FXCM broker review, how does FXCM cheat you?
18 / October / 21 Visitors: 592 ★
A meaningful analysis of the stockist: cheating on the grandmother!
FXCM - An unlicensed offshore online broker considered to be highly dangerous. In this analysis, we will discuss different facets of its work, and also explain to users why this pseudo-broker has a bad reputation and is not worth your time.
The pseudo broker says that the software gives for trading purposes, but we have not managed to get access to the software even for trial work, which is already very doubtful. In this analysis, we will try to discuss these and the remaining weighty facts about FXCM - a Forex stock exchange, which we insist to bypass the tenth way.
What is wrong with the specified phone number of the All Dobroker?
Our specialists were awaited by surprises with a telephone. The phone is under the jurisdiction of the Czech Republic. One might think, what does the above-named country have to do with it? So full of secrets, and pretty little understood. After checking the number, our specialists came across a sea of bad comments that say the same thing - this is the phone of money scammers, liars who call day and night, offering their Internet services. We encourage our readers to look at the evidence.
However, this is not all the information! The same phone number is listed on the website of another similar online broker under the name Comax Invest. We do not even believe that this is not so much thought out by the fraudsters we are considering.
How does FXCM get divorced? Be on your guard!
Crooks order a sea of enticing publications on websites and social networks. The main task is to attract as many users as possible, from whom it is easy to steal currency.
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 your currency on their platform as soon as possible. Most of the breds are dexterous manipulators, but before you understand this, they will steal your personal credit card number, ostensibly to help you with the investment of currency. You are under no obligation to disclose this data if you do not want to get into unaffordable loans. And the prospect of becoming a victim of the use of private data is also possible, after which there will be even more difficulties.
Over time, crooks will start demanding more funds 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 are successful, scammers will advise you to invest more funds to multiply your income.
There will be trouble when you make an online request for a money transfer. 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. Licensed brokers will not bother you on their mobile to ask you to make an investment, which means that if a broker persuades you to invest, it seems to be extortion.
In addition, FXCM is a pseudo-broker Forex, which is a clone broker. He mows like a legitimate company, with the aim of stealing a round sum 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 money is a global problem for illegal financial organizations. They can easily fool because they know that there is no need to report to a single regulator that 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.
Failure to comply with international macro-financial requirements
Moreover, if an organization claims that it has registered divisions in Britain and Australia, which means that the company needs documents certified by the British FCA and Australian ASIC in order to provide Internet Forex services in these jurisdictions. Let's look for the presence of the online broker in the Companies House public registry on the UK administration website.
As we thought, this online broker is not on the list, so we can honestly say that it does not meet the global macro-financial requirements. FXCM divorce unceremoniously pokes brains at every turn.
Study this information in advance and find online brokers with a positive rating and a worldwide name. We advise them exclusively, as regulated firms are backed by special investment insurance funds, which act to save traders' funds if something does not happen as planned.
The bottom line is obvious: FXCM is a stock exchange trader who doesn't even need to be called a broker. This is an ordinary office, the purpose of which is to quickly lure as much investment as possible from naive traders, and then escape from the Forex market, later, when ready to appear under a new name and engage in similar fraudulent work.
The alleged official certificates and agreements demonstrated by the online broker also raise many questions. True, the documents do not turn out to be nicknamed these scanned pieces of paper. Information about the opportunities and obligations of the parties to the agreement is incorrect, information about the formation of the brand, its founders and administrators is not named. As a result, the pseudo broker does not hesitate to liquidate the user's account as soon as he pleases and will not incur any punishment for the divorce that happened.
The results are clear. FXCM is a Forex company that gives the right to use a debt account for trading and draws out more investments in order to fill the hole in the balance sheet. As a result, we can state our conclusions that FXCM is a scam, and not just a high-risk stockist, because he does not have a license. Therefore, it is clear that your finances will not be safe when you decide to make an 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, the technology of psychic influence and oppression. If you are currently in this situation, under no circumstances agree to their offers. The methods of their influence are mental, 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 regulatory legal acts, extorting money from you, they, of course, have neither grounds nor ways.
FXCM leverage: scammers extort more money
Therefore, it is already clear that this pseudo-broker does not need to be trusted, we will not consider the spread and leverage at the current time. Nevertheless, we consider it important to note the following point. Broker FXCM promises that the trader has the prospect of trading in debt with a leverage of 1 to 400.
This is an extremely dangerous relationship, which God knows when is not allowed in different states around the globe. Just because of these bans, official online brokers from the European Union and Australia are obliged to reduce the leverage to 1 in 30, while for large money firms, Canadian and American stock exchanges - to 1 in 50.
But Switzerland is considered special in this regard, as local online brokers are trusted, even if their leverage is not regulated. 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 spot quack companies as soon as you spot them. Again, an online broker that carries out legal work in the same Britain simply cannot recommend that you trade with a leverage of 1 to 400 or similar. It immediately becomes obvious that they definitely want to dissolve you, push you to take a round sum on credit, and then whistle everything.
Can you get hold of FXCM? Scam, don't risk it!
is it possible to get hold of breeders? Obviously not! The scammers promise their victims prospects that seem too attractive to be real, business schemes of easy profit growth, one hundred percent reliable, and much more. Arousing an imaginary sense of hope, scammers want to drag traders into charlatan schemes and take away their savings.
The scheme starts with promotion. Crooks run many websites and social media accounts to promote their own non-existent services. You can look at the Instagram profiles on which you can see photos of the royal lifestyle, the Maldives, luxury cars, currency and screenshots of profitable deals. This photo display creates jealousy and can stimulate naive traders, which makes it easier to get into the scheme.
After you give your own mobile number, FXCM scammers will call you all the time. Scammers promise you mountains of gold that, for example, the coordinates of the Moon and the constellation of Cancer are optimal for you to decide to trade as early as possible.
When you do this, crooks will start to dispose of your account, and suddenly you may find an unreal amount of money on your own behalf. You must be frankly glad that this is so, and probably ask to appropriate the money earned. It is a pity that the breeders will not allow this to happen, but they will begin to deftly manage you so that you invest again, guaranteeing a much more successful bidding.
A gullible trader may even dream that he is about to wake up rich and easily receive funds. Unfortunately, this will work out, and the scammers will continue to lure out more investments, until the user discovers that he is being cheated or the scammers think that they are unable to steal even more.
FXCM thieves can not hesitate to say that it is necessary to invest now in order to withdraw funds. 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.
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 know about an online broker before trying to trade with them. The bulk of online brokers are not registered or run by a shadow control center that 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 until the company obtains a registration document from an important regulator, for example:
- Cyprus Securities and Exchange Commission (CySEC);
- Financial Conduct Authority (FCA);
- Australian Securities and Investments Commission (ASIC);
An unlicensed online broker is obviously not eligible to be listed with any regulated power, so it really isn't advisable for you to invest in one. Traders definitely need to keep clear of any informal or shady financial firms. And that turned out to be FXCM.
Online broker name FXCM is a scam for neophytes!
Plus one more interesting 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 absent-minded people, on whom all this cheating is thought out, may not even see the difference at all, looking at the responses and data about FxPro, while the fake services are shoved by FXCM scammers, about whom there is currently very little data on the Internet. And this is not surprising, since during the compilation of our analysis, the swindlers' website was not even a month away.
We want to draw your attention to the fact that brokers-deceivers often use such methods, since their clients, as a rule, do not understand at all about stockists and are inclined to very easily mistake one company for another. Plus, if the psychology and brain composting pros are lying to you.
Document verification process
Verification by passing KYC involves copies of such documents:
- identity document (passport, international passport);
- a document confirming the location - most often, the last utility bill;
- a document confirming personnel knowledge - auto resume).
We have previously figured out that the FXCM scammer is an illegal offshore pseudo-broker that deliberately hides personal business data and also seeks to avoid all existing regulations. For this reason, we in no way dare to send scans of our own documents in order to unblock our own profile or personal account. For this reason, we do not advise you to do this, even for test purposes, since the risk of identity theft is extremely high.
Is there an option to test a demo account?
It is good that the data we are interested in can be dug up and without having the resources to consider the personal profile and software directly. For some reason, FXCM does not allow traders to try out a demo account or get admission to platforms, which further weakens the credibility of the broker, although it is already 0. Any verified online brokers must legally show trial versions of the platforms used. so that clients have the opportunity to make transactions with unrealistic funds and make a rational decision on whether it is advisable to maintain a serious account with this or another online broker even before investing real capital. FXCM once again points out 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 numerous official online brokers who have certified documentation and provide the best possible Forex platforms for work. Meta Trader are the favorites of the financial market, attracting advanced features such as advisors, a myriad of indicators, and convenient charting tools. In addition, the terminals contain a trading platform with more than 10 thousand programs and developments of various web developers, which is considered an indisputable plus. However, to fumble in all this will take a lot of patience.
online broker FXCM: reviews of former clients
In order to dodge a divorce from the filing of swindlers, we recommend that you 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 excellent comments with all the indicators of untruthfulness, and a couple more clients are dissatisfied with their personal experience of working with an online broker. and left unambiguous reviews about it. FXCM is by all indications a suspicious pseudo-broker, if you are now deciding whether it is profitable to invest in it, we strongly advise you not to do it, no matter how tempting manipulators hang on your ears.
If you do not want to become another victim of a fake online broker working under a fake company, each time to start, conduct your investigation, study the review, read responses, documentation, consult with experienced stockists, and only then invest. There are still too many stock market cheaters, mainly those who associate themselves with the financial Forex market. FXCM is a separate case from a dozen or even hundreds of such non-brokers.
How old is a stockist? - even our experts did not expect this!
On the website of the stockist it is said that the organization has been providing impeccable Internet services to stockists from all over the world for a long time, and the employees of the organization are famous traders with at least 10 years of experience in Forex.
The trader also claims to have several themed awards, has offices in Britain, Australia, and New Zealand, and serves more than sixty thousand active traders around the globe, it would be truly incredible if only we had reason to believe this.
Still, it's extremely easy to face facts! We check the FXCM domain name and find information that it arose on July 30, 2021 - less than 30 days ago. Did you have a presentiment of such a state of affairs? Proof before your eyes.
investing and withdrawing currency from the FXCM account
the simplest deposit is one hundred bucks, which is more in line with the exchange standards. However, as we pointed out earlier, FXCM is highly suspicious and therefore should not give the extortionists a penny until they provide 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 control, is from start to finish under their supervision, therefore, you will be able to withdraw the currency only when the 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 expect to get an even larger amount out of your wallet.
As for deposits, capable manipulators and experienced psychoanalysts will try to do everything so that you put as much currency as possible into your personal account as often as possible. In other words, in the hands of extortionists.
The working agreements are too suspiciously worded. 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 swindler does not indicate any specific amounts.
This is taken as such an indicative point, as the FXCM broker is able to decide at will to charge unacceptable fines, and you cannot refuse, as it is an unclean unregulated ill-broker that is not controlled by anyone. The trader will have nowhere to turn for help in solving the problem.
Negative balance and online broker FXCM: what does the hand of the law say?
We often talk about control and regulation, because this is the most fundamental point. This is a guarantee that the authorized firms will comply with the regulations and will not dare to break the laws, in particular, take money from their own online customers. Among other things, licensed online brokers are required to provide specific indicators of cybersecurity and, in particular, regulators of the European Union and the United Kingdom are forced to provide protection from the negative balance. Thus, traders are not able to drain more than the invested mother capital, and if their balance turns out to be negative, online brokers are obliged to return the account to 0 without additional payments.
Software for cooperation with FXCM: Forex platforms Metatrader 4, 5
FXCM claims that it provides comfortable and up-to-date online platforms MetaTrader4 and MetaTrader5 for trading, but our specialists did not dare to get access to any of the options due to the fault of KYC and AML (fight against money legitimation).
Unofficial organization www.fxcm.com - we start to investigate
To begin with, we will process all materials publicly available to us from the pseudo-broker's website, and then we will arrange this data in a simplified form for readers.
FXCM is a subsidiary of a brand believed to be based in the Marshall Islands. More specifically, the crooks named 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 deception, because the indicated territory is so unreliable that it is virtually impossible to detect this business. But we tried to find an online broker in the data array of organizations noted in offshore regions.
in this case, the FXCM cheat lied to us - no company with a similar name was found. As a result, we have not been able to find out anything about the status and ownership of the organization, and this portrays FXCM as a very unreliable Forex entity. at this stage of our analysis, we can confidently write that FXCM is a crook who does not own any widely available information about registration and regulation methods.
But even this kind of registration is considered unlicensed, because the Marshall Islands now do not have foreign exchange competencies, not talking about the state control in the Forex financial market.
Strictly speaking, the state is identified as a bait for criminals simply because of its lack of clouding and lack of regulation. Simply put, even if we could find our pseudo-broker in the data warehouse, it would not give us absolutely any guarantees and would not force the company to carry out personal work, obeying a set of government regulations. Because these laws do not exist, as well as the hands of the regulator. However, the further is only more fun.
Conclusion about FXCM: a scam for dummies
Now let's briefly recall all the points that indicate that FXCM is a fraud. And enough.
- An online broker has no registration data even in a shadow country.
- At the time of writing the review, the website of the unfavorable broker is not even a month old, this means all sorts of data about the broker - the owners' imagination.
- The online broker does not own the financial services license.
- The pseudo broker does not have a regulatory body.
- Pseudo broker addresses are false.
- 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 traders.
- Lack of option to open a trial account.
- Lack of options for software verification without the dissemination of personal data.
- There is no protection against negative balance.
- Unauthorized Leverage Number.
- FXCM is a clone broker masquerading as the popular name of another 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.
- The inability to withdraw 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. Don't get fooled!
For your safety, we have compiled a complete list of unscrupulous brokers.