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FWMarkets Review – is it scam or safe?

FWMarkets Review  – is www.forexwings.com scam or good forex broker?

RATING: 1.5 / 1 REVIEWS ForexBrokerz FWMarkets
FWMarkets is an offshore broker. Your money is not safe.

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Trading accounts and conditions

 

 

Account type Minimum deposit Minimum trade size Maximum leverage Average spreads
Gold $100 0.01 lot 1:500 From 2.5 pips
Platinum $5000 0.01 lot 1:300 From 1.5 pips
Diamond (Pro) $10 000 0.1 lot 1:200 From 0.3 pips*

*Commission: $7 per lot

 

FWMarkets has three types of live trading accounts: Gold, Platinum and Diamond (Pro). The first two types also have the swap-free option for Muslim traders. There is also a free demo account.

 

 

The broker offers trading in 24 currency pairs and spot gold and silver and says it plans to add more instruments.

 

 

The Company. Security of Funds

 

Company Country Regulation
 FW Markets LTD Vanuatu VFSC

 

FWMarkets is just another offshore forex broker from Vanuatu. It says it is regulated by the Vanuatu Financial Services Commission (VFSC), but Vanuatu, like the Saint Vincent and the Grenadines, the Seychelles and the Marshall Islands regulators are practically no regulators – they have almost no requirements and offer no client protection.

 

There are hundreds of such brokers and we will not get bored to repeat that it is very risky to deal with offshore and not properly regulated brokers. There are hundreds of well-regulated brokers, like the ones under the supervision of UK's FCA and the Australian Securities and Investment Commission (ASIC) who have competent employees, are members of client compensation schemes and offer better trading conditions.

 

 

Trading platform

 

FWMarkets, like hundreds of other brokers, offers the standard fare of MetaTrader 4 (MT4) and all its versions – desktop, mobile and web. This is not much of a surprise, considering the popularity of the platform both among brokers and traders alike. It is familiar, stable and has many options and functionalities, including hedging, Expert Advisors, charting and technical analysis tools. The platform also supports algorithmic trading and a large number of third party software bridges, further expanding its functionality.

 

 

Promotions

 

FWMarkets offers several types of promotions. One is an $10 welcome bonus another is a deposit bonus of up to 50%, depending on the size of the deposit. There is also the FW Markets Champion DEMO Contest with prizes of up to $500.

 

All bonuses are subject to additional terms and conditions.

 

 

Payment methods

 

Unlike most brokers, FWMarkets has rather restricted payment options. The broker accepts deposits only through bank transfers of no less than $100.

 

 

Conclusion

 

FWMarkets is an offshore broker. Unlike many of its peers, it seems to be fully functional and provides complete information on its trading conditions. They themselves are not very impressive, compared to the industry average, especially the spreads. They are wide and there is a commission on top of $7 per lot on the pro account.

 

Pros Cons
MT4 Offshore
Bonuses Wide spreads
1:500 leverage  

 

Latest news about FWMarkets
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Traders` reviews for FWMarkets

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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