Forex Day Time is a Contracts for Difference (CFD) broker officially registered on February 13, 2024. This broker offers users access to a wide range of trading markets through platforms such as MT4, MT5, and cTrader, including forex, commodities, indices, bonds, cryptocurrencies, stocks, futures, and more. However, it does not provide services to jurisdictions where doing so would violate local laws or regulations.
Corporate Registration Information and Regulatory Status:
Public information on the Forex Day Time website shows that the broker is regulated by the Financial Services Authority (FSA) of San Diego, California, with a securities dealer license number SD018. However, clicking on the "Regulation" link on the broker's website redirects to a page titled "Why forexdaytime" and the content on that page refers to the broker as "Wealth For Homes Best Trading."
In fact, there is no such entity as the San Diego, California, Financial Services Authority (FSA). Upon verification, it was found that Forex Day Time's website falsely used the regulatory information of IC Markets registered under the Financial Services Authority (FSA) of Seychelles. IC Markets is registered under Raw Trading Ltd with the license number SD018.
How to Open an Account:
To open an account with Forex Day Time: Visit the broker's homepage and click on "Sign up" in the top right corner to access the account registration page. Fill in personal details such as name, email address, set a login password, and submit. After submission, the account will be successfully registered.
Trading Plans:
Forex Day Time offers four different types of trading plans: STARTER PLAN, PREMIUM PLAN, SIX MONTHS PLAN, PARTNERSHIP PLAN.
STARTER PLAN:
- Trading period: 3 days
- Minimum account opening amount: $500
PREMIUM PLAN:
- Trading period: 5 days
- Minimum account opening amount: $1,000
SIX MONTHS PLAN:
- Trading period: 6 months
- Minimum account opening amount: $10,000
PARTNERSHIP PLAN:
- Trading period: 2 years
- Minimum account opening amount: $501,000
Trading Platforms:
Forex Day Time claims to provide users with trading platforms such as MT4, MT5, and cTrader, but it does not offer any download links for these platforms, and no broker named Forex Day Time can be found on these platforms.
Deposits and Withdrawals:
Forex Day Time supports deposits and withdrawals through credit/debit cards, electronic wallets, and bank transfers.
Conclusion:
Traderknows warns investors that Forex Day Time is actually a clone scam site that copies the broker IC Markets. Investors are advised to choose brokers with transparent information, strong regulation, and good reputation for their investment and trading activities to avoid unnecessary financial losses.
Currently, this broker is marked as a "Scam" on Traderknows.
