The internet has become a breeding ground for different types of scams and scam brokers are also one category you will find, if you are thinking about entering the financial markets. Thanks to the popularity of online trading, the number of brokers offering their services has increased significantly and this has given an excellent opportunity to scammers to portray themselves as legitimate trading platforms in order to fool people. Such fraudulent platforms have become rampant, so you need to be very careful in order to avoid them. The key is to not fall for their appearances, as this FPCMarkets review shows that they can be very misleading.
The primary reason why such scam brokerages are successful in finding victims is because they present themselves similar to many of the authentic and genuine brokerages in the market. Thus, it almost makes it impossible for anyone to just identify them as a fraudulent platform in one glance. It is only when they take a closer look that they will find out the truth and this is what you need to do. Rather than relying on any company’s claims, you need to look under their appearances to find out the truth.
Where does this FPCMarkets review come in? No matter how straightforward or professional their presentation may appear to be, you have to do your homework. Yes, it is quite impressive when you see that they are offering more than 16,000 trading instruments, a user-friendly web trading solution, attractive trading conditions as well as generous trading bonuses. But, these are just appearances and you don’t know what they are hiding underneath. Once you look at that, you will know the truth, which is that FPCMarkets is just another scam. How can be conclude this? Read on to find out:
Blacklisted by Spanish authorities
A regulatory authority can make or break a broker and this is also applicable in the case of FPCMarkets. When you start looking into this brokerage, you will discover that it has been blacklisted by the regulatory authorities in Spain. The National Securities Market Commission (CNMV) in Spain has issued a warning against the brokerage, as it appears to be operating in the country without a proper license. A legitimate brokerage would obviously apply for a license first and then offer their services, but since FPCMarkets does not appear to be doing so, it is apparent that it shouldn’t be relied upon.
The problems with FPCMarkets have just begun because once you start digging into it, you will find plenty of other issues. As it is a good idea to look into the background of a broker before opting for their services, you will find that the only name that FPCMarkets has mentioned in its presentation is that of Advertising R EOOD. Since there is no other name available, it is reasonable to assume that this is the entity operating the brokerage.
However, you can dig through all the information that FPCMarkets has presented on its website, but you will not find any information about where they might be based, which could shed some light on their licensing. The website seems to be completely anonymous and the only piece of information you will come across is an email address and a UK phone number. There is absolutely no corporate background, or any other company information available.
If you go through the Terms and Conditions on the FPCMarkets’ website, you will find some vague reference to Saint Vincent and the Grenadines, as well as Estonia. This makes it a possibility that the scammers operating FPCMarkets are probably operating from Estonia, but are hiding their clandestine operations behind a company in the offshore and unregulated jurisdiction of St. Vincent and the Grenadines.
Exploitative Terms and Conditions
The Terms and Conditions that you find on a broker’s website are the legal documents that outline the kind of relationship you will have with them. They outline the policies you will have to follow as well as the costs and fees you may be charged, so going through them is a must. Doing so in the case of FPCMarkets turns out to be a very smart move because you will discover that the broker has conditions associated with the trading bonuses they are offering.
You should note that trading bonuses have been banned in various jurisdictions because they are very exploitative and this seems to be case with FPCMarkets as well. They also have strings attached to these bonuses, but the worst part is that they have stated they can change their bonus policy at any time. This means that their goal is to ensure that traders cannot make withdrawals because they will continue changing the policy at their discretion.
As you have to meet a minimum trading volume requirement to make a withdrawal after getting a trading bonus, FPCMarkets will just continue to change this, which means no withdrawals. Speaking of withdrawals, the Withdrawal policy of the brokerage is also worth noting. According to FPCMarkets, they are not committed to any timeframe when it comes to processing your withdrawal requests. This means they can take as long as they want to process your withdrawals, which is likely going to be never.
No accessible trading platform
According to the presentation on the FPCMarkets’ website, they are offering a user-friendly web trader to their clients. It is definitely worth checking out because this is the software you will primarily use for your trading needs. The problem is that you will not be able to access the platform at all, which gives rise to the possibility that it doesn’t exist. Indeed, this is a common practice amongst scam brokers, which do promise trading platforms, but don’t really have one because they are only creating the illusion of trading to trap people. Legitimate and professional brokers usually provide you with the MT4, MT5 or cTrader platforms that are renowned in the markets.
Considering the problems, it is obvious why you should not fall for the appearance of FPCMarkets because this is just another scam broker.