Is FXG Markets legit? Discover if you can trust FXG Markets in this comprehensive FXG Markets review. Learn all you need to know about the broker.
Having a legitimate Forex license is essential for ensuring secure online trading. However, not all financial service providers possess these licenses. Some unlicensed trading platforms try to enhance their credibility by seeking assistance from various sources, including fake regulatory bodies.
These dubious Forex dealers often have connections with other individuals involved in financial misconduct. FXG Markets is just one example of the many fraudulent Forex brokers that these fraudulent authorities support.
Keep reading this FXG Markets review to learn more about why the broker is not reliable.
Regulation
It’s clear from the start that FXG Markets is not authorized by regulatory bodies in the UK or any other country, posing a significant risk for potential investors.
Moreover, the Spanish financial regulatory authority, Comisión Nacional del Mercado de Valores (CNMV), has raised concerns about FXG Markets offering financial services in Spain without proper authorization, cautioning against involvement with them.
Hence, trading with FXG Markets comes with a genuine risk of mishandling your funds. In case of any issues, pursuing legal action can be quite difficult, making it challenging to recover losses or address concerns.
Trading Platform
We analyzed FXG Markets’ software and observed that only the stop-loss option and pending orders were visible. This lack of transparency raises concerns about the platform’s reliability. Also, the inability to customize the chat feature is a limiting factor.
Investors are advised to use the mt4 platform for executing trades, although the commission details for using this software remain undisclosed. A deposit of 250 euros is required to access the system. The withdrawal process takes up to seven days, which we find unfair, as a more reasonable timeframe would be within 24 hours.
The individuals behind FXG Markets remain anonymous, and despite being registered in June 2019, their website has low traffic, with a global rank of 7,831,901.
Despite presenting themselves as a reputable financial service institution offering various assets with leverage of 1:10, we strongly caution against involvement with this potentially illegal scheme. The lack of trading results makes it challenging to assess the firm’s market performance.
As a result, we that there may be no legitimate investment services that FXG Markets provides. Instead, it appears to be a fraudulent scheme aimed at deceiving investors and taking their money.
The promised spread rate of 2.4 pips is a red flag, especially considering the lack of regulation, allowing the company to offer any leverage amount without oversight. Caution is advised to avoid potential financial risks associated with FXG Markets.
Payment Methods
Unlike the usual procedure, FXG Markets mandates traders to communicate with an account manager to deposit funds into their accounts.
Nonetheless, FXG Markets purportedly accommodates various payment options, including Credit/Debit cards, Wire transfers, Bitcoin, and various online payment systems such as Skrill, Neteller, and Perfect Money.
Account Types
The claimed range of unique FXG Markets accounts aims to provide traders with a sense of ease and confidence in their trading activities.
Nevertheless, these packages lack detailed information about their offerings, only providing limited information such as deposit requirements and spreads.
Here’s a breakdown of the pricing for each account type:
- Fixed Spreads Account: €250
- Classic Variable Spreads Account: €250
- Raw Spreads Account: €400
Excessive Use of Leverage
Another concerning aspect that becomes apparent when reviewing FXG Markets is its trading conditions.
While the spreads, starting at 1.5 pips, are already higher compared to many other competitive brokers, the leverage ratios raise even more significant concerns. The enticing 1:200 leverage may seem attractive due to the perceived flexibility it offers.
However, it’s crucial to note that FXG Markets claims to operate from a European Union (EU) country. Brokers in the EU are not allowed to provide leverage ratios exceeding 1:30 due to the associated risks leading to substantial losses.
This discrepancy suggests that FXG Markets is either providing false information about its location or operating without the necessary licensing. In either case, it’s not advisable to trust this platform.
Withdrawal Requirements
This company cannot be trusted for secure and timely payouts. Despite the assurances and confidence-building statements on their website, it is advisable not to trust any of the claims they made. They use deceptive strategies, promising almost anything to gain your trust.
However, when you attempt to withdraw funds, you’ll encounter significant difficulties in processing your request. The scammer has intentionally complicated the entire procedure.
Adding to the problem, there is no clear legal document or policy specifying the processing time and associated fees. Although the website promises instant transfers with no fees, this is not the reality.
Availability of Bonuses
It may be surprising to some that trading bonuses, generally viewed as a positive aspect, have become a controversial practice. Many regions, including Europe, have prohibited online brokers from offering bonuses due to their exploitative nature. This restriction aims to protect traders from potential harm.
The fact that FXG Markets provides trading bonuses, despite being based in Europe, raises concerns about its trustworthiness. Offering bonuses contradicts the regulations in place, indicating potential legal and ethical issues with the brokerage.
Furthermore, FXG Markets enforces a problematic bonus policy. Traders receiving bonuses must meet a minimum turnover requirement before being allowed to make withdrawals. Until this requirement is fulfilled, withdrawal requests are denied, allowing FXG Markets to retain control over the funds.
The intentionally high minimum trading volume makes it challenging for traders to meet these conditions, creating a questionable situation for those involved.
Contact Information and Customer Support
The origin country of the FXG Markets remains uncertain, and there is a warning issued by CySEC against this company. Investors are strongly advised to steer clear of this potential scam, as the platform operates with complete anonymity, leaving no trace behind.
If you need to get in touch with the company, you can fill out a contact form that they provide. Also, they provide a telephone number, seemingly to project transparency. However, those who decide to engage with this platform often regret their decision.
Safety of Your Investments
A reliable investment platform prioritizes the security and protection of your funds. Unfortunately, FXG Markets lacks credibility as they do not separate customer funds from the founder’s account.
This raises concerns, as there’s a potential risk that the person orchestrating this scheme could directly access the invested funds.
Legitimate investment platforms adhere to regulations that mandate a compensation scheme to protect investors in case of unforeseen issues. While FXG Markets claims to share data with their partners, the nature of this information exchange remains unclear.
Clients must demand full transparency regarding the data they are exposed to. Without a clear understanding of the risks involved, investors may unknowingly expose themselves to various dangers.
FXG Markets operates as a Ponzi scheme, putting your information at risk of being shared with unregulated entities. This can lead to unsolicited calls from scammers encouraging further investments.
It is strongly advised for investors to refrain from sharing any information with potential fraudsters to safeguard themselves from such risks.
Can You Make Money With FXG Markets?
It is not advisable to attempt to make money with an anonymous broker, especially one that has been flagged by CySEC as a fraudulent entity. Engaging with such brokers may result in financial losses.
Registering with a scam broker may lead to undesirable consequences. Initially, they may inundate you with phone calls and emails, enticing you with seemingly risk-free and profitable trading prospects.
After making an initial deposit, typically around $250, your trades may appear successful, and they might encourage you to invest more. However, at some point, you may start losing money, as these dishonest brokers are known to manipulate trading platforms.
Alternatively, if you decide to withdraw your funds, you may encounter obstacles. They might claim you are ineligible due to a minimum trade volume requirement or insist on upfront payment of additional fees.
The platform may provide several execuses to hinder your withdrawal attempts, ultimately resulting in the loss of your entire investment.
Conclusion: Is FXG Markets Legit?
FXG Markets promotes the benefits of registering with their platform, emphasizing the use of technology to benefit customers and aiming to establish trust with clients. They offer different investment services such as CFDs, digital currencies, and Forex, boasting multiple awards for excellence in the market.
However, the company is not transparent in revealing the organizations that gave them these awards. With investments in over 1,000 assets, some skepticism arises about the credibility of their claims, raising concerns about the legitimacy of the company.
The legitimacy of FXG Markets is brought into question, as their website content appears to be a duplicate of another Ponzi scheme. This raises suspicions about the credibility and intentions of the individuals behind the organization.
Considering the doubts surrounding FXG Markets, it is advisable to exercise caution and stay away from FXG Markets to avoid potential financial losses.
If you have any information about FXG Markets, its administrators, or its facilitators, please reach out to us.
