FullMarkets is a forex broker that claims to provide complete, proficient investment assistance and a safeguarded and user friendly online trading environment. Read this Fullmarkets.com review before deciding to trade with them.
It is common for Forex brokers to claim that they provide the best trading environment in the market. This is because everyone seeking out easier ways to trade effectively does so to make more profit.
However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared towards deceiving traders and stealing their funds. Therefore, considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.
This broker is operated by a company called Beradora Ltd. Their contact address shows that they are located at London, United Kingdom.
They offer three account types which are Standard, Prime and Institutional account. They trade assets such as forex, commodities, indices, stocks, cryptocurrency and ETFs.
Why you should avoid Fullmarkets.com
We found the following disturbing information about Fullmarkets.com after going through the website.
FullMarkets licensing and regulation.
An important aspect of our review is to find out whether or not a broker is licensed by any of the recognized forex regulatory authorities. First, look at the region or location where the company or broker claims to be based, then we check the commission or authority regulating trade there to know whether that company has been listed among their regulated companies or not. For instance, CFA is the regulatory body overseeing the operations of forex brokers located in the UK while Australian forex brokers should be regulated by ASIC.
We also mentioned earlier that FCA is the recognized regulator of forex brokers that are located in the UK. However, this broker presents a license from IRBEM whereas, FCA does not recognize FullMarkets as one of their regulated brokers. They even go against the rules set by forex regulators. Regulatory bodies like the FCA, FSCA, CySEC, ASIC, NFA and many others have regulations protecting Forex traders from unfair brokers.
Another proof that we are dealing with an unreliable broker is the warning issued by the Italian forex regulatory body CONSOB concerning this broker.
FullMarkets deposit and withdrawal method..
Full Markets accepts a minimum deposit of $250. This is higher than the minimum deposit that other brokers accept.
It takes between 2 to 5 days to process withdrawals. The payment methods stated on their website are Visa, Mastercard, Neteller and Skrill. Unfortunately, they only permit withdrawals through cryptocurrency.
Full Markets trading platform.
Fullmarkets.com offers the MT4 platform. Metatrader 4 and 5 platforms have become popular due to the fact that they are user friendly and can supports device such as Android, iOS and many others. The availability of the Metatrader platform is one of the things you should look out for before deciding to trade with any broker. However, this does not mean that any broker that offer these platforms is a legit broker.
Another red flag about this broker is that they offer leverage of up to 1:500. This is higher than the standard leverage permitted by forex regulators. It is important to note that while some leverages may seem generous, it is not advisable. High leverages as this can lead to huge loss of funds for inexperienced traders. They also offer a spread starting from 0.8 pips.
Conclusion: Is FullMarkets.com worth trading with?
No. Full Markets is not among our trusted forex brokers. They try to pass off as a trustworthy broker whereas, they are not regulated by recognized forex regulators. Therefore, trading with this broker will result to loss of funds. We advise you to only trade with brokers that have a license and regulation from a reputable authority.
COMPARE WITH A TRUSTED BROKER
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry. They offer trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Most importantly, the Financial Conduct Authority(CFA) in the UK as well as ASIC in Australia are the regulators of Fortrade. This makes makes client funds safe. They accept traders worldwide..visit their official website