FXCM scam? How www.fxcm.com broker scams peoplePaul Roberts 10 / October / 21 Visitors: 417
Meaningful stock market review: financial fraud!
FXCM - Unlicensed offshore broker who is considered very dangerous. In our analysis, we will discuss different aspects of his work, as well as explain to readers why this broker has frightening fame and is not worthy of your attention.
Scammed by the software he provides for trading purposes, even though we haven’t been able to get access to the software even for a trial job, which is a little bit doubtful. In this analysis we plan to consider these and the remaining significant nuances about the FXCM - Forex mediator, which we advise to avoid the tenth way.
Document verification process
Confirmation via KYC requires copies of these documents:
- Identity document (passport, foreign passport);
- A document confirming the location, usually the last charge on the commune;
- Certificate of qualification - autosummary).
We have learned earlier that the FXCM fraudster is an illegal offshore pseudo-coder who purposely hides personal business data and also seeks to outsmart all existing laws. For this reason, we will not hesitate to send scanners of our documents in order to obtain a real profile or personal office. That’s why you shouldn’t do it, even if it’s for test purposes, because the likelihood of identity theft is extremely high.
Is there an option to test a demo account?
Fortunately, the information we are interested in can be found out and there is no way to test the personal profile and software directly. FXCM somehow prevents users from testing a demo account or gaining access to the software, which further weakens trust in the company, even though it is already equal to 0. Any confirmed online brokers should normally show demo varieties of their platforms, That customers have the opportunity to work with unrealistic currencies and make a rational decision as to whether to keep a real account with this or another online broker before investing real capital. FXCM points to unreliability.
Couple of Meta Trader Offers
Meta Trader 4 and Meta Trader 5 operate multiple licensed online brokers that have official documentation and provide the best possible Forex platforms. Meta Trader are favorites in the exchange trade, attracting advanced opportunities such as advisors, a sea of indicators, and professional tools for creating graphs. The terminals also contain a trading platform with more than 10,000 programs and developments of the best web developers, which is considered a recognized benefit. But it will take a lot of patience.
Name of online broker FXCM - divorce for users!
Plus another entertaining touch that didn’t escape our analysis - the broker’s name itself. The name is too consistent with the well-known FxPro is actually an active, UK-licensed online broker with more than a good expert opinion. Only a beginner online trader or a kettle in the currency business is inclined to accidentally confuse these broker firms, because as well as automatic fixing in search engines edits the FXCM we criticize on FxPro. And the most gullible people on whom all this deception is designed may not even notice any difference, prompting responses and information about FxPro, while sharing their generosity with them FXCM fraudsters about whom there is currently very little information on the Internet. And that’s no wonder, because at the time of writing our website review, the bad guy didn’t even hit a month.
It should be pointed out that these techniques are used by brokers-fraudsters all the time, as their clients are generally completely unfamiliar with the stock market and tend to take one firm for another very simply. Besides, if you’re being lied to by professionals in psychology and composting.
What’s wrong with the fake phone number?
Our specialists were expecting surprises in this way as well. The phone is for the Czech Republic. You can think, in this case, what country? There’s so much to talk about, and not much to understand. After checking the number, our specialists came across a plethora of disapproving responses that speak of a similar thing - the contact of money crooks, liars, who call up day and night, offering their financial services. We advise our readers to take a look at the pond.
But this is not all the information yet! The same phone was spotted on the website of another similar broker under the name Comax Invest. We don’t even believe that this one is far from being thought through by the crooks we’re looking at.
FXCM software: Metatrader Forex Platforms 4, 5
FXCM reports that it gives to the exchange profitable and up-to-date online platforms MetaTrader4 and MetaTrader5, but our specialists have not been able to obtain access to any of the options due to the fault of KYC and AML (fight against money legitimization).
FXCM: What does the legal right say?
We often talk about control and regulation, because this is a very fundamental point. It is a guarantee that the acrimonized online brokers will comply with the regulations and will not hesitate to defy the laws, for example, take away the money savings from their own users. Among other things, official companies are required to provide accurate cybersecurity indicators and, in particular, regulators in the European Union and Britain are required to provide protection against loss. Thus, users are not able to lose more than the invested capital, and if their balance is negative, companies are obliged to return the account to zero without any additional payment.
Investment and withdrawal of money from FXCM profile
The simplest deposit is 100 bucks, which is more in line with stock market regulations. However, as we have said before, the FXCM is suspicious, which is why you don’t give a penny to the molesters until they give them a proper, authoritative license.
In the area of investment, the pseudo-donor states that he provides a variety of ways. However, we were unable to cross-check this information because their investment mechanism could not be verified due to the above-mentioned KYC and AML commitments. But even now it is quite clear that the program used by the breeders is under their supervision from beginning to end, therefore you will be able to get the currency out only when FXCM fraudsters allow you to do it. This is possible in exceptional situations, and often when they are fully convinced that by winning your favor they will be able to steal even more money from your purse.
And as far as contributions are concerned, knowledgeable manipulators and experienced psychoanalysts will try to do everything so that as often as possible and as much money as possible will be deposited into your own account. In other words, the molesters.
The working agreements are rather vague. We were able to find a great deal of interesting information in the FAQ department. When we went into the rubric, our experts found out that a bad guy withdraws money for passivity after three months, but no specific amount of money is given by a crook.
This is a revealing moment in itself, as the FXCM broker does not hesitate to make his own decision to levy unacceptable fines, and you will not be able to resist, as it is a slippery, unregulated bad guy who is out of control. The client has nowhere else to go for help in resolving the situation.
Non-compliance with international monetary requirements
Moreover, if the firm assures that it has registered units in the United Kingdom and Australia, this means that the organization needs documents certified by the UK FCA and Australian ASIC to provide Forex Internet services in such jurisdictions. Look for an online broker in the public registry of Companies House on the official website of the British administration.
As was to be expected, this pseudo-donor is not found here, therefore we can confidently claim that it does not follow the international macrofinancial rules.
Get to know such information beforehand and find online brokers with positive rating and famous name. We recommend them, because regulated online brokers are provided with special investment insurance funds to protect investors' investments if something goes wrong.
The result is unquestionable : FXCM is an online broker who doesn’t even need to be named as a broker. It is a simple one-day office, the raison d'être of which is to quickly steal as much as possible from gullible people, and then to fall from the Forex market, in the future, if prepared to appear under a different pseudo-contract and to engage in similar dishonest work.
Allegedly, official certificates and agreements demonstrated by the fraudster also raise a host of questions. But we can’t document the scanned paper. The information about the opportunities and obligations of the participants of the contract is inaccurate, the information about the basis of the brand, its fundators and leaders are not named. As a result, the online broker is able to liquidate the user’s account if he pleases and will not be punished for the divorce.
The results are clear. FXCM - Forex Company, which allows to trade an account with negative ballance, and draws more money to cover a gap in the balance. As a result, we can state our conclusions that FXCM is a hoarder, not just a high-risk stockbroker, because it is not under supervision. Because it’s clear that your money won’t be safe when you decide to invest.
The crooks will easily turn your balance negative, and they will try to get you to remove the perverse power of mental influence and oppression. If you are currently in this situation, do not accept their proposals under any circumstances. The technologies they use are mental, as any type of physiological terror can easily be used by law enforcement agencies to pick up the trail of blackmailers. And operating within the limits of legal and regulatory acts, they obviously have no grounds or means to extort money from you.
Is it possible to get rich with FXCM? Lokhotron, don’t risk!
Can you line your pockets with scams? Obviously not! The prospectors promise their victims prospects that seem excessively attractive to be true, business schemes of rapid profit growth, 100% safe and much more. Creating a false sense of hope, the criminals plan to implicate users in inflammatory schemes and take away their money.
The scheme starts with promotion. Charlatans promote many social media sites and accounts to promote their own fake services. You can find Instagram pages with pictures of the royal way of life, Maldives, luxury cars, currency and screens of successful deals. This photo window creates jealousy and can inspire naive traders, which makes it easier to con.
After you give your own mobile number FXCM will ring you every day. The crooks promise you that, for example, the coordinates of the moon and the constellation Scorpion are optimal for you to decide to invest as quickly as possible.
When you go through with it, the scammers will take over your profile, and miraculously, you can find an inspiring amount of money in your own name. You’re probably going to think that’s true, and you’re probably going to ask for an embezzlement. It is a pity that the deceivers will not allow it to happen, but they will manage you skillfully so that you will make an investment again, guaranteeing even more successful bidding.
An inexperienced customer can even imagine that he will soon wake up rich and get the currency without problems. But it will come true, and the scammers will continue to lure out more investment, until the trader realizes that he’s being fooled or the scammers don’t think they can do more than they can right now.
FXCM thieves can brazenly say that it is necessary to invest even now to withdraw the funds. At this point it becomes clear that FXCM is a divorce. From now on, the scammers will stop communicating, and the cheated user will never see them again.
How is the FXCM split done? Pay attention!
Scammers buy a sea of seduced publications on websites and social media. The main challenge is to attract as many users as possible from whom capital can be easily withdrawn.
As soon as you click on the magic button and give the scammers a personal email and a mobile phone, they will immediately dial you and tell you what you need to invest on their platform as quickly as possible. The bulk of the criminals are manipulators, but before you know it, they’ll get you a credit card number, ostensibly to help you invest. You are under no obligation to give this information unless you wish to enter into unsustainable loans. And then there’s the prospect of being a victim of the use of private data, and then there’s even more hassle.
Over time, crooks will demand more currency from you, regardless of trade success. When you bid unsuccessfully on the stock market, you will be advised to invest more to cover your losses. When you work well, fraudsters will advise you to invest more in order to increase your yield.
There will be trouble when you make an online transfer request. The fraudsters will try anything to change your mind, and they will not hesitate to specify an additional payment if you ask to collect the funds. The spell of the con men is «give us your savings». They emphasize daily that you make an investment yet without a rational basis. Licensed brokers won’t bother you on your mobile to recommend an investment, which means if a broker encourages you to invest, it’s probably a divorce.
In addition, FXCM is a copy of the Forex pseudo-Docoeur. It refers to a legitimate firm, with the aim of switching currency from uninformed beginners. The fraudster refers to the good reputation of a regulated currency firm in the United Kingdom to steal from gullible people.
Protecting money is a global disaster for illegal financial organizations. They are in a better position to lie because they know that they do not have to answer to a single regulator who has the right to harass them, in other words, no legitimate regulator. And their personal information is also carefully hidden and encoded.
Informal organisation www.fxcm.com - Starting to investigate
For the first time we will process all materials from the stock exchange site that are widely available to all, and then place these data in a way that readers can understand.
FXCM is a subsidiary of an organization purported to be based in the Marshall Islands. More precisely, the scammers named this registered address: Trust Company Complex Ajeltake Road Ajeltake Island, Majuro Marshall Islands MH 96960
Although we do not know whether it is a lie or a lie, given that the above-mentioned territory is so insecure that it is virtually impossible to find this business. Yet we have tried to locate an online broker in a collection of organizations located offshore
In this case, the FXCM con artist lied to us - no company with a similar name was found. As a consequence, we have not been able to learn anything about the state and the head of the organization, and this portrays FXCM as a highly unreliable subject of Forex. At this stage of our analysis it is possible without remorse to say that FXCM is a charlatan who does not know any public information about registration and regulatory methods.
But even this kind of registration will be unreliable, as the Marshall Islands now has no foreign exchange jurisdiction, not to mention government control in the Forex financial market.
Strictly speaking, the State is identified as a lure for the deceivers of everything because of clarity and lack of governance. Thus, even if we had found our pseudo-friend in the data warehouse, this would not have given us any guarantees whatsoever and would not have forced the firm to conduct personal work under a set of government regulations. Because there are no laws, nor is the regulator’s hand. But after that, it’s more exciting.
FXCM credit shoulder: fraudsters want more money
Because it’s already clear that this bad guy doesn’t need to be believed, we don’t want to look at the spread and the size of the credit lever in the current time. But we want to address the following point. FXCM’s broker notes that the trader has the prospect of trading in debt with a credit shoulder of 1 to 400.
This is an alarming ratio that God knows when is not allowed in different countries around the globe. It is precisely because of these prohibitions that official online brokers from the European Union and Australia are required to reduce the credit shoulder to 1 in 30, while for high-yield money firms, Canadian and American stockbrokers - to 1 in 50.
But Switzerland is considered special in this respect. For this reason, experienced and risk-prone online traders who can open an account in Switzerland may not be afraid to take risks.
You should memorize the credit-shoulder limitations, as you will be able to suspect fraudulent companies as soon as you discover them. Because an online broker who does legitimate work in the same UK simply cannot recommend you to trade with a credit shoulder of 1 to 400 or close to such. It is immediately obvious that you are to be cheated, to be persuaded to take a round amount on credit, and then to take it all later.
And if I do? Under no circumstances!
Is FXCM licensed? Is it an offshore organization? This is the most significant information you should find about an online broker before you try trading with them. Most of the online brokers are not licensed or managed by an offshore management center, which will not come to the help of traders in case of problems. Remember that if a stockbroker steals your money, you won’t be able to file a complaint until the company has obtained a registration document from an important regulator, for example:
- Cyprus Securities and Exchange Commission (CySEC);
- Financial Regulation and Supervision Authority (FCA);
- Australian Securities and Investment Commission (ASIC);
An unlicensed online broker obviously cannot be listed in a regulated power, so it is clearly not profitable for you to invest in it. Traders certainly need to avoid any unlicensed or shadow financial firms. And FXCM looks like one.
How many years is a broker? - Not even our experts expected it!
On the pseudo-client website it is stated that the company has been providing impeccable Internet services to brokers from all over the world, and the employees of the organization are successful traders with 10 years of experience in the financial market.
The online broker also notifies, supposedly has several thematic awards, has divisions in Britain, Australia, and New Zealand, and serves more than sixty thousand active users worldwide, It would be truly impressive if we had reason to believe it.
However, it is very easy to face reality! Check the FXCM domain name and find information that it was registered on July 30, 2021 - less than 30 days ago. Did you not foresee this arrangement? The screenshot here.
FXCM online broker: feedback from former clients
To avoid getting a divorce from a con artist, the first thing we recommend is to look at what different clients write about the organization you plan to invest in.
Having made a brief overview of social media (Facebook, Twitter, Instagram...) and exchange sites, our specialists have found that there is very little data about this firm, you can see good comments with all the indicators of falsehood, And a couple of other traders are dissatisfied with their personal experience with an online broker, and left clear comments about it. FXCM - by all indications of a dangerous stock market, if you are now thinking about whether to invest in it, we strongly advise you not to do it, whatever rainbow noodles you are getting from manipulators.
If you don’t want to be the next victim of a fake online broker working under a fake firm, each time, before investing, do a personal investigation, review the review, read the feedback, the documentation, Consult with experienced stockbrokers before trading. However, there are a lot of money breeders, especially those who associate themselves with the Forex financial market. FXCM is a single case of a dozen, if not a hundred, similar bad guys.
Draw conclusions about FXCM: Teapot Scam
And now, let’s take a quick look at all the facts, pointing out that FXCM is a fraud. A lot.
- The company has no registration even in an offshore country.
- At the time of the review the website is not even a month old, which means all the data about the broker - divorce.
- An online broker does not own a financial service permit.
- There is no regulatory body.
- The address of a pseudo-docher is a lie.
- The company’s documentation has no legal basis.
- The existence of units in Britain, Australia and New Zealand is not true.
- The broker’s phone is pinned to financial fraudsters and, in addition, to another online broker.
- Poor reviews of FXCM from former clients.
- No option to open a trial account.
- No options for software verification without the dissemination of personal data.
- No protection from minus balance.
- An unauthorized leverage ratio.
- FXCM is a clone broker masquerading as a British online broker.
- Theft and subsequent use of private information is not excluded.
- Pseudo-Dograker takes money for passivity after three months.
- Long-term moral abuse by the directors of a phony company.
- No way to collect the money when the con man thinks you’ll never dare invest again.
No doubt FXCM is a divorce. Professional evaluation of this bad guy is one. Beware!
Paul Roberts 51 years old Born in Edinburgh. Married. Studied at University of Oxford, Department of Public Policy and Social Work. Graduated in 1997. Works at Standard Life Aberdeen plc.