Forex

FXPM Review - Is it scam or safe?

FXPM Review - is fxpmarkets.com scam or good forex broker?
1 5 RATING
Find Better Forex Broker
0 REVIEWS

 Trading Accounts

Account type  Minimum deposit  Maximum leverage
Spread
Beginner
$250 1:100 From 3.0 pips
Silver $5,000 1:500 From 2.5 pips
Gold $15,000 1:500 From 2.0 pips
VIP $50,000 1:500 From 1.5 pips

  

FXPM (Forex Professional Markets) offers multiple account types to its clients, with varying trading conditions. Islamic (swap-free) accounts are also available. The company also offers CFDs on indices, stocks and commodities.

 

The Company. Security of Funds

 

Company Country Regulation
CF Marketing group Ltd. Marshal Islands None

 

FXPM is a trademark of CF Marketing group Ltd., which is registered on the Marshal Islands. The company does not fall under any financial regulation. That being the case, we would not recommend trading with them.

As you may know financial regulators are government agencies, dedicated to imposing rules on the industry. Their stringency varies from country to country, but most provide some level of client protection. For instance, one of the most reputable regulators, the UK's FCA requires clients' funds to be kept in the so called "segregated accounts". This means the broker can't access them freely. Another benefit from trading with an FCA regulated company is the Financial Services Compensation Scheme (FSCS), which guarantees client accounts in case the broker goes bankrupt. Each account is covered up to GBP 50,000.

 

If you decide to trade with an unregulated company, you will not get these benefits and basically rely on their word for the security of your funds.


Trading Conditions

 

Minimum Initial Deposit

FX Proffesional Markets has set the minimum deposit requirement for their basic account type at  $250. Other brokers require much less, with IG having no minimum level at all. However, this should not be an important criteria, when comparing brokers, as serious trading should be done with sufficient capital.

 

Average spreads & Commissions

Spreads at FX Proffesional Markets vary by account type, starting from 3.0 pips on EUR/USD for the beginner account. This is no where near current offerings by other brokers, as the average spread on this pair is in the 1.0-1.5 range. You can check a real-time comparison of variable spreads here.

 

Leverage

The maximum leverage at FXPM is 1:100 for the beginner account and 1:500 for the ones, requiring a more substantial deposit. This is unusual, as most brokerages who offer different leverage rates for different account types, go for lower rates with more capital. This is done in order to protect the bigger clients.
 
That being said 1:100 is enough for a reasonable strategy. If you want to trade with more, you may be confusing trading with gambling.

 

Trading Platforms

 

FXPM offers its services via the popular  MetaTrader 4 (MT4) platform. It has became an industry staple at this point, with many brokers choosing to use it instead of developing their own in-hous solutions. It has great charting capabilities, tons of custom technical indicators available, as well as automated systems (called Expert Advisors).

On the other hand, the platform does not have multiple-monitor support. This feature often times frustrates veteran day traders.

 

Methods of Payment

 

FXPM only accepts payments via Bank Trasnfer and Credit/Debit cards. This may be viewed as a negative by fans of e-wallets, such as Neteller or Skrill.

 

Conclusion

 

FXPM (Forex Professional Markets) is an unregulated  forex broker, registered in the Marshal Islands. This fact alone leaves a bit of a negative impression on us. Trading conditions with this broker are nothing special. They do tend to get better with the account types, demanding bigger deposits. That being said, depositing such amounts with an unregulated off-shore company is something we would not advise for. Here are this broker's advantages and disadvantages:

 

Pros Cons
MetaTrader4 Platform No regulation
  Off-shore company
  High spreads for lower level account types

 

Forex
Latest news about FXPM
Broker Country Regulation Platform Min Deposit Review
Cyprus CySec MT4, MT5, Web $5 Review Website
Cyprus, Australia CySec, ASIC MT4, Web $100 Review Website
UK, Cyprus, Hong Kong FCA, CySEC, SFC MT4, Web,
PrimeTrader
$100 Review Website
UK, Australia, Singapore FCA, ASIC, MAS, BaFin MT4, Web,
ProRealTime,
2Dealer
$0 Review Website
UK, Australia FCA, ASIC MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus FCA, CySec MT4, MT5 $5 Review Website
UK, Cyprus FCA, CySEC MT4, MT5,
cTrader,
SuperTrader,
FxPro Markets
$100 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus CySec MT4, Web, Gwasy $100 Review Website
Belize IFSC MT4, MT5, Web $1 Review Website
Cyprus CySEC MT4, MT5,
cTrader
$300 Review Website
Seychelles FinaCom MT4 $10 Review Website
UK, Cyprus, Bulgaria FCA, CySec, FSC Web $150 Review Website

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

 

 

Traders` reviews for FXPM

Forex