Beware! FXCM-Group.io is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
As soon as we saw the domain name, we instantly thought about FXCM- a company that’s been present on the markets for quite some time. Well, those scammers want us to do it because FXCM-Group.io is nothing else but a clone firm pretending to be a legit broker. The name aside, we have solid proof that FXCM-Group.io is a scam, and we are going to show it in the following review.
FXCM-Group.io REGULATION AND SAFETY OF FUNDS
FXCM-Group.io mentions nothing about regulations but gives an address in Britain. Well, as they pretend to be London headquartered, they need a license issued by the local regulator FCA, but they don’t have one. In fact, the broker was already blacklisted by the French regulator AMF, so your funds will be in danger if you deposit because FXCM-Group.io is an exposed scam. You should avoid it.
In fact, in the Terms, we found that FXCM-Group.io allegedly originates from the Marshall Islands, but this information doesn’t change anything at all. The country is an offshore tax haven overcrowded with scammers and dodgy businesses, and there isn’t even a regulator to oversee the financial markets. FXCM-Group.io is undisputedly still a scam scheme.
Those things considered, you’d better check the high-rated EU brokers and British brokers by following the links provided. The brokers topping the lists are adequately regulated and covered by money protection schemes securing clients’ deposits in case of insolvency. Hence, CySEC brokers’ traders can claim up to 20 000 EUR in compensation, while the British guarantees are up to 85 000 GBP per person. So if you are eligible to open accounts with European companies, you can safely go for it.
FXCM-Group.io TRADING SOFTWARE
FXCM-Group.io delivers web-based trading software that can only be labelled as deficient. The indicators are way too few and unreliable, the charting tools are poor and advanced features like Algo trading are totally missing. The EUR/USD spread isn’t good either- 3.4 pips, which is an uncompetitive Buy/Sell difference. In contrast, most regulated companies offer 1 pip difference or less with their starter accounts, so FXCM-Group.io is overall costly. Anyway, FXCM-Group.io is a confirmed scam, so you shouldn’t even consider their so-called Forex services.
Instead, why don’t you see the high-rated MetaTrader4 brokers and MetaTrader5 brokers on both lists? The brokers we recommend are not scammers like Finexico and will deliver the best trading software available. Both MTs are packed with advanced tools such as Expert Advisors, many complex indicators, sophisticated charting tools and a marketplace featuring more than 10 000 apps.
The maximum leverage is a matter of inconsistency. The broker claims that the maximum possible is 1:200, but at the same time, we saw 1:400 is actually possible. Well, both ratios are utterly risky, especially if you are dealing with fraudulent brokers like FXCM-Group.io. In fact, leverage is so dangerous that many financial authorities regulate it to restrict its usage. For instance, EU, British and Australian brokers‘ clients are limited to 1:30, while Canadian brokers and US brokers can’t provide more than 1:50. On the other end, most high-leverage FX companies are unlicensed or deficiently regulated, so you’d better stay cautious.
FXCM-Group.io DEPOSIT/WITHDRAW METHODS AND FEES
The deposits are also a topic for discussion. The broker claims that clients can start with $250, but according to the Account Types page, the minimum should be $5000. Well, FXCM-Group.io is a scam anyway, so you shouldn’t deposit even a dime. The funding methods are said to be Credit/Debit cards, Wire Transfers and e-wallets. Out of those, the first one is seen as considerably safer because clients are allowed to dispute transactions and get a refund within an extended period of time- up to 540 days, depending on the case.
Nevertheless, as FXCM-Group.io is fraudulent, we’d like to suggest our lists with Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have a preferred payment system. The companies on top of both lists are adequately regulated, and you won’t face scammers.
Minimum withdrawals are not specified, and each transaction is allegedly free of charge. However, as we are dealing with scammers, we can’t take their word for it. Other fees specified include those for inactivity. According to the Terms, an account becomes dormant after 12 months of inactivity and will be charged $30 per year. That’s seemingly a favourable rate, but we can’t validate this either.
There are deposit bonuses available, but as FXCM-Group.io is a scam, we can label their campaign as purely fraudulent. You should accept bonuses from regulated and reputable brokers only.
Overall, FXCM-Group.io is an exposed scam, so you should avoid it.
HOW DOES THE SCAM WORK
The Forex scam is a popular type of fraud, and it’s actually a process. In the typical scenario, the victim clicked on a fraudulent ad, then received a phone call, and at some point got convinced to deposit money. To make people accept fraudulent offers, scammers would present deals that sound too good to be true, bonuses, get-rich-quick schemes, and so on. Their imagination is rich and would invent as many stories to get the craved deposits.
Unfortunately, the first deposit is not the end but the beginning. Gradually, scammers would manipulate victims and would urge them to invest repeatedly. For example, con artists may not allow people to trade themselves but would pretend to manage the accounts. Forged results would show victims massive profits, and scammers would ask for more money, promising to secure more gains.
The first indications of a scam come forth when people ask for withdrawals. Scammers would make excuses to refuse withdrawals and even require additional deposits to let people take their money out. Those criminals won’t stop asking for funds, no matter what. In the worst case, the victim would believe in the scammers’ falsehood and deposit again and again. However, sooner or later, the scam would become evident, the fraudsters would cut the communication and eventually disappear. They would drop the website, create a new one and carry on with their criminal business untouched, while people would be left with losses almost impossible to recover.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is immune to scams. If this unfortunately happens, the first thing to do is to protect yourself from further risk. Contact your bank and explain what happened so that they can give you instructions and help, if possible, recover your money.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing, call the police if you feel necessary. Seek help actively!
Remember, it’s crucial not to rush to recover funds because many scam chargeback agencies and individuals are trying to double scam the victims. They ask for upfront payment, take the money but won’t do anything to help you!
Share online your experience; it’s important to protect others, as well. Be responsible!