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FXMarker Review - is it scam or safe?

FXMarker Review - Is fxmarker.com scam or good forex broker?

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

RECOMMENDED FOREX BROKERS


Trading Accounts

Account type Minimum deposit  Maximum leverage Minimum trade size Spread
Basic $100 1:400 2,500 units (=0.025 lots) Fixed, from 1.9 pips

  

FXMaker is a forex broker, which offers an unusual web-based trading platform. In this review we’ll take a look at the strong and weak sides of their offer.

 

FXMaker Advantages

 

Negative balance protection – this means, that if for one reason or anther your account balance becomes negative, FXMaker will not require you to deposit anything extra. While such an “achievement” is hard for a trader to reach, it can happen if one is overleveraged and in the wrong direction on a major event, such as Brexit.

 

High leverage –  With a 1:400 maximum leverage ratio, this broker will satisfy even the needs of the most aggressive traders. If you are looking for an even higher level of “gearing”, XM offers 1:888. Keep in mind, this is a double-edged blade, which can lead to big losses.

 

Relatively nice payment methods –  The options at FXMaker include Bank Wire, Credit Card, Debit Card and e-wallets, such as Neteller, Bolero and AstroPay. Basically everybody can find io which suits him.

 

Standard minimum deposit –  FXMaker requires a $100 minimum investment, as do a lot of brokers, like HYCM, FxPro and Fx Choice. With that in mind, some have set the bar even lower. The best example is IG, who accept clients of all sizes – there is no requirement on your initial deposit.

 

 

FXMaker Disadvantages

 

Off-shore Regulation – FXMaker is owned by Green Investment House Corp., which is based in Belize. While they are authorised to deal in securities by the International Financial Services Commission (IFSC), this is still an off-shore company. 

 

>>Why trading with off-shore brokers is risky?<< 

 

Relatively high fixed spreads – A lot of traders put a big emphasis on comparing the spreads provided by different brokers. While this isn’t as big of a factor as the regulatory environment, in our eyes, with fixed spreads, starting from 1.9 pips FXMaker is not competitive with the current offers by other brokers.


>>Compare forex spreads here<<

 

The above comparison features mostly variable (floating) spreads. If you are keen on trading with a fixed spread, easyMarkets has a special offer, according to which you will get a 1 pip fixed spread on EUR/USD, if you were to deposit more than $250 with them.   

 

Likely a Market Maker (MM) –  The fact this company offers negative balance protection leads us to believe they are a Market Maker. Click on the link to read more about the specifics of these brokers.

 

High minimum trade size  – The minimum position size at FXMaker is 2,500 currency units, which is a relatively level (and thus limits your risk management potential). We use the units measurement, as this broker does not provide the MT4 platform, to whose standard lots you may be accustomed to.

 

Unusual platform –  FXMaker provides its services via a rather unique web-based platform (which also has a mobile app version). It’s most distinguishing feature is that the charts (which are nothing special) are located on a different window than the entire instrument list and position manger. This will repel experienced traders. Here is a snapshot

 

The instrument list and position management modules

 

 

Charting and single order entry page

 

>>Looking for a MT4 broker? Check our list<<

 

While this platform isn’t necessarily bad, we would prefer the industry staple MetaTrader4 (MT4) every day. With its superior charting, custom technical indicators and automated trading systems it is a clear favorite.

 

 

Conclusion

 

FXMaker is an offshore forex broker, licensed by the IFSC of Belize. Some of you may think this is fine and while it is better than dealing with a totally unregulated company, there is still room for improvement.

 

As you have probably noticed by now, we take the legal status of an investment intermediary very seriously, when comparing them. The main reason for that is that the security of your money is far more important than any other trading condition, whether it be saving a few bucks on the spread or dealing with a friendly customer support. 

 

We like to given the UK’s Financial Conduct Authority (FCA) as an example of a good regulatory agency, but even some of the less popular ones, like the Australian Securities and Investments Commission (ASIC) is a very good option. They also force companies to apply segregation of client funds. This rule states, that once you make a deposit, your broker can’t take the funds and only offer a simulated trading environment.

 

>>Looking for the best ASIC regulated brokers?<<

 

Additionally ASIC requires minimum initial capital holdings of AUD 1 million, from companies willing to register. This is done to ensure the stability and a long term commitment of the applicant, but more importantly it keeps scammers from even filing with the Commission.

 

The trading conditions offered by FXMaker are not up to par with the current state of the industry. While beginner-friendly, their trading platform is a bit too simplistic for our liking. 

 

Here is a lost of the pros and cons, which we covered earlier:

 

Pros  Cons
Negative balance protection Off-shore regulation
High leverage  Relatively high fixed spreads
Relatively nice payment methods Likely a Market Maker (MM)
Standard Minimum Deposit High minimum trade size
  Unusual platform

 

 
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Traders` reviews for FXMarker

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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Cons

 

 

Deposit/Withdraw

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Cons

 

 

Customer service

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Summary

Pros

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