MarketFXM Review: Anonymous Online Trading Brokerage
According to its website, MarketFXM is a top-rated broker that has won multiple awards and is committed to providing its customers with exceptional service.
Their customers, they say, come first, and they work hard to earn their trust by giving them a wide range of account options, the most up-to-date trading platforms, innovative resources, and expert guidance in the field of foreign exchange trading. It may sound good, but it's a deception.
MarketFXM is actually a bogus brokerage that will steal your money if you deposit with them. In this MarketFXM review, you'll learn the reasons for our confident claims.
MarketFXM Review - Avoid MarketFXM.Com at Any Cost
Traders can find a broker like Marketfxm everywhere. All of these businesses are unregulated and run out of various offshore "safe havens," but they all use similar tactics to trick traders into thinking they are genuine so that they may steal their money.
The absence of proper regulatory control, questionable provisions in the company's Terms and Circumstances, and unfavorable or even downright unsafe trading conditions are just a few of the warning signals that should make you hesitant of working with a particular broker.
MarketFXM Reliability? License and Security
A warning was issued by the United Kingdom Financial Conduct Authority (UK FCA) on September 7, 2022, stating that MarketFXM is offering unlicensed financial services or products in the United Kingdom. Check out FCA site for further information.
The broker that we are looking into does not hold a license of any kind. Because of this, you should not have any expectations that it will be able to give you the same level of service that customers of reputable forex brokers are able to take advantage of.
We believe that as many as nine out of every ten unregistered brokers have no interest in actually conducting business as Forex brokers, so it's possible that this organization is also a scam. They are only interested in taking your money.
These businesses never stop asking their customers for additional deposits, and they don't stop until those customers are fully drained of all their money. A broker's dedication to providing you with excellent service is no assurance that it will succeed in the harsh environment of the Forex markets.
Even the rare legitimate offshore broker has a short life span before it goes under, with the money of its clients going with it. Here are a few examples of offshore brokers who engage in fraudulent activity:
SagaTrade: Because SagaTrade is an unregulated broker, the safety of your funds cannot be guaranteed while they are held by them.
TriumphFX: Avoid investing with this shady broker because they don't have a license and operate illegally.
Kiplar: Since Kiplar is an unregistered brokerage, your money is not secure with them.
MarketFXM Trading Platform Available
With regards to trading platforms, MarketFXM provides access to both Metatrader 4 and 5—the two platforms that have shaped an era of traders with cutting-edge tools like automated trading and numerous others.
The problem is that you can get this exact same platform from the official MetaQuotes website, and it is a stock version. Because of this, interacting with the broker to make a trade is impossible.
Offshore companies frequently engage in software manipulation in order to provide the impression that their clients' funds are actively being traded when, in reality, this is not the case. Steer clear of such organizations and instead deal only with their licensed competitors, who can provide you with access to the platform.
Deposit and Withdraw Methods
Marketfxm will only accept deposits made through wire transfers as a method of payment. Scammers do this rather frequently since they are always looking for new methods to prevent their victims from withdrawing money from their accounts.
Due to the fact that the mode of the deposit that the company accepts does not qualify for a chargeback, a customer in this situation will be unable to pursue a chargeback. When dealing with individuals that require wire transfers, exercise extreme caution.
The company requires a minimum deposit of $200, which is an unreasonable amount. This is significantly greater than the typical micro account fee that you would pay to a reputable company, which is no more than $10 at the most.
Scammers like MarketFXM use high entry prices to ensure that their victims deposit as much money as possible on their very first transaction with them. These scam artists are aware that it is feasible for their victims to figure out that they are being taken advantage of, so they use this tactic.
When it comes to withdrawals, there is a $100 minimum (which is a restriction that is inherently unfair), but there is no fee for any transaction (no fees). Having stated that, we want to bring to your attention the fact that Marketfxm has been proven to be a fraudulent company, and as a result, you should not anticipate receiving any withdrawals! The MarketFXM broker should be avoided at all costs.
Bonuses and Promotions
MarketFXM offers the following bonuses and promotions: deposit bonus, credit back bonus, referral bonus, and IB. Brokers that encourage you to deposit more or invite a friend to earn more is a sign of being a scam broker. Think twice before accepting any promotions. Moreover, avoid signing up with these brokers.
How Does the Scam Work?
Online users might find a large number of deceptive adverts posted by scam artists. They intend to steal from as many individuals as possible, thus they are trying to draw a crowd.
Once you click on the link and provide them with your mobile number and email address, they will call you right away and make whatever promises that are required to persuade you to make a payment with them as quickly as possible. If a scam artist is any good, they'll be able to manipulate you into giving them access to your bank account before you know it.
If you do not want to get into trouble, under no circumstances should you share this information. Theft of one's identity is yet another danger that may materialize and lead to plenty of additional complications.
Without regard to the final outcome of your dealings, the scam artists will keep asking for more and more money. They would argue that increasing your investment would be the best way to compensate for any financial losses you may have had as a result of trading in the market. If the deal was going well, they'd try to talk you into putting in more money to make even more money.
The minute you make a request for a withdrawal, problems will begin to surface. Scammers will use intimidation tactics like demanding payment before allowing you to withdraw your money. Constant demands for deposits will be made by the scam artists until you comply with one of their requests.
If you are pressured into making an investment, it is most probably a scam because legitimate businesses will not call you and urge you to make a deposit.
