A Scam Operating Through Lies and Deception
FXCM is an offshore broker managed by an offshore company named Global Marketing Online limited. Lately, many concerns regarding the authenticity of the business surfaced. People and potential clients are not sure if it’s a safe broker to work with or not. So, to answer all these questions, we would be conducting a thorough review of FXCM360 and then conclude whether it is a legit broker or a scam.
FXCM360 offers four types of trading accounts the details relating which are as under:
|Account Type||Minimum Deposit||Trade Spreads|
There is also an option of an Islamic account in which the users are offered trade facilities without any commission, interest or bonuses. This type of account is not disclosed much in detail by the broker and hence makes it somewhat suspicious.
Trade spreads are only disclosed for the Mini account type. No information on trade spreads in other accounts is given and hence this makes one worry about what may lie ahead if they chose to work with FXCM360. It is too risky to work with them when you don’t know what they are offering.
The option for a demo account is also available but there is also no information about what it is and what are the facilities they provide.
FXCM claims to be situated in Germany, Michigan, but we found that this is only a false claim as they are not regulated with any authority in Germany. Moreover, the company that owns FXCM 360 is an offshore company which is registered in Dominica. The fact that FXCM is an offshore broker makes its credibility a lot more questionable. Many, if not all, offshore brokers and businesses are involved in serious crimes such as scams, money laundering, corruption and many more. Hence working with such a business is no less than a dare and may cost one a fortune.
Global Marketing online limited was also blacklisted recently because they were operating a clone site named ADS security. This also seems to be the case with FXCM360 which might be operating as a clone site of a broker FXCM group, a regulated and registered broker in the UK, Australia, and South Africa.
There is no information provided regarding the trading conditions. Trade spread is only disclosed for mini account type whereas no other account’s spreads are disclosed. Trade leverage is also not discussed which makes it very difficult to work with this broker. It is just like walking on a road full of broken glass with your eyes closed, now or then, you are going to get hurt.
This is also a very suspicious behavior as the less the information is provided, the more a client is vulnerable to fraud. They may ask for any extra money naming it anything and you would be bound to pay that because you knew nothing about it.
The trading platform which is provided by FXCM360 is VetaTrader. There are many flaws in this system as to its capacity to handle multiple trades and its analytical ability, but the one that rings the loudest bells is that the information about its developers is not known. No one knows who the people or organization handling this platform is and hence this makes it very unsafe and suspicious to work with.
Moreover, it is of no match as compared to MT4 which is the trading platform used by almost 80% of forex traders due to its ability to handle multiple trades efficiently and analytical ability.
High Minimum Deposit
If you wish to trade with FXCM360 then the minimum amount you need is $500 which is very high as compared to many brokers doing well in the business. So, for a business that is not even regulated, is not safe, has been blacklisted and has been accused of being a scam, this is a huge minimum deposit. They also are not providing any extra-ordinary facilities to justify this huge deposit. Even the trading platform they offer is not renowned and is rather found to be somewhat suspicious.
When trading with FXCM360, you should be ready for anything to happen because when you start trading with them, that’s exactly what would happen. The trade spread they offer is 0.3 pip which seems to be a good bet, but when you trade with them, they charge a $50 commission on every trade you make. This makes the trade spreads to be 5.3 pips which are not at all ethical. This commission is also not mentioned in any of their trade information and is just a clear way to snatch money from their clients.
FXCM360 accepts wire transfer, credit cards, debit cards, bank transfer, online money transfer services such as Neteller and Skrill as well as PayPal, Bitcoins and Cash U.
Their means to deposit and withdraw money seem to be updated and have a variety but their conditions to withdraw money from their funds are nothing but a trap. FXCM360 offers a welcoming bonus to all its clients. At that time no terms and conditions related to it are disclosed but after sometime when you need to withdraw your money, the system won’t allow you to do so. A client may not withdraw his money from FXCM360 until and unless he has traded 500 times more than what he initially deposited. This is just a clear way to say that you are never seeing your money again. This is nothing but a trap and they are just preying on new prey every day.
So all the points we encountered during this review suggest that FXCM360 is not a safe business to work with. A major reason is that they are being operated by Global Marketing Online Limited, a company which was blacklisted by FCA for using a clone site. FXCM360 itself seems to be a clone site of a well-known forex broker, their minimum deposit is high, they do not offer MT4, their trading conditions are not clear, it is not a transparent business, their withdrawal conditions are so unreal and they do also lie about the place of their location. So, all these points add up to indicate that FXCM360 is no more than a scam and is just making a fool out of the people who put their money and their trust in this business.
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Although we do suggest that this is an unsafe business but we are not sure if it is a scam or not. Nonetheless, we would recommend to be safe and conduct a thorough investigation before starting trade with FXCM360 or any other business. It’s better to make sure your hard-earned money is safe rather than wailing about it in the future.
They steal from their customers, better to stay away.
- Unreliable Trading Platform
- Unfair Withdrawal Conditions
- Unpredictable Commission
- Blacklisted Parent Company