The Worst Broker Ever
Financial Market Trader is one of the lesser known brokers in the market. Believe us; there is a good reason for that! The broker doesn’t have much to offer. The portfolio is poor, and we apologize for our language. Following, we are reviewing this broker and explain why it’s not very popular among the masses.
Our apologies but there are not many nice things to say about FMTrader. So, we will start with the few positives we found. The International Financial Services Commission Belize (IFSC) Licensed FMTrader.
The Financial Market Trader launched in 2013. FM Marketing LTD owns this broker. The registered address is 35 Barack Road, Belize City, Belize. The company also have an office in London, but it operates with the authorization of FCA.
What it Offers?
This is where FMTrader fails to grab an audience; it fails to offer anything at all. Yes, it allows you to trade in commodities, currencies, stocks, and indices. But, you don’t get any decent options. This makes it hard to maintain a prolific trading profile with FMTrader.
We believe FMTrader is one of the worst brokers we have ever reviewed. We found several problems with this broker during our initial research. While we are far from recommending it to anyone, we would take this opportunity to discuss a few of these issues.
Unethical was the best word we found to describe its trading practices. The broker is following every ill-trading practice in the rulebook. We believe its safe to assume that this platform is geared towards the owner instead of the user.
Yes, the broker is guilty of manipulating marketing, hunting trader’s position, high spread, and slippage. How can a trader work in this environment?
Fortunately, it doesn’t bug everyone, only its registered members. Yes, the company doesn’t call every number it can find and ask them to sign up. Instead, it bugs the already registered members and asks them to put more money. The issue is, the broker calls you very often. Yes, most traders complained they received such calls (at least) twice every day.
Pro Trader Tool
For some reason, the FMTrader gives up a tried and tested solution, like Metatrader 4 for a novice software like Pro Trader Tool.
Its one of the worst platforms we have used so far. It’s even worse than SpotOptions. The only thing we like about this platform is Binary Options. Yes, it allows you to trade in Binary.
Lack of Options
For a forex trader, FMTrader sure lacked decent options. Yes, it only offered a weak set of 13 currency pairs with seven commodities, 19 indices, and 20 stocks. We believe this selection was made to entertain an exclusive audience. The only issue, we couldn’t find that audience, nor did FMTrader.
Whats left to say; we said multiple times that this is one of the worst brokers we reviewed so far. We stand by our statement. Yes, it doesn’t block your funds or delete your account. But seriously who would sign up with FMTrader, especially considering what it has to offer.