Overview of FCF Markets
FCF Markets is an online broker based in Saint Vincent and the Grenadines. Established last year, the company offers trading services in various financial instruments, including foreign exchange, index CFDs, precious metals, and digital currencies.
Traders can access the market through FCF Markets' proprietary trading platform. The minimum deposit required to start trading is $250, and the maximum leverage available is 1:100.
Regarding account types, specific information is not provided. However, the platform offers spreads of 2.8 pips for trading activities. Deposit and withdrawal methods accepted by FCF Markets include VISA, MasterCard, and bank wire transfers.
FCF Markets is not regulated and theres no live chat option to contact the broker. Trading with an unregulated broker can be risky and may lead to potential fraud, lack of transparency, and the possibility of losing your entire investments.
Is FCF Markets legit or a scam？
The website has no legit forex license whatsoever and that is a clear sign that we are dealing with a scam. The broker‘s main page is not informative, there is no live chat option and most importantly, the broker doesn’t have any license. Licenses issued by reputable regulators such as FCA in the UK, Australian Securities & Investments Commission (ASIC), and others guarantee traders that their interests will be protected. Financial regulators consistently monitor brokers and make sure regulations are followed thoroughly.
In the case of FCF Markets, there‘s nobody that can protect your interests. In addition, the broker is only offering a home-built trading platform which can be another indication that the broker cannot be trusted. In order to protect yourself from Forex fraud, it’s essential to do your due diligence when choosing a broker or a trading system. Only trade with regulated brokers that have a good reputation in the industry and offer transparency. Be wary of promises of high returns to avoid getting rich quick scams. Theres no good reason to open a trading account with this broker especially when there are so many well-regulated multi-asset brokers to choose from.
Offshore brokers dirty tricks:
And here is a quick review of the most common tricks scammers usually resort to, when it comes to pocketing your cash.
Bonuses with too high withdrawal requirement
Attractive as a trading bonus might seem, as offered by scam websites like the one we are talking about here, it always comes with strings attached – some minimum trade volume requirement, which basically will prevent you from making any withdrawals no matter how you trade or what you do. So our best advise in such cases, apart from avoiding unregulated brokers altogether, is always to read the fine script, especially when it comes to trading bonuses or promotions.
Fake profits and 20% “fee” on withdrawal request
You should be aware as well of the ridiculous withdraw processing and handling fees, as well as the so called “profit fees”, which as a matter of fact you will be required to pay every time you request a withdrawal, no matter if your request is latter approved or not. The funny thing here is that such fees can easily exceed 20%, which is simply outrageous.
Guaranteed returns
And bear in mind that any broker that promises you guaranteed returns or risk free trades is obviously about to scam you as well. On the contrary, legit and regulated brokers are even required to warn you about the dangers of trading leveraged instruments and the high probability that you are about to lose your funds.
Pros and Cons
FCF Markets offers a wide range of trading instruments, allowing traders to diversify their portfolios and explore various financial markets. One advantage of FCF Markets is the availability of a wide range of trading instruments. Traders have the opportunity to trade different financial assets and take advantage of market opportunities. FCF Markets provides a generous leverage option of up to 1:100. High leverage can amplify potential profits. However, it's important to note that trading with high leverage also carries higher risks.
There are several drawbacks that should be considered before choosing this platform. First, one significant drawback is the lack of specific regulation for FCF Markets. Regulation plays a crucial role in ensuring the safety of traders' funds and promoting transparency and accountability in the financial industry. The absence of specific regulation raises concerns about the platform's credibility and reliability.
Then, it is important to pay attention to the absence of the popular MT4/MT5 trading platform. Reports of an inaccessible official website raise concerns about the platform's reliability and accessibility. FCF Markets lacks essential information on account types and fees. The lack of such information can create confusion.
Market Instruments
Trading products include forex currency pairs, indices, commodities, shares, and futures. FCF Markets does not specify what it is offering. Some of the common products offered by other traders, which can serve as a reference, include:
1. Forex Currency Pairs: Traders can take advantage of the dynamic forex market to speculate on currency exchange rate movements and potentially profit from currency fluctuations.
2. Indices: Traders can trade on the price movements of these indices, allowing them to diversify their investments and take positions on broader market trends.
3. Commodities: commodities include precious metals like gold and silver, energy resources like oil and natural gas, agricultural products, and more. Traders can benefit from fluctuations in commodity prices and potentially capitalize on market trends.
4. Shares: This enables traders to participate in the equity markets and take positions based on their analysis of specific companies' performance and market conditions.
5. Futures: Trading futures can offer opportunities for hedging, speculation, or risk management.
Here's a comparison of what other brokers have to offer
Leverage FCF Markets offers leverage of up to 1:100 for forex trading, which means that clients can trade up to 100 times the value of their account balance. This high leverage can potentially increase the profits that traders can make, but it also comes with increased risk. It's important for traders to use leverage responsibly and understand the risks involved.For other instruments such as stocks and commodities, the leverage offered by FCF Markets may vary depending on the instrument and the trading conditions. Trading PlatformFCF Markets, in contrast to its promise of a “safe and easy to navigate trading platform,” actually provides a platform that looks unprofessional and lacks reliability. Legitimate forex and CFD brokers typically offer reputable and professional platforms such as MetaTrader4 and MetaTrader5, which are industry standards. The absence of such proven and reliable trading software is a clear indication that FCF Markets may be a scam. In contrast, FCF Markets offers a proprietary trading platform that they have developed in-house. This is another red flag that suggests FCF Markets may be a fraudulent broker. Most well-regulated brokers offer popular and trusted platforms such as MetaTrader4, MetaTrader5, cTrader, and TradingView. Using a home-built platform raises concerns about potential manipulations and compromises the transparency and integrity of the trading environment. In conclusion, FCF Markets' attempt to provide its own trading platform falls short when compared to the industry-standard platforms like MetaTrader4 and MetaTrader5. Traders should be cautious of brokers that deviate from established and reliable platforms, as it raises doubts about the broker's legitimacy and the security of traders' funds. The spreads FCF Markets advertises with its standard account can hardly be described as attractive, starting from 2.8 pips, but that certainly is the least of problems here, given the fact that we are dealing with unregulated offshore scammers. The maximum leverage at FCF Markets is said to be 1:100.
Deposit & Withdrawal Methods and Fees
FCF Markets says to accept payments with VISA, MasterCard, and bank wire transfersamong other payment options, but in reality card payments are available only through an obscure third party website called ‘paystudio.app’, which certainly does not help with the websites credibility either.
Bear in mind that all crypto transactions by definition tend to be more or less anonymous – you can never tell for sure to whom exactly the bitcoin wallet you are sending your cash actually belongs. Not to mention that you stand no change to reverse the payment, not even if you realize you have been scammed, because that is how the block chain technology works.
If you have made your payment in a more standard manner on the other hand – like with your VISA or MasterCard for example – and all of a sudden you realize that you are a victim of an online scam, you will still have the option to recover your stolen funds by filing for a charge back that the bank that has issued your debit or credit card – basically your only viable option in such an unfortunate situation.
Customer Support
Regarding customer support, from other comments, we found that FCF Markets declared that it strives to provide timely assistance to its clients. However, during the time of research, the company's website was temporarily unavailable, making it challenging to gather specific details about their customer support channels and response times.
In such situations, it is recommended to reach out to FCF Markets directly through alternative means, such as email or other contact information, to inquire about their customer support services and resolve any queries or concerns.
Conclusion
In conclusion, while FCF Markets offers a wide range of trading instruments and generous leverage options, its lack of regulation, limited account information, insufficient customer support, absence of a demo account, and inaccessible official website are notable disadvantages that traders should consider before choosing this platform.
FAQs
Q: Is FCF Markets regulated？
A: FCF Markets is currently not regulated. Please consider this factor when making your investment decisions.
Q: What financial instruments can I trade on FCF Markets？
A: FCF Markets offers trading in foreign exchange (forex), index CFDs, precious metals, and digital currencies.
Q: What is the minimum deposit requirement？
A: The minimum deposit required to start trading on FCF Markets is $250.
Q: What is the maximum leverage available？
A: The maximum leverage offered by FCF Markets is 1:100.
Q: What are the spreads and commission fees？
A: FCF Markets offers spreads of 2.8 pips for trading activities. However, information about commission fees is not mentioned.
Q: What deposit and withdrawal methods are accepted？
A: FCF Markets accepts VISA, MasterCard, and bank wire transfers for both deposits and withdrawals.
2023-05-19 19:35
