FXCM full overview of broker, FXCM divorce for money04 / 10 / 21 Visitors: 853
A meaningful analysis of the stockbroker: financial fraud!
FXCM - An unlicensed offshore stock exchange, which is considered highly dubious. In this analysis, we will discuss different aspects of its work, and also tell users why this pseudo broker is not well known and is not worth your attention.
The pseudo broker claims that it provides software for trading purposes, nevertheless, we were not able to get admission to the software even for trial work, which is already very significant. In our analysis, we want to consider these and all other significant facts about FXCM - the Forex stock exchange, which we insist to avoid the tenth way.
What is wrong with the specified phone number of the All Dobroker?
Our specialists were expected to receive surprises with a telephone. The phone belongs to the Czech Republic. One might think, what does the above-named country have to do with it? So full of problems and so little to understand. After checking the number, our specialists came across a lot of condemning comments that say the same thing - this is the phone of money crooks, liars who call day and night, pushing their financial services. We recommend that our readers look at the screenshot.
But this is not all the information! The same phone was seen on the official website of another similar broker under the name Comax Invest. We do not even believe that this is not very well calculated by the fraudsters we are considering.
FXCM underdog broker: reviews of former clients
In order to avoid a divorce from the filing of scammers, we recommend that you first look at what different traders write about the organization in which you plan to invest.
Having carried out a thematic review of social networks (Facebook, Twitter, Instagram ...) and thematic sites, our experts found out that there are very few mentions of this organization, you can see good comments with all the indicators of a custom nature, and a couple more clients are dissatisfied with their personal experience of cooperation with an online broker , and left transparent reviews about it. FXCM is by all indications an unreliable exchange trader, if you are now deciding whether it is profitable to invest in it, we strongly advise you not to do it, no matter how attractive manipulators hang on your ears.
If you are not afraid to become another victim of a black pseudo-broker operating under a fake company, each time to start, do your investigation, look through the reviews, read responses, documentation, consult with professionals, and only then trade. Still, there are too many stock traders, especially those who associate themselves with the financial market Forex. FXCM is a separate case from a dozen or even hundreds of such non-brokers.
Failure to comply with global monetary rules
Moreover, if a firm declares that it has registered divisions in Britain and Australia, which means that the firm needs permits certified by the British FCA and Australian ASIC to provide Forex financial services in such jurisdictions. Let's check the organization's presence in the public Companies House register on the official website of the UK leadership.
As you might expect, this pseudo-broker is not on the list, hence we can honestly say that it does not comply with transnational macro-financial norms. The FXCM divorce cynically lies at every turn.
Study this information in advance and select online brokers with a good rating and world name. We advise them exclusively because regulated online brokers are backed by special investment insurance funds that act to preserve depositors' investments if something goes wrong.
The bottom line is undeniable: FXCM is a stock exchange, which should not even be called a broker. This is an ordinary office, the raison d'être of which is to steal as much investment as possible from naive newbie traders as quickly as possible, and then disappear from the financial market, in the future, when ready to appear under a different pseudo-brand and engage in such deceptive practices.
The legal papers laid out by the broker also entail a bunch of questions. True, the language does not dare to name their scanned papers as documents. Information about the competencies and obligations of the parties to the agreement is vague, information about the formation of the brand, its founders and administrators is not named. As a result, the online broker does not hesitate to liquidate the trader's account as soon as it comes to his mind and will not incur any punishment for the scam that happened.
Unlicensed organization www.fxcm.com - starting to evaluate
To begin with, we will process all the information open to us from the pseudo-broker's website, and then we will arrange this data in a form that is understandable for you.
FXCM is a subsidiary of a firm believed to be incorporated in the Marshall Islands. More specifically, the fraudsters provided this registered address: Trust Company Complex Ajeltake Road Ajeltake Island, Majuro Marshall Islands MH 96960
And although we do not guarantee whether this is true or false, for the reason that the above territory is so unreliable that it is difficult to verify this business. However, we tried to find a broker in the data array of organizations noted in offshore regions
in this case, the rogue FXCM lied to us - not a single company with this name was found. As a result, we couldn't find out about the state and the head of the organization at all, and this portrays FXCM as a very dark subject of the financial market. at this stage of our research, we can write without remorse that FXCM is a fraudster that does not own any widely available information about registration and regulation methods.
But even this kind of registration will be unreliable, since the Marshall Islands now do not have currency competencies, not to mention regulation on the Forex financial market.
As a matter of fact, the power acts as a bait for a thrower, simply because of the clarity and lack of regulation. Simply put, even if we found our pseudo-broker in the data warehouse, it would not give anyone absolutely any guarantees and would not force the company to conduct private work, subject to the totality of the laws fixed by the state. Since these laws do not exist, as well as the hands of the regulator. However, it is even more exciting further.
Negative balance and pseudo-broker FXCM: what does legal law say?
We talk about control and regulation all the time, because this is a very fundamental point. This is a guarantee that accredited brokers will abide by regulations and do not dare to break laws, for example, to extort funds from their own users. Moreover, licensed online brokers are required to provide accurate indicators of cybersecurity and, for example, regulators of the European Union and Britain are obliged to provide financial protection from a losing balance. Thus, users are not able to lose 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 without additional payments.
The results are clear. FXCM is an online Forex broker that makes it possible to trade an account with a negative balance, and lures more funds in order to fill the hole in the balance. As a result, we can say in our conclusions that FXCM is a scam, and not just another online broker with significant risk, since it is not licensed. Therefore, it is clear that your investment will not be in a secure position when you make the investment.
The burglars will quickly bring your balance sheet to a loss, and will try to get you to remove the minus that has arisen from nowhere, using the practice of mental influence and blackmail. If you are currently in this situation, do not, under any circumstances, settle for their tricks. The methods of their influence - acting on the psyche, since any type of bodily terror can easily serve as an aid to law enforcement agencies in order 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.
How exactly is FXCM scam done? Be careful!
Breeders order a lot of engaging publications on websites and social media. The main task is to involve as many users as possible who have the ability to take away 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 quickly as possible. The bulk of the criminals are professional manipulators, but before you understand this, they will trick you out of your personal credit card number, ostensibly to help you with the investment of currency. You are under no obligation to open this data if you do not want to get into unaffordable debts. And the prospect of becoming a victim of theft of private data is also possible, after which even more problems will arise.
Over time, crooks will start demanding more currency from you, regardless of your current balance. When you trade unsuccessfully on the exchange, you are advised to invest more funds to cover the losses. When you are doing well, scammers will advise you to invest more funds in order to multiply your profitability.
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. Genuine brokers will not bother you on your mobile to ask you to make an investment, so if a broker tempts you to spend money, this is most likely a scam.
In addition, FXCM is a pseudo-broker Forex, which is a copy. He mows like a legitimate company in order to steal currency from ignorant newcomers. The fraudster refers to the good reputation of a legal foreign exchange firm in Britain to steal from gullible people.
The safety of investments is a big disaster for illegal financial organizations. They are able to lie the easiest, because they know that there is no need to report to a single regulator who has the right to drill them, in other words, to any legal controlling organization. And their personal information is at the same time hard to hide and encrypted.
FXCM leverage: scammers want more money
Therefore, there is no longer any doubt 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 the trader has the prospect of trading in debt with a leverage of 1 to 400.
This is an extremely disturbing relationship that already God knows when is not being resolved in various countries around the globe. Precisely because of the above bans, regulated online brokers from the European Union and Australia are required to reduce leverage to 1 in 30, while for high-yielding cash firms, Canadian and American stock exchanges - 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 passionate 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 suspect quack companies as soon as you spot them. Again, an online broker that does legal 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 cheat you in this way, persuade you to take a round amount on credit, and later whistle everything.
And if you take a chance? Under no circumstances!
Are FXCM Licensed? Is it an offshore company? This is the most important information you need to find about an online broker before trying to trade with them. Most of the online brokers are not registered or run 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 until the company obtains a supporting document from an important regulatory authority, 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 one or another regulated power, so it is obviously not profitable for you to invest currency in it. Traders definitely need to keep clear of any unlicensed or shady financial institutions. And this is exactly what FXCM looks like.
Is it possible to get hold of FXCM? Scam, don't risk it!
Is it possible to get hold of crooks? Of course, no! Breeders promise their victims prospects that seem too tempting to be true, plans for skyrocketing profits, 100% safe, and much more. Creating an imaginary sense of hope, scammers plan to attract traders to charlatan schemes and take away their money.
The scheme originates from PR. Scammers promote dozens of websites and social media accounts to promote their own fake services. You can find Instagram profiles on which you can see examples of the rich lifestyle, Maldives, luxury cars, currency and screenshots of successful deals. This photo display cabinet generates envy and can attract many users, which makes it easy to get into the diagram.
After you leave your personal mobile number, FXCM scammers will often call you. 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 early as possible.
As soon as you go for it, scammers will begin to manage your profile, and suddenly you may behold a shocking amount of money on your own behalf. You must really decide that this is true, and probably ask for a withdrawal of the funds earned. It is a pity that the bribery will not allow this to happen, but they will begin to skillfully manage you so that you will invest again, guaranteeing even more profitable trades.
An inexperienced trader may even imagine that he will soon wake up rich and easily appropriate the currency. Unfortunately, it will work out, and the fraudsters will continue to lure out more investments, until the user realizes that he is being cheated or the scammers think that they are not able to get even more out now.
FXCM thieves unceremoniously say that it is necessary to invest now in order to withdraw capital. At this point, it becomes clear that FXCM is a scam. From that moment on, the swindlers will stop calling, and the cheated trader will never see them again.
investing and withdrawing currency from the FXCM account
the simplest deposit is one hundred bucks, which to a greater extent meets the thematic norms. However, as we noted earlier, FXCM is very dangerous and therefore there is no need to give a penny to the scammers until they give some decent authoritative license.
When it comes to investing, the pseudo broker says it provides a variety of ways. 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 obligations. But even now it is quite obvious that the program, which the scammers manage, is from beginning to end under their supervision, therefore, you will be able to withdraw money only when FXCM scammers give you the opportunity to do so. This is possible in exceptional situations and often when they are fully convinced that having achieved your favor, they expect to get even more money out of your wallet.
And as for deposits, experienced manipulators and qualified psychoanalysts will strive to do everything so that you put as much currency as possible into your personal account as often as possible. In other words, to scammers.
Working agreements are written rather suspiciously. We could find a lot of interesting information in the FAQ section. Going to the heading, our specialists saw information that a bad broker takes money for passivity after the third month, but the fraudster does not indicate any specific amounts.
This is taken as such a bad sign as the FXCM broker does not hesitate to make the decision to charge unacceptable fines at will, 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 regulating the situation.
Online broker name FXCM is a scam for beginners!
Plus one more indicative touch, which also did not escape our analysis - the name of the broker itself. The name is too consonant with the well-known FxPro, actually operating, licensed in the UK online broker with a fairly good assessment of experts. Only a novice online trader or a maker in the foreign exchange business is inclined to confuse these brokerage firms very easily, because automatic correction in search engines also edits the FXCM we criticized on FxPro. And the most gullible people, on whom all this deception is planned, may not even see the difference at all, having monitored the responses and data about FxPro, while FXCM scammers, about whom there is currently a lack of data on the Internet, are shoving their pseudo-services to them. And this is not surprising, since during the compilation of our analysis, the website of the swindlers did not even hit a month.
It should be noted that such methods are often practiced by fraudulent brokers, since their clients, as a rule, do not understand at all in stockists and are inclined to very easily mistake one company for another. Plus, if the psychology and brain composting pros are lying to you.
How old is a stockist? - even our experts did not expect this!
The official website of the stock exchange states that the company has been providing impeccable Internet services to stockists from all over the world for a long time, and the employees of the organization are not unsuccessful traders with at least 10 years of Forex trading experience.
The pseudo-broker also assures that it allegedly has several production awards, has branches in the United Kingdom, Australia, as well as New Zealand, in addition, it serves more than six tens of thousands of active users around the globe, this would be really impressive, if if we had reason to believe this.
However, it is very easy to look the reality in the face! 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? The proof is below.
Document verification process
Verification by passing KYC requests copies of such documents:
- identity document (passport, international passport);
- document confirming location - usually the last utility bill;
- document confirming personnel specialization - auto resume).
We have previously figured out that the FXCM fraudster is an illegal offshore pseudo-broker that deliberately does not give out personal business data, and also seeks to outwit all real laws. For this reason, under no circumstances will we dare to send scans of our own documents in order to obtain a real profile or personal account. Therefore, we do not advise you to do this, albeit for the purpose of an experiment, because the danger of identity theft is very high.
Applications for cooperation with FXCM: Forex platforms Metatrader 4, 5
FXCM reports that it provides practical and innovative online platforms for trading MetaTrader4 and MetaTrader5, but our specialists were unable to obtain access to any of the options due to the fault of KYC and AML (anti-money legitimization).
Is there an option to test a demo account?
Fortunately, it is possible to dig out certain data and without having the resources to test the personal profile and software on your own. 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 even without this it equates to 0. Any registered online brokers are forced by law to show trial versions of their platforms. so that clients have the opportunity to work with unrealistic funds and make a rational decision on whether it is advisable to maintain a real 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 numerous official online brokers that have official documentation and provide the best Forex platforms available. Meta Trader are favorites in stock trading, attracted by advanced features such as advisors, myriad indicators, and excellent charting tools. In addition, the terminals contain a trading platform with more than 10 thousand programs and developments of various programmers, which is considered a recognized plus. However, in order to understand all this, a lot of patience is required.
Drawing conclusions about FXCM: a scam for the naive
Now let's briefly recall all the points that indicate that FXCM is a scammer. And enough.
- The company does not have registration data even in an offshore country.
- At the time of compiling the review, the website of the unfavorable broker is not even a month old, this means all sorts of information about the broker - a divorce.
- 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 fiction.
- The broker's phone number is assigned to financial fraudsters and, in addition, to another online broker.
- Bad reviews of FXCM from former clients.
- 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.
- FXCM is a clone broker masquerading as the notorious 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.
- Lack of opportunity to embezzle money when a fraudster decides that you will never dare to deposit more money.
We have no doubt that FXCM is a scam. The professional rating for this non-good broker is one. Don't get fooled!
A complete list of unscrupulous brokers, that we do not recommend working with is available here.