After an expose on their initial website, FRCM is now operating under a new domain freserves.com. The broker was using financialreserves.com as their initial domain until the trading community exposed them. You can see on their support page that they did make the mistake of leaving their initial domain. Members are to send their queries to [email protected]. These are clearly scam artists who will do or say anything to get hold of your funds. Read this honest FRCM review for more.
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They first claim to get approval from MiFID and claim to have valid regulation on their about us page. In terms of ownership, the about us page claims that Old Mutual owns the website. We all know Old Mutual as outstanding funds and a wealth management platform.
All these are false claims meant to drive investors into believing this is a reputable platform. If they were reputable, there wouldn’t have been the need to change their domain address.
The platform claims to be in London, which is another false narrative they are trying to sell. These scam artists will do or say anything to try and make you sign up with them. From our experience, these could be offshore brokers trying to penetrate the European market.
No broker or investor in London has any links with this platform. Even their address is a hoax as the building is not yet complete. That’s how we know that this is another online scam.
There are five assets that you find under this brokerage firm. These five assets include Commodities, Crypto, Forex, Indices, and Stocks. The broker claims to offer tight spreads on commodities such as Corn, Platinum, Silver, Soybeans, and more. There’s no information on the types of Crypto assets or coins the platform offers.
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You get eight major currency pairs for Forex assets. Indices found on the platform include A EX, CAC 40, Dow Jones, and more. The stock found includes FANG companies (Facebook, Apple, Netflix, and Google).
FRCM is also offering bonuses to its members, which is another huge problem. Regulators have, over time, come to show no love for brokers who offer bonuses. Any broker who offers bonuses might use the very bonus to block attempts of withdrawing funds. It has been the case with several offshore brokers.
They use bonuses to lure investors into depositing more funds in the hopes of receiving a higher bonus. Once you get the bonus, the broker blocks any withdrawal attempt until you deposit the bonus amount. Even if the account has a huge balance, the broker will still insist on a new deposit for the bonus.
There are hedge compensation funds available for members. The 2 and 10 is a hedge fund compensation structure available on the website. Members get a 10 percent performance fee for this fund. There’s also a discount for capital lockup with buying and selling spread charges.
Members must also read the terms and conditions of the additional fee to understand the broker fully. Even depositing and withdrawing with the broker will accrue some charges.
On their website, the broker has posted several comments from so-called members. These are stock photos that the broker uses to lure investors. All these are comments that the broker uses to try and sell the platform as highly profitable.
We do have an actual member who has lost everything with the platform. And this is what the broker tries to hide with the unconvincing comment section. Stay away as more and more complaints keep trickling in.
There are five deposit and withdrawal channels available on the platform. Although the broker claims they don’t charge deposit and withdrawal fees, this is not true. Once you sign up with the platform, you won’t get the chance to withdraw your funds.
Some of the depositing and withdrawal channels include MasterCard, Wire Transfer, Visa, and others. Ensure you read the term and conditions of any platform before making any commitments.
As we mentioned earlier, the platform is operating under freserves.com. A month ago, the platform was using the domain financereserves.com. The reason why they made the switch is to avoid exposure as scam artists.
We have every reason to believe that these are scam artists who have no remorse. The broker will switch names or domains to lure naïve investors into depositing with them.
FRCM is furnishing users with a barrage of accounts under different categories. There are three classes of accounts, Executive, Potential Forecast Profit, and Expected Managed Account. The normal account types are five in total.
Members get to choose between Silver, Gold, Platinum, Diamond, and VIP. Leverage for the Silver account is 1:20 while VIP is 1:150. The minimum deposit is 10,000 Euros which is a high amount. It means that the broker is breaking the barrier of the acceptable minimum set deposit of $250.
There are four accounts under the Expert managed account category. These include Gold, Platinum, Diamond, and VIP. The exposure is 10 percent to 25 percent for a period of 4 to 25 months. Leverage for these accounts starts at 1:40 and 1:150 for VIP account holders.
The broker estimates the potential profit per month to be 7 percent to 25 percent. According to the broker, the estimates have an accuracy rating of 89 percent to 92 percent.
FRCM is also offering a potential forecast profit account with four types to choose from. These four include Gold, Platinum, Diamond, and VIP. The duration starts from 4 months to a year. Within this timeline, the profit estimates start at $4,200 to $804,500.
Users should note that members of the above account types must wait for six months before withdrawing. We feel sorry for the user who signed up when the platform was under the previous domain.
FRCM is not a legal entity as the Financial Conduct Authority (FCA) does not recognize the broker. The claim of being MiFID certified holds no ground as they don’t post any documents to prove it.
A true broker will post copies of their license for all to see to prove authenticity and transparency. We even don’t know the license number of the broker, which is telling. The platform is a hoax, and investors should be wary of it.
There’s no safety of funds from a broker who doesn’t possess any valid documents. Without a valid operating license, it means there’s no insurance cover for deposit. The broker does not deposit the required minimum deposit to start operating as a broker. And these are the concrete facts that point to this platform being a total scam. Please stay away from it.
FRCM is a scam, and there’s no doubt in our minds that the truth will come out soon. As more and more users lodge their complaints, the FCA will have to act. Sooner or later, the entire platform will be shut down.
After viewing all the facts, we won’t be recommending the use of FRCM. Stay away from this broker and any other that share similar characteristics.
Make the smart decision and sign up with expert-recommended brokers. These brokers have a ton of experience and provide safety for members.
We wish every trader a profitable and safe trading experience.
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