FXQM review

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FXQM review



FXQMarkets, or FXQM for short, is a broker allegedly located in Seychelles. First impressions are positive, as most users will probably be dazzled by the website’s aesthetics which incorporates an almost video game style. It may seem appealing, but looks are not what forex brokers are about, and thus should not be considered as a vital element of one. One must focus on are trading conditions, a safe regulated environment, and reliable payment methods. Does FXQM deliver? Read the review for an answer.To get more news about fxqm review, you can visit wikifx.com official website.

We were able to very easily register, yet the broker demanded verification documents in order to authenticate our account and start trading with a live account. What’s more, is that even the opening of a demo account required proof of id, and similar documents. Don’t get us wrong, brokers that require ID verification take things seriously, however its unnatural for one not to be able to give a user a free demo account to see the trading conditions and platform for trade. Furthermore, with suspicious brokers such as FXQM there is no way to check if the trading platform actually works. What ever the case is, be wary that any trading conditions that we speak of are taken from the website, and not the trading platform, meaning that they might not be accurate.
We can give you a on-point value for the leverage, which is capped at 1:1000, a dangerously high about, most commonly seen with offshore brokerages. The website courageously states that the EUR/USD spread is 0.1 pips without a commission, for the standard account type. There is no mention, as far as we’re concerned, of the available trading assets.

The website is exclusively in English, while the user dashboard adds a surprising addition- Cambodian. Speaking of the website, we found it to be noticeably slow and limiting. All the text feels like filler, and most notably, the only way to access the Terms and Conditions was through the registration process.

Before continuing, we jut want to say that the only legal document is the Terms and Conditions. Usually, brokers are expected to have an additional 5 to 10 legal documents that create a framework for the broker and client to follow. The lack of such files is another in a range of many sing that there is something suspicious going on.

FXQM REGULATION AND SAFETY OF FUNDS
The footer of the website is the only location that gives us information useful for this section. There it is said that the broker is located in Seychelles, a location that, even though has a regulator, is still mostly famous for harboring suspicious, and sometimes downright scammer brokers.

Nevertheless, we proceeded to check with the local Seychelles Financial Services Authority for it has an online database with all authorised firms. As we feared, there is no mention of both parent company or broker. Add to that the fact that the Terms and Conditions have no regulatory details, we are left with the only conclusion that FXQM is UNLICENSED, and therefore a risk to all investments.

Traders should be trading with risk-free brokers, that hold licensed from renowned and austere agencies, like the FCA or CySec , which have made a name for themselves as some of the top regulators. Readers should be aware that both agencies have adapted very strict rules of conduct, and their licensing framework guarantees safety and security for all clientele. A good example of this is the segregation of accounts which assures that client money and broker money are kept in separate accounts. Furthermore, FCA/CySEC brokers participate in a financial reimbursement scheme that cover traders losses in case the broker becomes insolvent. The FCA provides up to 85 000 pounds per person, while CySEC guarantees up to 20 000 euros.
FXQM TRADING SOFTWARE
While we did not have access to the MT4, we can confirm that the broker offers it; the exe. file is under the name of the company.

The Metatrader 4 is considered the best trading software out there. The industry is clustered with uncountable platforms, none of which can surpass the MT4. The terminal comes equipped with superior trading tools, some of which are so intricate that only the best players utilise. That is not to say that the MT4 is not properly accommodated to novice users.

It’s always interesting for us to land on an unlicensed broker that has the MT4. Readers should be aware that even if thought they can access this superior terminal, it does not mean that this broker is to be trusted. There are shady ways to be granted access to the Metatrader.

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