Substantial analysis of FXCM, FXCM financial swindle!Julius Conley 16 / October / 21 Visitors: 460
FXCM - An unlicensed offshore stock exchange, which is highly questionable. In this analysis, we will take into account the different aspects of his work, and also explain to the readers why this stockbroker has a terrifying fame and is not worth attention.
The fraudster suggests that the software gives for the purpose of trading, but we have not been able to gain admission to the software even for test work, which is already quite indicative. In our analysis, we plan to consider these and other significant facts about FXCM - a Forex stock exchange, whom we insist to avoid on the tenth road.
online broker FXCM: reviews of former clients
In order to avoid a divorce from the filing of swindlers, we advise you to first look at what different traders write about the organization in which you plan to invest.
Having made a thematic review of social networks (Facebook, Twitter, Instagram ...) and exchange sites, our experts found out that there are very few references to this organization, you can see good comments with all indicators of a custom nature, and a couple of traders are dissatisfied with their personal experience of cooperation with an online broker , and left transparent reviews about it. FXCM is by all indications a dangerous pseudo-broker, if you are now thinking about whether you can invest in it, we strongly advise you not to do it, no matter how attractive manipulators hang on your ears.
If you are not afraid to become another victim of a fake pseudo-broker working under a fake company, each time before investing, conduct a short investigation, look through the reviews, read responses, documentation, consult with experienced stockists, and only then invest. Still, there are too many money swindlers, especially those who associate themselves with the financial market Forex. FXCM is a separate case from a dozen, maybe hundreds of such fake brokers.
Identity verification process
KYC verification requests the disclosure of these documents:
- identity document (passport, international passport);
- a document confirming the location - most often, the last utility bill;
- a document confirming qualification knowledge - auto resume).
We have previously learned that FXCM is an illegal offshore pseudo-broker who deliberately withholds its own business data and also seeks to bypass all applicable laws. For this reason, we in no way dare to send scans of our own documents in order to obtain a real profile or personal account. Therefore, we do not advise you to do this, albeit for test purposes, because the likelihood of identity theft is extremely high.
The FXCM brand name is a scam for noobs!
Plus one more indicative touch, which also did not escape our analysis - the name of the broker itself. The name is too consonant with the well-known FxPro actually operating, licensed in Britain online broker with a fairly 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 people, on whom all this deception is planned, may not even see the difference at all, having monitored the responses and information about FxPro, while FXCM scammers, about whom there is currently a lack of information on the Internet, are selling their bounties to them. And this is not surprising, since during the compilation of our analysis, the swindlers' website did not even pass a month.
It should be said that fraudulent brokers practice such techniques all the time, since their clients, in most cases, are not at all familiar with stockists and tend to very easily mistake one firm for another. Plus, if the psychology and brain composting pros are lying to you.
Is it possible to get rich with FXCM? Scam, don't get caught!
Is it possible to fill your pockets with deceivers? Of course, no! The burglars promise their victims prospects that look overly attractive to be real, plans for easy profit growth, 100% safe, and so on. Arousing an imaginary sense of hope, scammers aim to draw users into fraudulent schemes and take away their savings.
The scheme originates from PR. Charlatans promote dozens of websites and social media accounts to advertise their own non-existent services. You can check out Instagram profiles that showcase examples of the rich lifestyle, the Maldives, luxury cars, currency and screenshots of lucrative deals. This photo display creates jealousy and can inspire a lot of traders, which makes it easy to get into a scam.
After you leave your personal mobile number, FXCM scammers will often ring you. Crooks promise you mountains of gold that, for example, the coordinates of the Moon and the constellation of Aries are optimal for you to start trading as quickly as possible.
When you succumb, scammers will take over your profile, and suddenly you may discover an unrealistic amount of money on your own behalf. You will most likely really think that this is true, and will probably ask to embezzle the money you earned. It is a pity that the crooks will not allow this to happen, but they will begin to professionally manage you so that you invest again, guaranteeing even more successful trades.
A gullible trader may even imagine that he is about to wake up rich and easily appropriate the currency. But it will work out, and the crooks will continue to lure out more investments, until the client realizes that he is being cheated or the scammers think that they are not able to get even more out now.
Fraudsters of FXCM can brazenly declare that they need to invest now in order to get capital. At this point, it becomes clear that FXCM is a scam. From that moment on, the breeders will stop communicating, and the thrown trader will never see them again.
The results are clear. FXCM is a Forex company that makes it possible to trade a debt account and wants more money in order to fill the hole in the balance sheet. As a result, we can state our conclusions that FXCM is a scam, and not just a stockist with significant risk, since it is not supervised. Therefore, it is clear that your money will not be safe when you make an investment.
The deceivers will quickly bring your balance into negative, and will try to get you to remove the minus that has arisen from nowhere, using the practice of mental influence and oppression. If you find yourself in this situation at the moment, do not, under any circumstances, settle for their tricks. The peculiarities of their impact - acting on the psyche, since any type of physiological terror can easily serve as a help to law enforcement agencies in order to take the trail of bandits. And to operate within the boundaries of regulatory legal acts, extorting money from you, they, of course, have neither grounds nor ways.
How old is the broker? - even our experts did not expect this!
The official website of the pseudo broker says that the firm has been providing impeccable financial services to online traders from all over the world for a long time, and the organization's employees are not unsuccessful traders with at least 10 years of experience in the foreign exchange markets.
The pseudo-broker also announces that it has several thematic awards, has divisions in the United Kingdom, Australia, and New Zealand, and serves more than sixty thousand active users around the globe, it would seem really impressive , if we had reason to believe in this.
Still, it's not hard to face reality! We check the FXCM domain name and get the data that it was registered on July 30, 2021 - less than 30 days ago. Did you foresee such a development of events? The screenshot is in front of your eyes.
Negative balance and pseudo-broker FXCM: what does legal law say?
We talk a lot about control and regulation because this is a very significant point. This is a guarantee that sanctioned online brokers will abide by the regulations and will not take the courage to flout the laws, in particular, to extort currency from their own online clients. Moreover, official online brokers are required to provide accurate indicators of client protection and, for example, regulators of the European Union and Britain are forced to provide protection from a losing balance. Thus, traders are not able to drain more than the invested mother capital, and if their balance turns out to be unprofitable, companies are obliged to return the account to 0 free of charge.
Unlicensed organization www.fxcm.com - we will consider
For the introduction, we structure all the materials open to everyone from the stockist's website, and then arrange this data in a simplified form for readers.
FXCM is a subsidiary of a brand believed to be based in the Marshall Islands, and the crooks wrote the following registration address: Trust Company Complex Ajeltake Road Ajeltake Island, Majuro Marshall Islands MH 96960
And although we do not guarantee whether this is true or false, in view of the fact that the above territory is so suspicious that it is difficult to verify this business. However, we tried to find out the online broker in the data array of organizations located in offshore regions.
in this case, the FXCM fraudster lied to us - not a single company with a similar name was found. As a result, we have not been able to find out a thing about the status and the head of the organization, and this portrays FXCM as a very dark subject of Forex. at this stage of our analysis, it is safe to say that FXCM is a breeder that does not have any widely available information about registration and regulation methods.
But even this kind of registration is considered unlicensed, since the Marshall Islands now do not have macro-financial competencies, not to mention state control of the Forex financial market.
In fact, the power acts as a bait for crooks only because of clarity and lack of control. Thus, even if we found our online broker in the data warehouse, it would not give anyone absolutely any guarantees and would not force the company to conduct its own work, obeying the totality of the laws enshrined by the state. Since these requirements do not exist, so are the hands of the regulator. However, after that it is even more entertaining.
Failure to comply with global macro-financial requirements
Moreover, if a legal entity declares that it has registered divisions in the United Kingdom and Australia, which means that the firm needs documents certified by the British FCA and Australian ASIC in order to provide Forex financial services in these jurisdictions. Let's break the company's presence in the Companies House public register on the official website of the UK administration.
As we thought, the pseudo-broker we are considering has not been found in the registry, therefore we can confidently assert that it violates global monetary requirements. FXCM's scam is cynically bluffing at every turn.
Find out such information in advance and find companies with a positive reputation and global name. We only recommend them because regulated online brokers are backed by special investment insurance funds that exist to preserve the stocks' investment if something goes wrong.
The result is clear: FXCM is a pseudo-broker who should not even be called a broker. This is an ordinary office, the raison d'être of which is to extract as much money as possible from gullible people as quickly as possible, and then leave the financial market, later, when ready to appear under a different pseudo-brand and trade in such deceptive activity.
The legal papers demonstrated by the fraudster also raise a lot of questions. However, their scanned papers cannot be called documents either. Information about the opportunities and obligations of the parties to the agreement is inaccurate, information about the formation of the organization, its founders and leaders is not named. As a result, the online broker does not hesitate to liquidate the user's account as soon as he pleases and will not incur any punishment for this divorce.
What's wrong with the official phone number of the online broker?
Our specialists were awaited by surprises with a telephone. The phone belongs to the Czech Republic. You might think, what does the above-named country have to do with it? Fairly full of suspicious, and pretty little understandable. After checking the phone, our specialists came across many bad comments that say the same thing - this is the phone of money swindlers, liars who call day and night, offering their financial services. We encourage our readers to look at the evidence.
However, this is not all the information! The same contact is indicated on the website of another similar broker under the name Comax Invest. We do not even believe that this is not so much calculated by the fraudsters we are considering.
investing and withdrawing money from the FXCM profile
The smallest deposit is one hundred bucks, which is more in line with financial standards. However, as we pointed out earlier, FXCMs are dangerous, which is why there is no need to send a penny to extortioners until they provide some decent authoritative license.
In investment matters, the pseudo broker claims to provide a variety of methods. However, we were not able to double-check this information, since it was not possible to verify their investment mechanism due to the aforementioned KYC and AML obligations. But even now it is quite obvious that the program that the scammers control is from beginning to end under their control, therefore, you can withdraw money only when FXCM scammers give you the opportunity to do so. This is possible in exceptional situations and often when they have the absolute conviction that having achieved your favor, they will be able to steal an even larger amount from your wallet.
And as for deposits, then competent manipulators and experienced psychoanalysts will try to do everything so that you put as much money as possible into your own account as often as possible. In other words, extortionists in the wallet.
Working agreements are too vague. We could find a huge part of the entertaining information in the FAQ section. Going to the section, our specialists saw information that the pseudo broker withdraws money for passivity after the third month, but the fraudster does not indicate any specific amounts.
This is taken as such a bad sign as the FXCM broker does not hesitate to make the decision to charge unacceptable fines at will, 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 resolving the situation.
How exactly is FXCM divorced? Be carefull!
Crooks order a sea of luring publications on websites and social networks. The main task is to interest as many users as possible, from whom it is easy to steal currency.
As soon as you click on the magic button and give the scammers a personal email and mobile phone, they will immediately call you and tell you everything you need to invest your currency on their platform as quickly as possible. Most of the breds are professional manipulators, but before you realize this, they will trick you out of your personal credit card number, ostensibly to help you with your investment. You are in no way obligated to give this data if you do not want to get into unbearable debts. And there is also the prospect of becoming a victim of theft of private data, after which there will be even more difficulties.
Over time, crooks will start demanding more funds from you, regardless of your trading success. When you trade unsuccessfully on the exchange, you will be advised to invest more funds to cover the losses. When you close trades successfully, scammers will advise you to invest more funds in order to multiply your profitability.
Difficulties will arise 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 very often emphasize that you invest again without a rational basis. Licensed brokers won't bother you on your mobile to recommend an investment, which means that if a broker encourages you to spend money, this is most likely a scam.
In addition, FXCM is a pseudo-broker Forex, which is a copy. He mows like a legitimate company, with the aim of extracting a round sum from ignorant newcomers. The fraudster cites the good reputation of a regulated foreign exchange firm in Britain to steal from inexperienced users.
Money 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 hard to hide and encrypted.
FXCM leverage: scammers extort more money
Therefore, there is no longer any doubt that this online broker is not recommended to be trusted, we do not want to consider the spread and leverage in the current time. But we want to note the following point. Broker FXCM says that a trader has the right to trade in debt with a leverage of 1 in 400.
This is an extremely dangerous ratio that has not been sanctioned in many countries around the globe for many years. It is because of these bans that regulated online brokers in the European Union and Australia are required to reduce leverage to 1 in 30, while for large money firms, Canadian and American online brokers - 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 academics and risk-free online traders who are able to open an account in Switzerland can take risks without fear.
You should memorize the leverage limits as you will be able to spot scam companies as soon as you spot them. Since an online broker that does regulated work in the UK simply cannot advise you to trade with a leverage of 1 in 400 or close to that. It immediately becomes obvious that they definitely want to dissolve you, push you to take a round sum on credit, and then whistle everything.
Applications for cooperation with FXCM: Forex platforms Metatrader 4, 5
FXCM reports that it provides practical and up-to-date online platforms MetaTrader4 and MetaTrader5 for trading, but our specialists did not dare to get access to any of the options due to the fault of KYC and AML (anti-money laundering).
And if you take a chance? Under no circumstances!
Are FXCM Licensed? Is this a shady organization? This is the most important information you should find about an online broker before trying to do business with them. Most of the online brokers are not registered or run by an offshore management center, which 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 supporting 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 obviously cannot operate in a particular regulated country, so it is obviously not profitable for you to invest in it. Traders definitely need to keep clear of all informal or offshore financial institutions. And this is exactly what FXCM looks like.
Is there an option to try out a demo account?
Fortunately, certain information can be scouted without having any ways to test a personal profile and software personally. For some reason, FXCM does not allow traders to try out a demo account or get admission to platforms, which further weakens the credibility of the broker, although even without this it is equated to 0. Any registered online brokers must, by law, show demo versions of the platforms used. so that traders have the opportunity to work with fake funds and make a reasonable decision on whether it is advisable to maintain a real account with this or another online broker even before investing real capital. FXCM once again points out unreliability.
A couple of suggestions about Meta Trader
Talking about the platforms, taken separately, Meta Trader 4 and Meta Trader 5 are operated by various official online brokers that have certified documentation and provide the best Forex platforms available. Meta Trader are the favorites in stock trading, attracted by advanced features such as advisors, myriad indicators, and professional charting tools. In addition, the terminals contain a trading platform with more than 10 thousand programs and developments of the best programmers, which is considered an indisputable plus. However, in order to understand all this, you need a lot of patience.
Conclusion about FXCM: a scam for dummies
And now, in a nutshell, let's recall all the points that indicate that FXCM is a fraud. A lot.
- The company does not have registration data even in a shadow country.
- At the time of the publication of the review, the website of the unfavorable broker is not even a month old, which means all sorts of information about the broker is a scam.
- The online broker does not own the financial services license.
- The pseudo broker does not have a regulatory body.
- Pseudo broker addresses are false.
- Company records have 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 former 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.
- Unauthorized Leverage Number.
- FXCM is a clone broker masquerading as the notorious name of a British online broker.
- Theft and subsequent use of private information is not excluded.
- Pseudo-broker rips off money for being passive after the third month.
- Endless moral violence by the managers of the fake company.
- The inability to withdraw the currency when the fraudster decides that you will never dare to invest again.
We have no doubt that FXCM is a scam. The professional rating for this non-good broker is one. Beware!