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FutaiForex Review - is it scam or safe?

FutaiForex Review - Is futaiforex.com scam or good forex broker?

RATING: 1 / 1 REVIEWS ForexBrokerz FutaiForex
FutaiForex is an offshore broker. Your money is not safe.

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Trading Accounts & Conditions

 

Account type Minimum deposit  Maximum leverage Spread
Standard Unspecified Unspecified Fixed, from 1.5 pips

 

FutaiForex is a company which is predominantly oriented towards Chinese clients. That being said, their presentation is very sloppy and leaves a feeling of distrust, even when it comes to key factors regarding their service. 

 

FutaiForex Advantages

 

MT4 supposedly available 

MetaTrader4 has been the industry leading forex trading platform for quite some time. It’s core functionality has aged well over the years – the charts still look crisp, when compared to some of the newer packages, while maintaining their unrivaled functionality. Technical analysts love this platform and the same can be said for those who are willing to experiment with automated trading – the so called Expert Advisors are probably the easiest way to get involved in the field. On top of that there are mobile and web iterations of MT4, which are ideal for trading on the go.

 

Sadly, we weren’t able to launch the platform provided by FutaiForex

 

>>Find a working MT4 Broker here<<

 

Allegedly decent spreads

While the presentation at FutaiForex is very messy a certain  portion of their website claims the spreads are fixed and start from 1.5 pips. Such costs of trading are in line with the current offers by other brokers, but we have to reiterate, we aren’t certain if the conditions are actually true.

 

 

E-wallets supported

The ways to deposit funds to FutaiForex include Bank Transfer, Credit Card,  PayPal and Skrill. We are a bit surprised to see these systems and not all the more typically Chinese payment providers, like Ali Pay, Union Pay and even WeChat.

 

>>Other brokers accepting Skrill<<

 

FutaiForex Disadvantages

 

Uncertainty about ASIC regulation

As we stated in the beginning of the review, this broker’s presentation is a mess. This is reflected in their legal claims – the company is supposedly registered with the Vanuatu Financial Services Commission (VFSC) and the Australian Securities and Investments Commission (ASIC). We checked both of these watchdogs and found interesting results. 

 

While the VFSC isn’t that impressive of a watchdog, it still maintains a register.  We were unable to find FutaiForex in their latest list of regulated entities. 

 

When it comes to the Australian claims, there is a company simply called “Futai”, which is registered with ASIC. That being said FutaiForex, is supposedly owned by the “FUTAIFOREX group” and there is a possibility this is merely a coincidence. If this was a truly regulated company our opinion on them would have been different, but the mere way their website presents the information leaves doubts.

 

The entire website is a mess

Keeping in line with the main theme of FutaiForex, they also don’t disclose a lot of the factors a trader would need if he was to compare them to another company. There is no info on the leverage ratio, list of the asset classes offered or minimum deposit requirement. The section on their website called “Regulatory information” is blank and the same goes for the Client Agreement. On top of that, another company name,“BOGOLD” is being thrown around at random places.

 

Referral system of joining

One of the interesting things we noted about FutaiForex is the fact, you can’t register an account without having a reference number. The brokers who offer promotions may require an optional code (if you wish to participate in the particular promotion), but such a system being mandatory is just absurd.

 

What you see when trying to register an account with FutaiForex

 

Trading platform experiencing issues

We have tested MetaTrader4 a countless number of times, but this is on of the few times we weren’t able to even install it. This leads us to believe there may be a bigger issue with this broker, than its non-user-friendl website. Here is a preview:

 


The issues we had with the FutaiForex MT4

 

Conclusion

 

FutaiForex is forex broker which leaves mixed feelings. On one side the way they present their service makes them appear barely operational. The MT4 technical difficulties, alongside the referral code requirement are unusual to say the least.

 

On the other hand there is a company with a similar (but not exactly the same) name registered with ASIC. Being registered with the Australian Securities and Investments Commission would brings a lot of credibility to this broker, even if the current state of their service is poor. While we can’t confirm this company is regulated with the Australian watchdog, you will find some who are at the link below.

 

>>A list of ASIC regulated brokers<<

 

To recap this review:

 

Pros Cons
MT4 supposedly available  Uncertainty about ASIC regulation
Allegedly decent spreads The entire website is a mess
E-wallets supported Referral system of joining
  Trading platform experiencing issues

 

 

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Traders` reviews for FutaiForex

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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