So, you have made an excellent trade on FXTM, and you are now willing to celebrate and take out the money. But, subsequently, faced the FXTM withdrawal problem.
Like many other users, your withdrawal is delayed, pending, or it just seems that it is stuck in a black hole.
FXTM (ForexTime) is a forex trading broker; still, numerous ForexTime review reports point to withdrawal delays and other payout-related issues.
What are the common reasons for the FXTM withdrawal problem? How can you get your money moving? Let’s find out.
Is FXTM Safe in India?
FXTM, which stands for ForexTime, is a broker that is known worldwide.
In general, they are considered to be a regulated and legitimate broker as they have obtained different licenses in various major jurisdictions, such as the United Kingdom’s Financial Conduct Authority (FCA) and the Cyprus Securities and Exchange Commission (CySEC), but they are neither registered nor regulated in India, which raises a concern.
Other than this, many users in India have raised this on different forums, mentioning, “Unable to Withdraw Funds from FXTM!”, a common issue that has led some to compare these experiences to typical Forex Trading scams, where traders face hurdles in accessing their own money.
Now, you might be wondering — is FXTM global legal in India? Sadly, it’s not, and that’s where most traders get caught off guard.
In all, it is not safe for Indian traders as there is:
- No Legal Recourse: According to the Reserve Bank of India (RBI) and the Foreign Exchange Management Act (FEMA) regulations, it is a prohibited act in India to trade foreign currency pairs and derivatives through an offshore broker like FXTM.
- Third-Party Payments: The money withdrawn cannot be deposited into a bank account or e-wallet that is not your own. The name of your FXTM account and the name of the account from which the money is being withdrawn must be identical.
- Legal Penalties: If you trade with an unregulated offshore broker, you are breaking forex laws in India. As a result, you may face heavy fines, imprisonment, and frozen bank accounts that are frozen.
FXTM Withdrawal Issues Cases
A trader on ForexPeaceArmy shared a regrettable experience with FXTM. After their deposit, a request was made for a bank statement with a particular transfer ID, a detail that their bank was not able to provide.
Even though the bank statement clearly indicated the transaction, FXTM did not allow them to confirm their payment and, therefore, their withdrawal.
As a result, the trader wrote off FXTM as a company that only wanted their money.
How to Report Forex Trading Complaints in India?
If you think that your FXTM clone scam or any other financial scam situation is one of those in which you have lost, do not waste your time; react immediately!
- Contact Your Bank: It is very important and necessary to inform your bank or credit card company of the fraudulent use of your banking instrument at the earliest opportunity. They might be able to intervene and stop the transfer or even allow you to proceed with a chargeback.
- File a Cyber Crime Complaint: Report the incident via the cybercrime portal in your country (e.g., the National Cyber Crime Portal in India or Action Fraud in the UK).
Need Help?
Are you also among those who are unable to withdraw money from the FXTM? Register with us to report your case and explore Forex Trading Scam Recovery options that can help you take the right next steps.
Conclusion
People often Google “FXTM withdrawal problem,” but in reality, the difficulties are usually a result of adherence to compliance rules or the user being scammed by a clone account rather than the broker that is regulated, simply denying the withdrawal.
What should be remembered the most from this? – It’s crucial that you check the regulation of the broker before you make any deposit.
