FWT Markets Review - is it scam or safe?

Item: FWT Markets
Rating: 1 / 5
Author: Forexbrokerz

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

RATING: 1 / 1 REVIEWS

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, Neteller, Skrill 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<<

Latest news about FWT Markets

No news about FWT Markets. Check back later.

Broker	Advantages
	FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.


	XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.
	FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.
	FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.
	FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.
	FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.
	HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage - one of the highest in the industry.
	Exness is a leading forex broker, offering MT4 and MT5 platforms. Traders can take advantage from a true ECN environment and trade on ultra tight spreads, starting from 0 pips.

Broker	Country	Regulation	Platform	Min Deposit	Review
	Cyprus, UK, Mauritius	CySec, FCA, FSC	MT4, MT5, Web	$10	Review Website
	Cyprus, SVG	CySEC	MT5, Web, cTrader	$100	Review Website
	Australia, Cyprus	ASIC, CySEC	MT4, MT5, Iress	$100	Review Website
	Cyprus, Australia	CySec, ASIC	MT4, MT5	$5	Review Website
	UK, Australia, South Africa	FCA, ASIC, FSCA	MT4, Trading Station, NinjaTrader	$50	Review Website
	UK, Cyprus, UAE, South Africa	FCA, CySEC, DFSA, FSB	MT4, MT5, FxPro Markets, cTrader	$100	Review Website
	Cyprus	CySEC	MT4, MT5, Web	$1	Review Website
	Belize	IFSC	MT4, MT5	$100	Review Website
	Cyprus, UK, South Africa, UAE	CySec, FCA, FSCA, DFSA	MT4, MT5, Web	$5	Review Website
	Cyprus, UK	CySEC, FCA	MT4, MT5	$1	Review Website
	UK	FCA	MT5	$5	Review Website
	UK	FCA	MT4, Web, MT4 for Mac	$100	Review Website

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