Nothing but a Clone
FXC Markets is a forex broker that offers several types of accounts. The user must contact the account manager to sign up with the broker. This isn’t a healthy sign, and we suspect the broker scams its traders. Following, we will evaluate whether it is a scam or not.
Blacklisted by FCA
Financial Conduct Authority (FCA) has blacklisted FXC Markets. According to FCA, FXC Markets is a Clone and Fraud. This firm uses the details of brokers FCA approved before. These details are used to convince people that this broker is authorized, and they should trade with it.
These are all lies, and FXC Markets have orchestrated a persona to make people fall for their scam. Fraudsters continuously look for new ways to scam consumers. Cloning is an effective way as the fraudsters represent itself as a trustworthy site and people should be confident about investing in them.
Spread is the difference between Ask and Bid. Spread is denoted in pips, a percentage in point which means a fourth decimal place in currency quotation. FXC Markets offers high spreads. These spreads don’t end in prolific trades and means the broker takes commission from spreads, not transaction or trade.
It shows the broker manipulates marketplace against the favor of trader. This clearly shows the broker just want to rob you of your money.
The best way to avoid high spreads is to trade in favorable trading hours using popular trading currencies.
High Minimum Deposit
FXC Markets has a high minimum deposit of $1,000. In most forex scams, the broker demands a high minimum deposit. Low minimum deposit promise flexibility. It eliminates risk and offers several benefits. If the broker constantly calls you constantly for more money, it should concern you.
In case you join with a scam broker, you quickly lose your initial deposit. Some of these brokers even use robots to ask people for making a deposit. A high minimum deposit shows the company wants to skim money from its clients. According to authorities, the highest minimum deposit should be $250, not a cent more.
No Live Support
Live Chat Support is very important when it comes to dealing with the financial marketplace. It helps you to record everything including confirmation of deposit, trading history, etc. Live chat helps to resolve issues swiftly.
Moreover, lack of live support is a major sign of fraud. Therefore, we recommend you stay away from FXC Markets. The broker makes you pay a high minimum deposit and steals this money. A company that cares about its users and quality of service assures it offers live chat and other easy ways to accommodate with the broker.
FXC Markets is an unregulated forex broker, and it doesn’t offer its services in Europe. There is a warning against FXC Markets by Italian Financial Regulators. Moreover, it has been blacklisted by the Financial Conduct Authority.
It a fraud and we recommend our readers to stay away from it. You will lose every dime you invest in FXC Markets.