FXMoneyOnline – Are They a Scam?

Website URL: https://fxmoneyonline.com

Founded: 2019

Regulations: Unregulated

Languages: English

Deposit Methods: Unknown

Minimum Deposit: $500

Free Demo Account: No

Number of Assets: N/A

Types of Assets: Currencies, Metals, Energies, Stocks, Indices, ETFs, Cryptocurrencies

Trading Accounts and Conditions

Here are the types of accounts that are offered by FXMoneyOnline:

• Mini: The minimum amount required for deposit is $500. The spreads start at 3 pips.
• Classic: The minimum initial deposit needs to be $5,000. The spreads start at 2 pips.
• Premium: The initial deposit for this type of account is $20,000. The spread starts at 1 pip.

The maximum leverage this broker offers is a ratio of 1:200.

FXMoneyOnline – Advantages

We did not find any advantages to trading with FXMoneyOnline.

FXMoneyOnline – Disadvantages

Given below are all the reasons why traders should not contract with FxMoneyOnline:

• Unregulated, Anonymous Broker

According the Terms and Conditions, FXMoneyOnline is based in the Marshall Islands, which means that it is an offshore broker. However, there is no information provided about the company that owns and operates this brokerage.

There is some contact information provided. The broker, on its Contact Us page, has listed phone numbers in UK, Austria, Singapore and South Africa. Interestingly enough, all these phone numbers are the same as those listed on another forex broker’s website – PRIMEXQ. Even the address given is exactly the same on both brokers’ sites. Another interesting – and alarming – discovery is that if you Google this address, you get Citibank Europe’s address in Austria!

All of this evidence points to one thing – we are in all probability dealing with a scam broker that runs multiple scam operations anonymously.

FXMoneyOnline has also not provided any information about its regulation status (which is no surprise). Being registered in the Marshall Islands doesn’t mean anything from a licensing perspective since the financial regulator in this country does not have a framework in place to regulate forex and CFD brokers.

Therefore, to operate legally, this broker will require authorization from the other jurisdictions in which it operates. Now, based on the scanty information provided, we can assume that FXMoneyOnline is targeting investors in the EU, the UK, South Africa and Singapore.

However, when we checked the online registers of the financial authorities in each of these locations, we found out that this broker is not listed anywhere.

Our conclusion after carrying out the research is that this broker is operating anonymously, without proper authorization, and is most probably a part of a scam operation that runs a number of such website to hoodwink unwary traders.

Plus500

$100

Minimum Deposit

Start Trading

Read Review

82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money

Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

 

AvaTrade

$100

Minimum Deposit

Start Trading

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The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.

• Not Allowed to Register

Since this broker does not have a demo account, we decided to register for a live account. However, we were surprised when we were denied access. It is extremely unusual to not be allowed to register on an online brokerage.

While we do not know the real cause of why we were denied access, we do know that there are some scam brokerages that will only allow customers to register only after they have had contacted them telephonically. Therefore, we are assuming that this broker is also operating similarly.

• No Demo Account Available

FXMoneyOnline claims to offer its clients support for both the MetaTrader4 and the Web Trader platforms. However, since this broker does not have a demo account, we could not verify whether these platforms are actually available.

If we had been able to verify that this broker does offer the MT4 platform, then it would have been a big advantage for FXMoneyOnline. This is because the MT4 platform is by far the most popular and used trading software in the world. It has charting and market analysis options for analytics, trading bots for automatic trading and many other features.

Without a demo account, we cannot say for sure whether you will get to use this famous trading platform or even if it is actually licensed to FXMoneyOnline.

Another reason why not having a demo platform is a big negative is because you cannot test the trading conditions imposed by the broker.

• Unfair Payment Policies

There are some rather unfair policies around payments – both deposits as well as withdrawals.

Firstly, while the logos of payment providers such as Visa, Maestro, MasterCard, Neteller, Skrill, WebMoney, CashU, PayPal, and so on are displayed on the broker’s website, we don’t really know which payment methods are actually available.

Next, the broker states in its Terms and Conditions that you will be required to pay a $15 deposit fee. This is very strange, because deposits are usually free.

With regard to withdrawals, FXMoneyOnline does say that there will be withdrawal fees as well as other charges imposed, however it does not specify what these charges will be.

There will be a $36 charge imposed if your account remains inactive for more than 30 days. This is a ridiculous term since most brokers allow for as much as 6 months before imposing a nominal dormancy fee of a few dollars at the most.

• Conflicting Withdrawal Conditions for Bonuses

The fact that FXMoneyOnline offers bonuses is bad enough. Bonuses have been banned across the EU, the UK and most other countries because of their unfair terms. So, these bonuses that this broker is offering are illegal. And yes, there are very unfair withdrawal terms in place.

However, those terms are very confusing. There is conflicting information in different parts of the website. First, the broker states that you need to meet a trading turnover target of $20,000 per bonus dollar. And then, in a different section, the broker states that you may only withdraw your funds if you meet a trading turnover of $500,000 for every $50 bonus.

Conclusion 

FXMoneyOnline is a scam broker, and if you put your money in them, you will lose your funds. It is best to search for a brokerage that is not just regulated, but also has clear terms of service in place.

FXMoneyOnline

2.4

User Experience

3.0/10

Payment Options

2.3/10

Security

2.2/10

Support

2.4/10

Reputation

2.3/10

Pros

• None

Cons

• Unregulated, Anonymous Broker
• Not Allowed to Register
• No Demo Account Available
• Unfair Payment Policies
• Conflicting Withdrawal Conditions for Bonuses