FTel Forex Broker provides real users with * positive reviews, * neutral reviews and 1 exposure review!
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The fraudster added me by means,saying that he could help me invest forex with professional team and 5 to 10 times of profits.When I withdrew moneu,I was told that my bank card number was wrong ,with that,I need to pay hundreds of thousands of money and other tax fee and risk fee,RMB 500000 or so in total(the fraudster is still cheating,with his Wechat,iphone 8 GB).
FTel, a forex broker operating primarily in the UK, has garnered attention for its controversial practices and lack of regulatory oversight. This review synthesizes various sources to provide an in-depth evaluation of FTel, highlighting both user experiences and expert opinions. Notably, while some users report positive trading experiences, many others express concerns about withdrawal issues and the broker's legitimacy.
Note: It is important to recognize that FTel operates under different entities across regions, which may affect user experiences and regulatory scrutiny. We have employed a balanced approach to gather insights from multiple sources to ensure fairness and accuracy in this review.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 4 |
| Tools and Resources | 5 |
| Customer Service and Support | 3 |
| Trading Setup (Experience) | 4 |
| Trustworthiness | 2 |
| User Experience | 3 |
| Regulatory Compliance | 1 |
We score brokers based on a comprehensive analysis of user feedback, expert reviews, and factual data regarding their operations.
Founded in recent years, FTel is a forex broker that primarily utilizes the MetaTrader 4 (MT4) trading platform, a popular choice among traders for its user-friendly interface and robust analytical tools. The broker offers trading in various asset classes, including over 30 currency pairs, gold, silver, and crude oil. However, FTel lacks regulatory oversight from reputable authorities, which raises concerns about its trustworthiness and operational practices.
FTel operates without significant regulatory oversight, which is a major red flag for potential traders. As noted by various sources, including WikiFX, FTel has been flagged for having "suspicious regulatory licenses" and is not regulated by any tier-1 financial authority, such as the FCA or ASIC. This absence of regulation can lead to significant risks for traders, especially regarding fund safety and withdrawal processes.
FTel allows deposits primarily in USD, and there is no clear information regarding withdrawal methods, which raises concerns about transparency. Users have reported difficulties in withdrawing their funds, with some alleging that their requests were denied without clear explanations. This lack of clarity on withdrawal policies is a significant downside for potential clients.
The minimum deposit requirement for opening an account with FTel appears to be around $1,000, which is relatively high compared to other brokers in the market. This could deter new traders, particularly those who wish to start with smaller amounts.
While FTel does not prominently advertise any bonuses or promotions, some reviews suggest that the broker may offer incentives to attract new clients. However, the lack of clarity around these promotions and their terms can lead to confusion and potential dissatisfaction among users.
FTel offers a limited range of tradable assets, primarily focusing on forex and a few commodities. While this may appeal to some traders, others may find the lack of diversity in asset classes a disadvantage, especially when compared to brokers that offer a wider array of trading options, including stocks and ETFs.
The cost structure at FTel is not clearly defined in the available reviews. However, sources indicate that spreads may not be competitive, which could impact overall trading profitability. Additionally, the lack of transparency regarding commissions and fees is a significant concern for users, as it complicates the cost assessment of trading with FTel.
FTel offers leverage up to 1:200, which can be attractive for traders looking to maximize their positions. However, high leverage also comes with increased risk, and inexperienced traders may find themselves exposed to significant losses if not managed properly.
FTel primarily supports the MT4 platform, which is widely recognized for its comprehensive features and ease of use. However, the lack of support for newer platforms like MT5 could be a limitation for traders seeking advanced trading capabilities.
While specific details about restricted regions are not extensively covered in the reviews, the absence of regulatory oversight suggests that FTel may not operate in several jurisdictions where strict regulations are enforced. Potential users should investigate whether they can legally trade with FTel based on their location.
FTels customer support appears to be limited, with many users reporting difficulties in reaching support representatives. The reviews indicate that the broker does not provide comprehensive customer service, which can be a significant deterrent for traders who may require assistance.
In summary, the FTel review reveals a broker that operates under questionable practices and lacks regulatory oversight, which raises significant concerns about its trustworthiness. While some users report positive experiences, the overwhelming sentiment points to issues with withdrawals and customer support. Potential traders should proceed with caution and consider the risks associated with trading with an unregulated broker like FTel. It is advisable to explore other well-regulated options in the market to ensure a safer trading environment.
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