Funda Markets Review: See the Truth about this Scammer
Funda Markets seemed to be yet another swindler in the vast ocean of forex scammers, so we wanted to take a closer look. In our research, we found too many red flags to count and put all our thoughts in this text.
Our Funda Markets Review will tell you why this broker is fraudulent and give you all the other answers you need. So without further ado, let’s begin.
|Broker name||Reliable Broker Must Have|
|Legal name:||FM Limited||Transparently displayed in the disclaimer or legal documents|
|Regulation:||Unregulated||Within your legal jurisdiction – local regulator|
|Registered in:||St. Vincent and the Grenadines||Your country or the country whose license applies in your legal jurisdiction|
|Established:||2023||The older the domain – the higher the possibility the company is trustworthy|
|Website:||fundamarkets.com||Domain should be from local or international zones, no .xyz, etc.|
|Financial Authorities Warnings:||Securities Commission of Malaysia||None|
|Contacts:||Email: [email protected]
|Phone, email, social media, web form|
|Is withdrawal possible:||Highly unlikely||Yes|
|Fees:||Only for 9Pay (1%) and Tether (1.00% + USD.TRC 20 10.00)||Transparent fees – list of spread and commissions|
|If Active on Social Media:||Facebook, LinkedIn||Often present on social media|
|Investor Protection:||No||Compensation fund|
First off the board – the license. Funda Markets operates from Saint Vincent and the Grenadines (SVG), which is a major red flag! This small country is famous for being a scammer haven, and you should avoid all brokers coming from here.
SVG does regulate some markets, but, most notably, Forex is not on that list. With this in mind, the license Funda Markets provided on their website means nothing to us. They are NOT regulated and, therefore, extremely risky.
Moreover, the Securities Commission of Malaysia even put this broker on their Investor Alert List. Here, have a look:
When you look for a broker to invest with, you should look for those with licenses from trusted regulators. Among others, those include the Malaysian one from above, the Ukrainian National Securities and Stock Market Commission.
Funda Markets Profile
The Funda Markets trading environment is pretty standard, with nothing substantial. There are six available accounts:
- Standard – $100
- Premium – $500
- Platinum – $2,000
- Diamond – $5,000
- Standard Islamic – $100
- Platinum Islamic – $2,000
The minimum deposit is not that high compared to other scammers, and the broker also offers a demo account, unlike Storm Age Capital.
Next to the Funda Markets Login button you will see the broker offering their WebTrader. This kind of platform is typically dangerous because the broker operating it can manipulate it and trick clients. The other trading platform they have is cTrader, which is widely used in the industry. It is available on PCs and mobile phones, but you should not use it with this broker, as we remind you they are scammers.
Their instrument pool is your standard set of assets, which includes Forex, Shares, Indices, Commodities, Metals, and Energies. The leverage is 1:500, which is extremely high, especially compared to strictly regulated countries like the UK, the US, etc.
|Account types:||Standard – $100
Premium – $500
Platinum – $2,000
Diamond – $5,000
Standard Islamic – $100
Platinum Islamic – $2,000
|Financial Instruments On Offer:||Forex (USD/EUR, GBP/JPY, etc.)
Shares (Tesla, Facebook, Apple, etc.)
Indices (Nasdaq-100, S&P 500)
Commodities (sugar, cocoa, etc.)
Metals (gold, silver, aluminum, etc.)
Energies (gas, oil, etc.)
|Education or Extra tools:||Yes|
Is This Broker Safe?
No, FundaMarkets is not safe! Their country of origin is highly concerning to us, as is their lack of a license. Much like TGKK Limited, they cannot guarantee you any fund safety. It would be like going skydiving, only to find out your instructor does not have any certificate.
If you want to avoid these brokers and find a reliable one you can trust, you can always contact us. We will help you with our free consultations and recommend the right brokers for you!
Trader Reviews – Sharing Experiences
Unfortunately, there is not much user feedback on Funda Markets, in fact, there is none. We scoured the internet hoping to find out what their clients had to say about them but to no avail.
However, this can be somewhat of a good sign. It is possible that people saw through the Funda Markets Scam before investing and had no experience to report. Either way, stay away from this shady broker, do the same for RightFX as well.
How Does the Funda Markets Platform Reach Clients and Who Are They?
With the limited knowledge we have, we cannot tell you where who their clients are and how the broker targets them. However, we can tell you some general signs you can look for.
Avoid engaging when a broker sends you a message out of the blue. Brokers typically market themselves by paid ads and not by reaching out to random individuals with offers.
Furthermore, be wary of honey trap schemes. Those involve people contacting you, mostly over social media, looking to spark a romantic relationship. You can expect those people to ask you for money soon after you start communicating, so it is best not to begin in the first place.
Deposits and Withdrawal Methods
As far as payment methods go, FundaMarkets gives its clients a varied choice, including:
- PayU, etc.
For most methods, there is no deposit fee, and the same case is for withdrawals. You pay withdrawal fees only for 9Pay (1%) and Tether (1.00% + USD.TRC 20 10.00). The not-so-great thing is that you can only withdraw money in USD, according to the FundaMarkets withdrawal policy.
Reasons To Avoid This Company
The first and only reason you should need is their lack of license. You cannot and should not trust brokers that operate without any regulatory supervision. If there is no authority watching over them, they have the complete freedom to do whatever they want, including stealing your money.
Everything else about them, their offer, trading conditions, etc., falls apart because of their regulation status. They can have the best environment in the world, it simply does not matter.
Our Safe Trading Experts’ Opinion of Funda Markets
Having reached the end of our Funda Markets Review, we can conclude that there are better choices on the market than this scammer. There are plenty of legitimate brokers you can trust, and you can contact us if you do not know how to pick the right one for you. We will help you with anything you need, free of charge.
Is Funda Markets a scam or legit?
Funda Markets is 100% a scam. They operate from SVG, which is a known scammer haven. They do not have a license, and you should not do business with them.
How do I start forex trading?
Our advice is to expand your forex knowledge first. Read up on the subject, watch educational videos, and study the market. Next, you want to find a reliable broker, and we can assist you with that. We will consult with you and make sure you make the right choice, all free of charge.
How can you help me choose the best Forex or crypto broker?
How can you help me choose the best Forex or crypto broker? The best thing we do for you is personalize the offer. We analyze your needs and skills and then make our suggestions based on that.