FMTrader Review: This Shameless Broker Is Finally Stopped
If you want to know what kind of brokers to avoid, this FMTrader review is for you. At first thought, the fact that they were established in 2013 gives a wrong impression as their advantages ended there. One red flag followed another, and they started showing their real face and finally, the broker was closed.
There are many similar brokers like this, including Blafx. Knowledge is required to avoid them. Keep reading our FMTrader review to learn how to recognize and avoid scams like this in the future.
Who Is FMTrader?
FMTrader is an online binary options broker established in 2013 by Broad Media Limited. Binary options trading has faced regulatory challenges in various countries in the last couple of years due to concerns about its transparency. Many financial regulators have issued warnings or taken action against binary options brokers for alleged fraudulent practices, including FMTrader.
After receiving a complaint about fmtrader.com, the Manitoba Securities Commission (MSC) launched an investigation. According to it, the broker is not authorized to sell securities in Manitoba or Canada. The business does not abide by provincial securities rules and, therefore, needs to be removed from the market.
|FMTrader||Reliable Broker Must Have|
|Legal name||FMTrader Limited||Transparently displayed in the disclaimer or legal documents|
|Regulation||Unregulated||Within your legal jurisdiction – local regulator|
|Registered in||Belize||Your country or the country whose license applies in your legal jurisdiction|
|Established||2013||The older the domain – the higher the possibility the company is trustworthy|
|Website||fmtrader.com||Domain should be from local or international zones, no .xyz, etc.|
|Financial Authorities Warnings||
|Contacts||N/A||Phone, email, social media, web form|
|If a withdrawal is possible||No||Yes|
||Transparent fees – list of spread and commissions|
|If Active on Social Media||No||Often present on social media|
|Investor Protection||None||Compensation fund|
While operational, FMTrader claimed to be regulated by the FSC Belize. To our knowledge, just like 10Markets, this broker was operating unregulated, posing a risk to anyone who may use them. To make things even worse, they operated from the United States and France, and neither the CFTC nor the AMF provided regulatory oversight for this broker.
Trading with unregulated brokers only brings problems and you need to trade stress-free to succeed. Stress makes a mess and it’s only a matter of time before the unreliable broker shows his true face. The Manitoba Securities Commission issued an alert against the broker.
FMTrader Broker Profile
Scammers usually don’t pay much attention to details, therefore they don’t provide popular platforms like MT4 and MT5. FMTrader was using a proprietary web-based platform, which is easily prone to manipulation. It can seem like you are earning profits when you are losing everything you had instead.
|Financial Instruments On Offer||
|Education or Extra tools||E-books, video tutorials|
Is FMTrader Legit?
Trading with FMTrader can only take you on a path of financial loss. In addition to being unregulated and lacking transparency, they didn’t offer anything beneficial like reliable trading platforms or any features. Staying away from brokers like FMTrader and Loyal Forex is your best chance of profiting while trading.
At the FMTrader login page, traders could only create a live account immediately or try a risk-free demo. Getting into trading blindly can benefit the broker but not you, so make sure to test the broker’s services before investing your money.
Traders Share Their Experiences
There are only 5 reviews on Trustpilot, and while we realize it is not enough in some cases, it is when the broker is not operational. As you probably guessed, all five reviews are negative, indicating potential issues while trading with FMTrader.
Almost all reviews complain about the broker’s pushy manner and how they will call you non-stop to persuade you to start trading with them. If you agree, you will never be able to withdraw your funds. Instead of wasting your time with brokers like this, reach out to us for a better trading experience.
Who Are the Traders They Cater To?
Brokers like FMTrader usually have a group of researchers who obtain phone numbers to cold-call you. Their pushy manner is effective in making you believe in fake stories, and after they build a trusting relationship with you, you will stop doubting them. That is when the FMTrader scam begins.
Traders from the United States and France were mostly affected by this scam. However, traders from any nation are advised to avoid brokers like FMTrader. Instead, dedicate your time to finding a reliable option to always stand by your side.
Deposits and Withdrawal Methods
If you plan on depositing your funds with brokers like FMTrader, we advise you to reconsider. Unregulated brokers tend to scam people even after the initial deposit and because no authorities are overseeing their operations, there is no protection for you.
Depositing or withdrawing your funds is no longer possible with FMTrader, however, there are many similar brokers like this one and it’s just a matter of time before they will scam you. If you have been scammed, don’t be ashamed and reach out as soon as possible so we can get back what was stolen from you.
Can I Make Money While Trading Online?
If you plan to make money while trading online, you must be prepared. Start by learning about the financial markets and select the market that suits your interests. Develop a clear trading plan and be aware of the potential risks. The markets evolve, and so should your strategies. Keep learning and adapting.
However, it’s vital to note that profits are earned and not guaranteed, and with our innovative AI bot, trading becomes ten times easier. It applies advanced technical analysis to historical price data and chart analysis to give you useful information. In the complicated world of trading, it helps you decide whether to buy or sell and enables you to make more informed choices.
If you are one of the first 100 traders to contact us, you can try out our AI-powered platform for 20 days without commitment. Make the change to smarter trading right away. Contact us today to begin!
Is FMTrader a Legitimate Company to Trade With?
Luckily for you and many other traders, trading with the FMTrader broker is no longer possible, therefore, they are not a legit company.
What Are The FMTrader Platforms?
FMTrader was using a proprietary trading platform that was a web trader.
How much is FMTrader’s withdrawal fee?
Without accessing the broker’s website, it’s difficult to confirm the fees associated with withdrawing your funds.