FMTrader Broker Review
|Headquarters||228 Queen Street, 4th Floor Auckland 1010, New Zealand|
|Support Types||Newsletter, Phone, Chat, Email|
|Languages||Arabic, Chinese, English , Japanese|
|Minimum Trade Amount||10$|
|Free Demo Account||YES|
|Number of Assets||180|
|Account Types||Bronze, Silver, Gold|
|Deposit methods||Credit Cards , Wire Transfer , China UnionPay , Skrill ,|
|Account Currency||AUD , JPY , GBP , NZD , USD , CAD , EUR|
|US Traders Allowed||NO|
FMTrader is launched in 2013 and located in Belize City, Belize. We are talking about the most confidential brokerage nowadays, with very user friendly platform, many tools of which some are nor achievable in some other places. Even educational academy is there to help those with no experience to get easily adjusted to the job which can be demanding.
Is FMTrader a trusted broker?
Talking about the past, almost nothing nice could be said about this company but. It was led by the old management and they did everything but good things for their customers. All of the traders were warned about it. Nowadays, the new management brought a new perspective to the company. They started gaining confidence of the customers and move forward to brighter future with even a regulation awaiting.
Should I open an account with FMTrader?
This trader uses SpotOption platform, known worldwide and many people seem to enjoy it because it keeps things simple but understandable, tools well organized and easily accessible. The asset list is very long and includes more than any one person can trade in a week. There are 12 major Forex pairs, 20 stocks, 7 commodities and 20 indices. The asset list is pretty long with the short ones of 60 seconds and the long ones- several months. One touch options are usually only available over the weekend and can be used to predict large movements. Ladder Options are a more advanced form of binary, and pay a more advanced amount. Digital trading is divided into binary trading, short and long terms. What this means is that binary trading has expiry time some time during the day, whereas short terms vary from even 30 seconds to 5 minutes and long terms vary from the end of the day to 6 months.
This brokerage offers pairs trading, something like horse racing, where people compete which pair will have a better performance over a certain period of time. The most important pairs here are Apple/Google and Silver/Gold. The thing about SpotOption platform I that it has actually nothing new to offer. It looks like people stick to the things that have been already checked and have credibility. It is good to build things with confidence, of course but people sometimes tend to explore new things and need new tools to facilitate their lives even more.
This has just been for the record. But this broker seems to satisfy many needs, in general because, everyone looks at it as a whole new company, with benefits offered nowhere else. Many customers have exchanged their old brokers for the new one with a new perspective of looking at business and also dealing with problems.
The update from 2016’s says that with the exchange of the management of FMTrader came better times. The company started to build confidence which grows very fast and due to all this, customers have a lot less complaints. According to all this, the number of people using this company will grow faster and faster, if, of course, everything stays as it is and FMTrader continues to build confidence and do the things right.
Most of the complaints are made by not reading terms and conditions well or by not reading them at all. Other than that, there are also comments made before the management has been changed so it cannot be taken into consideration. The search has not stopped, of course. The new brokers are being researched even much more than the old ones, because the overall impression is very important so it has to be seen how people actually react to the new management and the job they do.
The base trade volume is 40 times the bonus and must be met before making any withdrawals.it is also said that the bonus depends on the size of the account but there are not many details. For any further information, the best thing to do is ask the account representative. It is always better to be informed about everything.
If you thought that transferring money will be something to bother yourself about a lot, do not worry. All you have to do, once you have met account verification requirements, the next thing to do Is go to the withdrawal page and send a request for it. Sounds easy, right? Deposits can be done with credit cards, wire transfer and Skrill. Processing of the request will be done within 3 days, but for the money to be used, it will have to pass one more week. How much time will actually pass for the money to be ready depends on the method you are using. Skrill is the fastest one.
Like we said, the only problem here is that there is actually nothing new to be offered, and it seems to be the only problem. The only things that are new and people tend to like it are Ladder options and iFollow copy trading, which really give the new perspective to the whole platform.
User- friendly 8/10
With the SpotOptions platform there is no other option but being user friendly. Everything is easily achieved and well explained. If something is unclear to you, phones and live chats are also easily achievable so there is nothing to be worried about. There are 7 possible language on the website and maybe this can be improved a little bit.
Plenty of assets is offered here, from 60 seconds to even several months for the long ones, then 20 stocks, 12 currency pairs, 7 commodities and 21 indices. One Touch Options are available and so is an Option Builder tool.
Commissions, Support and Effective return 8/10
The only thing that the fee will be paid for is withdrawing money with wire transfer. The effective return for In the Money trades ranges between 65% and 85%. Out of the Money trades have a 10% refund that can be adjusted with the OptionBuilder.
Deposit, Payment and Bonus 8/10
Deposits as well as withdrawals can be done via credit cards, wire transfer, Skrill or CashUMinimum deposit is $250 and minimum withdrawal is $100. The bonus differs depending on the amount you deposit and their ongoing promotion at the time. Withdrawals are quick and easy, and reliable, unlike the original FM. Deposits as well as withdrawals can be done with credit cards,, wire transfer and MoneyBookers.
Expiries, Option Builder, Pro Trader, Rollover, Close Now, Ladders and iFollow features are all big plusses, we do agree but it is nothing extraordinary to be seen, so things need to get improved. Since they have just started to build confidence, something more has to be done to draw more attention to themselves.