Full overview of FXCM broker: divorce for money!
A meaningful analysis of an online broker: a scam for money!
FXCM - An unofficial offshore online broker considered highly suspicious. In our analysis, we will take into account the different aspects of his work, and also tell our readers why this stock trader has a frightening fame and is not worthy of your time.
She writes about what she gives for the purpose of trading software, but we have not managed to gain admission to programs even for test work, which is already very alarming. In this analysis, we will try to consider these as well as the remaining significant nuances about FXCM - a Forex stock exchange, whom we advise to avoid the tenth road.
Is there a function to try out a demo account?
Fortunately, the information we are interested in is an opportunity to reconnoiter and without having ways to test a personal profile and software personally. For some reason, FXCM does not allow traders to try out a demo account or get admission to the software, which further weakens the credibility of the broker, although it equates to 0 even without it. Any verified online brokers are forced by law to show demo versions of their platforms. so that clients have the opportunity to work with unrealistic currencies and make a reasonable decision on whether it is advisable to maintain a serious account with this or another online broker even before investing real capital. FXCM once again points to unreliability.
A couple of suggestions about Meta Trader
Talking about the software, taken separately, Meta Trader 4 and Meta Trader 5 are operated by various licensed online brokers that have certified documentation and provide the best possible Forex platform. Meta Trader are the favorites of the financial market, attracted by various features such as advisors, a myriad of indicators, and excellent charting tools. In addition, the terminals contain a trading platform with more than 10 thousand programs and developments of the best programmers, which is considered a recognized plus. However, to fumble in all this will take a lot of patience.
investing and withdrawing currency from the FXCM account
the simplest deposit is one hundred bucks, which is more in line with financial standards. However, as we noted earlier, FXCM is very dubious, which is why there is no need to send a penny to the extortionists until they have given some decent authoritative license.
In investment matters, the pseudo broker claims to provide a variety of methods. However, we were unable to double-check this information, because it was not possible to check their investment mechanism due to the aforementioned KYC and AML conditions. But even now it is quite obvious that the trading platform controlled by the fraudsters is absolutely under their control, therefore, you can withdraw the currency only when the FXCM fraudsters allow you to do so. This is possible in isolated situations and often when they are fully convinced that having achieved your favor, they will be able to steal an even larger amount from your wallet.
And as for deposits, capable manipulators and qualified psychoanalysts will strive to do everything so that you put as much money as possible into your personal account as often and as much as possible. In other words, extortionists in the wallet.
Working agreements are too vague. We could find a significant part of the entertaining information in the FAQ section. Going to the section, our specialists saw information that the bad broker takes money for passivity after the third month, but the fraudster does not indicate any specific amounts.
This is an indicative point as such, as the FXCM broker is able to decide at will to impose unacceptable fines and you cannot resist as it is a slippery unregulated unregulated broker that is not controlled by anyone. The client will have nowhere to turn for help in resolving the problem.
Applications for cooperation with FXCM: Forex platforms Metatrader 4, 5
FXCM announces that it provides practical and up-to-date online platforms MetaTrader4 and MetaTrader5 for trading, but our specialists were unable to gain access to any of the options due to KYC and AML (anti-money laundering).
FXCM leverage: scammers extort more money
Therefore, it is already clear that you do not need to trust this unreliable broker, we do not want to discuss the spread and leverage in the current time. But we want to discuss the next point. Broker FXCM notes that a trader has the right to trade in debt with a leverage of 1 to 400.
This is an extremely disturbing relationship that has not been allowed for many years in various states around the globe. It is precisely because of these bans that official online brokers from the European Union and Australia are required to reduce leverage to 1 in 30, while for large money firms, Canadian and American online brokers - to 1 in 50.
But Switzerland is considered special in this regard, as local online brokers are trusted, despite the fact that their leverage is not settled. For this reason, academics and risk-free online traders who have the opportunity to open an account in Switzerland can take risks without hesitation.
You should memorize the leverage limits as you will be able to spot fraudulent companies as soon as you spot them. Since an online broker that does regulated work in the UK simply cannot recommend that you trade with a leverage of 1 to 400 or similar. It quickly becomes obvious that they want to cheat you in this way, persuade you to take out currency on credit, and then whistle everything.
How exactly does FXCM get divorced? Be careful!
Breeders buy a lot of enticing publications on websites and social networks. The main task is to attract as many clients as possible, from whom it is easy to take away capital.
As soon as you click on the magic button and tell the scammers your personal email and mobile phone, they will immediately call you and tell you everything you need to invest in their platform as soon as possible. Most of the criminals are dexterous manipulators, but before you realize this, they will trick you out of your personal credit card number, ostensibly to help you with your investment. You are in no way obligated to give this data if you do not want to get into unbearable debts. And there is also the prospect of becoming a victim of the use of private data, after which even more difficulties arise.
Over time, crooks will start demanding more currency from you, regardless of your trading success. When you trade unsuccessfully on the exchange, you will be advised to invest more funds to cover the losses. When you are successful, scammers will advise you to invest more in order to increase your profitability.
Trouble will happen when you make an online money transfer request. Fraudsters will try everything to make you change your mind, and they will not hesitate to indicate additional payment if you ask to embezzle funds. The spell of the swindlers is "give us your savings." They emphasize on a daily basis that you make investments yet without a rational basis. Real brokers will not bother you on mobile to recommend an investment, which means that if a broker encourages you to invest, this is most likely a scam.
In addition, FXCM is a pseudo-broker Forex, which is a copy. He mows like a legal company, in order to steal currency from ignorant newcomers. The scammer cites the reputation of a regulated foreign exchange firm in the United Kingdom to steal from inexperienced traders.
The safety of investments is a significant problem for illegal financial organizations. They are able to lie without any problems, because they know that there is no need to report to a single regulator that has the right to drill them, in other words, to any legal controlling organization. And their personal information is at the same time thoroughly hidden and encoded.
And if you take a chance? Under no circumstances!
Are FXCM Licensed? Is this a shady organization? This is the most important information you should look for about an online broker before trying to trade with them. Most of the online brokers are not licensed or operated by an offshore management center that will not come to the aid of traders when problems arise. Remember that if an online broker steals your money, you will not be able to file a complaint about it until the company obtains a supporting document from an international regulatory body, for example:
- Cyprus Securities and Exchange Commission (CySEC);
- Financial Conduct Authority (FCA);
- Australian Securities and Investments Commission (ASIC);
An unlicensed online broker obviously cannot operate in a particular regulated power, so it is obviously not profitable for you to invest currency in it. Traders definitely need to keep clear of all informal or shady financial institutions. And this is exactly what FXCM looks like.
Can you get hold of FXCM? Scam, don't risk it!
Is it possible to get rich with bribery? Of course, no! The burglars promise their victims prospects that seem too tempting to be real, plans for easy profit growth, one hundred percent safe, and so on. Arousing an imaginary sense of hope, the criminals plan to attract users to charlatan schemes and appropriate their savings.
The scheme starts with advertising. Scammers promote many websites and social media accounts to promote their own non-existent services. You can find Instagram pages that showcase illustrations of the chic lifestyle, the Maldives, chic cars, currency and screenshots of successful deals. This photo display creates jealousy and can attract naive traders, which makes it easier to get involved in divorce.
Following the transfer of your own mobile number, FXCM scammers will often ring you. Crooks promise you mountains of gold that, for example, the coordinates of the Moon and the constellation of Aries are perfect for you to decide to invest as quickly as possible.
When you do this, the scammers will begin to dispose of your profile, and miraculously, you may notice a shocking amount of money in your own name. You will most likely frankly decide that this is the case, and you will probably want to withdraw the earned funds. It is a pity that the bribery will not allow this to take place, but they will begin to professionally manage you so that you invest again, guaranteeing much more favorable trades.
A gullible trader may even dream that he is about to wake up rich and easily receive currency. But this will happen, and the fraudsters will continue to lure out more investments, until the trader discovers that he is being cheated or the scammers think that they are unable to get even more out of it now.
FXCM bribery may arrogantly say that it is necessary to invest now in order to receive funds. At this point, it becomes clear that FXCM is a scam. From that moment on, the swindlers will stop communicating, and the thrown trader will never see them again.
FXCM underdog broker: reviews of former clients
In order to avoid scams with the filing of scammers, we advise you to first look at what different traders write about the organization in which you plan to invest money.
Having made a small review of social networks (Facebook, Twitter, Instagram ...) and thematic sites, our experts found out that there is very little information about this organization, you can see excellent comments with all indicators of untruthfulness, and a couple of traders are dissatisfied with their personal experience of cooperation with an online broker. and left unambiguous reviews about it. FXCM is by all indications an unreliable exchange trader, if you are now thinking about whether you can invest in it, we strongly advise you not to do it, no matter how tempting manipulators hang on your ears.
If you do not want to become another victim of a fake online broker working under a fake company, do a personal investigation each time, study the review, read the reviews, read the reviews, the documentation, consult with professionals, and only then invest. Still, there are too many money swindlers, especially those who associate themselves with the financial market Forex. FXCM is a separate case from a dozen or even hundreds of such fake brokers.
Identity verification process
Confirmation by passing KYC involves copies of such documents:
- identity document (passport, international passport);
- a document confirming the location - most often, the last utility bill;
- document confirming qualification specialization - auto resume).
We previously learned that the FXCM scammer is a secretive offshore pseudo-broker who deliberately keeps its own business data secret, and also tries to outwit all applicable laws. Therefore, we will never risk sending scans of our documents in order to obtain a real profile or personal account. For this reason, and we do not advise you to do this, even for the purpose of an experiment, because the likelihood of identity theft is extremely high.
The conclusions are clear. FXCM is an online Forex broker that gives the right to use an account with a negative balance for trading, and wants more investments in order to fill the hole in the balance. As a result, we can state our conclusions that FXCM is a scam, and not just a stockist with significant risk, since it is not licensed. Therefore, it is a no brainer that your investment will not be safe when you make an investment.
Fraudsters will professionally bring your balance sheet to a loss, and will try to get you to remove the minus that has arisen from nowhere, using technologies of mental influence and oppression. If you have already found yourself in this situation, under no circumstances agree to their offers. The methods of their influence - acting on the psyche, since any type of physiological terror is capable for one or two times to help the police to take the trail of bandits. And to operate within the boundaries of normative legal acts, extorting money from you, they, of course, have neither grounds nor methods.
Negative balance and pseudo-broker FXCM: what is the hand of the law?
We often talk about control and regulation, as this is the most fundamental point. This is a guarantee that licensed online brokers will abide by the rules and do not dare to violate the laws, for example, steal savings from their own online customers. Moreover, licensed online brokers are required to provide specific indicators of cybersecurity and, in particular, regulators of the European Union and the United Kingdom are obliged to provide financial protection from a losing balance. In other words, online traders are not able to lose more than the invested mother capital, and if their balance turns out to be unprofitable, companies are obliged to return the account to 0 without additional payments.
The FXCM brand name is a scam for dummies!
Plus one more indicative fact, which also did not escape our analysis - the name of the broker itself. The name is too consonant with the well-known FxPro really working, licensed in the United Kingdom online broker with a very good assessment of experts. Only a novice online trader or a stock trading teapot is inclined to accidentally confuse these brokerage firms, because automatic correction in search engines also edits the FXCM we criticize on FxPro. And the most imprudent people, for whom all this deception is planned, may not even notice the difference at all, having monitored the responses and data about FxPro, while the scammers FXCM offer their bounties to them, about whom there are very few reviews on the Internet at the moment. And this is not surprising, since during the compilation of our analysis, the swindlers' website did not even pass a month.
It should be noted that such methods are often practiced by fraudulent brokers, since in most cases their clients are not at all familiar with stockists and are inclined to easily mistake one firm for another. Plus, if the psychology and brain composting pros are lying to you.
Failure to comply with international macro-financial requirements
In addition, if a legal entity assures that it has registered divisions in the United Kingdom and Australia, which means that the firm needs permits certified by the UK FCA and Australian ASIC in order to provide Forex financial services in such jurisdictions. Let's check the broker's presence in the public list of Companies House on the official website of the UK management.
As you might expect, the online broker we are reviewing is not found here, hence we can truthfully assert that it violates global monetary norms. FXCM cheeky bluffs at every turn.
Research such information in advance and select online brokers with a good reputation and a well-known name. We recommend these because regulated online brokers are backed by special investment protection funds that exist to preserve depositors' funds if something doesn't go as planned.
The bottom line is obvious: FXCM is a stock exchange, which you don't even need to call a broker. This is an ordinary office, the idea of which is to knock out as much investment as possible from naive newbie traders as quickly as possible, and then leave the Forex market, in the future, if it is ready to appear under a different pseudo-brand and engage in similar fraudulent work.
Allegedly, the official securities demonstrated by the broker also raise many questions. However, their scanned papers cannot be called their documents either. The data on the competences and obligations of the parties to the agreement are incorrect, information about the formation of the brand, its founders and leaders is not named. As a result, the online broker is able to liquidate the trader's account if he pleases and will not incur any punishment for the scam that happened.
Fake organization www.fxcm.com - we will investigate
For the introduction, we structure all the materials that are widely available to everyone from the stock exchange's website, and then we put this data in a form that is understandable to readers.
FXCM is a subsidiary of a brand purported to be based in the Marshall Islands, and the scammers wrote the following registration address: Trust Company Complex Ajeltake Road Ajeltake Island, Majuro Marshall Islands MH 96960
And although we do not guarantee whether this is true or a deception, because the above territory is so problematic that it is difficult to find this business. Nevertheless, we tried to find an online broker in the data set of firms noted in offshore regions.
in this case the swindler FXCM lied to us - not a single company with this name was found. As a result, we have not been able to find out anything about the state and owner of the organization, which makes FXCM an extremely unreliable Forex entity. at this stage of our research, we can confidently write that FXCM is a crook who does not own any publicly available information about registration and regulation methods.
But even this kind of registration is considered unlicensed, because the Marshall Islands now do not have macro-financial competencies, not to mention state control of the Forex financial market.
As a matter of fact, the power acts as a bait for deceivers only because of the lack of clouding and lack of regulation. Thus, even if we found our stockist in the data warehouse, this would give absolutely no guarantees to anyone and would not force the company to conduct private work, obeying the totality of the regulations fixed by the state. Since there are no such prescriptions, so are the hands of the regulator. However, the rest is only more fun.
By the way, all the awards they have are fake
What is wrong with the specified broker phone number?
Our specialists were expected to receive surprises with a telephone. The phone is under the jurisdiction of the Czech Republic. You might think, what does this country have to do with this broker? So much suspicious and so little understood. After checking the number, our specialists came across a sea of condemning comments that say the same thing - this is the contact of money swindlers, liars who call day and night, offering their Internet services. We advise our readers to take a look at the proof.
However, this is not the end! The same contact was found on the official website of another similar stock exchange under the name Comax Invest. We do not even believe that this is not very well calculated by these fraudsters.
How old is an online broker? - even our experts did not expect this!
The official website of the pseudo-broker says that the organization has been providing impeccable Internet services to stock traders from all over the world for a long time, and the company's employees are famous traders with a Forex trading period of at least 10 years.
At the same time, the stock exchange announces that it has several production awards, maintains divisions in Britain, Australia, and New Zealand, among other things, serves more than sixty thousand active traders around the globe, it would be really amazing if we had reason to believe this.
But it is very easy to face the truth! We check the FXCM domain name and get the data that it was registered on July 30, 2021 - less than 30 days ago. Didn't expect such a state of affairs? The proof is below.
Drawing conclusions about FXCM: a scam for green traders
Now let's take a quick look at all the facts that indicate that FXCM is a fraud. And enough.
- An online broker has no registration data even in a shadow country.
- At the time of the publication of the review, the website of the unfavorable broker is not even a month old, which means all sorts of information about the broker is a scam.
- The online broker does not own the financial services license.
- The pseudo broker does not have a regulatory body.
- The pseudo broker addresses are not true.
- Company records have no legal basis.
- The existence of divisions in Britain, Australia and New Zealand is fiction.
- The broker's phone number is assigned to financial fraudsters and, in addition, to another online broker.
- Bad reviews of FXCM from used traders.
- Lack of option to open a trial account.
- Lack of options for software verification without the dissemination of personal data.
- There is no protection against negative balance.
- Unauthorized Leverage Number.
- FXCM is a clone broker masquerading as the popular name of a British online broker.
- Theft and subsequent use of private information is not excluded.
- Pseudo-broker rips off money for being passive after the third month.
- Endless moral violence by the managers of the fake company.
- The inability to withdraw money when the fraudster decides that you will never dare to invest more.
We have no doubt that FXCM is a scam. The professional rating for this non-good broker is one. Don't get fooled!