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One of the most popular online broker known for the provision of cryptocurrency trading, FMTrader offers more than 12 currency pairs that include cross crypto-pairs as well. The good thing is that this broker offers a free account so that you can have an insight before opting for an expensive account…
In addition, FMTrader also offers Islamic account for the Muslim traders. This is a promising initiative. The brokers ensure the provision of 1:10 (max.) leverage for up to 1000 lots. In addition, you can earn affiliate bonus as well. The trader you introduced gets a bonus (the amount depends on the deposited amount). You also receive the bonus for introducing a new trader.
Apparently, this broker offers a number of rare features and could become the top choice. But it is important to go through FMTrader scam warnings and complaints. We need to have a look at the trader’s background, regulation status, and other considerations before reaching a conclusive decision.
We took a thorough, in-depth look into FMTrader & as a result this review may get quite lengthy so to make things easier for you we’ve put together some quick navigation links below. You can use these links to jump straight to the specific information that you came here looking for.
- FMTrader Background
- Is FMTrader Regulated?
- FMTrader Complaints
- FMTrader Withdrawal
- Is FMTrader a Scam?
- Our Verdict on FMTrader
- Scammed By FMTrader? Get Your Money Back
- Our Best Recommendation For Making Money
FM Marketing Ltd. owns and operates FMTrader; introduced in 2013 and operated from Belize. The website mentions the license number IFSC/60/372/TS/15.
The London office is situated at 122 Leadenhall Building, Leadenhall Street, London.
Phone: +44 2-7 043 3795
Terapad Services Ltd. (Nicosia, Cyprus) undertakes the billing clearing services.
FMTrader suffered from serious ups and downs. It first had a tragic downfall but struck back with the same name. During the first phase, things didn’t stick to the track. But the second attempt earned the broker huge reputation. Significant changes were introduced and the trader managed to attract thousands of traders.
The story is similar to the Phoenix, who emerged on the stage but didn’t manage to comply with the binary options brokerage requirements but alter, it addressed the issues and achieved the desired results. Same happened to FMTrader, the initial launch was not considered deeply. The legal concerns were underestimated, but the administration took only a few months to bring the platform back on the right track.
After the initial phase of disappointing failure, FMTrader made a comeback with SpotOption. It has now become one of the most popular brokers among the Italian, English and Australian traders. The Islamic trading has also done well to attract traders from Turkey and the Middle East.
Is FMTrader Regulated?
After facing disappointment during the first phase, things finally took the right turn as FM Marketing Ltd. acquired Internation Financial Services Commission (IFSC) Belize, license. So we can safely say that FMTrader is a regulated broker. The future is promising and all doubts about the possible scam have thinned.
The nature of complaints against the previous management is serious but the new management has done pretty well. Over the last couple of years, there have not been any serious complaints. The broker is complying with the regulatory requirements. We didn’t find a public warning against FMTrader.
Looking at the complaints over the last couple of years, we’ve come to the conclusion that some old clients are trying to revenge on the previous management. They failed to present any proof for their illogical complaints. One said that the broker’s rep overdrew money from his account. Well, we don’t know how it could happen! The complainer didn’t provide a proof. We can’t approve any complaint that doesn’t accompany a legitimate proof. Mostly, this proof is in the form of an email thread.
Note: Please don’t forget that the new administration took charge in 2016. You don’t have to worry about the complaints before the trader became regulated. It was an altogether a different story. The administration was completely different. The management was changed later on. The problem is that some websites don’t update their review forums or pages. You must consider the date of the complaint so know when a complaint was launched.
Wait, before you make any decision; the disappointing news strikes again.
On 21.12.2017, the IFSC announced the Cancelation of the license issued to FM Marketing Ltd. (IFSC/60/372/TS/17). The announcement declared that the company could not exercise any authority to offer online trading services. It was on technical grounds. But once again, FMTrader bites the dirt. We don’t think that the broker will return with the same name.
FMTrader offers an easy withdrawal process. It is totally different from that of the first disappointing phase before the acquisition of the license.
First, you need to present your identification documents. It is a one-time process; as soon as the documents are approved, you can submit the withdrawal request.
The broker facilitates Wire Transfer, Credit Card, and Skrill (Moneybookers) as the withdrawal methods. There is no processing fee for the withdrawal. It takes up to three business days to process the withdrawal. In the case of the wire transfer, it takes up to 7 days to reflect funds in your account. Skrill (Moneybookers) is the most preferred withdrawal option, thanks to the fastest processing speed.
Is FMTrader a Scam?
Well, this is interesting. Under the new administration and management, FMTrader is NOT a scam.
Unfortunately, the stigma stamped by the previous management (before 2016) still strikes to trigger fears and doubts in the trader’s mind. FMTrader (Before 2016) was not a scam, but the management in charge could not fully understand the requirements of the Binary Options market. It had been the case of severe misunderstanding or the lack of professional attitude.
Our Verdict on FMTrader
Just when everything started to come back on track, the fate struck again. The trader had been performing well. But we think that the idea of offering “Affiliate Bonus” or “Referral Commission” played havoc. It was just like authorizing your client’s to convince and invite others to join a platform. It was no different than cold calling. So, it might have been the case of the clients making calls to the citizens of the regions where FMTrader wasn’t allowed to trade. Some also claim that FMTrader had no authority to offer some particular trading features. Whatever is the reason, the end is really disappointing!
Scammed By FMTrader? Get Your Money Back
Since initially publishing our review on FMTrader it seems that a whole bunch of withdrawal problems surfaced & as a result there have been many people claiming to have been scammed by FMTrader, but if you are one of them then rest assured that you have landed in the right place.
Here at Stopping Scammers we have put together a free money reclaim guide which shows you step-by-step exactly how you can get your money back from a binary options scam, and therefore if you have lost money to FMTrader we highly recommend you check it out.
The guide we have put together is completely free & to date it has helped thousands of people to successfully manage to reclaim the funds they lost to binary options scams so we know it can help you too.
Our Best Recommendation For Making Money
The truth is that even with the most legitimate brokers, binary options trading is bad news – in fact here at Stopping Scammers we’ve never seen so much as a single person manage to make sustainable profits from binary options trading… For that reason, we believe it is actually just a scam.
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