FM-FX is regarded as a boutique finance company with top of the line customer service and prestige. However, the company has been around for only a couple of years. Headquartered in Belize, it has offices across the world in countries like the UK. Though it continues to be regulated by only the authorities in Belize.
FM-FX currently offers three standard types of trading accounts in addition to an Islamic option. Each type is a live trading account. Plus customers can try out the demo account for 14 days prior to making a commitment.
The broker offers traders the ability to trade CFDs on indices, as well as forex, gold, stocks, and commodities.
Fund security and Company profile
FM-FX is a subsidiary or sister concern of the Cyprus based Terapad Services Limited though it is not regulated in Cyprus.
Cyprus happens to be one of the largest international hubs for forex brokers. The reason why forex brokers find Cyprus so attractive is because of it having an offshore zone with proper regulation, while at the same time it is a member of the EU.
Regulators in Cyprus allow for brokers to operate within the EU. However, the biggest reason why forex brokers choose to set up in Cyprus, in general, is because of their lax regulation.
The Cyprus Securities and Exchange Commission or CySEC as it is called is not as strict as other regulators in the EU, like the UK’s FCA or Austria’s Austrian Securities and Investment Commission.
That said CySEC has in the past few years been stepping up their oversight and regulatory requirements for brokers. In the meantime, traders are advised to choose brokers that are regulated by trustworthy regulators regardless of where they may be based.
The Trading platform
The vast majority of forex brokers use the MetaTrader 4 trading platform and FM-FX is certainly no different. The broker currently supports all the versions of the MT4 platform i.e. for mobile, web and desktop computers. So, traders can choose to seamlessly switch from one to the next as they feel comfortable.
MT4 happens to be the most popular trading platforms in the world. It is for known for being reliable, having an excellent library of APIs, lots of functionality and offers support for MAMM and PAMM features. Additionally, it also provides a wide selection of charting tools and technical analysis.
MT4 is extremely user-friendly even for someone who has never traded before. It also has support for Expert Advisor as well as automated trading. Afterall MT has been around for now over a decade and continues to be popular with the launch of MetaTrader 5.
Promotions and Special offers
FM-FX is known to run a couple of special promotions including timely bonuses, awards to new traders, contests, and discounts for present traders. However, the company’s bonuses and their one time credits are available for a limited time only.
Plus, the terms and conditions of these special offers are subject to change now and then. So, traders are strongly advised to read the terms.
Traders using the service can deposit money via their debit or credit cards. Alternatively online payment services like WebMoney, YandexMoney, Neteller, and Qiwi can also be used for deposits and withdrawals.
We would strongly advise that traders proceed with caution because this is an unregulated offshore brokerage. Another drawback is the extremely high initial deposit requirements. If anything this is much higher than average which is perhaps not suitable for newbie traders. Though we think that the leverage offered is fairly decent.
Is this your final decision?
We suggest you visit one of the popular Forex Broker instead!
- Suitable leverage
- MetaTrader 4 support
- Many educational opportunities available
- Wide spreads
- Not regulated