FCF Markets review – is FCF markets scam?
Safety and security of FCF Markets
The main concern traders have when choosing a forex broker is safety and security of their capital. Choosing a regulated forex broker is an important step in protecting your funds and ensuring a safe trading experience. In the process of making the FCF markets review we could not find a regulatory body that has licenced the broker. It should be mentioned that trading with unregulated Forex brokers is highly risky and can lead to potential fraud, and possibility of losing all your investments. Regulated brokers are subject to strict policies and are under constant supervision. It is not illegal to place orders with an unregulated broker, however, it’s not certain that the broker can be trusted or not. The financial industry is full of money traps and scams. Regulations are in place to protect you from frauds.
The broker promises to keep funds in segregated top tier bank accounts, which is a good security feature when a broker is regulated. In addition, the main page of the broker is not informative. Essential details such as negative balance protection, stop out and margin call levels are missing. Overall, the safety level with this broker is very low.
Trading accounts of FCF Markets
While making the FCF markets review, we found that the broker offers 4 account types (Bronze, Silver, Gold, Platinum) to its clients. While all 4 account types are very similar, they differ in terms of minimum deposit requirements and spreads. In addition, Platinum account holders are offered 100:1 maximum leverage, while other accounts get up to 30:1 leverage. There are no commissions. When brokers try to diversify their account offerings to meet the needs of different traders they typically offer spread free, commission free, micro, VIP, and standard account variations. At FCF Markets, traders get lower spreads the more amount they deposit, for instance, on Platinum accounts the minimum initial deposit is 50,000 USD, while traders can open Bronze accounts from 250 USD. The spread difference between the two accounts is 2.7 pips, which is huge. Seems like the broker incentivizes its clients to deposit more but doesn’t offer anything special other than much lower spreads. If FCF markets might be a scam broker and there are multiple reasons to think so.
You can see the account comparison table below. In addition, it should be mentioned that we couldn’t find any information on demo and swap free also known as Islamic accounts.
|Minimum deposit||250 USD||2,500 USD||10,000 USD||50,000 USD|
|Maximum available leverage||30:1||30:1||30:1||100:1|
|Instruments||60+ FX pairs, metals, indices, commodities||60+ FX pairs, metals, indices, commodities||60+ FX pairs, metals, indices, commodities||60+ FX pairs, metals, indices, commodities|
|Spreads||From 2.8 pips||From 2.5 pips||From 1.5 pips||From 0.1 pips|
|Dedicated account manager||No||No||Yes||Yes|
Trading assets offered by FCF Markets
The broker offers four account types and all four accounts give traders access to trading 60+ FX pairs, metals, indices, and commodities.
However, if you check the broker’s main page carefully, you can discover that the broker also offers crypto derivatives, futures and CFDs (Contracts for Difference) on stocks. This indicated that the information provided by the broker is not accurate. The data might be outdated, or it is also possible (highly likely) that FCF Markets is a scam broker.
Customer service at FCF Markets
The main page is available in English, Italian and Spanish. The broker is only available via email, and over the phone. Traders do not have an option to use a live chat. Which is an obvious drawback. The broker offers a dedicated account manager to Gold and Platinum account holders. While having a dedicated manager is always viewed as a positive in regulated brokers, FCF Markets is unregulated. Overall, the customer support is very limited with this broker.
Is FCFMarkets legit?
FCFMarkets is an unregulated broker that doesn’t offer negative balance protection. In addition, there’s no live chat option and the broker uses an internal trading platform, which can be subject to price manipulations. Overall, there’s very little evidence to say that the broker is trustworthy. Our recommendation is to search well-regulated and reputable brokers instead. Financial market is filled with thousands of Forex brokers.
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