Looking for a review of FTUK? Well, buckle up, because this is going to be a wild ride. If you’re reading this, chances are you’re curious about whether this project is a scam or a legit brokerage. Unfortunately, we have some bad news for you. Keep reading to find out more.
- FTUK General Information
- Registration and Client Portal Review
- FTUK Trading Conditions
- Account Types Review
- Trading Platform
- FTUK — Deposit and Withdrawal of Funds
- Is FTUK a Scam?
- Legal Information and License
- Ftuk.com Domain Info
- Contacts Review
- More Details
- Pros and Cons
- Frequently Asked Questions (FAQ)
FTUK General Information
|Phone Number||+44 (20) 8798 2605|
|Address||Kemp house, 160 City Road, London, EC1V 2NX, United Kingdom.|
Registration and Client Portal Review
FTUK’s website is quite basic, yet comprehensible. The company does not provide any legitimate brokerage services. So it does outline its pricing plans, which is beneficial. It also presents public information about the legal entity, which can facilitate our research. All in all, the website is mediocre and unremarkable, lacking any significant impact or appeal.
To open an account with FTUK, clients need to choose a tariff plan, platform, and addons. Next, you should add everything to the «basket». Then a new tab will appear, where personal information needs to be filled out. Apart from email, personal info, and address, the payment system also needs to be chosen. Then, the first payment needs to be made right away without any verification or even creating a personal FTUK account. This way, the company immediately redirects you to the payment page, and until you transfer the funds, access to the Client Portal will not be granted.
FTUK Trading Conditions
This is an unusual classic broker. Therefore, its conditions are slightly different.
Account Types Review
FTUK offers two programs: Evaluation and Instant Funding. The evaluation program is designed to select profitable traders. Depending on the initial deposit, the account can be credited with virtual funds ranging from $14,000 to $90,000. The trading period cannot exceed 180 days, during which you must show a profit of at least 10% and a drawdown of no more than 5%. The initial deposit varies depending on the risk level — low or aggressive.
As for Instant Funding, it is not described in detail, but it is said to be suitable for those who do not want to go through the Evaluation program. Actually, it’s literally a live account. You can even withdraw profit from it. So FTUK turns out to be not only a prop broker but also a classic one.
It is clear that FTUK provides both MT4 and MT5 for trading. This is a good solution for traders because these platforms are widely used in the industry and are well-known for their reliability, stability, and versatility. MT4 and MT5 offer advanced charting tools, a variety of technical indicators, and the ability to use automated trading strategies through Expert Advisors. Traders can customize their trading experience by using different types of orders, adding custom indicators, and creating their own trading algorithms.
FTUK — Deposit and Withdrawal of Funds
It is possible to fund your account on the platform using cryptocurrencies. Also, there is an option to make a deposit using bank cards or PayPal. There is a commission for all methods. Even when you deposit through crypto, FTUK charges 5%.
It is obvious that FTUK accepts traders for the evaluation program without verification. However, we do not know about the personal account verification process.
Is FTUK a Scam?
As you might have guessed we noticed a couple of suspicious facts. We will be happy to share them with you.
Legal Information and License
The question about the regulation of prop brokers is very interesting. In fact, many of them do not offer real trading. For example, the Evaluation program implies that you will be trading with virtual money. However, all of this is true only until it comes to real trading. We remind you that FTUK offers to open a live account and even withdraw profits. In this case, it should have authorization for broker services. And do you know what? Of course, it does not have it.
The company is listed in the UK registry and its activity is written as “agents involved in the sale of various goods”. It is already clear that this company is not authorized by the FCA. How it offers broker services without regulatory documents is a big question.
Ftuk.com Domain Info
FTUK as a legal entity was registered in 2021. However, it filled its official website with content a little later, in 2022. So it turns out that this prop broker is a newcomer to the industry. This explains why there are very few reviews about it.
You can contact the broker via phone, email, or by visiting their office address. The phone number and email address are listed on their website, and the office address can be found on the same page.
Collaborating with prop brokers can be risky as they usually are not regulated by financial authorities and are not required to adhere to the same standards and regulations as licensed brokers. This means that there is a higher likelihood of fraudulent activities such as misappropriation of funds, fake trading platforms, and manipulated prices. Also, prop brokers often charge higher fees and offer less favorable trading conditions compared to licensed brokers. Traders who choose to work with prop brokers may be at a greater risk of losing their investments and may face difficulties in pursuing legal action in the case of disputes or fraud.
Pros and Cons
- Officially registered in the UK.
- FTUK is not regulated by any reputable financial authority.
- You have to pay before full registration.
- The fees and commissions charged by the broker are high compared to other regulated brokers.
- Short work period.
- Negative reviews.
Frequently Asked Questions (FAQ)
FTUK offers a prop trading program including Evaluation and Instant Funding program. If you will be successful, then you can get managed capital.
The minimum deposit required to participate is £150, but be aware that additional commissions may apply.
Based on our research, we do not believe that FTUK is a safe company to do business with. It’s a shady prop broker without any regulations.