Beware! Fxg.market is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Fxg.market is broker that we can tell your from now, is up to no good. Just by the name of it, you should be getting an idea of what we have to say about it. The visual aspect of the website is familiar, and has a certain overused template feel that we just can’t get over. This coupled with the texts and the sub-pages all feels off. Read the review to see what we found about this one, and to answer your question of should you deposit in Fxg.market.
The opening of an account was a simple process which required very few details. The leading client dashboard quickly disappointed us, as it is very lacklustre, with no personality what so ever.
The web based trading platform gave us a EUR/USD spread of 2.5 pips on average, a value that is in no way lucrative for anyone but to the broker. The leverage cap was 1:10, and we had no way of changing it. The assets that can be traded with are crypto, forex pairs, shares, and indices.
The user cannot change the language of the site. Only English is available.
FXG/MARKET REGULATION AND SAFETY OF FUNDS
According to the Terms and Conditions, the broker goes under the laws of Cyprus, which is where the famous CySEC reigns. This is one of the worlds top financial regulator without which the industry would not be the same. We doubt that a broker such as Fxg.market is regulated by it, and it isn’t.
Overall, this is the only real piece of information concerning a potential regulation. The website lack any clear licensing info, and so, from what we have to work with, we can claim with reason that Fxg.market is UNLICENSED, making it a risk to all invested capital.
Traders should be trading with risk-free brokers, that hold licensed from renowned and austere agencies, like the FCA or CySec , which have made a name for themselves as some of the top regulators. Readers should be aware that both agencies have adapted very strict rules of conduct, and their licensing framework guarantees safety and security for all clientele. A good example of this is the segregation of accounts which assures that client money and broker money are kept in separate accounts. Furthermore, FCA/CySEC brokers participate in a financial reimbursement scheme that cover traders losses in case the broker becomes insolvent. The FCA provides up to 85 000 pounds per person, while CySEC guarantees up to 20 000 euros.
We stumbled upon a small provision which said that the broker can share information with business partners. What this info is, we do not know, however something tells us that it just might be client personal info. What’s more, these so called business partners, no one knows about, and as such can be other shady individuals and firms.
FXG/MARKET TRADING SOFTWARE
The trading software, which should have been the Sirix webtrader, was actually some sort of proprietary web terminal. Once we registered, we accessed it through the top right corner of the site, which took us some time to find.
Overall, not the most visual pleasing nor optimal software.
As you can see for yourselves, the only offer here are the pending orders and the stop loss option. The chart customisation is very limited and unappealing. In typical illegal forex broker fashion, there is nothing for you here, and it is advisable to stick to the MT4 whenpossible.
There are commissions as indicated in the Terms and Conditions. However, there is no clear indication as to how big these commissions are, and if they are applied as per round turn or per side.
Be aware that the company will have the right to close down your open trading positions if the margin available to said user is 50% or less that the client’s open positions value. A ridiculous clause, one only for unregulated brokers.
FXG/MARKET DEPOSIT/WITHDRAW METHODS AND FEES
According to the payment area, the minimum deposit is €250.
Withdrawal requests are said to be processed within 7 days, seven working says that is. As is expected, the Terms and Conditions mention that there are some sort of fees that come with the usage of the service of the site, but it keeps all the important details to itself. Keep in mind that these fees are also applied to deposits.
If, for 6 straight months, there has not been any trading in the account of a user, the broker will charge a 5% commission of the amount in the account.
Bonuses must pass a trading volume requirement. The target to be reached is equal to one standard lot for every $5 of the bonus.
With all revealed about Fxg.market, the following indemnification clause is the one thing that puts it all together. With its presence it cannot be harmed, and is not liable for any thing is does to its users. The following attached clause is but a taste; there are other instances in the Terms and Conditions where the company keep it on the safe side and mentions that it is not to be held liable for multiple things.
These clauses should be enough to set your mind straight, and keep you away from this broker! If that was not enough, then look to the missing regulation, the high spread, or the boring trading software; more than enough evidence has been laid out in this review. The conclusion is that should you deposit, this money will never be seen again.
How does the scam work?
The usual scam operates on a multi-level, though very basic model. The users will be tempted to click on an Internet ad promising quick and easy profits. If they do, it will take them to a website that will ask for their personal details, including email address and phone number. Once they submit this information, an avalanche of emails and phone calls will be unleashed. Scammers will promise the world to these potential traders in order to induce them to make an initial deposit between $200 and $300.
These “brokers” will get a fat commission from the deposited sums and will transfer the unsuspecting users to “senior” scammers. The latter are smooth talkers who will try to persuade users to invest more funds, using phrases like “now is the right time” and “the moment is perfect for making hefty profits”. Of course, these are empty words, and traders will soon have doubts whether they have not been played.
When they try to withdraw their money, these doubts will be confirmed: the con-artists will do anything to deny or at least delay their withdrawals. From trying to convince the traders that they are making a big mistake to withdraw funds now because they will lose big profits, to asking for additional documents or citing clauses in the accepted agreements, to transferring you to another department, there is a single objective to delay the users from filing for a chargeback with their financial institution and lose any chances of recovering their money.
What to do when scammed?
Anyone can fall prey to such a scam. In the unfortunate event this happens to you, there are a few things you can do. If you deposited using a credit card you should immediately file for a chargeback. In an effort to combat online fraud VISA and MasterCard have extended the period in which one can file a chargeback to a year and a half, so there is a big chance that you may be able to recover your funds. If however, you used a bank wire or bitcoin to deposit, chances to get your money back are almost none.
We should also warn against “recovery agencies” who prey on victimized traders by claiming they can recover their funds. These scammers will ask you to pay a fee for this service, but will only take your money and do nothing.