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FunManagers Review - is it scam or safe?

FunManagers review - Is fmswa.com scam or good forex broker?

RATING: 1 / 2 REVIEWS ForexBrokerz FunManagers
FunManagers is an offshore broker. Your money is not safe.

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FunManagers says to be a true Straight Through Processing (STP) broker, fully licensed  and regulated by the National Futures Association (NFA) in the U.S., which offers access to four different asset classes, with two account types, leverage as high as 1:100 and the MetaTrader4 platform.

 

Account type Min. deposit Max. leverage Spreads
Standard Account $1000 1:100 3 pips + $50/per lot 
Classic Account $1000 1:100 N/A

 

And although this might sound as a nice offer, we suggest that you check this review first before proceeding with your deposit, because as it turned out not only FunManagers are not regulated in the U.S., but also their website is virtually anonymous.

 

FunManagers Advantages:

 

MetaTrader4 available

 

Non that we can think of, except perhaps for the trading platform. MetaTrader4 is a well known platform, that comes with nearly 100 in- build market indicators and trading robots, with the help of which one can easily run algorithmic trading sessions. And because the platform also comes with a fine pack of advanced charting tools, here you may check our list of brokers, where you can trade on MT4 as well:

 

>>MT4 Brokers<<

 

FunManagers Disadvantages:

 

Falsely claims to be regulated in the U.S.

 

FunManagers, owned and operated by Fund Managers Central Limited, is supposedly based in London, UK (at least this is what their contact address reveals). And they say to be fully licensed and authorized by the National Futures Association in the U.S.

 

Bear in mind that a forex license in the the U.S. is a really serious business – licensed brokers operating on American soil should hold no less that 20 000 000 USD as operational capital – the same amount as required by the Swiss financial authorities for their banks. And a U.S. regulated borer should also be licensed and authorized by the Commodity Futures Trading Commission (CFTC) as a futures commission merchants (FCM) and a retail foreign exchange dealer (RFED), and to be a member of the National Futures Association (NFA). 

 

We made the effort to check the NFA register for FunManagers and unsurprisingly it turned out they are not NFA members. Actually, their registration is for an Exempt Commodity Pool Operator and Exempt Commodity Trading Advisor, which does not give them the right to offer any kind of financial services in the U.S. or on any other regulated market for that matter. See for yourself:

 

 

Also, because of their UK address, we decided to give them a chance and check the registers of the Financial Conduct Authority (FCA) in the UK as well. Needless to says, but FunManagers were not to be found there either.

 

Here, you may check our list of brokers regulated in the UK, where your funds will even be insured for up to 85 000 GBP:

 

>>FCA Regulated Forex Brokers<< 

 

Unacceptably high minimum deposit requirement

 

FunManagers asks for a minimum deposit of at least 1000 USD and this is unacceptably high. With most brokers you will be able to start trading with about 250 USD, while with some big and well known brokers like  FBS and IG you will be able to open a trading account with just 5 USD or even less.

 

Few trading instruments

 

Despite what FunManagers says – they boost to offer over 60 trading instruments across four different asset classes – what they actually offer are just 7 major currency pairs – EURUSD, GBPUSD, USDJPY, USDCAD, NZDUSD, USDCHF and AUDUSD – and some CFDs on gold, silver, oil, Bitcoin and 11major indices. Those are really basic options, so if you are tempted for example by the idea of trading with crypto assets, we may suggest that you check our list of brokers, offering bitcoin CFDs as well:

 

>>Bitcoin Forex Brokers<<

 

Absurdly high spreads

 

When we tested the FunManagers trading platform with a demo account the benchmark EURUSD spread appeared to be fixed at 3 pips, which is at least twice the spread traders would usually find attractive with a standard account. 

 

But if this was not bad enough, when we executed a trade with 1 standard lot, it turned out  FunManagers are charging us a hefty trading commission - 50 USD. With the commission added in the equation the actual spreads turn out to be as high as 8 pips and this is simply absurd. Here you may check as well our list of brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Terms and Conditions missing

 

The link on the  FunManagers website that was supposed to lead us to their legal documents was not functional. And yet when you proceed with your registration you are required to agree with the broker's Terms and Conditions, without having the chance to read them.

 

No information about the payment methods accepted

 

Just bear in mind that with most brokers you would be able to use major credit and debit cards like VISA and MasterCard, bank wire and some popular e-wallets like Neteller and Skrill. Here you may check as well our list of brokers, accepting payments with Skrill:

 

>>Brokers accepting Skrill<<

 

Conclusion:

 

FunManagers is an obvious scam – they deliberately try to mislead their customers, that they are licensed and authorized in the U.S., while in reality they are not. As always in such cases our best advise is to trade only with legit brokers, regulated by official regulators such as the FCA in the UK, the Cyprus Securities and Exchange Commission (CySEC) or let say the Australian Securities and Investments Commission (ASIC).

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Traders` reviews for FunManagers

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Fmswa.com is know fun manager

Fun managers is scam broker plz stay away from this broker this is scam broker. They did not given my withdrawal mononey see my attached screenshot and help me to get my money

Vijay 12/10/2019
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