Website – https://www.fxmtrading.com/
Address – United Kingdom
Warned By – Not Recommended By Review Website Like Scam Helpers
Read the FXM Trader review and know why we put this broker on the list of scam brokers.
FXM Trader Review: Introduction
Claims made by FXM Trader services and FXM funding are hard to digest, forget about discussing them. The broker is to a great extent trying to convince people that it is ok if you are dealing with an unregulated broker or entity. It is assumed the broker is just another scam. We have tried to explain our position in FXM Trader Review.
FXM Trader review: regulation
The broker proudly announces on its site that it is unregulated and then let everyone know why he did not go for regulation. Why did he decide to be unregulated and unlicensed? Scam Helpers think he is leaving doors open to fraud or cutting down on expenses. Whatever the reason may be, it is better to avoid unregulated brokers.
FXM Trader review: ridiculous claim
The broker claims that some regulated brokers are not allowing their customers or clients to trade with market trends. Furthermore, they are offering fewer products than what they claim on their website: both are barefaced lies. Furthermore, FXM Trader claims that the regulated brokers do not allow short-sell positions. Regulated brokers prevent trading in bear market conditions. This is one of the stupid things anyone might have said. Anyway, FXM Trader is just misleading the traders and playing with traders’ perceptions.
Why not deal with an unregulated broker?
You should keep away from dealing with an unregulated and unlicensed broker as he is not held responsible for any of his actions. He can simply manipulate your account and do whatever he wants to do. As there is no controlling authority above him and he is not answerable to anyone. He can even take your money out of your country, and it will be difficult for the authorities to trace it. It will be very difficult for the authorities to retrieve your money. Most regulated brokers are literally forced to store the money in a segregated account and use it in a planned manner, so there is no misappropriation.
The thumb rule is, it is always better and safe to deal with a regulated and licensed broker. On the internet, it is easy to check for high-rated brokers in your jurisdiction. The brokers have to comply with regulators and have to create compensation funds for the clients. Rated regulators are ASIC, BaFin, SEC, CFTC, FCA, CONSOB, FSA, AMF, CySEC, etc. These bodies are established by the government to oversee the function and fairness of securities markets and protect traders’ interests.
FXM Trader review: trading platform
The trading platform offered by FXM Trader is WebTrader and its other components are developed in-house. It is quite inferior to MetaTrader4/5. MetaTrader4/5 are the market leaders, they are packed with excellent charting tools, advanced indicators, algorithmic trading, etc.
FXM Trader review: spreads and leverage
Spreads are 0.6 pips most of the time. It is virtually similar to regulated brokers and is a favorable rate.
The leverage is 1:200 and is adjustable. Clients can lower or increase it. Anyway, even 1:200 is a risky ratio. Regulatory authorities have set this ratio at 1:30 to 1:50. Australian regulated brokers limit it to 1:30 and for Canadian brokers, the ratio is 1:50.
FXM Trader review: account types
Account types offered by the broker are Silver (deposit $500 to $4999), Gold (deposit $5000 to $14999), Platinum (deposit $15000 to $49999), and Diamond (deposit $50000 or more). Features like account manager, daily market summary, market analysis, and daily SMS signals are available to all account holders.
A deposit is only through a debit or credit card.
How does FXM Trader scam the general public and traders?
FXM Trader’s promises sound too good to be true. They attract people by creating a false sense of hope. FXM Trader operates various social media profiles and numerous websites to promote their fabricated services and enable fraud. The Instagram pages show their grandeur lifestyle, money cars, yachts, etc. People fall for it as they wish to live the same lifestyle. All this makes people interested and they get sucked into the scheme.
Once you provide your contact details, the scammers won’t let you go until you open an account with them and deposit with them. FXM Trader pretends to manage your account and show you mind-blogging returns. You fall into their trap. Next time, promising you even greater profits they will demand you deposit more and more amounts. Once you cross your threshold and stop depositing and ask for a withdrawal of your profits, you will have to pay hefty taxes. At this point, you will realize you are in a trap. The scammers will try to dissociate from you. They will stop answering your emails and calls.
If you are scammed by FXM Trader
Deactivate your bank accounts immediately. Inform the police or appropriate authority in your jurisdiction.
Fill in the free consultation form online on our portal. After assessing your case, we will let you know the chances of recovery of your funds.
We hope this FXM Trader review helps you. If you feel you are scammed – Report a complaint here
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