Beware! Firmarkets 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.
There are two types of brokers out there in the investment service jungle- those whom you can trust and those you should definitely avoid. Firmarkets is a fine example of the second species.
First of all Firmarkets present itself as an USA regulated investment intermediary with address in San Jose California. A quick check showed that there isn’t such an address and a street named Ford Street in San Jose.
The discussed investment agent isn’t registered at all, there aren’t any traces of Firmarkets in NFA, CFTC or other regulatory body in the US. We couldn’t find Firmarkets in any regulatory organization around the world including FCA and CySec, either. It is fair to say that you should avoid Firmarkets at any cost even if they pledge that you will be e millionaire by the end of the year.
Firmarkets gives a lot of pledges and hopes. Up to 90% win rate, easy to use, risk-free trading, up to 800% weekly gains and more. They claim to offer a wide variety of products and services but this isn’t the case and later on in the review will be explained why.
Firmarkets actually does not offer any trading services. You cannot open a Metatrader account with them, there isn’t any web trading platform either. The only thing you are asked to do is to register and deposit money, and then wait. They claim they will multiply your deposit within days which is concerning. Firmarkets is a scam and the only purpose is to defraud the novices in finance and trading.
FIRMARKETS REGULATION AND SAFETY OF FUNDS
Browsing through the website provided does not give enough information to conclude that Firmarkets is a legitimate company complying with the local and international law. As we already pointed out the contact address they presented is a non-existent place in San Jose which is a major cause for concern.
Their “Terms and condition” section gives us much more information but not in the way you would think. The text is barely related to trading and investment at all. It is related to “tournaments”, “games of skill” and they claim that “The Company is licensed and regulated under e-gaming in the British Isles by the Isle of Man GSC”. But the name of the company is not stated, which “company”, we still don’t know. Further in the document there is a risk warning that “Prices of a stock, commodity, currency or index can be highly volatile and difficult to predict” and nothing else linked with the matter. Also the so-called “The Company” will not be liable in any way to any customer in the event of force majeur. Naturally for Firmarkets force major circumstances are not fully detailed, so Firmarkets might at any given moment even refuse money withdrawal.
The whole T&S section is untrustworthy, poorly written, probably with the assist of Terms and Conditions Generator.
Avoid Firmarkets, it is pure scam.
FIRMARKETS TRADING SOFTWARE
As already mentioned Firmarkets does not offer any type of trading. Once the customer open an account with them the only option is to simply “make deposit”. They do not offer any trading platform such as Metatrader or web trading. There aren’t different types of accounts offered, the customer is limited simply to a deposit account. It is not clear who manage the account and what type of transactions are made on your behalf, if any at all. On FAQs page there is an “interest” mentioned but no further explanation given about the “interest thing”. Here is a screen of the Dashboard so you can picture it yourself better. If by chance you registered an account with them make sure you do not press “make deposit”. It’s a scam and you risk losing the money you set for investing.
FIRMARKETS DEPOSIT/WITHDRAW METHODS AND FEES
There are three ways to deposit cash- through Western Union, MoneyGram or Perfect Money. You can also make bitcoin payment. Credit or Debit cards are not accepted, other money transfer platforms such as Skrill or Netteler are also unavailable, despite their logos being shown in the bottom of the webpage. Once you click on “make deposit” you are limited only to wire transfer. At least your bank card is safe.
While you provide your details about the money transfer you click on a button “order payment details” and then get the message that you will receive money transfer instructions in your e-mail, but as a surprise they do not reply instantly.
Withdrawal seems quick and easy if you take their FAQs page for real. They say you can withdraw all profits, at any time while they claim “there are no risks in any investment programs”. Do they offer “investment programs” among which you can choose? Not at all. Do they even give you an idea what stands behind “program”? Not at all.
Curiously they offer Paypal and bank wire transfers as withdrawal methods. If you registered and even intended to deposit money the messy procedure should make you reconsider before sending them any sum.
Firmarkets is a scam, avoid it! All about that “investment agent” is poorly made in unprofessional manner. It looks more like a cheap website, bought for a few hundred bucks with the intention to deceive people who are ready to invest and want to become rich in a blink of an eye. The fraud scheme of Firmarkets is of poor quality and is very easy to recognize Firmarkets as a scam even if you are inexperienced trader or investor.
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.