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Forex

FinmarkFX Review - is it scam or safe?

FinmarkFX Review - is finmarkfx.com scam or good forex broker?

RATING: 1.2 / 1 REVIEWS
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Trading Accounts & Conditions

 

Account type Minimum deposit  Min. trade size Maximum leverage Average Spreads
Standard $1000 0.01 1:400 0.2 pips (+ commission?)
Plus $5000 0.01 1:400 0.2 pips (+ commission?)
Pro $10000 0.01 1:400 0.2 pips (+ commission?)

 

FinmarkFX offers its clients three basic account types – Standard, Plus & Pro. All of them provide variable spreads, micro tradeable lots and leverage up to 1:400 on the popular MT4 platform. Trading in CFDs is offered on Plus & Pro accounts only.

 

First of all, we consider the minimum initial deposit required by FinmarkFX too high, especially taking into account that the company operating the brand is registered offshore. Most forex brokers require an initial investment of $100 - $200, and some haven’t set a minimum amount, so you can start with just a couple of bucks. For, example, this is the case with major brokerage IG.

 

Second, while a typical spread of 0.2 pips for the EUR/USD pair may seem attractively low, we suspect that commission оеея apply to live accounts. We tested FinmarkFX’s MT4 in demo mode and were surprised that the spreads are that tight indeed and feature no commission fees. Even the best brokers in the forex industry can’t afford to offer trading costs as low as this, simply because they would be bankrupt in a matter of days if they did.

 

Most brokers offer spreads within the range of 1.0 – 1.5 pips on EUR/USD. For further information and comparison, you may check out real-time spreads of 15 leading brokers here.

 

The Company. Security of Funds

 

Company

Country

Regulation

 Financial Markets FX OÜ

SVG

N/A

 

FinmarkFX brokerage brand and website are operated by Financial Markets FX OÜ, a company registered in Saint Vincent and the Grenadines (SVG). SVG is a popular offshore forex destination famous for its liberal financial and tax regimes.

 

We keep reiterating that one of the most important things to look for in a forex brokerage is proper regulation. And companies registered offshore, in SVG, Vanuatu or elsewhere, are not really regulated, no matter what they claim. Investing with such brokers is a risky business and that is why we advise traders to select among companies licensed by the respective authorities in the UK, Australia or Cyprus, for example.

 

Trading Platforms

 

FinmarkFX supports the ever popular MetaTrader 4 (MT4), available as a desktop and mobile versions.

 

Launched more than 10 ago, MT4 continues to be the most popular forex trading platform. It has proved to be reliable, easy to use and professional and is equipped with functionalities and add-ons providing traders with all they need. Most notably, the MT4 is known for its Expert Advisors, which allow full automatization of trades, and technical analysis indicators.

 

Methods of Payment

 

Clients of FinmarkFX are offered the following payment modes: credit cards, bank wire transfers, and e-wallet Skrill.

 

Conclusion

 

FinmarkFX is an offshore forex broker that supports the industry’s standard MT4 platform. Apart from the high initial deposit required, we consider the trading costs on demo accounts are so low, it seems unrealistic. To sum up the above: 

               

Pros   Cons
MT4 offered Registered offshore
Tight spread Trading costs on demo accounts are so low, it seems unrealistic
  Comparatively high initial deposit required
  Limited product offering (FX pairs only on Standard accounts)

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Spread

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Slippage

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Requotes

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Price feed

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Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

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Summary

Pros

Cons

 

 

Traders` reviews for FinmarkFX

Scam: I try to withdraw from the FINMARK FX, nothing happens

Good day,

Unfortunately, I was a victim of FINMARKFX I can still see my balance on the MT4 but when I try to withdraw from the FINMARK FX nothing happens. They seem so serious because they use other serious company to make transaction such as I-ACCOUNT, SKRILL, etc. They even said they were part of the Investment Broker group (another serious broker company who appears in the FORBES list of trusted brokers). I lost over 10k and people like DANI GARCIA and DARIO LEON called me everyday and now seems that no one answer emails after all the activity. They will continue to do so scamming. The thing is they surrounded their selves with the other serious platform such as MT4 hiding their ugliness and deceitfulness. How does these companies allow scam artist like them to operate at large? How can we place a complaint to an international organization to bring the perpetrators to justice? Why does serious companies such as I-ACCOUNT e-wallet and SKRILL operates with these people?
I hope It do not happen to anyone else as it is frustrating as it is. I will rather perform bad transactions to loose the account in the balance than leave it there for they to take it.

Donaldo Simpson 10/03/2017
Forex
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