FX TradeMarket Review – 5 things you should know about Fxtrademarket.com

FX TradeMarket Review – 5 things you should know about Fxtrademarket.com

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Beware! FX TradeMarket is an offshore broker! Your investment may be at risk.

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FX TradeMarket is a forex brokerage, situated in Estonia. It is owned and operated by Ingoten OÜ. Potential clients have at their disposal a web-based trading platform and a diverse range of trading products. The spread on EUR/USD is especially low – it’s about 1 pip which is significantly below the industry average.

FX TradeMarket regulation & safety of funds

The state address of the company Ingoten OÜ is in the country’s capital. The broker’s website mentions that the company falls under the regulatory oversight of Estonia’s MTR, however, this is far from correct. The MTR is actually the country’s commercial registry where the company is listed, which falls very short from actual regulation. In fact, the MTR has no authority to regulate or issue licences to forex brokerages in Estonia. The information presented on the website is willfully misleading. Such devious tricks incline us to state that potential clients of the brokerage may be open to a number of risks.

Prestigious regulatory agencies, such as the UK’s FCA and CySec, require compliance with a number of strict rules that give significant assurance for the security 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 losses will be covered in the unlikely case the broker goes bankrupt or attempts to swindle traders.

FX TradeMarket deposit/withdrawal methods and fees

Potential clients of the brokerage  may deposit or withdraw only via  MasterCard, bank/wire transfer and Visa. Popular options such as Neteller, Skrill or Bitcoin are missing.

There are, however, withdrawal conditions – if you wish to withdraw they must meet a turn-over requirement of at least ten times the initial deposit amount. Furthermore, if you have deposited less than $5000 into you account you’ll be allowed to withdraw only once a month. We came across a procession fee as well – a flat $25 for all withdrawals. On top of all this the brokerage also states that it reserves the right to cancel a withdrawal if the account is under suspicion for fraud or to levy a bigger procession fee if it has been dormant for more than a month. To be frank – this brokerage has among the most troubling withdrawal conditions we have seen.

Traders should take notice that there are a number of safety-checks they may try with the brokerage, instead of trusting it at face-value. Firstly, they must always invest only the required minimum deposit, so that there is certainty about the legitimacy of the brokerage, before risking a bigger amount. Afterwards, they may also try to withdraw a small amount in order to check for any unexpected fees or delays. If they do – traders may rest assured that they’re dealing with a scammer.

How does the scam work?

One of the best trust-creators in the trading business is the regulatory status of a brokerage. It distills confidence and almost completely removes the risk that the brokerage might be a scam. Nevertheless, we may not always rely on regulation and traders should be informed about the ways of scamming:

Almost certainly you have had pop-up ads waving “quick money” at your face while browsing the internet many times. One day, you simply click on it and a nice-looking website such as Crypto-unlocked or Cryptodukes shows up asking you to register. After sharing your personal information, a call from a broker will undoubtedly come, a broker with a once-in-a-lifetime opportunity for you. After a few minutes of him gabbing about it , you decide to deposit some $200-250. From those few hundred bucks the broker gets a fat commission.

However, brokers are surely aware they can hustle more out of you. They redirect you to the “retention” where next in line scammers begin working you into putting even more. After making the mistake of investing even further, you’ll begin wanting to get out of this and withdraw what is left of your account.

Now comes the “recovery” part of the scam. After stating that you wish to withdraw your money, the scammer will begin pleading with you to wait it out, six months at the most. What they aim at is barring you from filing a chargeback with your bank. If six months expire, that option is closed and your money is gone for good.

What to do if scammed?

We wish no trader has to consider such circumstances, however, in the dire case you are scammed – it is much better knowing what available options you have in front of you:

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 switch it asap!

Beware of potential calls from self-described “recovery agencies”! They prey on scammed and vulnerable traders who are desperate and ready at anything to somehow recover their losses. They will say that in exchange for an up-front payment, you will get your money back, but no such thing will occur!

Rich Snippet Data
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Reviewed Broker
FX TradeMarket
Broker Rating
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2 Comments

  1. Thank you for this helpful and sincere information.i am a victim of FX trade market scam. I can’t seem to locate their office in London. I don’t know what to do now.pks could you kindly sky advise me on what to do next but again thank you for all your helpful info

    1. Hi Noor yes looks like I have been scammed for a large amount. Do not think they have a London office, have gone to Bank and issued a chargeback but I do not hold out much hope, they phone with a 020 number but a friend told me that its all done through a robot system and they could be anywhere in the world whether thats true I do not know. If you paid by debit/credit card ring your bank they may be able to help you

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