FNPMarkets Review: The Truth About This Exposed Scam Broker
FNPMarkets Review, Looking for a reliable broker can be a daunting task, especially when some companies seem to operate in the shadows. FNPmarkets is one of these elusive brokers, as we found during our investigation. Despite our best efforts to uncover facts about the company, we came across a few alarming red flags that suggest potential fraudulent activity.
With this in mind, we have added FNPmarkets to our list of suspected scams. Our FNPmarkets review will provide an analysis of our experience testing this brokerage, so you can make the right decision before investing your hard-earned money. Let’s take a look!
As well, stay away from the trading scams BidAskBit and GateBits! Furthermore, before investing, always investigate the history of Internet trading firms!
|Leverage||up to 1:500|
|Minimum Deposit||250 EUR|
FNPMarkets License and Regulation
If you’re considering FNPmarkets as your broker, it’s important to note that they are not licensed. This puts your money at risk, as there is no regulatory authority overseeing their operations. In fact, we discovered that Fnpmarkets falsely claims to be MiFID compliant, which is a heinous lie. Their default leverage is no longer allowed under MiFID, indicating they operate outside the law.
We cannot determine whether FNPmarkets is operating illegally or registered offshore as an IBC. In either case, they remain anonymous and unregulated, making it easy to take advantage of their clients. Unlike their regulated counterparts, unregulated entities like FNPmarkets are not held accountable for their actions by any authority, allowing them to get away with their crimes.
To ensure the safety of your funds, we suggest avoiding unregulated, shady businesses and instead opting for licensed EU or British brokers. These brokers are properly regulated, and some even offer deposit insurance funds for added protection. Don’t take unnecessary risks with your investments. Trust only reputable and licensed brokers.
Trading Software Overview
FNPmarkets offers a budget-friendly Webtrader. In addition, given the concerns surrounding FNPmarkets and their suspected fraudulent activities, we strongly recommend opting for MetaTrader4 or MetaTrader5 brokers instead. These two platforms are market leaders in the industry, offering advanced indicators, excellent charting tools, and a host of advanced features including algorithmic trading.
Similarly, the EUR/USD spread offered by FNPmarkets is 3 pips. This can be quite costly compared to regulated companies that typically offer lower spreads. In fact, this price difference alone is reason enough to avoid FNP markets altogether and opt for regulated brokers.
To summarize, while FNPmarkets may offer a budget-friendly Webtrader platform, it falls short in terms of value for traders. Given the concerns surrounding the company and its suspected fraudulent activities, we strongly recommend choosing respected MetaTrader4 or MetaTrader5 brokers instead. These platforms are known for their avant-garde features, competitive pricing, and reliability.
Available Trading Instruments at FNPMarkets
Here are some of the trading instruments they claim to offer:
- FX Majors: 12 pairs
- FX Minors: 24 pairs
- FX Exotics: 17 pairs
- Metals: 17 CFDs
- Commodities: 18 CFDs
- Indices: 92 ETF CFDs
- World Shares: 1,800 stock CFDs
Do not trust FNPMarkets with your money or trades.
Deposit and Withdrawal Methods
It’s important to know that the FNPmarkets broker is a potential fraud. Here are some details about their minimum deposit and withdrawal conditions:
- The minimum deposit is $250 via bank cards and wire transfers. However, we can’t confirm this because we didn’t upload our personal documents due to KYC requirements.
- Withdrawal conditions are unacceptable. For wire transfers, the minimum is $250 (with a $50 transaction fee) and for other methods, the minimum is $100 (with a $25+$10 fee). On top of that, if clients haven’t executed 200 something, the broker will take another 10% of the withdrawal amount. The problem is that FNPmarkets doesn’t specify what 200 stands for, which is a major red flag.
Don’t fall for this scam! Stay away from FNP markets.
Remember: It’s wise to consider the potential risks before investing any money. Beware of that!
Uncovering the Tactics Used by Offshore Scammers
Scam brokers create fake websites to trick unsuspecting individuals into investing their money. These sites offer no real benefits and are solely designed to take people’s money.
Once scammers obtain your contact details, they will repeatedly call you and offer to handle all the complexities of investing on your behalf. However, you will never see any real profits, and it’s highly unlikely that you’ll be able to withdraw any cash.
Scammers often use confusing terms and conditions, such as high minimum trading volumes, to deceive people even more. They hide behind offshore firms and mask their true identities, making it difficult to hold them accountable.
Even if you meet all the withdrawal conditions, scammers will disappear and move on to their next target. You should know that scams can happen to anyone and you should never feel ashamed to report them.
So, what can we learn from this article? FNPmarkets is an unlicensed broker with several signs suggesting potential fraudulent activities. They claim to be MiFID compliant, which is untrue, and falsely advertise their leverage.
The broker’s anonymity and lack of regulation make it easy for them to take advantage of people. FNPmarkets offers a WebTrader platform. Yet, it is not recommended due to suspected fraudulent activities. Investors should opt for admirable MetaTrader 4 or MetaTrader 5 brokers instead. Try to remember that FNPmarkets is a potential scam broker and avoid it if you can.
Is My Money Safe with FNPMarkets?
No, FNPmarkets is an unlicensed broker with many red flags suggesting potential fraudulent activities, putting investors’ money at risk.
When Was FNPMarkets Founded?
There is no information on the date when FNPmarkets was founded. This is odd.
How Long Do FNPMarkets Withdrawals Take?
There is no clear information about how long FNPMarkets withdrawals take. However, the broker’s withdrawal methods are costly.