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FWT Markets Review - is it scam or safe?

FWT Markets review - Is fwtmarkets.com scam or good forex broker?

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

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FWT Markets is a forex and CFD broker that says to be based in Pretoria, South Africa, which offers three account types with leverage as high as 1:500 and the MetaTrader5 platform. On top of that the broker say to be regulated by the local authorities.

 

Unfortunately the information provided by FWT Markets turned out to be false, so if you are about to open a trading account with them be sure to read this review first.

 

Account type Min. deposit Max. leverage Spreads
Mini Account $100 1:500 2,5 pips
Standard Account $150 1:200 2,5 pips
ECN Account $500 1:200 raw spread + $3/lot

 

FWT Markets Advantages:

 

Lots of currency pairs and other CFDs

 

Although we were not able to check this, FWT Markets supposedly offers a comprehensive selection of forex pairs – over 50, many of which exotic or minor like USD/HKD, USD/ILS, USD/MXN,  USD/PLN, USD/RUB, USD/SGD, USD/SEK, USD/TRY and USD/ZAR, as well as CFDs on 11 indices, silver, gold and oil. As we do not see any crypto assets however, here you may check our list of brokers offering bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Various payment methods

 

From their presentation we understand that FWT Markets accepts payments with VISA, MasterCard, NetellerSkrill and wire transfer. No mention of bitcoins however, so here you may check our list of brokers, where you can pay with bitcoins:

 

>>Forex Brokers Accepting Bitcoin<<

 

Acceptable minimum deposit requirement

 

You can start trading at FWT Markets with just 100 USD and that is fine. Still, bear in mind that with some well established brokers like FBS and IG you will be able to open a trading account with just 5 USD or so.

 

FWT Markets Disadvantages:

 

FWT Markets falsely claims to be regulated in South Africa

 

FWT Markets says to be owned by a company called Financial Wealth Trading Markets (Pty) Ltd, which is supposedly licensed and authorized by the Financial Services Board (FSB) in South Africa as a Financial Service Provider (FSP) with a license number 44133.

 

We should start with that the Financial Services Board (FSB) in South Africa no longer exists as some years ago it was replaced by the Financial Sector Conduct Authority (FSCA), which currently regulates the financial services sector in the country.

 

So we diligently checked the FSCA registers and it turned out the license number (44133), that FWT Markets has give us, belongs to a completely different company - LEHUMO INVESTMENTS (PTY) LTD, which has absolutely nothing to do with our broker or Financial Wealth Trading Markets (Pty) Ltd, which by the way was no where to be found in the FSCA  registers as well.

 

So here we are talking about a clone website, that intentionally uses details of a legit business in an apparent attempt to scam investors.

 

MetaTrader5 provided by a third party

 

In their presentation FWT Market says to be offering MetaTrader4 – a classic trading platform, preferred by professional and beginner traders alike. When we proceeded to download the platform however, it turned out it is provided by a third party – FSD Clearing, which is not a usual practice. 

 

On top of that the link we were offered lead us to a generic demo version of MetaTrader5, directly downloaded from the homepage of the developer – MetaQuotes Software. So basically the platform we were offered in no way represents the real trading conditions the broker offers. 

 

In any case both MetaTrader4 and MetaTrader5 are reliable trading solutions, featuring numerous market indicators, a fine selection of advanced charting tools, and the option to run automated trading sessions with the help of specially designed trading robots. So here you may also check our list of brokers supporting the MetaTrader4:

 

>>MT4 Brokers<<

 

No reliable demo account

 

As we were not able open a functional demo account with FWT Market, we can not comment on their spreads. Here however, you may check our list of brokers offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Conclusion:

 

As we already established FWT Markets turned out to be a clone website using corporate details of a legitly licensed company, operating in South Africa, in an apparent attempt to scam investors. So our best advise is to always double check the information a broker provides in its presentation, and to chose only among the brokers regulated by a reliable institutions such as the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investment Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC).

 

With an FCA broker you will even get an insurance on your trading account, that will cover up to 85 000 GBP of your funds, so here you may check as well our list of brokers regulated in the UK:

 

>>FCA Regulated Forex Brokers<<

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Traders` reviews for FWT Markets

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