| Index
» Projects
» phpMyEdit
» Forum
» FXQM Review – is fxqmarket.com scam or good forex |
 |
upamfva
Joined: 05 May 2021
Posts: 918
Posted: 2023-02-08 07:09
Back to top
Reply with quote
|
FXQM Review – is fxqmarket.com scam or good forex broker?
FXQMarket (FXQM) presents itself as a MT4 forex brokerage delivering premium trading services. They offer three account types, but haven’t fully disclosed the trading conditions.To get more news about
fxqm review
, you can visit wikifx.com official website.
Apart from their account type and trading conditions, we have serious concerns about this broker and the details will be highlighted below in this review, along with a few possible advantages. Read on before depositing with FXQM.The spread is floating around 0.2 pips on EUR/USD, and a commission of $10 applies, so the trading costs per lot are around 1.4 pips for this pair per standard lot.
Besides, the initial deposit required is symbolically low ($10), and traders can use leverage as high as 1:1000. Leverage ratios that high will suit even the most aggressive traders, yet bear in mind that margin trading has its downside – when using leverage levels that high, the underlying asset is largely financed with borrowed money.
MT4 available
Also, we should stress another possible advantage here – the availability of the most widely used forex trading platform, the MetaTrader 4 (MT4). This trading terminal is a clear favorite of several generations of traders due to its reliability, ease of use, and great functionalities. The MT4 is praised for its top-notch charting with many technical analysis indicators. Support for automated trading via Expert Advisors (EAs), customization options and more.
FXQM says to be a trading name of QM Group Ltd., a company registered in the Seychelles. Furthermore, the brokerage claims to be licensed by the local Financial Services Authority. We don’t think highly of the licensing regime in the Seychelles in general, as little focus is placed on compliance checking and the rules applicable to forex businesses aren’t as strict as those in the UK or Australia, for example.
However, when we checked the online register of the FSA, we found no trace of FXQM, so we can safely conclude that the broker isn’t subjected to any regulatory oversight whatsoever. This brings along a number of risks to potential clients of the brokerage – there may be commingling of funds, client intervention,
Trading conditions not fully disclosed
As was mentioned above, this broker has not announced some essential trading conditions, such as the reference spreads, and the leverage levels provided. Such lack of transparency always raises concerns.
No binding documents
The Terms and Conditions or the Client Agreement is a key legal document that defines the relations between a broker and a trader. We couldn’t find any such document on FXQM’s website, which basically means that if you open a trading account with them, you will have to agree with something you have not read.
Although we listed a couple of possible benefits of FXQMarket (FXQM), we generally don’t recommend investing in this Malaysian MT4 forex brokerage. The main reason for our negative attitude is the lack of credible financial regulation, which brings together with it uncertainty regarding the most crucial aspect of a brokerage – the safety of clients’ funds.
When dealing with an offshore unregulated broker like FXQMarket (FXQM) traders as clients are not protected if something goes wrong. Furthermore, in many cases such brokers simply stop answering your calls, e-mails, and disappear with your heard-earned money.
|
|
Post new topic
Reply to topic
|
|
|
|
Login
Registration
Slovak
