Thinking of getting into business with FXM Traders? Here is what you must know about this broker. Carefully read this review to find out if fxmtraders.com is the trading platform you will want to trade with.
Table of Contents
About FXM Traders Broker
FXM Traders is an offshore brokerage company with a lot of promises for traders. Here, the broker presents us with an address.
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FXM Traders claims to provide 24/7 trader’s support, zero commission and highest verified security.
The broker offers different account types such as Silver, Gold, Platinum and Diamond.
In spite the trading instruments FXM Traders claims to offer, traders must know they are dealing with an unknown broker whose reason for not accepting regulation is a red flag.
fxmtraders.com: Reasons to Avoid This Broker
fxmtraders.com is a platform with no financial authority overseeing its financial services. The broker does not accept regulation as presented on the page. As a matter fact, this is a major turn off for forex traders.
Despite the demo account fxmtraders.com provides, it will be good you don’t waste your time on a platform that has chosen not to be regulated.
Again, this broker does not offer money back guarantee which means trading on FXM Traders is clearly a risk. This is a con for forex traders to avoid losing money with this broker.
Withdrawal and Deposit
Withdrawal process
FXM Traders claims it charges no withdrawal fee. This is seen on every account type
Minimum Deposit
The minimum deposit of Status Markets is indicated as $500.
The payment methods are Debit/Credit card and Wire transfer. You should not consider making any payment with this broker because it is a risk. So beware!
FXM Traders Platform
FXM Traders offers web based trading software.
The broker does not provide a recommended leverage. We advise you don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
In spite the attractive offers FXM Traders presents, the brokers leaves us with no information on its legal documents.
FXM Traders Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under FCA regulation that means your money is at risk. Its unlicensed and unregulated claims are truly a red flag and must be avoided.
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Minimum Trade Deposit $100
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Licensed in Australia(ASIC) and Cyprus(Cysec)
Accepts Traders Worldwide
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Conclusion: Is fxmtraders.com a Reliable Broker?
fxmtraders.com does not seem like a reliable broker for traders even though it promises offers that look good to be true.
The broker is unregulated which means it is not authorized to operate in any regulated country and you should definitely not put any money into it.
Because we have taken it as a duty to review forex brokers and also share reasons, we do not recommend this broker for trading.
Kindly share your comment about this broker in the comment section.