FXCM Group is facing complaints left, right, and center. The AMF is the first regulator to issue a red flag with others about to follow suit. These regulators are raising the flag due to the high number of complaints seen. It would be best if you protect yourself from such platforms regardless of their allure or appeal. We have the reasons that made the platform a high-risk forex investment platform. Here’s the full FXCM GROUP REVIEW.
On their about us page, the platform claims to have a fast-growing client portfolio. The platform claims to have become a large and established international investment firm. Of course, the platform will do or say anything to entice investors into signing up.
We understand why newbies would fall for the platform. It comes with an aesthetic appeal and an easy-to-use interface. All the information you need is on the homepage, with navigation being straightforward.
Despite this, the platform is also hiding valuable information in the open. They only want you to see what they want investors to see. Thanks to our keen eye, we will help spot the mistakes found on the platform.
When looking for a dependable investment platform, you need to find a reliable option. In addition, the platform has to offer groundbreaking investment strategies. Today’s investor is looking for Coin Staking, DeFi, and Masternoding to invest.
FXCM Group is one of the platforms that made headways. At first, members would withdraw funds with ease. When membership grew, that’s when the complaints started trickling in. And this is where the rain started dropping for members.
Before you commit funds to a platform, you need to find out what they bring to the table. Get to read reviews and find out the experience of other investors. Once you do due diligence, you have enough information to make the right decision.
FXCM Group offers five different account types of accounts. These packages come with different features. However, we have to highlight the biggest obstacle with these accounts. And it’s the high minimum deposit which is set at 5000 Euros.
Here’s a closer look at these accounts;
Basic
To start using the basic account, you must deposit 5000 to 10,000 Euros. The leverage follows industry rules as they set it at 1:10. There’s a welcome bonus of 10 percent for the amount users deposit.
Silver
10,000 to 25,000 is the minimum acceptable deposit to start using the silver account. Notable account features include a 15 percent welcome bonus with a practice demo included. The leverage is set at 1:20.
Gold
For the gold account, investors must deposit 25,000 to 250,000 Euros. The leverage is set at 1:50 with a 2-day withdrawal approval. There’s a welcome bonus of 20 percent, with the platform promising rewards of 1,000.
Platinum
With the platinum account, the platform promises a reward of 5,000 Euros. The withdrawal approval is said to be one day. Leverage set for this account package is 1:100. There’s also a welcome bonus of 25 percent.
Diamond
It’s the most exclusive account with investors having to apply for membership. The leverage set for this account is 1:200, which is above the regulator’s standard. There’s a welcome bonus of 30 percent with this account.
Account Management plan
According to the platform, they offer money management plans. In short, you get an account manager who advises on how best to invest. However, instead of being professional, these account managers will try and solicit funds from investors.
You will start getting calls urging you to deposit funds. These callers claim they have an exciting offer for your investment. You should ask yourself why they would go around the platform and offer such.
To try and sweeten the deal, the platform claims they have a few slots remaining. Those who make the mistake of depositing funds end up losing them. The platform will soon replace that account manager with another one.
Each account comes with a welcome bonus. Unfortunately, regulators are against platforms that offer account bonuses. These bonuses will soon come back to bite the members. You won’t get to withdraw funds unless you pay in full the bonus amount.
The platform will ransom your withdrawal for the welcome bonus. And this is the reason why we have our doubts about such platforms. Members who go ahead and deposit might also not gain any advantage.
Those who own and run the platform remain anonymous. We don’t have the name of the CEO or CFO of the platform. Investors are depositing huge amounts to an unknown platform. We don’t know who is held responsible for the funds on the platform.
It would be best if you stayed away from anonymous platforms as they fail to offer transparency. Without transparency, the risks rise, and recovering such funds is a problem. We even don’t know where their headquarters are located.
For a platform claiming international standards, we expect exceptional customer service. Instead, what we get is a platform that seems to dodge communication. There’s no live chat option, and they are slow at responding to emails.
The platform wants to control the communication process. So the platform can get to you, but not so members to them. We have seen this type of scenario play out, and members end up losing a great deal.
At least, the platform offers a demo account to all accounts. So there’s no need to fund accounts without having to test a demo account. Real demo accounts come fully packaged with leading trading platforms.
You get to test and improve your trading skills with demo accounts. Go for demo accounts with MT4, MT5, and SIRIX trading terminals. These terminals ensure you get a feeling of what it’s like to trade. You also get to know how a platform behaves in the real-world market.
When funding accounts, all platforms ensure this process is seamless. You get to fund your account in less than five minutes. Then, the funds will reflect in your account within 24 hours. After that, you can start trading.
Withdrawing funds with FXCM Group is still a major headache for investors. For the past couple of weeks, no one has managed to withdraw funds. And this is another reason why regulators had to raise the red flag.
FXCM Group is not a licensed platform, and they already have a warning from the AMF. Yet, the platform fails to issue any records of their compliance. And this means there’s no regulatory framework to follow.
It puts a dent in their reputation, which means we have to blacklist them. Without any compliance, the platform is free to operate as they please. And this is the reason they insist on insane leverage of 1:200.
When looking for viable investment platforms, go for those regulated by credible regulators. Some of the well-known regulators include ASIC, CySEC, FCA, NFA, and the SEC. These regulators ensure everyone follows strict regulatory guidelines.
There’s no security of funds from a platform facing warnings from regulators. Therefore, you should stay away from the platform. We believe they fail to segregate accounts thus, putting funds in jeopardy. It’s best to stay away from such platforms.
We won’t recommend FXCM Group for the following reasons
These are the reasons why you should stay away from fxcm-group.io
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