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FTM Brokers is a Belarusian Forex broker that has been operating since 2004 as a Forexline. In 2016, the broker received a Forex license from the country's central bank, which also acts as the Forex regulator.
Company. Fund security
The regulatory requirements for Forex brokers in Belarus came into force in 2016: companies must be entered in the register of the National Bank and meet certain requirements, including the amount of capital available and membership in the compensation scheme of the National Forex Center.
The Forex industry in Belarus is dominated by local companies and brokers, mainly focused on the Russian market, such as Alpari, TeleTrade, Forex Club and Gerchik & Co. This seems logical since the regulatory requirements in the two countries are more or less similar, as well as the common Russian language. The big global Forex brokers seem to show no interest in Belarus.
Considering that FTM Brokers is likely targeting the Belarusian market, it has relatively little competition and may not afford to offer the most lucrative terms.
Terms of trade
FTM Brokers offers Forex CFD trading on three types of trading accounts: Basic, Standard and Pro. There is also a free demo account.
The broker also offers trading in other instruments: commodities, indices, stocks and ETFs. According to the information on the website, the total number of assets is 1500.
Minimum initial deposit
The smallest amount that a broker allows to start work is $ 20, which is quite acceptable.
Of course, there are brokers with even lower requirements, for example InstaForex (from $ 1).
Spreads and commissions
FTM Brokers has fixed, market and floating spreads depending on the type of trading account. Fixed spreads are offered averages for the industry (from 2 pips). The practice of providing floating spreads along with additional commissions to cover costs is fairly common.
Leverage
FTM Brokers has the highest leverage utilization ratio - 1: 100, which is below average, and for RUB pairs - even lower: 1:50.
Trading platforms
FTM Brokers offers the popular MetaTrader 4 platform in both desktop and mobile versions.
Another platform that FTM Brokers provides is xStation.
The xStation platform was voted “Best Trading Platform 2016” by the Online Personal Wealth Awards and offers fast execution speed, technical analysis and charting tools, and many other options. In addition to the desktop version, FTM Brokers also offers a mobile version and access to the xStore, an API that allows users to create their own applications.
Promotions
Clients can receive bonus points for completed transactions, for which various prizes are offered. Transactions must be made in the following instruments: currencies, indices, futures, metals. It is easy to become a member: open a real account, familiarize yourself with the rules of the loyalty program and accept the conditions.
At the time of writing this review, the prize is the Bosch kitchen faucet. There are also smartwatches, game consoles, TVs, computers, laptops, smartphones, bicycles, and tablets.
Support service
The main office is located in Minsk. The support service has three phone numbers available at once, e-mail and skype. However, no feedback form or live chat is offered.
additional services
Traders will find an important stream of financial information on the broker's website in the form of news, technical analysis, economic calendar, and can also take advantage of investment ideas.
For those who are just learning to trade, the "Training" section will be useful. FTM Brkers specialists have developed online lessons and face-to-face trading courses of several difficulty levels. For beginners - materials that provide key knowledge and skills of working in the financial markets. For experienced traders - specialized programs for the analysis and forecasting of the state of financial markets, as well as for the psychology of trading and the construction of successful investment systems.
Ways of payment
FTM Brokers accepts payments via bank transfers and bank cards. The latter, however, is only available to holders of cards issued by Belarusian banks. The company does not accept deposits through electronic payment systems such as Skrill or PayPal.
For payments using a bank card, the broker charges a commission of 1.5% of the payment amount.
Pros:
low minimum deposit; MT4; selection of trading accounts.
Minuses:
low shoulder.
FTMBROKERS is a company whose task is to provide intermediary services to traders. Brokers / Crypto exchanges provide access to currency / cryptocurrency trading, first of all. Also, many of them, if we are talking about brokers, give the opportunity to make transactions with company shares, bonds, commodities, precious metals, indices, cryptocurrency and other assets. A private person can make transactions with all these instruments only on a trading platform, access to which is provided by a broker or a crypto exchange.
In addition, thanks to such companies, an individual can operate in the market with amounts significantly exceeding the amount of his own funds. This is called the provision of leverage. For example, having a deposit of 1,000 USD with a leverage of 1:400, a trader can make transactions for 400,000 USD.
As well, the broker / crypto exchange opens access to analytics, auxiliary tools, trading signals. Without all this, modern trading is impossible.
FTMBROKERS profits from traders' trades, usually in two main ways
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First – most common. Using spreads. This word refers to the difference between the best prices for buying and selling a certain asset at a particular moment. Moreover, in a transaction between a trader and a broker, the price is one, and between the broker and market users - another. The mediator takes the difference.
The second method is easier to understand. This is a fee for each operation performed. Most often it has a standard value, but can also be measured as a percentage.
Therefore, the company is interested in attracting as many clients as possible and that they conduct active trading.
How honest brokers / crypto exchanges should work and how they work, we found out. And now let's look at how scammers act, they are also called kitchens.
The most common way to cheat – is to twist quotes. Broker / crypto exchange gives the trader quotes that differ from the real market. There is a substitution of data in order to make operations unprofitable. The deposit is reduced, and then completely reset. At the same time, the trader thinks that his operations were made on the market, but in fact – just on the site of scammers.
Bonus – traps. They are generously distributed for anything: registration, account replenishment, etc. Only after that, in order for the client to withdraw his own money mixed with bonus money, it will be necessary to fulfill a number of actually impossible conditions. For example, to conduct trading operations in the amount of ten times more than the size of the deposit.
The User Agreement may also mask a clause that allows the broker / crypto exchange to dispose of the client's money. Inattention when reading such an agreement most often turns into a complete loss of the deposit.
One of the key points – it is the place of registration and regulation of the company's activities.
First let's talk about registration. As a rule, traders are more trusted by companies either from their own country or from an economically developed country, for example, a member of the European Union. Of course, compliance with UK law is reassuring, and compliance with the laws of an unknown island in the Indian Ocean does not mean anything to most at all.
On fact, most brokerage companies are registered offshore, and we are talking not only about small offices, but also about world leaders. Saint Vincent and the Grenadines, Belize, Marshall Islands, Mauritius are popular offshore zones among companies. Registering there, companies pay significantly less taxes than in the place of actual location, which is sometimes carefully hidden.
If a trader has claims against such a company, then it is likely that he will have to deal with it in accordance with the laws of the same conditional Belize. It is possible to be physically present there at court hearings. And this is extremely expensive and difficult.
No is it worth running like fire from just the word «offshore»? As an answer, we will cite the names of companies that are not related to brokerage, but with an impeccable reputation and also save on taxes with the help of offshore registration: Apple, Pfizer, Microsoft, General Electric, Intel.
And here we come to the second important point – this is the regulation of the broker / crypto exchange. First of all, it is carried out at the level of the state where the company is registered. Each country has its own regulatory body for brokering. So, in Russia it is the Central Bank of the Russian Federation. The trader can find permits on the websites of such authorities. But there are also supranational structures. For example, the International Financial Commission, which is an independent self-regulatory organization, specifies disputes between its members – brokers and their clients.
If there is no information on the broker's website / crypto exchange about the regulation of its activities or license, then it is almost certainly a scammer. Or on the site there is data on some license issued by him, but this information is not confirmed anywhere else. Most likely, these are also scammers.
When choosing a brokerage company, or crypto exchanges, study its history. Look at the links to its experts. If one of the leading TV channels in the economic news for 5 years in a row refers to the opinion of the analyst of the broker in question – this is good. If the broker / crypto exchange assures that it has been working for 15 years, but there is no information about it on the Internet at all – this is bad.
It is important to pay attention to reviews about the company. And read them not only on the website of the broker itself / crypto exchange. In the kitchen, they will certainly be only praiseworthy. It is better to view as many sites as possible.
Pay attention solely to the specifics in the offers on the websites of brokers / crypto exchanges. Honest companies openly write about interest, spread size, minimum deposit, etc. Scammers lure loud streamlined phrases about a rich tomorrow, a stable income, mislead with incomprehensible terms about multi-sites, superfunctions and so on.
Specify the company's connection with well-known brands, financial institutions, public organizations. For example, it can be sponsored. Large brokers / crypto exchanges sometimes hold social promotions. Scammers will definitely not do this.
Therefore, the process of choosing a broker / crypto exchange is complicated. But if you approach it carefully, it will allow you to enter the world of trading, which has made millions of people rich around the world
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Before any trade and choosing a broker You must always read reviews on this site and on other sites. Companies who are honest, have a rating of above 3.8. Also there is always the risk of loss when trading CFDs. Be careful and read the disclosure on the website of the company you chose. FTMBROKERS received a score of 1 of 5 on our resource.