Filled analysis of FXCM online broker, FXCM scam for money!
FXCM - An unlicensed offshore stock exchange that is considered quite slippery. In our analysis, we will discuss different aspects of his work, and also tell the readers why this broker has a terrible fame and is not worth attention.
Birzhevik writes that the software provides for trading purposes, nevertheless, we were not able to gain admission to the programs even for trial work, which is already very alarming. In our analysis, we will try to consider these and other significant nuances about FXCM - a Forex stock exchange, which we insist on avoiding the tenth road.
The FXCM brand name is a scam for noobs!
Plus one more interesting fact, which also did not escape our consideration - the name of the broker itself. The name is too consonant with the well-known FxPro actually operating, licensed in the United Kingdom online broker with a very good assessment of experts. Only a novice online trader or a maker in the foreign exchange business is inclined to accidentally confuse these brokerage firms, because the automatic correction in the search engines also edits the FXCM we criticize on FxPro. And the most gullible clients, on whom all this cheating is thought out, may not even see the difference at all, having monitored the responses and data about FxPro, while the FXCM scammers, about whom there is currently a lack of data on the Internet, are shoving their bounties to them. And this is not surprising, since during the compilation of our analysis, the website of the unfriendly broker did not even hit a month.
It should be noted that these methods are often practiced by fraudulent brokers, since their clients, as a rule, are completely unfamiliar with stock exchange traders and tend to very easily mistake one firm for another. Plus, if the psychology and brain composting pros are lying to you.
Is there an option to test a demo account?
It is good that it is possible to find certain data and without having the resources to try out a personal profile and software directly. For some reason, FXCM does not allow users to try out a demo account or get admission to platforms, which further weakens trust in the broker, although it is equated to 0 even without this. Any registered online brokers are forced by the rules to show demo versions of their platforms so that clients had the opportunity to work with fake currencies and make a reasonable decision in the question whether it is necessary to maintain a serious account with this or another online broker before investing real capital. FXCM once again points to deception.
A couple of suggestions about Meta Trader
Talking about the platforms, the Meta Trader 4 and Meta Trader 5 programs, taken separately, are operated by various official online brokers that have official documentation and provide the best available Forex platforms for work. Meta Trader are the favorites of the financial market, attracted by advanced features such as advisors, a myriad of indicators, and excellent charting tools. In addition, the terminals contain a trading platform with more than 10 thousand programs and developments of various web developers, which is considered an indisputable plus. However, in order to fumble in all this, you have to work hard.
Failure to comply with international macro-financial requirements
Moreover, if the legal entity assures that it has divisions in Britain and Australia, which means that the company needs permits certified by the British FCA and Australian ASIC to provide financial services on the market in these jurisdictions. Let's look for the organization's presence in the public register of Companies House on the official website of the British leadership.
As you might expect, the online broker we are reviewing has not been found in the registry, so we can confidently say that it does not comply with global macro-financial rules. FXCM cheeky bluffs at every turn.
Research this information in advance and select online brokers with a positive rating and world name. We recommend them, because regulated brokers are provided with special investment protection funds, which act to protect the money of stock exchange traders if something does not happen as planned.
The bottom line is clear: FXCM is a pseudo-broker, which you don't even need to call a broker. This is an ordinary office, the idea of which is to quickly lure out as much money as possible from naive people, and then disappear from the financial market, later, when ready to appear under a new pseudo-brand and engage in such fraudulent activity.
The alleged official certificates and agreements laid out by the fraudster equally raise many questions. True, even their scanned papers cannot be called documents. Information about the possibilities and obligations of the parties to the agreement is inaccurate, information about the formation of the brand, its founders and administrators is not named. As a result, the trader does not hesitate to destroy the trader's account if he pleases and does not incur any punishment for this scam.
And if you take a chance? Under no circumstances!
Are FXCM Licensed? Is it an offshore company? This is the most serious information you should find about an online broker before trying to trade with them. Most of the online brokers are not registered or run by a shadow control center that will not come to the aid of traders when problems arise. Remember that if an online broker steals your money, you will not be able to file a complaint about it until the company obtains a registration document from an international regulatory body, for example:
- Cyprus Securities and Exchange Commission (CySEC);
- Financial Conduct Authority (FCA);
- Australian Securities and Investments Commission (ASIC);
An unlicensed online broker is obviously not eligible to do business in any regulated country, so you really don't need to invest currency in it. It is absolutely imperative for traders to keep clear of all unlicensed or shady financial firms. And this is exactly what FXCM looks like.
How exactly does FXCM get scammed? Be careful!
Crooks order a lot of enticing publications on websites and social networks. The main task is to attract as many users as possible, from whom it is easy to steal currency.
As soon as you click on the magic button and tell the scammers your personal email and mobile phone, they will immediately call you and tell you everything you need to invest in their platform as quickly as possible. The bulk of criminals are dexterous manipulators, but before you realize this, they will trick you out of your personal credit card number, ostensibly to help you with the investment of currency. You are under no obligation to open this data if you do not want to get into heavy loans. And the prospect of becoming a victim of the use of private data is also possible, after which even more problems are formed.
Over time, crooks will start demanding more currency from you, regardless of your current balance. When you trade unsuccessfully on the exchange, you are advised to invest more funds to compensate for the losses. When you close deals with success, scammers will advise you to invest more funds to increase your income.
Trouble will happen when you make an online money transfer request. Fraudsters will try everything to make you change your mind, and they will not hesitate to indicate additional payment if you ask to embezzle funds. The spell of the swindlers is "give us your savings." They emphasize on a daily basis that you make investments without a rational basis. Genuine brokers will not bother you on your mobile to ask you to make an investment, therefore, if a broker persuades you to invest, this is most likely a scam.
In addition, FXCM is a pseudo-broker Forex, which is a clone broker. He mows like a legitimate company in order to steal currency from ignorant newcomers. The fraudster cites the good reputation of a legal foreign exchange firm in the United Kingdom to steal from unwary people.
Investment protection is a big problem for illegal financial organizations. They are able to lie without any problems, because they know that there is no need to report to a single regulator that has the right to drill them, in other words, to any legal controlling organization. And their personal information is at the same time thoroughly hidden and encoded.
The conclusions are clear. FXCM is an online Forex broker that makes it possible to trade an account with a negative balance, and lures more investments in order to fill the hole in the balance. As a result, we can say to our conclusions that FXCM is a scam, and not just a high-risk stockist, because he is not under supervision. Therefore, it is clear that your money will not be protected when you make an investment.
The deceivers will professionally bring your balance into negative, and will try to get you to remove the minus that has arisen from nowhere, the practice of mental influence and blackmail. If you have already found yourself in this situation, under no circumstances agree to their offers. The methods of their influence are mental, since at least any type of physiological terror can easily serve as a help to law enforcement agencies in order to take the trail of intruders. And to wield within the limits of normative legal acts, extorting currency from you, they, of course, have neither grounds nor methods.
How old is the broker? - even our experts did not foresee this!
The official website of the pseudo-broker states that the organization has been providing impeccable Internet services to stock traders from all over the world for a long time, and the company's employees are skilled traders with at least 10 years of Forex trading experience.
The online broker, however, claims to have several industry awards, has offices in the United Kingdom, Australia and New Zealand, and serves over sixty thousand active traders around the globe, it would seem undeniably magical. if only we had reason to believe it.
But it's extremely easy to face the truth! We check the FXCM domain name and find information that it was registered on July 30, 2021 - less than 30 days ago. Didn't you expect such a development of events? The proof is in front of your eyes.
Negative balance and pseudo-broker FXCM: what does the hand of the law say?
We talk a lot about control and regulation, as this is a very significant moment. This is a guarantee that accredited online brokers will comply with the rules and do not dare to violate the laws, for example, to extort funds from their own users. And official online brokers are required to provide accurate cybersecurity indicators and, for example, regulators of the European Union and Britain are obliged to provide protection from the negative balance. In other words, users are not able to drain more than the invested mother capital, and if their balance turns out to be negative, companies are obliged to return the account to 0 without additional payments.
investing and withdrawing money from the FXCM account
the simplest deposit is one hundred bucks, which is more in line with financial standards. However, as we pointed out earlier, FXCM is very dangerous, which is why it is not necessary to give a penny to the scammers until they provide some decent authoritative license.
When it comes to investing, the pseudo broker says it provides a variety of ways. However, we were unable to double-check this information, because it was not possible to verify their investment mechanism due to the aforementioned KYC and AML obligations. But even now it is quite clear that the program used by the fraudsters is from beginning to end under their control, therefore, you can withdraw the currency only when the FXCM fraudsters give you the opportunity to do so. This is possible in isolated situations and often when they have the absolute conviction that having achieved your favor, they expect to get an even larger amount out of your wallet.
And as for deposits, capable manipulators and experienced psychoanalysts will try to do everything so that you put as much money as possible into your personal account as often and as much as possible. In other words, to scammers.
Working agreements are too vague. We could find a huge part of the indicative information in the FAQ section. Going to the heading, our specialists saw information that the bad broker withdraws money for passivity after the third month, but the swindler does not indicate any specific amounts.
This is an indicative point as such, as the FXCM broker does not hesitate to decide at will to impose unacceptable fines, and you cannot resist as it is a slippery unregulated unregulated broker that is not controlled by anyone. The client will have nowhere to turn for help in regulating the situation.
FXCM leverage: scammers extort more money
Therefore, it is already clear that this online broker is not recommended to be trusted, we will not discuss the spread and leverage in the current time. But we want to discuss the next point. Broker FXCM notes that the trader has the right to use a leverage of 1 to 400.
This is an extremely dangerous relationship that has not been resolved for many years in different countries around the globe. It is precisely because of these prohibitions that official online brokers from the European Union and Australia are obliged to reduce the leverage to 1 in 30, while for large money firms, Canadian and American stock exchanges - to 1 in 50.
But Switzerland is considered special in this regard, as local online brokers are trusted, despite the fact that their leverage is not settled. This is why literate and liberal online traders who have the opportunity to open an account in Switzerland can safely take risks.
You should memorize the leverage limits as you will be able to spot fraudulent companies as soon as you encounter them. Again, an online broker that does legitimate work in the UK simply cannot advise you to trade with a leverage of 1 to 400 or similar. It immediately becomes clear that they definitely want to dissolve you, persuade you to take out currency on credit, and then steal everything.
Software for cooperation with FXCM: Forex Metatrader 4, 5
FXCM announces that it provides practical and up-to-date online platforms MetaTrader4 and MetaTrader5 for trading on the exchange, but our specialists did not dare to get access to any of the options due to KYC and AML (anti-money laundering).
online broker FXCM: reviews of former clients
In order to avoid a divorce from the filing of scammers, we advise you to first look at what different clients write about the organization in which you plan to invest.
Having carried out a thematic review of social networks (Facebook, Twitter, Instagram ...) and exchange sites, our experts found out that there is very little data about this organization, you can see excellent comments with all indicators of untruthfulness, and a couple more clients are dissatisfied with their personal experience of working with an online broker. and left transparent reviews about it. FXCM is by all indications a dangerous pseudo-broker, if you are now deciding whether it is profitable to invest in it, we strongly advise you not to do it, no matter how tempting manipulators hang on your ears.
If you are not afraid to become another victim of a black pseudo broker cooperating under a fake company, each time to start, conduct your investigation, look through the reviews, read responses, documentation, consult with experienced stockists and only then trade. Still, there are quite a few money swindlers, especially those who relate themselves to the Forex financial market. FXCM is a separate case from a dozen, maybe hundreds of such fake brokers.
Identity verification process
Confirmation through the passage of KYC involves the disclosure of such documents:
- identity document (passport, international passport);
- document confirming the place of residence - as a rule, the last bill for the communal apartment;
- a document confirming qualification knowledge - auto resume).
We learned earlier that the FXCM scammer is a hidden offshore pseudo-broker that deliberately does not give out personal business data, and also seeks to bypass all real norms. Of course, we in no way dare to send scans of our documents in order to get a real profile or personal account. For this reason, and we do not advise you to do this, albeit for test purposes, because the likelihood of identity theft is very high.
Fake organization www.fxcm.com - we start to investigate
For the introduction, we structure all the materials that are easily accessible to us from the website of the online broker, and then we put this data in a simplified form for you.
FXCM is a subsidiary of an organization purported to be registered in the Marshall Islands, and the crooks reported this registered address: Trust Company Complex Ajeltake Road Ajeltake Island, Majuro Marshall Islands MH 96960
And although we do not know if this is true or false, due to the fact that the aforementioned territory is so problematic that it is difficult to detect this business. But we tried to find a broker in the data array of organizations located in offshore regions.
in this case, the swindler FXCM lied to us - not a single company with this name was found. As a result, we could not find out a thing about the state and the head of the organization, and this portrays FXCM as an extremely unreliable subject of the financial market. at the current stage of our analysis, we can confidently say that FXCM is a breeder, not possessing any elementary information about registration and regulation methods.
But such registration is also considered unreliable, because the Marshall Islands now do not have foreign exchange competencies, without already talking about the regulation on the Forex financial market.
Essentially, the state is identified as a bait for criminals because of its lack of clouding and lack of regulation. Simply put, even if we found our pseudo-broker in the data warehouse, it would not give us absolutely any guarantees and would not force the company to carry out personal work, obeying a set of requirements fixed by the power. Because there are no these requirements, as well as the hands of the regulator. However, after that it is only more fun.
Can you get rich with FXCM? Scam, don't risk it!
Is it possible to fill pockets with breeches? Of course no! The scammers promise their victims prospects that look too attractive to be real, business schemes of easy profit growth, 100% reliable, and much more. By creating a false sense of hope, criminals want to entice traders into fraudulent schemes and take away their savings.
The scheme originates from PR. The crooks run dozens of websites and social media accounts to advertise their own fake services. You can look at the Instagram profiles on which you can see photos of the rich lifestyle, the Maldives, luxury cars, currency and screenshots of profitable deals. This photo display creates envy and can attract a lot of traders, which makes it easy to get into the chart.
After you leave your own mobile number, FXCM scammers will call you day and night. Scammers promise you mountains of gold that, for example, the coordinates of the Moon and the constellation of Cancer are perfect for you to start trading as quickly as possible.
Once you give in, crooks will take over your profile, and suddenly you may discover a shocking amount of money in your own name. You must really think that this is so, and, perhaps, request to withdraw the funds earned. It is a pity that the breeders will not allow this to happen, but they will begin to deftly manage you so that you will invest again, guaranteeing many times more favorable trades.
A gullible client may even dream that in the near future he will wake up rich and take funds without any problems. Unfortunately, this will work out, and the scammers will continue to lure out more next investments, until the trader discovers that he is being cheated or the scammers think that they are unable to pull out even more.
FXCM thieves can say without hesitation that they need to invest now in order to withdraw funds. At this point, it becomes clear that FXCM is a scam. From that moment on, the scammers will stop calling, and the thrown user will never see them again.
What is wrong with the official phone number of the All Dobroker?
Our specialists were awaited by surprises with a telephone. The phone is under the jurisdiction of the Czech Republic. You might think, what does the above-named country have to do with it? So full of secrets and so little understood. After checking the number, our specialists came across a huge number of condemning responses that report the same - this is a contact of money scammers, liars who call day and night, offering their financial services. We encourage our readers to take a look at the proof.
However, this is not the end! The same phone was found on the website of another similar broker under the name Comax Invest. We do not even believe that this is extremely uncalculated by the fraudsters we are considering.
Drawing conclusions about FXCM: a scam for the naive
Now let's take a quick look at all the facts that indicate that FXCM is a fraud. A lot.
- An online broker has no registration data even in a shadow country.
- At the time of writing the review, the website of the unfavorable broker is not even a month old, this means all sorts of information about the broker - a divorce.
- The online broker does not own the financial services license.
- The pseudo broker does not have a regulatory body.
- The pseudo broker addresses are not true.
- The documentation of the pseudo broker has no legal basis.
- The existence of divisions in Britain, Australia and New Zealand is fiction.
- The broker's phone number is assigned to financial fraudsters and, in addition, to another online broker.
- Bad reviews of FXCM from used clients.
- Lack of option to open a trial account.
- Lack of options for checking programs without the dissemination of personal data.
- There is no protection against negative balance.
- Illegal leverage ratio.
- FXCM is a clone broker masquerading as the notorious name of another online broker.
- Theft and subsequent use of private information is not excluded.
- The pseudo broker strips off the passivity penalty after the third month.
- Long-term moral abuse by the managers of the fake company.
- Lack of opportunity to embezzle money when a fraudster decides that you will never dare to deposit more money.
We have no doubt that FXCM is a scam. The professional rating for this non-good broker is one. Don't get fooled!