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ClickFXM (clickfxm.com)is without a doubt a %100 fraudulent brokerage firm. It is NOT a real broker! Stay away! Click FXM scam works by getting you to believe you can become rich by trading with them.
The services of an online broker are needed for trading in the financial market over the internet and there are thousands of them that offer their services. But, you have to bear in mind that a great deal of your trading experience will depend on which platform you decide to use at the end of the day.
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The brokerage provides you the platform and conditions that are very relevant to your experience. It is also important to remember that not all companies are capable of offering the same services, which you will discover in this ClickFXM review as well.
However, the real problem is that some of these brokers are scams. They are just disguised as attracting trading platforms, but the reality is not even close to it. This makes it vital for you to make your decision carefully in order to ensure that you choose a company that can be trusted and can help you make the most of your trading.
How can you do that? You have to ensure that the broker does offer what it claims and is not misleading you in any way. Unfortunately, you will not be pleased with what you learn about ClickFXM.
When you check out the ClickFXM website, it presents itself as a global leading brokerage based in Europe that is offering attractive leverage, tight spreads, a good platform and minimum sign up requirements. All of this sounds quite appealing, but when you try and verify its offerings, you will find that there are plenty of reasons for you to avoid ClickFXM. What are they? Take a look below:
Reason 1: Lack of regulation
Your first priority should be to choose a regulated brokerage because these can offer you protections that you cannot expect from an unregulated one. They are required to uphold standards in terms of service and they also offer data and fund security that can give you peace of mind. You need to check the regulatory status of ClickFXM to see where it stands, but no such information is available on its website.
In order to check their license, you need to know where a brokerage is based and ClickFXM claims to be operating from Europe. The problem is that it does not provide any more details about its location or the company itself. There is no mention of where exactly in Europe it is based and neither does it provide an address on its website. As a matter of fact, there is no corporate background or address given and this is a surprise.
The only piece of information that ClickFXM does provide is an obscure phone number and email address, but these do not tell you anything about the company itself. Essentially, you are dealing with an anonymous brokerage that you know nothing about. How can you trust them with anything? It is quite clear that it is an unregulated entity, which means it is not subject to any rules and no one can hold it accountable.
Reason 2: Trading platform issues
The most important feature that an online broker provides to its clients is the trading platform that has to be used for executing trades in the financial markets. There can be no trading without it and it also provides you with the trading tools that affect your performance. You are promised the MT4 trading platform at ClickFXM when you go through its presentation and it is a pleasant surprise to find out that a demo account is also available.
But, the real issue emerges when you use the demo account and discover that ClickFXM does not offer the MT4 trading platform at all. This means that it is misleading its clients and a genuine brokerage would not take this route.
Another problem that you will come across is that in order to open a Live account, you will be asked to share verification documents with ClickFXM and this is also unacceptable. While online brokers do have KYC and AML procedures that require identification documents and other sensitive documents, they are not needed for opening an account.
This is another reason for you to avoid ClickFXM because it puts your information at risk.
Reason 3: Unfavorable trading conditions
The trading conditions that an online broker offers are related to how much profits you can expect to make and ClickFXM is lying about these as well. As mentioned earlier, it claims to offer attractive leverage and tight spreads and this will draw you in. But, the leverage ratios you find are actually dangerous for a trader. You will come to see that they go as high as 1:100.
The first thing to note is that no brokerage in Europe, where ClickFXM claims to be operating from, is permitted to over such high leverage ratios. The regulatory bodies in the European Union have imposed a cap of 1:30 on the amount of leverage that retail traders can be offered. This gives you proof that ClickFXM is not based in Europe because its leverage offerings do not comply with the regulations.
As far as the spreads that are offered by ClickFXM are concerned, it claims they are tight, but the spreads in the demo account start at 1.5 pips and these are not very favorable. Tight spreads are usually below 1 pip and many other brokers do offer them.
Reason 4: No transparency in payment methods
Another strong reason for you to avoid using ClickFXM as your broker is the fact that it is not transparent about its payment methods. It has not openly disclosed what options it offers and this lack of transparency highlights fraudulent intentions.
Legitimate brokers will always be forthcoming about their payment options, allowing you to confirm whether you can file for a chargeback and get your money back in case of any problems. Scam ones, on the other hand, do not do so because their goal is to take your money and disappear.
These are some good reasons for you to avoid opting for ClickFXM to trade in the financial markets and you should continue looking for another broker.