FGS Markets Review – 5 things you should know about Fgsmarkets.com

FGS Markets Review – 5 things you should know about Fgsmarkets.com

Beware! FGS Markets is an offshore broker! Your investment may be at risk.

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FGS Markets is a forex MT4 brokerage, based in Cyprus, with a striking few financial instruments. The brokerage provides both the MT4 platform and a web-based trading platform. We also see a spread of 1.9 pips on EUR/USD and a generous leverage of 1:100. The spread is a bit above the industry average, but the leverage is quite nice.

FGS Markets regulation & safety of funds

FGS Markets is owned by the company Preseplio Limited with a Cyprus address. Furthermore, from the website we learn that the company holds a licence from CySec with a reference number 369837. However, we weren’t assured from just the broker’s website and after checking with the online registry of the regulatory body – we can confirm that the information is misleading. We found no mention of the company among the list of licencees. But what most cemented our suspicion we are dealing with a scammer are the numerous complaints we found of broker’s clients claiming have been the victims of fraud. All this is very disturbing and most important of all – the lack of credible regulation exposes potential clients of FGS Markets to a number of risks.

Prestigious regulatory bodies, such as the UK’s FCA and CySec, require compliance with a number of strict rules that give significant assurance for the safety of the clients funds.

The segregation of accounts is among the rules which are especially important in the trading world, because it drastically lowers the risk of possible commingling.

Another is the participation in a compensatory scheme by which the client’s capital will be covered in the unlikely case the broker goes bankrupt or attempts to scam traders.

FGS Markets deposit/withdrawal methods and fees

Potential clients of the brokerage have a very poor choice of payment methods before them.  They may deposit or withdraw only via Bank Transfer, Maestro, MasterCard, Visa and wire transfer. Furthermore, we read in the Terms and Conditions that there are nasty withdrawal conditions. To be able to claim a withdrawal the remaining funds in your account must be at least twice the used margin. There is also an inactivity fee of $25 a month on every dormant account.  We must remind readers of all the ways a trader may test the brokerage’s intentions. Firstly, traders are advised to always put up only the required minimum deposit, instead of risking a bigger amount with no certainty. Afterwards, they may also try to withdraw a small amount in order to check for any unexpected fees or delays. Such fees and delays are usually the signs of a scammer.

How does the scam work?

Scammers mostly rely on vulnerable and easily tricked people, that is why a well-informed trader is, perhaps, their most difficult target. As such – we believe every trader should be well-versed in the ways of the scam. Here is how it would typically go about:

In most cases through clicking a tempting ad with promises for quick and easy profits, you will be redirected to a website like Crown Signals or Bitcoin Loophole where registration will require  your email and phone number. Your personal information will be immediately shared with brokers in call centers who are just waiting for fresh leads. After a few minutes on the phone listening to the whole prepared brokers pitch , you decide to deposit some $200-250. And just like that –a 25 per cent commission gets wrested from the initial deposit by the broker on the phone.

After stinging you for a few hundred bucks, senior scammers will take you up and begin pushing you to further invest. You may even budge and continue investing.  At some point, however, you’ll probably begin to consider closing the account and getting back your money.

However, now comes the “recovery” part of the scam. After stating that you wish to withdraw your money, it will be high time for the “recovery people” to take it from here. They will begin further stalling in any way possible in order to remove the last guard you may have – filing a chargeback with your bank. This options expires for good after six months or more have passed since the initial deposit.

What to do if scammed?

A scam could happen to anyone, including you, and, in such a case, it would be best to know what options are still available to you. That way you’ll be certain your reaction will be adequate and on spot.

You may contact your bank or credit card provider and file a chargeback, but only within six months of the initial deposit, as was noted above.

If however you have provided the broker with your credit card details, immediately cancel your credit card.

If you have given information regarding your online banking pass – you should change it asap!

So-called “recovery agencies” should not be trusted! Such agencies target scammed and vulnerable traders in an attempt to further swindle them into giving away their money. They will require from you an “up-front payment” in order to get your money back, but no such thing will happen!

Rich Snippet Data
Review Date
Reviewed Broker
FGS Markets
Broker Rating
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1 Comment

  1. ============================
    Translated from Spanish
    ============================

    Total FRAUD !! Terrible Experience

    Here the reasons for my experience

    They do not have offices in Mexico
    They insist too much on injecting capital into the account.
    They make you open certain basic operations so that you enter in confidence and see a certain positive balance
    They make you open more aggressive operations, which make you lose ALL your capital
    NEVER let you withdraw even a single peso $ put thousands of pretexts and bring you back and forth
    They call you ‘Account Recovery’ with the purpose that you Inject more capital to recover the lost
    And if you do … history repeats itself ..!

    Beware of FGS Markets, Think twice before you throw your denigration in this way ..!

    In my case I lost all my savings of 5 years! About $ 500,000 pesos!

    A greeting!

    ============================
    Original comment
    ============================

    FRAUDE Total!! Pésima Experiencia

    Aquí las razones de mi experiencia

    No tienen oficinas en Mexico
    Te insisten demasiado en inyectarle capital a la cuenta.
    Te hacen abrir ciertas operaciones básicas para que entres en confianza y veas cierto balance positivo
    Te hacen abrir operaciones mas agresivas, mismas que te hacenperder TODO tu capital
    NUNCA te dejan retirar ni un solo peso $ ponen miles de pretextos y te traen vuelta y vuelta
    Te llaman de ‘Recuperación de Cuentas’ con el propósito de que Inyectes mas capital para poder recuperar lo perdido
    Y si lo haces… la historia se repite..!

    Tengan Cuidado con FGS Markets, Piensenlo 2 veces antes de Tirar su deniego de esta manera..!

    En mi caso perdi todos mis ahorros de 5 años! Cerca de $500,000 pesos!!

    Un Saludo!

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