FG Markets Review: Exposing the True Nature of This Broker
Do security issues and potential scams in the trading world worry you? This thorough FG Markets review is there to address your fears. We will cover many details here, the ins and outs of FG Markets, an offshore scam that proudly supports the widely-used MT4 platform. Come along as we reveal the reality behind the FG Markets scam and learn more useful details.
|Name:||FG Markets Inc, Glastrox Trade Ltd|
|Regulation status:||Unregulated Offshore Broker|
|Warnings from Financial Regulators:||CNMV, CMVM, FSMA, FINRA|
|Registered in||Ajeltake Island, Majuro, Republic of the Marshall Islands|
|Contact info:||+61 283 174 987, [email protected]|
|The majority of clients are from:||United States; Poland; Brazil; India;|
|Customer support:||Not available|
FG Markets Legitimacy: Offshore Jurisdiction
So, what hides behind this company, and is FG Markets legit after all? FG Markets Inc. proudly states that it’s “a registered brand of Glastrox Trade Ltd., a licensed Investment Firm regulated by the Marshall Islands Business Corporation Act with authorization number 91438.”
Yet, the Marshall Islands, being an offshore jurisdiction, lacks regulatory oversight for FX trading. We all know this by now.
Moreover, many governmental agencies, including Spain’s Comisión Nacional del Mercado de Valores and the Portuguese Securities and Exchange Commission, have issued severe warnings against FG Markets. These red flags are troubling. So, we should doubt their claims of caring about investor security.
Tier 1 Regulated Brokers
On the other hand, Tier 1 regulated brokers cling to strict standards. They follow the rules imposed by government agencies like FCA, ASIC, and CySEC.
These reputable brokers provide strong protection for your funds. It’s not just a suggestion; it’s essential for your peace of mind and financial security.
Trading Asset Classes
FGMarkets, as an offshore broker, boldly advertises many trading assets. These are as follows:
- Commodities, and
Yet, we strongly recommend considering legit brokers that offer a wider selection of assets for a better trading experience.
Note: Just a heads up, some companies out there promote systems, like signal sellers or automated trading tools, and sadly, these things often don’t make you money. These shady websites tend to go after victims in different forums or social media platforms. Keep an eye out!
Trading Platforms – Suspicious MT4
FG Markets relies exclusively on the MetaTrader 4 platform. This is an honored choice among traders, along with MT5. Yet, it’s crucial to note that their website’s reliability is currently questionable.
While MT4 and MT5 platforms are celebrated for their advanced features, including broad charting tools and technical indicators, reliability is vital when selecting a trading platform. This applies to everything else as well.
Prevalent Trading Environment
FG Markets claims to be a Straight Through Processing (STP) broker with no conflicts of interest with clients. But we must say that a significant spread of 11.8 pips for EUR/USD raises legitimate concerns about trading costs.
Besides, they offer leverage of up to 1:500, which is risky for inexperienced traders. The EU and UK have imposed stricter leverage caps for retail traders. As you can see, this stresses the importance of selecting regulated brokers that think about client safety.
FG Markets Bonuses
FG Markets has previously offered bonuses, including a no-deposit bonus.
Yet, it remains unclear whether these bonuses were really given to traders. We strongly advise traders to exercise caution when choosing brokers with such incentives to attract customers.
Note: Before engaging with FG Markets or IDealTrade, another unregulated broker, traders should exercise caution.
FG Markets Withdrawal Strategy
FG Markets claims they accept various payment methods – B2Binpay, wire, and cards. However, our investigation reveals some shady points. Withdrawal processing times, taking 3-6 business days for approval and an extra 7 days for clients to receive their funds, are overly long.
Respectable brokers rarely set inactivity fees within a mere 60 days. We strongly discourage trading with brokers that use such practices.
To trade with peace of mind, choose regulated brokers with transparent payment options, such as PayPal, Google Pay, Apple Pay, Skrill, Advcash, bank cards, or crypto.
Reviews from Traders
Interestingly, fgmarkets.com is clearly absent from Trustpilot reviews. And we must say this is a rather suspicious discovery.
We strongly urge people to opt for regulated and popular brokers with consistently positive reviews (think of Webull). These brokers will make your trading much more pleasant.
Note: Icorp Securities is another unregulated business. There are multiple warnings against trading with them. If you want to be on the safe side, contact us for free recommendations on regulated brokers!
Methods Scam Brokers Like to Use
Offshore brokers, like FG Markets, naturally carry risks due to their lack of regulation. Understanding common tactics used by broker scams is crucial for saving your money (and sanity).
Deceptive brokers use various techniques to scam you. You’ll often see specific withdrawal issues. Likewise, you’ll come across unusual charges. Keep in mind that there are steep, often exceeding 20%, bogus fees. These fees are often referred to as withdrawal processing fees.
Similarly, there’s almost always a profit fee. Deceptive sites require you to pay for these upfront.
Besides, there are unreasonable guaranteed profits. This is another common deceptive tactic to be cautious of. Scammers will consistently promise huge guaranteed returns. Keep in mind that trading with favorably leveraged instruments carries some risks. Any fraudulent broker will attempt to win you over with claims that your returns are 100% guaranteed.
Please make an effort to use regulated brokers. This is an unwritten rule!
Is Profiting from Online Trading Possible?
If you’re considering online trading, know that we offer free consultations. Also, we offer access to our new AI Analysis Bot, designed to help you with your research. While online trading can be profitable, making smart decisions and selecting the right broker and tools are critical to your success.
Lastly, FG Markets raises big concerns as an unregulated broker. We strongly advise against investing with them. Your financial safety should always be your top priority.
What Is FG Markets?
FG Markets is an offshore brokerage that is out of business.
Is FG Markets Regulated?
No. This broker scam operates without any form of regulation.
Where is FG Markets Located?
FG Markets is located offshore, specifically in the Marshall Islands.