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FNPMarkets Review: Worst Broker You’ll Ever Encounter
Table of Content
FNPMarkets is one the worst brokers you can come arccos. They are just a shady broker that’s not eager to share information about themselves. The few valuable pieces we found are seemingly fraudulent.
The anonymous website, the lack of information on the trading terms, and the abundance of malicious clauses in the legal documents all point to one thing. And that is that this broker is just a scam and it is only interested in your hard-earned money. So you best stay away from them as far away as possible.
|Leverage||1:200 to 1:500|
|Review Rating||1 of 5|
FNPMarkets Regulation and Safety of Funds
When it comes to regulation FNPMarkets has none. They are unlicensed and dangerous. However, we found the broker falsely claiming to be MiFID compliant, but that’s a blatant lie. We say so as its default leverage is no longer allowed under MiFID.
FNPMarkets is anonymous and there is no company name mentioned anywhere on its website, nor any contact details, not even an email.
Otherwise, the broker admits to operating in the European Union which is a jurisdiction with a solid regulatory framework for financial services providers. If this is the case, it’s only a matter of time before FNPMarkets enters a warning list. Because anonymous unregulated brokers like FNPMarkets tend to openly scam traders. They are more or less immune to any potential legal action.
FNPMarkets Trading Platform
The trading platform does not matter when dealing with a scam broker. However, we will cover them because sometimes you can tell that a broker is a scam just by looking at their trading platform.
The broker provides access to a web-based trading interface that is not even branded with FNPMarkets’ logo. Most such platforms are low-cost and easy to manipulate. They are good for beginners because they look good on the eye and are easy to use.
That being said most traders prefer MetaTrade4 or MetaTrader5. That is because those two types of platforms are considered one of the best and are easy to use and understand.
As for leverage, the default ratio is 1:200, and it can get to 1:500 upon request or depending on the deposit size. As mentioned, these ratios can’t be offered by brokers working under MiFID guidelines, so Fnpmarkets single-handedly exposes itself as fraudulent.
To be precise, licensed EU, but also British and Australian brokers have to limit retail clients to 1:30. Most of the high-leverage brokers are either poorly regulated or not at all, so you’d better be careful with their offers.
Account Available at FNPMarkets
When it comes to accounts FNPMarkets offers three different types of accounts. The first account is called a Bronze account and it costs $250. It offers a leverage of up to 1:200. The second account is called a Gold account which costs $2500 to open.
This account offers leverage up to 1:300. And the final account is the so-called Black account. This account cost $25000 and offers leverage up to 1:500. As we said these types of leverages are not going to be offered by any legit broker. This suggests that this broker is just a scam.
FNPMarkets Deposit and Withdrawal
So as we said the minimum deposit is $250 which is acceptable, but somewhat unrealistic considering that most legit brokers will open up an account for just $5 to $10. You can deposit via Credit/Debit cards and Wire Transfers.
The odd thing is that they do not offer crypto considering that most legit and scam brokers offer this type of deposit. But this just shows how unprofessional this broker is.
The withdrawal conditions are simply unacceptable: a minimum of $250 for Wire Transfers, transactions charged $50, and a minimum of $100 on other methods which is charged $25+$10.
However, the withdrawal may get even more expensive as the broker is going to eat up another 10% of the sum of clients who haven’t executed 200 in turnover. The worst thing in the clause, though, is that Fnpmarkets doesn’t specify what 200 stands for, leaving the door open for interpretation. And this just screams scam.
The inactivity fees are unacceptable, too. They say that an account will be charged 10% of the balance each month after half a year of inactivity. A legit broker will never do such a thing.
Even though there are even worse provisions introduced- bonuses. According to the clause, after the incentives are given, clients need to trade the bonus plus the deposit 25 times to become eligible for withdrawal. As the bonus is final, clients won’t be able to quit the campaign, so the broker blocks the account and won’t allow any withdrawals.
Got Scammed by FNPMarkets? Chargeback Is The Answer
If you got scammed by this broker there may be a solution that can help you. That solution is called a chargeback. So what is a chargeback and how does it work?
A chargeback is a charge that is returned to a payment card after a customer successfully disputes an item on their account statement or transactions report. A chargeback may occur on debit cards or credit cards. And as we said this broker only accepts these kinds of transactions.
The chargeback process can be initiated by either the merchant or the cardholder’s issuing bank. If initiated with a merchant the process is similar to a standard transaction; however, the funds are taken from a merchant’s account and deposited with the cardholder’s issuing bank.
In short, FNPMarkets is a scam broker. They aren’t even trying to present themselves as good. Their site is completely anonymous and unprofessional.
And like many other fraudulent brokers, they claim to be regulated. In reality, they are just poorly made scam that is out for your hard-earned money. So you best stay from this fraudulent broker and others alike.
FAQs About FNPMarkets Broker
Is FNPMarkets a Good Broker?
No, they are dangerous and should be avoided.
Is FNPMarkets s a Regulated Broker?
No, they are Unregulated.
What Is The Minimum Deposit For FNPMarkets?
The minimum deposit is $250.