FXCM detailed online broker analysis: FXCM cheating on the dough!
FXCM - An unlicensed offshore stock exchange that is considered very slippery. In our analysis, we will discuss the various nuances of its work, and also explain to users why this stock exchange has a bad reputation and is not worth your attention.
The pseudo broker suggests that the software provides for the purpose of trading, but we have not managed to get access to the software even for trial work, which is already questionable. In this analysis, we want to consider these and all other significant nuances about FXCM - a Forex intermediary, whom we insist to avoid the tenth road.
Identity verification process
Confirmation through the passage of KYC involves the disclosure of these documents:
- identity document (passport, international passport);
- a document confirming the place of residence - most often, the last bill for a communal apartment;
- document confirming qualification specialization - auto resume).
We have previously investigated that the FXCM fraudster is an illegal offshore pseudo-broker that deliberately does not disclose its own business data, and also tries to bypass all applicable regulations. Of course, we in no way dare to show scans of our own documents in order to unlock a real profile or account. For this reason, and we do not advise you to do this, albeit for test purposes, because the likelihood of identity theft is very high.
The results are clear. FXCM is an online Forex broker that allows you to use a debt account for trading, and lures more money in order to fill the hole in the balance sheet. As a result, we can express our conclusions that FXCM is a scam, and not just a high-risk online broker, since it is not supervised. Therefore, it is clear that your assets will not be safe when you make an investment.
Breeders will easily bring your balance into negative, and will try to get you to remove the minus that has arisen from nowhere, the practice of mental influence and blackmail. If you find yourself in this situation at the moment, do not, under any circumstances, settle for their tricks. The methods of their influence - acting on the psyche, since at least any type of bodily terror is capable for one or two times to help the police to take the trail of intruders. And to wield within the limits of normative legal acts, extorting money from you, they, of course, have neither grounds nor ways.
And if you take a chance? Under no circumstances!
Are FXCM Licensed? Is it an offshore company? This is the most serious information you should know about an online broker before trying to do business with them. Most of the online brokers are not registered or run by an offshore management center, which will not come to the aid of traders when problems arise. Remember that if a stock trader 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 be listed in a particular regulated power, so it really isn't profitable for you to invest in one. Traders definitely need to bypass all unlicensed or offshore financial institutions. And this is exactly what FXCM looks like.
How old is a stockist? - even our experts did not foresee this!
The stockist's website states that the company has been providing impeccable financial services to stockists from all over the world for a long time, and the organization's employees are not unsuccessful traders with at least 10 years of Forex trading experience.
The stockbroker also reports that it has several themed awards, maintains subsidiaries in Britain, Australia, and New Zealand, among other things serving more than sixty thousand active users around the globe, it would seem undeniably magical if only we had reason to believe in this.
But it is very easy to face the truth! We check the FXCM domain name and get the data that it appeared on July 30, 2021 - less than 30 days ago. Did you foresee such a development of events? See screenshot below.
Software for working with FXCM: Forex Metatrader 4, 5
FXCM says it provides practical and relevant online platforms MetaTrader4 and MetaTrader5 for trading on the exchange, but our specialists were unable to obtain access to any of the options due to the fault of KYC and AML (fight against the legitimation of capital).
Is there a function to try a trial account?
But it is possible to dig up the data we need without having ways to examine the personal profile and software directly. 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 is already equal to 0. Any official online brokers are required by law to show trial versions of their platforms in order to users had the opportunity to make transactions with unrealistic funds and make a rational decision in the question whether it is necessary to maintain a real account with this or another online broker before investing real capital. FXCM once again points to unreliability.
A couple of suggestions about Meta Trader
Talking about the software, taken separately, the Meta Trader 4 and Meta Trader 5 programs are operated by various licensed online brokers that have official documentation and provide the best of the existing Forex platforms. Meta Trader are the favorites of the financial market, attracted by various possibilities, such as advisors, a sea of indicators, as well as convenient tools for creating charts. In addition, the terminals contain a trading platform with more than 10 thousand programs and developments of various web developers, which is considered a convincing plus. However, in order to fumble in all this, it takes a lot of patience.
Investing and withdrawing currency from the FXCM profile
The smallest deposit is one hundred bucks, which is more in line with financial standards. However, as we noted earlier, FXCMs are very dangerous, which is why you shouldn't send a penny to cheaters until they give you 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, since we were unable to verify 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 bribery is from beginning to end under their supervision, therefore, you can withdraw the currency only when FXCM scammers 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 get an even larger amount out of your wallet.
As for deposits, experienced manipulators and qualified psychoanalysts will try to do everything so that you put as much currency as possible into your own account as often as possible. In other words, in the hands of extortionists.
Work agreements are too suspicious. We could find a considerable part of the indicative information in the FAQ section. Going to the rubric, our experts found out that the pseudo-broker takes money for passivity after the third month, but the swindler does not indicate any specific amounts.
This is taken as such a bad sign as the FXCM broker does not hesitate to decide at will to charge unauthorized fines, and you cannot resist as it is an unclean unregulated unregulated broker that is not controlled by anyone. The trader will have nowhere to turn for help in settling the conflict.
The FXCM brand name is a scam for neophytes!
Plus one more indicative fact, which also did not escape our consideration - the name of the broker itself. The name is too consonant with the well-known FxPro really operating, licensed in the United Kingdom online broker with a very good expert assessment. Only a novice online trader or a maker in the foreign exchange business is inclined to accidentally confuse these brokerage firms, because the automatic correction in the search engines also edits the FXCM we criticize on FxPro. And the most absent-minded clients, for whom all this insidious plan is thought out, may not even notice the difference at all by looking at the responses and information about FxPro, while the scammers FXCM, about whom there is currently a lack of information on the Internet, offer their bounties to them. And this is not surprising, since during the compilation of our analysis, the website of the unfriendly broker did not even hit a month.
It should be said that these methods are often used by fraudulent brokers, since their clients in most cases are completely unaware of stockists and tend to easily mistake one firm for another. Plus, if the psychology and brain composting pros are lying to you.
FXCM underdog broker: reviews of former clients
In order to avoid a divorce from the filing of scammers, we advise you to first look at what different clients write about the organization in which you plan to invest money.
Having carried out a thematic analysis of social networks (Facebook, Twitter, Instagram ...) and thematic sites, our experts found out that there is very little information about this company, you can see good comments with all the indicators of untruthfulness, and a couple of traders are dissatisfied with their personal experience of trading with an online broker. and left transparent reviews about it. FXCM is by all indications a slippery pseudo-broker, if you are now thinking about whether you can invest in it, we strongly advise you not to do it, no matter how attractive manipulators hang on your ears.
If you don't want to become another victim of a black online broker working under a fake firm, do your own investigation every time, go through the reviews, read the reviews, the documentation, consult with the professionals, and only then invest. Still, there are too many money deceivers, mainly those who relate themselves to the financial market Forex. FXCM is a separate case from a dozen or even hundreds of such non-brokers.
How is the FXCM divorce done? Be on your guard!
Crooks order a sea of engaging publications on websites and social media. The main task is to interest as many clients as possible who have the opportunity to steal funds.
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. The bulk of the criminals are professional manipulators, but before you understand this, they will steal your personal credit card number, ostensibly to help you invest money. You are under no obligation to disclose this data if you do not want to get into unaffordable debts. And there is also the prospect of becoming a victim of theft of private data, after which there will be even more difficulties.
Over time, crooks will start demanding more currency from you, regardless of your trading success. When you trade unsuccessfully on the exchange, you are advised to invest more funds to cover the losses. When you close deals successfully, scammers will advise you to invest more funds to increase your income.
Difficulties will arise 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 very often emphasize that you make investments yet without a rational basis. Real brokers will not bother you on your mobile to recommend an investment, therefore, if a broker is persuading you to spend money, it is most likely cheating.
In addition, FXCM is a pseudo-broker Forex, which is a clone broker. He mows like a legal company, with the aim of extracting a round sum from ignorant newcomers. The fraudster cites the good reputation of a legal currency firm in Britain to steal from unwary users.
Investment protection is a global catastrophe of 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 harass them, in other words, to any legal controlling organization. And their personal information is at the same time thoroughly hidden and encoded.
Is it possible to get hold of FXCM? Scam, don't risk it!
Is it possible to get rich with cheaters? Of course no! The burglars promise their victims prospects that seem very attractive to be true, plans for easy profit growth, 100% safe, and much more. Creating an imaginary sense of hope, scammers aim to attract traders to fraudulent schemes and take their money.
The scheme originates from PR. Thieves run dozens of websites and social media accounts to advertise their own fake services. You can find Instagram pages that showcase illustrations of the rich lifestyle, Maldives, luxury cars, currency and photos of successful deals. This photo display cabinet generates jealousy and can inspire a lot of users, which makes it easy to get involved in a divorce.
After you leave your own mobile number, FXCM scammers will start calling you all the time. Crooks promise you mountains of gold that, for example, the coordinates of the Moon and the constellation of Scorpio are optimal for you to decide to invest as soon as possible.
Once you do this, scammers will take over your profile, and suddenly you may notice an inspiring amount of money on your own behalf. You will most likely be really glad that this is true, and will probably ask you to withdraw the money you earned. 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 once again invest, guaranteeing many times more profitable trades.
The gullible user may even imagine that he will soon wake up rich and take the currency without any problems. Unfortunately, it will work out, and the scammers will continue to lure out more investments, until the trader realizes that he is being cheated or the scammers think that they are not able to get even more out now.
The scammers of FXCM brazenly 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 client will never see them again.
FXCM leverage: scammers extort more money
Therefore, there is no longer any doubt that it is not recommended to trust this unreliable broker, we do not want to consider the spread and the size of the leverage in the current time. Nevertheless, I would like to make the following point. Broker FXCM says that the trader has the prospect of trading in debt with a leverage of 1 to 400.
This is a too alarming relationship that has not been sanctioned for many years in different states around the globe. Due to the above restrictions, official online brokers from the European Union and Australia are required to reduce the leverage to 1 in 30, while for high-yield 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, literate and risk-free online traders who are able to open an account in Switzerland can easily take risks.
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 legitimate work in the UK simply cannot advise you to trade with a leverage of 1 to 400 or similar. It quickly becomes obvious that they want to divorce you in this way, force you to take a round sum on credit, and then appropriate everything.
Unlicensed organization www.fxcm.com - we will consider
For the introduction, we will structure all the information readily available to us from the website of the online broker, and then we will arrange this data in a simplified form for you.
FXCM is a subsidiary of an organization believed to be registered in the Marshall Islands. More specifically, the crooks wrote this registration address: Trust Company Complex Ajeltake Road Ajeltake Island, Majuro Marshall Islands MH 96960
And although we do not know if this is true or false, because the indicated territory is so problematic that it is difficult to detect this business. But we tried to find a broker in the data array of organizations located in offshore regions.
in this case, the swindler FXCM told us a lie - not a single company with this name was found. Based on this, we could not find out anything about the state and owner of the organization, and this portrays FXCM as an extremely unreliable subject of the financial market. at this stage of our research, we can confidently say that FXCM is a crook who does not own any publicly available information about registration and regulation methods.
But this kind of registration will also be unlicensed, since the Marshall Islands now do not have macro-financial competencies, without talking about the regulation of the Forex market.
In fact, the state is identified as a bait for swindlers, simply because of its clarity and lack of governance. Simply put, even if we could find our online broker in the data warehouse, it would not give anyone absolutely any guarantees and would not force the company to conduct private work, obeying the totality of government regulations. Since these laws do not exist, as well as the hands of the regulator. However, after that it is even more entertaining.
What's wrong with the official phone number of the scammers?
Our specialists were awaited by 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 full of suspicious and so little understood. After checking the number, our specialists came across an abundance of bad comments that say the same - this is the phone of money crooks, liars who call day and night, pushing their financial services. We advise our readers to take a look at proof.
However, this is not the end! The same phone was found on the website of another similar stock exchange under the name Comax Invest. We do not even believe that this is not extremely thought out by the breeders we are considering.
Failure to comply with global macro-financial regulations
Moreover, if the organization reports that it has divisions in Britain and Australia, which means that the company needs permissions certified by the British FCA and Australian ASIC to provide Internet services on the market in these jurisdictions. Let's look for the organization's presence in the publicly available Companies House list on the UK administration website.
As you might expect, this pseudo-broker has not been found in the registry, so we can confidently say that he violates international monetary norms. FXCM's divorce unceremoniously pokes brains at every turn.
Find such information in advance and find online brokers with a positive reputation and global name. We recommend them, because regulated brokers are provided with special investment insurance funds that exist to save stock exchange funds if something goes wrong.
The bottom line is indisputable: FXCM is a stock exchange, which cannot even be called a broker. This is an ordinary one-day office, the purpose of which is to instantly lure as much investment from naive people as possible, and then leave the financial market, in the future, if you are ready to appear under a different name and trade in a similar charlatan work.
The alleged official certificates and agreements shown by the broker also provoke a bunch of questions. However, it is impossible to name the language of the documents, these scanned pieces of paper. Information about the competences and obligations of the parties to the agreement is inaccurate, information about the foundation of the company, its founders and administrators is not named. As a result, the pseudo broker does not hesitate to liquidate the trader's account as soon as he pleases and will not incur any punishment for this scam.
Negative balance and pseudo-broker FXCM: what does legal law say?
We talk about control and regulation all the time, since this is the most important point. This is a guarantee that accredited firms will abide by regulations and will not dare to break the law, for example, steal funds from their own online customers. Among other things, licensed online brokers are required to provide specific indicators of cyber security and, for example, regulators of the European Union and the United Kingdom are obliged to provide protection from a losing balance. In other words, online traders are not able to drain more than the invested money capital, and if their balance turns out to be negative, online brokers are obliged to return the account to 0 free of charge.
Drawing conclusions about FXCM: a scam for the naive
Now let's briefly recall all the facts that indicate that FXCM is a scammer. A lot.
- An online broker has no registration data even in a shadow country.
- At the time of publication of the review, the website of the unfavorable broker is not even a month old, which means all sorts of data 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.
- The documentation of the pseudo broker has no legal basis.
- The existence of divisions in Britain, Australia and New Zealand is not true.
- 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 checking programs without the dissemination of personal data.
- There is no protection against negative balance.
- Illegal leverage ratio.
- FXCM is a clone broker masquerading as the popular name of a real online broker.
- Theft and subsequent use of private information is not excluded.
- The pseudo broker strips off the passivity penalty after the third month.
- Endless moral violence by the managers of the fake company.
- The inability to misappropriate the currency when the fraudster decides that you will never dare to invest again.
We have no doubt that FXCM is a scam. The professional rating for this non-good broker is one. Beware!