FM Trader Review
FM trader claims to be a major investment company and also states to have comparative expertise in the binary trading market. The company was founded in 2013 and states on its website that they have their base of operations in Belize. On a little research, we found out that the company is owned by Terapad services ltd, which in turn is a subsidiary of FM Marketing Ltd.
About FM Trader:
The company uses the new Spot Option trading software and has various options for trade such as ladder options, one-touch options, Forex CFD option, and follow feature. They claim to have customized trading options for each of their so-called valuable customers. The minimum deposit amount for opening an account is 250 dollars. They also offer 4 varieties of trading accounts for the customers which are named platinum, gold, silver, and bronze. These accounts do not have much difference except for the bonuses offered in each of them. While the platinum account offers a bonus of 40%, the gold account, and the silver account offer a bonus of 30% and the bronze account offers a 20% bonus. What our readers must note is that no legitimate investment company or broker company that has a license from a regulatory authority would offer a bonus as it is not profitable for them. This bonus is mainly offered by these scam brokers in an attempt to lure people in and steal their money.
These scam brokers would call you and spam you till you agree to invest money with them. Once you agree, they will provide various options that are profitable to them and tell you that these are specially curated for your needs. They will then agree to all your whims and act as the most down to earth people till you are depositing money in their account. Once you ask for a withdrawal, that’s when the problem arises. They will stop picking up your calls and give you impractical and illogical reasons for not being able to give your money back. Especially if you have claimed the bonus as well, they will attach various terms and conditions which will make it almost impossible for you to move forward and withdraw your money.
The accounts in FM trade can be opened in two currencies, namely, EUR and USD. The currency selection is permanent and cannot be changed after you set up an account. FM Trader also offers an Islamic account for the people or their customers who are Sharia Law followers. In this type of trade, the traders do not face any kinds of financial penalties regardless of the positions they are at.
Is FM trader a scam or legit?
The most crucial thing that every investment broker should have is a license. Every investment broker should have a license approved by the regulatory authority of the countries they wish to trade-in. Upon researching, FM Traders do not have a license from any of the brokers such as the FCA or CySEC. Moreover, FM Trader has also been blacklisted by the Australian Securities and Investment Commission, also known as the ASIC. To conclude, FM Traders is a scam broker and, we recommend our readers to not get involved in any kind of trade with them.