FXM Trader review – 5 things you should know
Claims made by FXM Trader are hard to comprehend, let alone to discuss. It’s desperately trying to convince people that it’s worth dealing with unregulated entities, but we’ll elaborate on this later in the review. We believe the broker may as well be just another scam scheme, and we are going to explain why we claim so in the full FXM Trader review.To get more news about fxm traders review, you can visit wikifx.com official website.
FXM Trader REGULATION AND SAFETY OF FUNDS
FXM Trader proudly announces it’s unregulated and then tells why he chose not to pay for a license. We think it’s either trying to cut its own expenses or leaving the door open for fraud, but in any case, it’s a broker you should avoid.
Now, let’s discuss some ridiculous claims. FXM Trader states that some regulated brokers are not allowing clients to trade with the market trends- a blatant lie. It also states that the regulated brokers are offering fewer products- another blatant lie. Finally, it states that regulated brokers are not allowing short (Sell) positions- probably the most stupid proclamation we’ve ever heard. Those things considered, we confirm that the broker is openly misleading customers while very likely trying to take them for a ride. Most importantly, though, your funds will be at risk because FXM Trader is unregulated.
Dealing with an unlicensed broker is a no-no because it’s actually anonymous and not held responsible for its actions. In fact, FXM Trader can do whatever it wants with your account, and if it takes your money out of its country, then even the authorities won’t be able to locate it, let alone retrieve it. In contrast, most regulated companies worldwide are forced to store your money in segregated accounts so that it’ll be used for its planned purpose only and not misappropriated. It should be clear what does it mean to deposit with an unregulated broker.
Avoid the suspicious FXM Trader and check the high-rated EU brokers and British brokers instead. The European brokers are safe and properly regulated, but we also recommend them due to the deposit insurance funds. Namely, if you trade with CySEC brokers, you can get up to €20 000 in compensation, while the British protections are even up to £85 000.
FXM Trader TRADING SOFTWARE
FXM Trader comes with a Webtrader that’s visually looking good, but it can’t deliver any advantages over MetaTrader, for example. That being so, we’d like to offer the MetaTrader4 brokers and MetaTrader5 brokers topping the lists instead. We recommend both MTs because the platforms are market leaders packed with advanced indicators, excellent charting tools and sophisticated features such as algorithmic trading.
The EUR/USD spread delivered by the platform is 0.6 pips most of the time, which is a favourable rate nonetheless. However, the regulated brokers are offering pretty much the same tight Buy/Sell difference, so dealing with FXM Trader is still not a good idea.
The default leverage is 1:200, and clients can’t do anything with it- lower or increase it if they want to do so. Well, 1:200 is a risky ratio nonetheless, so FXM Trader is knowingly pushing clients into a dangerous market environment where they can easily lose all of their funds. Beware.
As it’s too dangerous, leverage is restricted by many regulators worldwide. Namely, licensed EU, British and Australian brokers have to limit retail clients to 1:30 for FX majors, while Canadian brokers and US brokers to 1:50. Most of the high-leverage brokers are either poorly regulated or not at all, and contrary to the broker’s laughable statements, you should be careful with them.