• Mon. Feb 26th, 2024

FXG Markets Review (fxgmarkets.com) FRAUD EXPOSED – FXGMarkets Scam Broker



Jan 3, 2024

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FXG Markets (fxgmarkets.com)
You will also find that instead of the ‘innovative’ platform that FXG Markets promises, it has a lackluster solution that does not go beyond the basic offerings.
Broker Rating

FXG Markets (fxgmarkets.com) is without a doubt a %100 fraudulent brokerage firm. It is NOT a real broker! Stay away! FXGMarkets scam works by getting you to believe you can become rich by trading with them.

FXG Markets

Before you start your trading journey, you will need to open an account with an online broker. There are hundreds of thousands of them to be found, so how will you choose one? Have you thought about what you will prioritize? Which aspect of the company will you focus on the most?

Some people think about the trading instruments available, some about the trading platform and conditions, while others may worry about customer support. However, this FXG Markets review shows that you should have a different priority altogether.

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FXG Markets logo

You cannot look at all these aspects of a brokerage without determining if it is a legitimate one or not. Why? This is due to the fact that many of the companies touting themselves as online brokers are actually scammers that are hiding their true identity.

Therefore, the other features do not really matter if the company you are considering is not a brokerage at all. These scams have become quite common in the trading space, which means you need to exercise caution at every step. They will deliberately present offerings that you may find hard to resist.

If you are not focusing on their legitimacy, you may be blown away by everything advertised and end up choosing a fraudulent brokerage. This is something everyone wants to avoid and you can only do so if you first determine its authenticity and then look at other details.

This is how you should approach FXG Markets as well, which is a forex and CFD brokerage that has a sleek website that seems to hit all the right notes. It makes some very ambitious promises and offers you a safe platform for trading. But, this does not mean that you should just take FXG Markets’s word for everything.

No scammer will ever be upfront with you and this seems to be the case with FXG Markets too. It is just a façade and you will see through it when you begin assessing it. Some of the troublesome details that you will find are:

Lies about regulation

When you want to determine the legitimacy of an online broker, you only really need to focus on their regulation. An authentic broker will always obtain a license to offer its services, since it is a requirement in most jurisdictions.

This regulation indicates that the company you are dealing with is genuine and can offer quality, secure and transparent services that you cannot find elsewhere. This automatically distinguishes them from fraudulent companies and can give you peace of mind that you are dealing with a genuine one.

FXG Markets website

The problem is that scammers are aware of the focus on regulation, so they often lie about their own status and this is what FXG Markets has also chosen to do. You will find that it claims to be based in Sofia, Bulgaria, which makes it part of the European Union.

Europe is one of the world’s most regulated regions in the world, so you may expect FXG Markets to be in compliance as well. But, even without checking with the regulatory body of the country, you can determine that FXG Markets is not a regulated broker.

Why? This is because EU-based brokerages follow the same regulatory framework, but the offerings you will find on the FXG Markets website go directly against it. This indicates that the broker is not following the rules and it can only do so when it is unregulated. It means that FXG Markets has absolutely no credibility and you cannot trust it with anything. Since it is lying to you about its regulation, it can lie about pretty much everything.

Availability of bonuses

This might come off as surprising to people because trading bonuses are a good thing. Who does not enjoy a bonus? But, you need to be aware that these bonuses are no longer considered an acceptable practice in the trading world in many regions. One of these is Europe as well, where regulatory bodies have banned online brokers from offering bonuses. This rule was introduced because the bonuses were found to be extremely exploitative.

Thus, the fact that FXG Markets is offering trading bonuses is a clear indication that the brokerage cannot be trusted and is up to no good. Why? This is because it claims to be based in Europe, but it is breaking the law by offering these bonuses.

In addition, you will find that it also has a malicious bonus policy and it is a clear example of why bonuses were banned in the first place. The policy states that traders who get the bonus have to meet a minimum turnover requirement and only then they can make withdrawals from their account.

Until you meet this requirement, you will not be allowed to make a withdrawal, which means FXG Markets gets to keep your funds. Since the minimum trading volume requirement is deliberately kept very high, you are unlikely to be able to achieve it.

Excessive leverage ratios

Yet another troublesome detail that you will uncover about FXG Markets is when you check out its trading conditions. The spreads that start at 1.5 pips are already higher than most competitive brokers, but it is the leverage ratios that are a bigger concern. A leverage of 1:200 sounds very appealing because it means you get greater flexibility.

But, you need to remember that FXG Markets claims to be operating from a country that is part of the EU. Brokers based there are not permitted to offer leverage ratios of more than 1:30 because they are risky and can result in high losses. This is proof that FXG Markets is lying about where it is based, or is an unlicensed entity; either way, you cannot trust it one bit.

Bottom Line

You will also find that instead of the ‘innovative’ platform that FXG Markets promises, it has a lackluster solution that does not go beyond the basic offerings.

The payment methods supported by the brokerage are also bank wire transfers and cryptocurrencies, none of which offer you a chargeback, which means you will not get your money back. These troublesome details make it obvious that FXG Markets is not an authentic and reliable brokerage.

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