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Fx Market Pro Review - is it scam or safe?

Fx Market Pro Review - Is fxmarketpro.com scam or good forex broker?

RATING: 1 / 7 REVIEWS Fx Market Pro
Fx Market Pro is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Trading Accounts & Conditions

Account type Minimum deposit
Maximum leverage Spread
Micro $250 1:200 Fixed, from 3 pips
Standard $2,500 1:200 Fixed, from 3 pips
Pro $20,000 1:200 Floating + 10$ in commissions per lot


FX Market Pro is a forex broker, which offers web-based trading. They are owned by a company, which also operates a different brand. We have quite a few issues with both of them, despite this offer being slightly different.


FX Market Pro Advantages


CFDs offered
FX Market Pro offer access to a solid number of assets, via Contracts For Difference. They include indices, commodities, a few of the popular stocks and cryptocurrencies. The latter features quite a few alternative coins. The full list includes: BTC, BCH, LTC, DASH, ETH, XRP, XMR, XVG, SIC and ADA.


Maximum leverage of 1:200
While this may actually be a negative for newcomers to the world of trading, experienced traders like having the ability to use leverage. Keep in mind this is a double edged sword and can cause serious losses, if missed.


Intuitive web-based platform
FX Market Pro offers trading through a platform which we have seen at their other brand – Swiss CCI. It features relatively nice charting, but can still be improved quite substantially. The iteration with this broker, for instance, was not very well optimized for wide-screen monitors. It is integrated within the website, with other sections taking valuable “real estate”. Here is a preview:



FX Market Pro’s charting (click to zoom-in)


While this is an intuitive interface, it lacks a lot of the functionality of other desktop platforms. MetaTrader4 (MT4) springs to mind as a popular choice, which has even better charts and support for custom indicators and automated trading.


>>Top MT4 brokers<<


Fx Market Pro Disadvantages


Unregulated companies
Fx Market Pro is a trade brand of Thinking Ahead Limited and Kitano Limited – the owners of SwissCCI. The companies are incorporated in the Marshal Islands and Bulgaria, respectively. The European entity is likely only a marketing company, which serves the other one. More importantly both aren’t under the supervision of any financial markets regulator. This is a huge red flag for us.


>>The risks involved with offshore brokers<<


High withdrawal fees
Even if you thought about giving this broker a chance, the withdrawal fees they charge will probably change your mind. They apparently include a 10% haircut for clients, who have not reached a turnover rate or have not been verified.


Furthermore there are quite hefty transaction processing fees involved, which imply the total can go as high as $50.Here is a snapshot from their terms and conditions (click to zoom-in):



High fixed spreads
The costs of trading at Fx Market Pro also aren’t stated clearly. However, the EUR/USD spread we saw, when testing the platform was fixed at 3 pips. This is a very high level, when compared to the current offers by other brokers.


>>Find the best fixed spread brokers here<<


The floating spreads, which are offered only to the biggest ECN clients are undisclosed. What is known for sure, is that a $10 commission per lot is present. This means, they effectively can’t go below 1 pip, even if the raw feed is 0 (which is unlikely, given what we have seen so far).


Sloppy presentation
The majority of Fx Market Pro’s website seems like it was taken from another broker. Terms like automated trading and signals are thrown around, almost as if at random, with no clear details on their offer. The inclusion of a popular tool for MetaTrader (while this broker does not offer the platform) left us very surprised.


Conclusion


Fx Market Pro is an unregulated broker. While this is usually enough for us to recommend avoiding them, we found more troubling issues with the company. The withdrawal fees (and minimum ammounts) are simply absurd even for a well-regulated broker.


Such companies, will most likely be forbidden to apply this policy. To clarify the importance of financial regulation we will present some of the rules imposed by one of the most reputable watchdogs – the UK’s Financial Conduct Authority (FCA):


>>FCA-regulated brokers<<


First of all, there is a complicated reporting procedure, which prevents any major fraud. When it comes to the security of your funds, they have to be held in segregated accounts. This makes it impossible for the broker to simply take them and not offer a service in return. On top of that, the Financial Services Compensation Scheme (FSCS) is in place. This is basically an insurance company, which periodically takes payments (much like “premiums”) from the participating brokers (all FCA-regulated ones). The funds are later used as a guarantee against one of them going bankrupt. Coverage is limited to £50,000 per client.


The key points about Fx Market Pro again:

Pros Cons
CFDs offered Unregulated companies
Maximum leverage of 1:200 High withdrawal fees
Intuitive web-based platform High fixed spreads
  Sloppy presentation

 

Latest news about Fx Market Pro
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Traders` reviews for Fx Market Pro

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Broker managed my funds: Ellie James

Ellie James has not updated my investments nor told me their accounts.
Please tell me a reliable broker/contact with whom to claify my deposits/funds.
Ellie James has comitted fraud by by AnyDesk getting into my accounts and without my permission collecting all my savings/pensins.
Please contact me.
Regards
Per-Olof Karsten

Per-Olof Karsten 01/14/2019

Defrauded by Ellie James of FXMarketPro

Ellie James got my trust and via AnyDesk without my permission transferred all my savings to Coinroom and from tjere further to a unknown address. She never updated my funds and never paid withdrawals. She just jas confiscated my investments.

I want to warn peoåle: Do not invest at FXMarketPro and do not trust Ellie James or anybody else of 5heir staff!

Per-Olof Karsten 01/09/2019

Fx Market Pro Truffa

Buonasera, come che non parlo bene inglese, vi scrivo in italiano, spero che possiate tradurre
Mi hanno convinto e ho aperto un conto com Fxmarketpro... Dopo due settimane visto che nessuno si fa sentire, ho cercato di prelevare miei soldi.
Mi hanno chiamato è convinta di nuovo di stare con loro. Dopo altre settimane visto che non potevo aprire la piattaforma, né fare trading, ho cercato di nuovo a ritirare miei soldi.
Mi ha chiamato un certo Marko Kross dicendomi che miei soldi gli posso ritirare solo dopo tre mesi.
Dopo tre mesi, non ci sono più. Spariti nel nulla...

Translated by Google:

Good evening, as I do not speak English well, I write you in Italian, I hope you can translate
They convinced me and I opened an account with Fxmarketpro ... After two weeks since nobody makes me feel, I tried to withdraw my money.
   They called me again to be with them. After other weeks since I could not open the platform or trade, I tried to withdraw my money again.
  A certain Marko Kross called me, telling me that my money can only be withdrawn after three months.
  After three months, there are no more. Disappeared in the void ...

Irina 11/04/2018

Fxmarketpro -Truffa

Non lavorate con fxmarketpro! E' una truffa! Vi rubano i soldi. Se provate a chiedere i soldi indietro non ve li ridaranno mai oppure vi chiedono di mandare la foto fronte retro della vostra carta di credito, così poi verranno in possesso dei vostri dati. Non abboccate!

Translated by Google:

Do not work with fxmarketpro! It is a scam! They steal your money. If you try to ask for the money back you will never give it back or ask you to send the photo on the back of your credit card, so they will be in possession of your data. Do not bite!

fabrizio maltempi 10/30/2018

Do not touch them

They called me explained until I got my money from another broker I'm not interested they said they would help me to get my money back and said they needed my bank details gave it to them once they promised no money would be taken out SURPRISE SURPRISE £191 gb pounds taken kept asking for contact to return no reply got the account manager to eventually respond they sent a withdrawal form filled it out NOTHING STILL....

ANYONE GIVE ME SOME CLUES HOW TO GET MY MONEY BACK OR CONTACT NUMBERS

Kim Massey 08/08/2018

Withdrawal

Waiting on the company to contact me
I want to withdraw all the money in my
Account

Iltaf 07/24/2018

Pestering

I have submitted emails to say that I do not trust brokers but they keep ringing me and I am being pestered at least 3 times a week from FX market pro. I do not trust any marketing firms as I have been ripped off to often.
Even ripped off by firms who claim that I can get my money back. All Scams

Ernest Seadon 06/04/2018
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