FxMarketsExchange is not a broker you can trust. In fact, several traders have learned it the hard way, i.e. they’ve been scammed!
We want to prevent this fraudster from claiming more victims. So please read our FxMarketsExchange Review carefully and protect your funds.
We’ve analyzed this broker’s legal background, trading platform, areas in which it provided service, deceptive practices, financial instruments and funding options.
We don’t know who runs this monkey business. The website of FxMarketsExchange is anonymous. However, we did find this dubious claim in the Terms and Conditions – operating under the jurisdiction and law of Bulgaria.
If you thought that FxMarketsExchange’s regulation is legit, think again. We checked the register of the Bulgarian FSC but didn’t find this entity, which implies that FxMarketsExchange is not a legit Bulgarian broker.
And since Bulgaria is a member of the European Union, the FSC implements the rules of the European Securities and Markets Authority (ESMA). So not only is FxMarketsExchange illicit, but it’s also not compliant with ESMA’s regulatory measures.
Where is this scammer active, i.e. in which countries? Well, we have an answer to that question as well after doing some research:
FxMarketsExchange uses Instagram, Facebook, YouTube and email. The former three social media are probably utilized to find clients and spread the fraudulent scheme.
Once the phony broker locks on to a target, it will either use sweet talk or adopt an aggressive approach to persuade traders to invest.
Judging by client complaints, FxMarketsExchange is definitely a fraud. We found several complaints against the broker and its fraudulent scheme.
Withdrawal issues, lack of communication, lies, all the elements of a trading scam are there. Check out what the traders said about FxMarketsExchange.
At first I invested $5000 aud to my account manager ‘Tim Jones’ and made $1700 in 10 days. I could view the platform and trading but I now know this was not legitimate! Then I was convinced to invest another $4000 – never told I couldn’t withdraw when I needed. A month later and tonight I have been emailed to say it’s all gone!
According to FxMarketsExchange’s website, traders are offered a desktop platform, a web-based platform and a mobile trading app.
The broker’s desktop platform is unknown and since we couldn’t access a demo account, it will remain that way. Nevertheless, we are sure that FxMarketsExchange doesn’t offer reliable third-party software such as MT4, MT5 or cTrader.
As for WebTrader, this rudimental platform offers basic charts, graphs and indicators, and nothing else. It lacks advanced tools such as automated trading, and multiple timeframes.
When it comes to trading instruments, here’s what the scammer listed:
FxMarketsExchange offers four different trading account types, per the broker’s website:
As the account tiers go up, the leverage cap increases as well. Thus, the leverage ranges from 1:100 to 1:400, well above ESMA’s regulatory limit of 1:30 for retail clients. Here you have more proof that FxMarketsExchange isn’t a legit Bulgarian broker.
When it comes to spreads, the website simply says “variable spreads” from 0.1 pips. It’s competitive but we don’t know anything about the commissions and fees. Such a lack of transparency is alarming.
FxMarketsExchange claims to offer a free demo account but here’s the problem. According to the broker’s website, “Before adding funds to your demo account, you first must open a real trading account. Once the real account is funded, you should contact your personal account manager and get up to $10K in demo funds.”
Isn’t that just great? FxMarketsExchange really tried the oldest trick in the book. No doubt your funds will be embezzled as soon as you deposit them. Please avoid this broker.
From what we read in the shady Terms and Conditions, FxMarketsExchange accepts only two payment methods:
The problem is that we don’t know the minimum deposit amount or the related fees. FxMarketsExchange’s withdrawal policy is fraudulent as well.
Namely, the broker awards bonuses but doesn’t allow traders to withdraw funds unless they reach an insane trading volume.
“It is a prerequisite that Clients who wish to withdraw the Bonus offered must execute a minimum open trading volume of 20,000 (twenty thousand) base instruments for every $1… if a
Bonus is offered of $10 (ten US Dollars), a Client must have a Minimum Open Trading Volume of $200,000 (two hundred thousand US Dollars) in order to be able to withdraw…”
To sum up, FxMarketsExchange is not a reliable broker. On the contrary, this website is an anonymous trading scam. If you have evidence that FxMarketsExchange violated any terms and conditions, please let us know.
Global Fraud Protection can assist you in getting your money back. Our experts will guide you through the chargeback or recall process, step by step.
If this broker steals your money, start the chargeback process. Book your free consultation with us today using Online Chat and find out what you can do to get your money back.
Absolutely. There are many complaints from traders that confirm this. Plus, the broker is anonymous and unregulated. Do not invest!
FxMarketsExchange says you can have a demo account but you first have to deposit funds, which kills the purpose of a free demo account.
Yes, FxMarketsExchange advertises a mobile trading app but we wouldn’t download it because the broker is a scam.
FxMarketsExchange desktop platform is unknown if it even exists. The web-based platform is lackluster.
Absolutely. There are many complaints from traders that confirm this. Plus, the broker is anonymous and unregulated. Do not invest!
FxMarketsExchange says you can have a demo account but you first have to deposit funds, which kills the purpose of a free demo account.
Yes, FxMarketsExchange advertises a mobile trading app but we wouldn’t download it because the broker is a scam.
FxMarketsExchange desktop platform is unknown if it even exists. The web-based platform is lackluster.
The post Alarming Facts You Will Read About In the FxMarketsExchange Review appeared first on Global Fraud Protection.
