield tool that allows users to instantly verify a broker's trustworthiness. Simply enter the broker's name into the search bar to check their legitimacy.

We regularly investigate user reports of scam brokers and if we confirm the broker is fraudulent, we update our records.

FXTM’s clients most likely have access to investor protection

As a client of FXTM you will have access to the investor protection program provided in the country where the broker operates.

These programs provide compensation to clients in the event a broker becomes insolvent and is unable to return investments. Check out the following table to see the investor protection amounts that you have access if you sign up with FXTM.

FXTM investor protection
Investor protection amount: £85k to UK clients, $0 to others

FXTM has a strong track record in the industry

In addition to regulatory oversight and investor protection, the length and spotlessness of a broker’s track record are also key indicators as to its safety.

FXTM is a reliable industry player that has not been involved in any major scandals.

Having been on the market for a long time or being listed on an exchange are also signs that the broker is a legit entity.

Check out some additional safety features of FXTM in the table below:

FXTM snapshot
🌎 Country of origin Cyprus
📅 Foundation date 2,011
🏛 Banking background No
📈 Listed on exchange No
🗺️ Broker ownership is transparent No
👔 Broker management is transparent Yes
🔒 Negative balance protection is provided Yes
📋 Read more Check out the FXTM review for 2024

Data updated on January 29, 2024

Warning: Be alert to cloned websites impersonating trusted brokers such as FXTM. These fraudulent sites bear a strong resemblance to the legitimate broker's web page but they are scams. Avoid using links from forums or unverified sources and double-check the URL before making any deposits. To be on the safe side, use this link to FXTM, which was tested and verified by BrokerChooser.

Check out this short video for a behind-the-scenes peek into how our experts personally test and evaluate brokers.

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Further reading

Author of this article

Krisztián Gátonyi

Forex • Market Analysis • Stock Market

I have 15 years of experience in proprietary trading, mainly in the interbank currency market as a foreign exchange risk manager. I'm actively involved in reviewing the 100+ brokers listed on our site. I personally open accounts with real money, execute trades, test customer services. I hold an MSc in International Business from the University of Middlesex. My purpose is to help people find the best investment provider.

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology.

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