FMfx Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this FMfx Review.
FMfx offers three types of live trading accounts, as well as a swap-free Islamic option for each type of account. There is also a free 14-day demo account for testing purposes.
The broker’s asset portfolio includes forex pairs, CFDs on indices, commodities, stocks and gold.
The Company. Security of Funds
FMfx is a brand of FM Marketing Ltd., a company that was licensed offshore, in Belize. It seems to be based in Cyprus, as clearing and billing services are carried out by Terapad Services Limited, a Cypriot company, which, however, is not regulated by CySEC.
Belize, on the other hand, is a popular destination for forex brokers and the regulation there is slightly better than in the rest of offshore zones, as the local International Financial Services Commission (IFSC) applies certain rules to brokers and even withdraws their licences, when necessary. That was the case with FMfx. Shortly after the Australian Securities and Investment Commission (ASIC) has included FMfx on its warning list and noted it may be a scam, the IFSC revoked the license of FM Marketing Ltd.
Considering the above said, you’d better stay away from FMfx and choose a decent forex broker instead. We recommend that traders choose a broker regulated by CySEC or ASIC, for example.
Like most forex brokers, FMfx offers the most popular trading platform – MetaTrader 4 (MT4). The broker provides all available versions of the platform – for desktop, web and mobile devices.
MT4 is liked by brokers and traders alike. It is stable and reliable, has many functions, offers API connectivity, supports PAMM and MAMM functionality and has a wide selection of technical analysis and charting tools. It is also user-friendly and supports Expert Advisors and automated trading. The platform has been on the market for over 10 years and only recently started some of its popularity to its successor MetaTrader 5.
FMfx offers a number of promotions including welcome bonuses, contests and award to new and current customers alike. Bonuses and onetime trading credits are limited time offers and the terms and conditions associated with any bonus rewards are subject to change.
Methods of payment
FMfx accepts payments through credit and debit cards and the online payment systems Neteller, Qiwi, WebMoney and YandexMoney.
FMfx is an unregulated offshore broker and this is a serious enough warning to proceed with caution when dealing with it. Besides, its initial deposit requirement is fairly high and the wider than the average floating spreads may turn out to be not very favorable for the client. On the other hand, the offered leverage is not so bad.
The Broker is not a safe forex broker, Instead you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
FMfx Review Conclusion
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