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FXMILLS

Saint Lucia|1-2 years|
High potential risk|

https://www.fxmills.com/index.php

Website

Rating Index

Contact

+91 224 1703 098
support@fxmills.com
https://www.fxmills.com/index.php
Ground Floor, The Sotheby Building, Rodney Bay, Gros-Islet, Saint Lucia P.O Box 838, Castries, Saint Lucia

Licenses

No valid regulatory information, please be aware of the risk!

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No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

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Contact number

English

+91 224 1703 098

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Broker Information

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Company Name

FXMILLS

Abbreviation

FXMILLS

Platform registered country and region

Saint Lucia

Company website

Pyramid scheme complaint

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Warning: Low score, please stay away! 2
Previous Detection : 2024-11-09
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • The current information shows that this broker does not have a trading software. Please be aware!

WikiFX Verification

FXMILLS · WikiFX Survey

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FXMILLS · Company Summary

FXMILLS Review Summary
Registered Country/RegionSaint Lucia
Founded 2023
RegulationNo Regulation
Tradable Assetsforex, commodities, indices, stocks, and cryptocurrencies
Demo AccountAvailable
Minimum Deposit$100
LeverageUp to 1:500
Spreadfrom 1.8 pips (Elite account)
from 1.5 pips (Elite Plus account)
from 0.5 pips (VIP account)
Trading PlatformMT5
Customer SupportContact form
Phone +91 224 1703 098
Email: info@fxmills.com, support@fxmills.com

FXMILLS Information

FXMILLS, established in 2023 and operating under FXMILLS Capital House Limited, is a Saint Lucia-registered forex broker. The brokerage offers a range of trading instruments, including forex, commodities, indices, stocks, and cryptocurrencies. FXMILLS meets the needs of various trader profiles through its three account types: Elite, Elite Plus, and VIP, with minimum deposits ranging from $100 to $10,000. Utilizing the MT5 platform, FXMILLS demonstrates a commitment to advanced trading technology and user experience.

The broker's approach to trading emphasizes regulatory adherence and informed trading, highlighting the risks and rewards inherent in financial markets. While globally oriented, FXMILLS does not provide services in several countries including the US, Cuba, Iraq, Myanmar, North Korea, and Sudan, as a result of local regulatory constraints.

FXMILLS' homepage

Pros & Cons

ProsCons
  • Offers various trading products
  • Not regulated by a recognized authority
  • Multiple account types with competitive leverage up to 1:500
  • Limited investor protection measures
  • No commissions on trades across all account types
  • Not providing services to several countries including the US and North Korea
  • Provides a MetaTrader 5 trading platform with advanced features
  • Lack of educational resources
  • No swap fees for the Elite Plus account

FXMILLS offers a range of trading products suitable for various traders, from Forex to stocks, backed by the popular MT5 platform. Their account types satisfy different levels of traders, offering high leverage and no commission trading. They do not charge swap fees for their Elite Plus account, which could be attractive to traders who hold positions overnight. However, as they are registered in a jurisdiction that does not provide stringent regulation, risks during trading cannot be oversighted.

Is FXMILLS Legit?

FXMILLS, known legally as FXMILLS Capital House Limited and registered in Saint Lucia (registration number 2023-00263), does not fall under the oversight of any renowned financial regulatory body. This lack of regulation can be a significant concern as it implies that FXMILLS does not adhere to the strict standards set by authoritative financial regulators, which are tailored to protect investors and ensure fair trading conditions.

The major downside of trading with unregulated brokers like FXMILLS is the absence of guarantees regarding the security of invested funds and the integrity of trading operations. Without regulatory supervision, the broker's operational practices, financial transparency, and commitment to ethical trading standards remain uncertain.

Market Instruments

FXMILLS claims to provide 2,000+ trading instruments.

Forex: FXMILLS offers access to the foreign exchange market, a vast and dynamic arena for trading national currencies. This market is known for its high liquidity and operates 24 hours a day during weekdays, presenting opportunities for trading major, minor, and exotic currency pairs.

Commodities: Traders at FXMILLS can engage in the commodities market, involving the buying, selling, or trading of raw products. Key commodities available for trading include oil and gold, along with other metals. This market is often used for hedging against inflation or currency devaluation.

Indices: The platform provides the ability to trade indices, which are measures of the price performance of a group of securities using standardized metrics. Indices trading at FXMILLS include major global indices, offering insights into the broader market trends and sector performances.

Stocks: FXMILLS allows for the trading of stocks, enabling clients to buy and sell shares of companies listed on various stock exchanges. This segment offers the potential for profit through capital gains and dividends, and it reflects the performance of individual companies and sectors.

Cryptocurrency: The brokerage also appeals to the growing interest in digital currencies by offering cryptocurrency trading. These digital or virtual currencies, based on decentralized networks using blockchain technology, include popular options like Bitcoin and Ethereum.

Market Instruments

Account Types

FXMILLS offers three distinct account types: Elite Account, Elite Plus Account, and VIP Account.

Elite Account

Minimum Deposit: $100

Maximum Leverage: 1:500

Minimum Spread: 1.8 pips

Elite Plus Account

Minimum Deposit: $500

Maximum Leverage: 1:500

Minimum Spread: 1.5 pips

VIP Account

Minimum Deposit: $10,000

Maximum Leverage: 1:500

Minimum Spread: 0.5 pips

Additionally, FXMILLS also offers demo accounts, a valuable feature for new traders to practice and hone their trading skills in a simulated, risk-free environment.

Account Types

Leverage

FXMILLS provides its traders with the opportunity to significantly amplify their trading positions by offering a high leverage ratio of up to 1:500. This level of leverage enables traders to control a large amount of capital with a relatively small investment, increasing the potential for substantial profits even from small price movements in the market.

However, it's important for traders to understand that while high leverage can increase the potential returns, it also raises the risk of higher losses. Therefore, it's crucial for traders at FXMILLS to employ careful risk management strategies and consider their individual risk tolerance when utilizing such high leverage. This feature makes FXMILLS an attractive option for experienced traders who are capable of managing the inherent risks effectively.

Spreads & Commissions

FXMILLS offers a range of account types, each with distinct spreads and commission structures:

Elite Account

  • Spread: from 1.8 pips
  • Commission: No

Elite Plus Account

  • Spread: from 1.5 pips
  • Commission: No

VIP Account

  • Spread: from 0.5 pips
  • Commission: No

FXMILLS's spread and commission structure is tailored to accommodate various trading preferences and strategies. The absence of commission on trades across all account types makes the platform appealing for those looking to minimize trading costs. However, SWAPS are charged, and the varying spreads across account types suggest that more premium accounts offer tighter spreads, which can be beneficial for high-volume traders or those looking for more cost-efficient trading.

Other Fees

FXMILLS has a distinct approach of other fees for its different account types:

SWAPS (Overnight Interest Fees)

  • Elite Account: SWAPS included
  • Elite Plus Account: No SWAPS
  • VIP Account: SWAPS included

These SWAPS or overnight interest fees are particularly relevant for traders who hold positions overnight. The inclusion of SWAPS in the Elite and VIP accounts indicates that traders using these accounts will incur additional costs for holding trades overnight. Conversely, the Elite Plus Account exempts traders from these fees, offering a cost-saving advantage for those who frequently hold positions open for more than one day.

The impact of SWAPS can significantly influence the profitability of trades, particularly in markets where the overnight interest rates are high.

Trading Platform

FXMILLS utilizes MetaTrader 5 (MT5) as its primary trading platform, offering a versatile and comprehensive trading experience. The MT5 platform is distinguished by:

Comprehensive Trading Features: Ideal for trading Forex, Stocks, and Futures, MT5 encompasses a wide array of analytical tools and resources essential for both technical and fundamental market analysis.

Enhanced Charting Tools: The platform provides extensive charting capabilities with an unlimited amount of charts and 21 different timeframes, attending to detailed analytical needs.

Diverse Position Accounting Systems: Supporting both Netting and Hedging, MT5 offers traders the flexibility to adapt their trading strategies according to their preferences.

Integrated Forex VPS: This built-in feature ensures a stable and efficient connection, particularly beneficial for automated trading strategies.

Cross-Device Accessibility: MT5's availability for download on various devices ensures that traders can stay connected to the market from anywhere.

MT5

The MT5 platform's robust and advanced functionalities make it an excellent choice for a range of traders, accommodating different trading styles and preferences. Its blend of advanced charting, analytical tools, and a built-in Forex VPS highlight its standing as a top-tier trading platform in the financial markets.

Customer Support

Contact form

Phone: +91 224 1703 098

Email: info@fxmills.com, support@fxmills.com

Registered Address: Ground Floor, The Sotheby Building, Rodney Bay, Gros-Islet, Saint Lucia P.O Box 838, Castries, Saint Lucia

Physical Address: Shop No 138, First Floor, Raghulela Mall, Behind Poisar Depot, Kandivali West, Mumbai-400067

Contact info

Conclusion

In conclusion, FXMILLS' strengths include a wide array of trading instruments across various markets, utilization of the MT5 platform, various account types with high leverage, and commission-free trades. This makes it appealing for a range of trading strategies and experiences. The provision of a demo account is a positive feature for new traders.

However, the absence of regulation by a recognized authority is a significant concern, casting doubts on investor protection and fund security. This unregulated status may lead to uncertainties in the broker's financial and operational transparency. Lack of educational resources further diminish its appeal, particularly for novice traders.

FAQs

What types of trading instruments does FXMILLS offer?

Forex, commodities, indices, stocks, and cryptocurrencies.

Is FXMILLS a regulated forex broker?

No, FXMILLS is not regulated by any recognized financial authority.

What trading platforms are available at FXMILLS?

MT5.

What is the minimum deposit requirement at FXMILLS?

$100.

Can traders from the United States open accounts with FXMILLS?

No, FXMILLS does not provide services for citizens/residents of the United States, Cuba, Iraq, Myanmar, North Korea, and Sudan.

Risk Warning

Online trading poses substantial risks, with the potential for complete loss of invested capital, rendering it unsuitable for all traders. It is imperative to comprehend the inherent risks and acknowledge that the information provided in this review is subject to change due to continuous updates in the company's services and policies.

Review 5

5 Comments
Write a comment
All(5) Latest Positive(2) Exposure(3)
Exposure
FXMILLS makes it difficult for customers to withdraw money
ID: 23596, FXmills floor, I was solicited by this group to join the exchange from January 8, 2024, with a capital of 2040$, to receive dividends from the stock code DEQ, but when dividends were distributed, the floor counted them. The closing price and the order entry price were wrong, so my dividends were deducted. Luckily I closed quickly or my account would go negative. Then I called the support staff, Lam Nhat, and it couldn't be resolved. I had to regret losing money because the floor was dirty. From then on until January 30, 2024, I made a profit and principal transaction of $3621.19. I placed a withdrawal order of $3620.65 from 10:00 pm on January 30, 2024, until February 2, 2024 I still have not received the money back to my account. After talking with support person Lam Nhat, he told me to call the floor to ask. Then someone called me at 0598400723 and said that the withdrawal transaction was slow due to going through some withdrawal gate and the fee was very high, up to 40%, so they told me to follow their method to withdraw without any fees. This person told me to buy and sell 0.3 lots of COTTON code. After 15 minutes, these 2 orders will be cleared. I still didn't trust it so I didn't follow through and called the support hotline number: 1900252238 to verify if the floor staff was correct. The floor agent told me to check, then the next day they still didn't call back to confirm whether it was someone from the floor or not. I called back the switchboard but couldn't get through. At that moment, the deposit and withdrawal support staff called me and urged me to enter 2 buy and sell orders of 0.3 lot code COTTON so they could help withdraw the money. Because I couldn't contact the operator to verify this employee, I had to accept the order as they said. After I entered the order, the status was negative $4,500, but now it's still hanging and I don't dare to cut it. After that, my support person told me that if I wanted to withdraw money, you have to deposit another $4,500 to balance the negative balance, and then withdraw the money. I found it very unreasonable and did not follow it. So I hope ADDMIN WiKIFX can help me get back the $3620 that FXMILLS deliberately did not let me withdraw. Thank you very much. Through this, I also hope that everyone will boycott these Scam floors and Scam teams, and then they will also receive retribution for stealing customers' dirty money.
FX2783203464
02-05
Exposure
The exchange staff deliberately did not allow money to be withdrawn and caused difficulties.
I was solicited by this group to join the exchange from January 8, 2024 with a capital of $2,040, with the intention of receiving dividends from the stock code DEQ, but when the dividend was distributed, the exchange incorrectly calculated the closing price and the order entry price. so my dividends were deducted. Luckily I closed quickly or my account would go negative. Then I called the support staff, Lam Nhat, and it couldn't be resolved. I had to regret losing money because the floor was dirty. From then on until January 30, 2024, I made a profit and principal transaction of $3621.19. I placed a withdrawal order of $3620.65 from 10:00 pm on January 30, 2024, until February 2, 2024 I still have not received the money back to my account. After talking with support person Lam Nhat, he told me to call the floor to ask. Then someone called me at: 0598400723 and said that the withdrawal transaction was slow due to going through some withdrawal gate and the fee was very high, up to 40%, so they told me to follow their method to withdraw without any fees. This person told me to buy and sell 0.3 lots of COTTON code. After 15 minutes, these 2 orders will be cleared. I still didn't trust it so I didn't follow through and called the support hotline number: 1900252238 to verify if the floor staff was correct. The floor agent told me to check, then the next day they still didn't call back to confirm whether it was really someone from the floor or not. I called back the switchboard but couldn't get through. At that moment, the deposit and withdrawal support staff called me and urged me to enter 2 buy and sell orders of 0.3 lot code COTTON so they could help withdraw the money. Because I couldn't contact the operator to verify this employee, I had to accept the order as they said. After I entered the order, the status was negative $4,500, but now it's still hanging and I don't dare to cut it. After that, my support person told me that if you want to withdraw money, you have to deposit another $4,500 to balance the negative balance, then withdraw money. I found it very unreasonable and did not follow it.
FX2783203464
02-05
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