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FXBM Review - Is it scam or safe?

FXBM Review - Is it scam or safe?

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

RECOMMENDED FOREX BROKERS


Trading Accounts

 

Account type Minimum deposit Minimum trade size Maximum leverage Spreads
Standard  $50 0.01 1:500  From 1.5 pips on EUR/USD
ECN  $500  0.01 1:200 From 0.6 pips on EUR/USD + commission $5 per standard lot (round turn)


Clients of FXBM are provided with a choice of two account types: Standard and ECN. The Standard one is commission-free, offering higher spreads, while the other account is commission based and provides tighter spreads due to the ECN environment.


What is more, those who are keen on binaries, may also opt for a binaries account. All account types offer access to the most widely used MetaTrader 4 platform.


The Company. Security of Funds


FXBM is a NDD broker, established in 2015, which offers trading in forex and binaries on the ever popular MT4 platform.
This is the trading name of FXBM Ltd., a privately held company based and registered in the UK, which, however, is not regulated by the FCA, nor by any other authority.


So, if you intend to invest a large amount of money, we would advise you to select a forex broker licensed in the EU, US or Switzerland for instance, where regulation and supervision is strict and your funds will be safe.


Trading Conditions


Minimum Initial Deposit
In order to open an account with FXBM, traders have to invest at least $50, which is a reasonably low minimum initial deposit, considering the non-regulated status of the company. Yet a number of regulated and reputable brokers require less or none at all. Leading UK brokerage CMC Markets, for instance, has set no minimum initial deposit requirement. Same is the case with global brokerage Oanda.


Average Spreads & Commissions
This broker offers variable spreads, which are quite high on the Standard account, starting from 1.5 pips for the EUR/USD pair. ECN account holders are provided with tighter spreads, the minimum ones amounting to 0.6 pips on EUR/USD, incurring a commission of $5 per standard lot (round turn). This basically means that the trading costs for this pair on ECN accounts amount to at least 1.1 pips per lot, which is average for the forex market.


In comparison, LiteForex, registered in the Marshall Islands, where FX brokers face little or any regulatory requirements and supervision, offers fixed spreads of 2 pips on its commission-free accounts and variable ones averaged 1.1 pips on EUR/USD on the ECN accounts, which are also commission-free. For further information, take a look at real-time prices of 15 leading brokers here.


Maximum Leverage
The maximum leverage level offered to FXBM`s clients is 1:500, which is a comparatively high ratio, yet many brokerages offer similar or even higher levels.


Traders, however, should be mindful of higher leverage, for it may both multiply their profits and lead to heavy losses.


Trading Platform


FXBM supports the industry’s standard MetaTrader 4, which is available as desktop and mobile versions. It offers a number of technical indicators, extensive back-testing environment, advanced charting package and is equipped with the most commonly used trading robots, as well as with options to add new ones. That is why it is the preferred platform by most traders and the majority of FX brokers support it.


Besides, VPS hosting service is available with this broker, and traders who keep a monthly balance of $1,000 or more qualify for free VPS.


FXBM allows hedging and scalping, however on the condition that trades are open for a minimum duration of 10 seconds. High frequency traders are not tolerated.


Promotions
Like many other forex brokers, FXBM offers various promotions to attract new clients and to keep existing ones:


- Deposit bonus up to 100%, depending on the amount invested, which can be withdrawn after certain volumes are traded;
- Refer a friend bonus of $100 for both the client who made the referral and the referred one;


Another good thing about this broker is that it provides Account Balance Interest - 5% will be added to account balances of clients with minimum $200 initial deposit each week.


Methods of Payment


This broker offers the following payment methods to its clients: Credit/Debit Cards, bank wire and via E-wallets such as Skrill, Neteller, FasaPay, and Trasuz.


Withdrawals are processed within a maximum of 2-5 business days.


Conclusion


FXBM is a young FX and binaries broker offering NDD execution and competitive trading on the popular MT4 platform. Our main concern with FXBM is the lack of regulated status. To sum up the above, here are the Pros & Cons with regards to this broker:

 

Pros  Cons
Competitive ECN spreads Not regulated and relatively new broker
NDD execution model No choice of trading platforms, no web-based platform
Low initial deposit   
High leverage levels  
Attractive promotions  

 

Latest news about FXBM
No news about FXBM. Check back later.
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Traders` reviews for FXBM

Spread

Pros

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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

Cons

 

 

Summary

Pros

Cons

 

 

RE: Not happy

FXBM Trade is not goot platform I singned up last year with offering me to make 2nd income so I joined and the broker name Max Foster lost all my money left me wih $44 dollars then I made money up to $600 dollars then the site went down and then I logged back in the money was gone so not happy at all even tho I still have an account but the site is not working think the plug has been pulled so it is a big scam. Do not invest in on line trading at all they only take your money and then go away without a reply or any thing.

Rannia Afzal 08/21/2019
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