FTMO has taken extended measure to help me resolve the problem despite a lengthy process.
If FPA is reading this comment, please kindly update my rating for FTMO, thank you.
Oct 24, 2019 - 2 Stars I am currently under the challenge phase of FTMO. This is just my own opinion:
1. I am a bit skeptical that most reviews in FPA are good despite many of them haven't pass all the test and received payment from profit sharing. To me nothing is proven until money is received from profit sharing consistently as what we have before that is just a demo account.
2. I unfortunately faced a few difficulty in my trading, first time is delayed data feed (1-2min). I ran another ICMarket demo concurrently with my challenge account and it runs normally. Second time I suddenly am not able to perform trades (Open, modify, close) for around 1 hour during US/EU open session. My open trades had to face the wave of news and I am not able to pre emptively close/modify those position. Similarly, my other demo account runs fine.
Such trading condition if persist, can be disastrous.
3. Live chat of FTMO offline most of the time. Even during office hour of prague and Europe generally. I was not able to contact them to address the issue above, which was quite urgent. This leads me to doubt on all those good review that FTMO is very attentive to enquiry.
Besides all these, I really have nothing more to comment about FTMO service thus far. Hopefully I will reach the stage when I can receive profit sharing and I will update.
Pro: 1. Strategy manager system 2. I am from Malaysia. Compared to many other brokers, FXTM does offer easier deposit, and I hope easier withdrawal in future.
Cons: 1. Very inattentive customer service. 2. MASSIVE spread 3. In fact con#1 makes me post my review for the first time in FPA as I find it very hard to get their reply. ------------------------------------- I have been trading with another broker for a few years, I can recall only 1 significant issue through these years, in which they fixed within half an hour. Have I not tried FXTM now, I would not know why my other broker is the leading broker in the industry.
What catches my attention is the copy trade system from FXTM and I would like to try it out as strategy manager. But all these issue that I faced highly discouraged me to proceed further, luckily I am yet to get my clients to deposit money in FXTM. (I manages small fund, but considered to explore strategy manager system in FXTM)
1. The response even through live chat is very slow. Whereby most answers are just standard copy paste reply. It makes me feel like it is very hard to get even just some quick and simple answer from FXTM.
2. I have sent a few email to FXTM support, but still no reply after quite a while: Ticket# 2018112610006909, 2018112610006909
3. My mistake for not checked throughout their trading conditions before going live, but the spreads are MASSIVE, up to almost 6 pips in some cross pair eg: EURAUD,(compared to my other broker 1.7-1.9 pip) it is not even exotic pair. Heck I can even try to create synthetic pair and have lesser spread. EURUSD spread is quite high too, 2 pip - 2.2 pip. This makes FXTM basically not suitable for scalping at all. All these bonus and promotion does not make up for the fee I paid in spreads. I might check the ECN account to see if things could be better, highly doubt so.
4. I am afraid that my clients will get huge slippage from copying my trades, only 1 way to find out, but how can I be comfortable to recommend my friends and clients to FXTM with these performance? I am still a bit hopeful as I like the strategy manager system, and I hope this is just a lapse in FXTM service.
Review moderation team note
Please go ahead and leave a separate review for your other broker.
Reply by ForexTime (FXTM) submitted Nov 29, 2018:
Dear Clive Thien, thank you for your review. I am sorry to hear that you did not enjoy your experience with FXTM.
We trust that all your issues were addressed during your conversation with your Account Service Manager.
If you have any other questions, please do not hesitate to contact our official customer support team. Alternatively, get in touch with your personal Account Service manager.