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FX Trade Market Review - is it scam or safe?

FX Trade Market Review - is fxtrademarket.com scam or good forex broker?

RATING: 1.2 / 11 REVIEWS FX Trade Market
FX Trade Market is an offshore broker. Your money is not safe.

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Trading Accounts and Conditions

 

Trading account Minimum deposit Maximum leverage Spread
Standard b N/A 1 pips

 

FX Trade Market claims to offer three account types: Market Silver, Gold, and Platinum. Nonetheless, it has not specified any of the essential aspects of these accounts – minimum deposit, spreads, leverage, etc. That is why we haven’t added those to the table above, but instead filled it out with the information we got from out thorough research on this forex and CFD broker.

 

 

 

FX Trade Market Advantages     

 

Relatively nice platform

FX Trade Market uses a web-based trading interface that slightly resembles a binary option platform. Nonetheless, it is relatively nice, with intuitive interface and charting powered by TradingView. Needless to say, this platform lacks many advanced features offered by other pieces of trading software, like the MetaTrader 4. Here is a preview:

 

 

Click to zoom in.

 

 

>> Trade with a MT4 broker <<

 

 

Good spreads

When it comes to the cost of trading, this broker does not disappoint. The spread on the most liquid currency pair, EUR/USD, is floating around 0.9 – 1.0 pips, which is a very good offer. However, we cannot say the same about the cost of trade of cryptocurrency CFDs. Here is the spread on BTC/USDT:

 

 

A lot of cryptocurrency CFDs

FX Trade Market offers 14 currency pairs, as well as various CFDs: on several indices, stocks, gold, and around 30 coins. It clearly places a focus on cryptocurrencies, which are very popular among ingestors lately.

 

 

FX Trade Market Disadvantages

 

Lack of financial regulation

According to the information on its website, FX Trade Market is a brand of Ingoten OÜ, an Estonian company “regulated” by MTR Estonia.

 

Our research on the matter, however, revealed that the MTR is in fact Estonia’s Commercial register, where FX Trade Market is listed as Virtual currency exchange service.

 

The MTR is not a regulatory agency and does not have any powers to issue licenses to financial services providers in the Estonia. As Estonia is not a mainstream Forex broker destination, there is a significant chance for companies like Ingoten OÜ to misrepresent the facts about Estonian regulation to a global audience. 

 

Withdrawal conditions and fees

In the broker’s T&C we found the following clauses regarding withdrawals, which are, in our opinion, unfavorable to their clients.

 

First of all, withdrawals will only be processed when a certain trading volume requirement is met and it is in the amount of 10 times the deposit amount. 

 

Second, FX Trade Market reserves the right to refuse a withdrawal when an account is being reviewed for fraud, manipulation, or a possible violation of its Terms of Service.

 

Third, clients of this broker cannot withdraw whenever they like:

 

 

 

Withdrawals from FX Trade Market account using bank transfer incur a processing fee of 25 of the base currency. On top of that, the broker reserves the rights to charge an additional $10 + 12% for a withdrawal of any kind if the account was dormant for 1 month or more.

 

Trading conditions not specified, no demo accounts

The website of FX Trade Market does not disclose any of the trading conditions the broker offers. This is yet another red flag with regards to this company. What is worse, it does not offer free demo accounts, but at least anyone can take a look at the platform and the spreads without logging in.

 

Cryptos traded against USDT and EURT

This is not a major flaw when compared to the others, but we will mention it anyway. Cryptocurrencies at FX Trade Market are traded only against USD Tether and EUR Tether. So, its clients cannot try their hand at BTC/USD.

 

USD Tether is token, which supposedly represents a US dollar. However, there are rumors, the company behind Tether may not have enough cash to back every token they have ever created. 

 

 

Conclusion

 

FX Trade Market is an unregulated Estonian forex broker that focuses on cryptocurrency CFDs. Its forex spreads seem good, but the cost of trading in cryptos is not that attractive. Anyway, what bothers us most with this broker is the lack of financial regulation, as well as its unfavorable conditions for withdrawals.

 

If you wish to invest in Bitoin, you’d better find yourself a reliable exchange or trade it as a CFD with a licensed forex broker.

 

 

>> Trade Bitcoin with a well regulated broker <<

 

 

To sum up the above:

 

Pros Cons
Relatively nice platform Lack of financial regulation
Good spreads Withdrawal conditions and fees
A lot of cryptocurrency CFDs Trading conditions not specified, no demo accounts
  Cryptos traded against USDT and EURT
   

 

Latest news about FX Trade Market
No news about FX Trade Market . Check back later.
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Traders` reviews for FX Trade Market

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

 

 

Conmen

My account has now been locked out and cannot get them to contact me, all phone numbers from them have been ceased. My account has £21000 in it. Total disgrace how the Financial world can coninue to allow these people to continue to trade.
Have now tried using the company Jubiter to contact them. Doubt it will be good news.
I too spoke to Brian Goldman and a Herbet Winston.

Utter disgrace

Clive Walton 07/02/2019

Theives and Conmen

I have to agree with all the following comments and have had the same experience with this company Mainly under a chief Broker calling himself David Brooks. Their con seems to be the same in all cases and will not return any monies invested or requested I have been trying for over a year to get a return on £17,500 all they ever want is for you to invest more capitol on the promise of greater returns. They stopped communicating over three months ago and have closed access to my account after I refused to allow them access to my bank account. They are thieves and conmen/women do not trust them and never allow them on your computer. I sincerely hope that they are caught and jailed for what they are doing to the people who are victims of this scam

William McClure 06/24/2019

Total con

Do not be conned by this total scam, rutless and shameful

eamon flynn 06/20/2019

Thiefs

Hi just to let you guys know I have been scammed by these thieving bastards by a certain Brian Goldman, anyway good news if you guys go back to your bank and tell them to file a chargeback against these scum if you Google chargeback you like me can find out what you can do and it works I have just been reimbursed my initial investment the sooner these scum are struck of the better good luck

Michelle Salter 06/19/2019

Financial market

Still nothing from the scum bastards, Yes I got scammed but WHY are they still allowed to trade?Why are the financial market not policing this type of company and putting them out of business most average people dont know who they are dealing with,(myself included) then they come up ageist this scum, they are so believable and tell you what they want to hear until you want your money back then its too late. DONT DEAL WITH THESE SCUM PLEASE

William dickie 06/02/2019

Thiefs

If what I'm about to write helps one person then I'm happy please please do not invest with these thiefs I have been dealing with a (Brian Goldman if that's his real name) total waste of time at the beginning he was all for me maxing out my credit cards taking out bank loans etc etc to which I did not comply, I have been trying for quite a while to contact him telephone calls emails etc with not one reply I've sent emails to there so called head office yes you've guessed it still no reply top and bottom of this message is to let any potential investors please steer well clear of these thieving bastards

Michelle Salter 05/29/2019

Scam - wish I had read the comments below before I invested

FX Trade Market is a company not to be trusted, I have £31K in my account and they have ignored me and the so called manager ( Brian Goldman ) has his phone disconnected. they do not return any e mails so I have been scammed by this company and strongly advise everyone to stay clear of them.only wish I had read the comments below before I invested.

William dickie 05/10/2019

Scammers - steer clear!

Been trying to get my £300 back since august 2018, emails are NEVER answered, i have requested withdrawal multiple times, it just says pending, i must get 5 calls a day nagging to carry on, to invest more, even had them laugh at me when i say i want my money back and im not interested, i block every number they ring on, but they continue to ring, i now get abusive or silent with them, scamming barstard con men, STEER CLEAR, they even wanted me to download an app onto laptop so they could control my account and help me trade....imagine if i’d fallen for that crap, some people wont be so alert and have thier bank account wiped out....scum, nothing but scum...

Root 03/21/2019

Do not invest with them

I’ve put £300 into this company but when a guy rang and just wanted more
I thought I’d better get my money out ASAP, but it’s a nightmare
Just trying to withdraw anything, they just don’t listen
And I’m not very hopeful about getting my money back out

Richard Fletcher 01/12/2019

Feel I've been cheated

I deposit £250 on 21 November after u spoken to someone and I have not hear back from anyone I've try on several occasions to with my money. It's say withdrawal successful but I still cannot get my money. I very disappointed and angry about this.

Yvonne Thompson 12/20/2018

Trying to withdraw my funds since August with no success

I have contacted you on several occasions by email and have spoken to to a head broker by phone. I have been trying to withdraw my funds since August with no success. You keep ringing me and asking me to invest further funds, what confidence do I have to do this when I can't get at my funds.
Your company has a very poor customer service, and does not inspire future investments.

Peter Lewis 11/15/2018
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