FXTime is an online trading platform that advertises transparent trading conditions, years of experience in the market and a wide range of financial products. According to the website, the platform is used by millions of active traders.
FXTime can be accessed at https://fxtime.io/. The “.io” extension is the country-specific top-level domain of a British Overseas Territory in the Indian Ocean.
“Extreme caution is advised with trading platforms based in so-called offshore financial centres,” warns lawyer Arthur Wilms, “These often operate without regulation and licensing
by a state authority.” Have you already made investments with FXTime? You are welcome to share your experiences with other interested parties. Use the comment section at the end of the blog post for this.
In the meantime, the lawyers of the Herfurtner law firm have become aware of the following employees of the provider:
- Markus Dalton Tel.: +43 720 775425 Tel.: +44 7519 303219
- Victoria Ballack email@example.com
- Holger Kahl
It is also known that Mr Dalton regularly presents personal documents (identity card, passport, etc.) to customers as proof of his identity. It can be assumed that these documents are genuine, but that they are not the employees of FXTime, but that they are merely misusing the names and personal details.
FXTime registered office
There is no indication of the company behind FXTime on the website. There is also no such reference in the risk warning on the website. In the terms and conditions provided and the other documents, there is also no company to be found that shows itself responsible for FXTime.
To contact the platform, an e-mail address (firstname.lastname@example.org) and the support telephone number +41445514229 are available. The +41 is the country code for Switzerland. It remains unclear why the website is run under a domain in British territory in the Indian Ocean and the telephone number refers to a location in Switzerland.
In addition, a contact form is available that promises a response when one enters one’s data. If you have already had contact with FXTime staff, please feel free to report this in the comments section.
FXTime regulation and licensing
FXTime makes no mention of being regulated or licensed by a financial regulator.
“This is where all alarm bells need to go off. Trading platforms that are not regulated and licensed do not follow any binding rules and are opaque to clients. Added to this is the fact that many of these companies are based in offshore financial centres. There is a threat of total losshere,” informs lawyer Arthur Wilms.
If you have lost your money with an online platform, you should immediately seek free advice from one of our lawyers. You can find our contact form here.
Warning of the Spanish Financial Supervisory Authority
On 18 January 2021, the Spanish Financial Supervisory Authority published a warning notice about FXTime. According to this, the company is not authorised to provide securities services and investment advice.
FXTime trading instruments
FXTime offers trading in the following products:
- Digital Currencies
Caution is advised, especially when it comes to Forex trading. This trading instrument is only suitable for private investors to a limited extent. Further information on the subject of Forex Trading can be found here.
Technology of the provider
According to the company, trading takes place on the FXTime WebTrader. This was developed especially for newcomers to the world of online trading. It is advertised with a variety of data such as prices, assets, market capitalisation and events, news and an intelligent trading process for the entire management.
At the same time, it is said to be suitable for traders and help them make better decisions.
According to the platform’s withdrawal policy, in order to make a withdrawal, it requires a withdrawal request to the client area. To do this, the “Withdraw” button must be pressed in the trading account. A form will appear which must be completed and submitted to the platform. The usual processing takes 2 to 5 business days, according to information in the policy.
“This is where the biggest difference between regulated and non-regulated trading platforms becomes apparent. Time and again, problems with payouts
occur with non-regulated platforms,” reports lawyer Arthur Wilms.
Problems with trading platforms? Get a free initial consultation
If you are asked to make dubious payments or if promised payouts are not made, you should contact one of our lawyers immediately and get free advice on your legal options. The lawyers of the Herfurtner law firm have been successfully taking action against dubious trading platforms and their employees for years.
With our lawyers in Hamburg, Frankfurt am Main, Munich and Grünwald, we advise those affected throughout Europe and have been able to recover money for our clients in a large number of cases. Contact us directly and arrange a free initial consultation.