FGMarkets Review: Dull Forex Scam

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FGMarkets Review: Dull Forex Scam

FGMarkets ( is claiming to be an innovative solution in the financial market. FG Markets is professing to use the latest technology to help traders understand basic trading concepts. They go ahead and sell their platform as one that offers affordable and quality services. These scam artists are using false information and catchy sales pitches to trap unsuspecting investors. Read this credible and eye-opening FGMARKETS Review and get the truth.

FGMarkets Review

About FGMarkets

Glastrox Trade Ltd is the company which claims to be the owner of the trading platform. According to the disclaimer at the footer of their homepage, they are located in Marshall Islands. And this is proof we are dealing with offshore brokers. Offshore brokers pose a huge risk as they are known to block withdrawal requests. And this is what a majority of members are facing with FG Markets. To trade safely, investors need a broker who is reputable and has a strong online presence.

FGMarkets is a platform which is ran by anonymous brokers. We also tried to check the validity of their mother company. The company register in Marshall Islands has no entity registered under the name FGMarkets. And this is proof these scam artists are using a random company name to fool investors. These scam artists will do or say anything to try and make their platform appear legit. And this is why everyone should stay away from it as it is a certified scam. Offshore brokers rarely meet the standards required to offer above board trading services.

Asset Index

According to their instruments page, the platform offers a number of assets. They include Bonds, Commodities, Forex, Indices, and Stocks. Bonds are fixed income securities with one mentioned, GER10YBOND. Commodities listed include cocoa, coffee, corn and others. The platform offers a number of currency pairs including AUDCAD, AUDCHF, CADCHF, EURAUD, EURCAD, among others. Indices available include DAX, Dow Jones, and FTSE100. Stocks listed include Adidas, Airbus, Amazon, Citi Group, Coca-Cola, and others.

Business Owner

When it comes to who actually owns the platform, the information is rather missing. And this is where we start seeing cracks as no one wants to be associated with the platform. The entire website has no information regarding the actual owners of the platform. Looking at the about us page, there are no names regarding founding members. We also fail to see any names from staff members which is odd. Social media handles of staff members is important for verification purposes. The entire platform is dark when it comes to the CEO or CFO or Glastrox Trade Ltd.

Domain Details

What is interesting with the platform is that they have been operating for a number of years. When they started offering trading services, a few members got to withdraw funds. Later on, when the claims of members withdrawing funds caught on, they openly blocked withdrawals. The blockade was after getting more and more investors to sign up. According to the domain register, was created on 20th October 2015. These scam artists have been stealing from investors for over two years. Action had to be taken by authorities.

License and Registration of FGMarkets

FGMarkets CNMV Warning

Disclaimer at the footer of their homepage does not show any information regarding their license. What they have done is claim the company is registered and has authorization to trade Forex. Scam artists will do just about anything to make it appear their platform is regulated. These scam artists have not gone unnoticed and the regulatory body CNMV has issued a warning. Other regulatory bodies in the region plan to follow suit after receiving complaints from traders.

And this is proof FGMarkets IS NOT LICESNED OR REGULATED to offer any trading services. Other regulators who plan to issue a warning include BaFIN, CONSOB, CySEC, FCA, and FINMA. These are European based regulators after seeing that most victims are from their jurisdiction. Anyone who deposits funds with an unregulated broker is risking their funds. These scam artists never insure funds as dictated by trading regulations. And this is one of the many reasons you will never get any profit trading with FG Markets.

Limitations of FGMarkets

Account Details

FGMarkets is furnishing traders with two account types. Accounts listed are Live and Live Premium accounts. Live account is going for $99.99 minimum deposit while Live Premium is going for $99,999. They all claim to have 24/5 technical support and Premium account comes with a trade specialist. What was lacking from the website was information regarding leverage and spread available. These scam artists are not disclosing every detail to traders which is a huge letdown.

FGMarkets Available Accounts

Account Specialists

The platform claims to have account specialists who help traders make profit. These account specialists have no trading background experience and the results show. Most members who gave control to the trade specialists ended up losing their entire balance. And we strongly believe FGMarkets is hiring call agents to act as account managers. These agents get paid by commission which means making investors lose money. The more you lose money, the higher their commission gets.

Contact and Support

A closer look at the website shows they have no live chat support. The contact details used include email and a listed phone number. Emails are good but not effective when it comes to trading. A real trading website will use live chat support to enable trader get immediate response. The phone number does not work as the broker calls traders instead. These scam artists will call at odd hours demanding members deposit more funds. And this is why everyone should stay away from this illicit trading platform.

Demo Account

FGMarkets is also using their demo account to entice traders. The demo account in question is a MT4 demo account. These scam artists make traders believe their real trading platform is using MT4. And that’s why traders are given the chance to test the platform. Once you open a real account, members notice the platform uses a custom made web version. A demo account is imperative as it helps traders get to know what the platform offers. Smart traders ensure they try out the demo account before committing to a real account.

Trading Terminal

These scam artists are using a custom made trading platform which has slow execution speed. Members have been complaining that the platform is not compatible with smartphones. And this is the case as their platform is unstable due to lack of rigorous testing. A custom made platform usually has basic infrastructure not fit for online trading. Lack of essential features such as DDoS protection and SSL encryption is proof the platform is a hoax. Hackers will easily gain access if they want to steal valuable data such as credit card information.

Safety of funds with FGMarkets

When it comes to security of funds, FGMarkets is not anywhere close to achieving this fete. Members are up in arms after being blocked from accessing their funds. And this is the case with every other offshore broker led platform. FGMarkets is pooling funds in one account putting deposits at risk. The platform is breaking the trading rules by not segregating accounts. These scam artists are laughing all the way to the bank as members deposit funds to one bank account.

Scam or legit FGMarkets

FGMarkets Trading Platform

Evidence is clear, we are dealing with a platform which is openly stealing from anyone who signs up. Signs are clear that FGMarkets is a scam worth avoiding. Mark their emails as spam and never associate with any of their affiliate programs. When you receive calls from their agents, avoid giving them your card details. These scam artists will use the information to sweep your bank account clean.

Bottom line

Our readers must stay informed and that’s why we have to blacklist this platform as a scam. Stay away and use safe and recommended Forex trading robots when you plan to trade forex.

We wish every investor and trader a lucrative and safe trading experience.

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