FCMarket Review and Tutorial 2020
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|FCMarket Facts & Figures|
FCMarket offers forex, stocks and commodities trading on a choice of live accounts.
|Instruments||Forex, indices, shares, commodities|
|Min. Trade||0.01 lots|
|Regulated By||SVG FSA|
|Auto Trading||Yes (EAs)|
|FCMarket offers leveraged trading across FX, stocks & indices.|
FCMarket offers leveraged trading on the foreign exchange market.
FCMarket claims to be a licensed and reliable forex broker offering the easy to use MT4 desktop and mobile trading app. If you’re wondering whether FCMarket is safe or a scam, we look into the broker’s payment methods, spreads and leverage, to help you make a decision. Read our review before you open an account.
FCMarket is an offshore broker, authorised by the Financial Services Authority in Saint Vincent and the Grenadines (SVG FSA). Launched in 2007, the trading provider offers the usual array of assets, from FX to CFDs. Both retail and institutional traders can open a live account.
The MT4 system is highly intuitive and customisable to different trading styles. Users can take advantage of the suite of analytical tools, EAs, and scripts, as well as online news from the world’s leading providers. The platform also supports various time intervals, from one minute up to a month, as well as various orders, including instant, request, and market execution.
FCMarket only makes MT4 available for Windows computers and with no web trader offered, Mac users may have to look elsewhere.
At FCMarket there are 47 currency pairs to choose from, 5 commodities including coffee and sugar, and 11 indices such as NASDAQ and FTSE 100. There’s also a selection of precious metals including gold and silver, as well as 56 global shares such as Google and Amazon. Notable absentees include cryptocurrencies, such as Bitcoin and spread betting.
FCMarket seems to be using spreads from HF Markets, which is a little concerning. Spreads for EUR/USD are around 0.9 pips and approximately 1.18 for the FTSE 100. Gold spreads are around 0.35. Our review cannot guarantee the fees advertised as they look to be copied from other providers. This is a potential red flag.
FCMarket is also not transparent with commissions on their website, though swap rates are charged for overnight financing.
The maximum leverage available is 1:400 for accounts with less than $400,000. For accounts over $400,000, the maximum leverage rate is 1:100. The broker’s website does contradict itself in terms of leverage rates, with one page stating that the maximum is actually 1:1000. Again, this is not a good sign if you’re thinking about registering for an account.
Mobile trading is available at FCMarket with the MT4 application. The easy to use app is comparable with the fully-featured trading terminal, giving you the possibility to access financial markets from anywhere in the world. The app supports 30 technical indicators, trailing stops, history of completed trades, and access to the news flow. The app also supports over 20 languages as well as sound alerts and push notifications.
Deposits & Withdrawals
Accepted payment methods include bank transfer, credit cards, and e-wallets such as Skrill and Neteller. Deposits are processed on business days, between Monday to Friday from 09:00 am to 5:00 pm (GMT). Withdrawals are executed immediately and take a maximum of 3 working days.
The minimum deposit is rather high at $500 and traders should check with their bank or payment processor for any intermediary fees.
FCMarket does offer a demo account, though they use the FxPro trading platform instead of their own. Demo accounts allow you to work in training mode without risking any real capital – ideal for both beginners and experienced traders. Once comfortable with the broker’s services, you can then open a live account. Given FCMarket doesn’t appear to be the most transparent broker, we’d recommend opening a demo account first.
FCMarket Welcome Bonus
There are no bonuses or deals available at FCMarket, though you can check the broker’s website or customer support for any future deals. Also make sure you check promo terms and conditions before you start trading as bonus credits often cannot be withdrawn.
FCMarket is registered and licensed by the Saint Vincent and the Grenadines Financial Services Authority (SVG FSA). Note that this is an offshore regulator that will not provide the same protection as more reputable agencies such as the FCA or CySEC.
The broker does state that it uses segregated client accounts which are independently administered by NinetyEast Fund Services Limited. However, the broker does not offer negative balance protection or investor compensation.
FCMarket does provide some additional tools such as economic calendars, forex tutorials, and a currency exchanger, though none of these tools are their own. The broker also provides their own downloadable forex guide, as well as some content around fundamental and technical analysis strategies.
There are several contradictions on the website around how many accounts are offered. The Premium account appears to be the standard account, however, you need a rather expensive $500 minimum deposit to apply. On another page, however, the minimum deposit is quoted at $50. There is also apparently a VIP account, though the broker is not transparent with trading conditions here either.
Given the mismatch of information we uncovered when writing this review, we’d recommend thinking twice before opening an account.
Advantages of trading with FCMarket include:
- Range of funding methods
- MetaTrader 4 platform
We found several red flags in this review:
- Transparency issues
- Website out-of-date
- Offshore regulation
- No web trader platform
Trading at FCMarket is open 24 hours a day from Sunday 21:00 (GMT) to Friday 21:00 (GMT). Specific asset operating hours are provided within the trading platform. Note forex and stock markets traditionally run Monday through to Friday.
The broker does not have a telephone number or a live chat, so the only way to contact them is by emailing email@example.com. This is a real shame as top providers ensure clients can contact the customer service team promptly should they experience any issues. As a result, traders should look elsewhere if they are looking for fast and reliable customer support.
The MT4 terminal follows high standards of encryption security, meaning that client data is protected between servers. However, the broker is not transparent about the safety of client transactions through the website. With that said, Skrill and Neteller are well regarded for their secure payment processing.
We encountered several issues whilst reviewing FCMarket, namely the concerning use of other brokers’ information on spreads and additional tools. The range of payment methods is quite good, however, the lack of a live chat service is disappointing. Considering the problems we uncovered, it is possible that FCMarket could be a scam – traders should be cautious if considering this broker.
FCMarket accepts traders from Australia, Thailand, Canada, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.
Traders can not use FCMarket from United States.
Is FCMarket a scam?
FCMarket is an offshore broker registered in Saint Vincent and the Grenadines. The broker does not disclose its license number or registered address on the website, which could mean a possible scam.
What can I trade at FCMarket?
You can trade a range of currency pairs, indices, global shares, and hard and soft commodities at FCMarket. You cannot trade cryptocurrencies, however.
What trading platforms does FCMarket use?
FCMarket uses the MetaTrader 4 platform which is available on desktop and mobile. The web terminal is not offered. MT4 is one of the most popular retail trading platforms around.
What funding methods are available at FCMarket?
You can fund your account using bank wire, credit cards, or e-wallets such as Skrill and Neteller. The minimum deposit requirement is $500, which is fairly high.
How can I contact FCMarket?
Customer support is only available via email, at firstname.lastname@example.org. Our review was disappointed to see no live chat support or telephone hotline.
|FCMarket offers forex, stocks and commodities trading on a choice of live accounts.|