FXMoption – Are They Trustworthy?

Website URL: https://FXMoption.com

Founded: 2021

Regulations: None

Languages: English, Italian, Portuguese, German, Spanish, Dutch

Deposit Methods: Wire Transfer, Payeer, Bitnovo, PayBis, Binance

Minimum Deposit: €5,000

Free Demo Account: No

Number of Assets: N/A

Types of Assets: Forex, Indices, Commodities, Gold, Silver, Oil, Natural Gas, CFDs, Cryptocurrencies

Trading Accounts and Conditions

Here are the different account types offered by FXMoption:

• Bronze: The minimum deposit is €5,000. Minimum lot size is 0.01 lots, the maximum leverage is 1:100, spreads are variable and start from 1.0 pips and there are no commissions for forex pairs.
• Silver: The minimum deposit is €10,000. Minimum lot size is 0.01 lots, the maximum leverage is 1:200, spreads are fixed and there no commissions for forex pairs.
• Gold: The minimum deposit is €25,000. Minimum lot size is 0.01 lots, the maximum leverage is 1:400, spreads start from 0.0 pips for forex pairs, and there are commissions on forex pairs.
• Platinum: The minimum deposit is €50,000. Minimum lot size is 0.01 lots, the maximum leverage is 1:400, spreads start from 0.0 pips for forex pairs and there are commissions on forex pairs.

FXMoption – Advantages

There are no advantages to trading with FXMoption. This is not a broker that you can trust.

FXMoption – Disadvantages

Here are all the reasons why we would never recommend FXMoption to any trader:

• Lack of Regulation

The first issue we have with FXMoption is their attempt at fooling traders into thinking that they are regulated. The broker does this by claiming to be based in the UK, but does not explicitly state that they are regulated there.

The thing is – if a broker is based in the UK, then they need to be registered with the FCA, the Financial Conduct Authority, the country’s financial regulator.

It’s a simple thing to verify this information. You simply need to visit the FCA’s online register and check if a broker is registered with them. We did so, and found that FXMoption is not registered with the FCA.

This means that this broker is not regulated by the FCA and is therefore operating illegally in this country.

Plus500

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• Possible Serial Scammer

We believe that we may be dealing with a serial scammer here. When you check their Who We Are section, the name of the broker here is not FXMoptions. It is Stanford FXs.

• No Terms and Conditions

We went through this broker’s website in detail and we could not find a single link to their Terms and Conditions. This is another sign of a scam since these legal documents are the contract between the broker and the trader. The lack of these documents means that traders who sign up with such brokers have no defense when they get scammed.

• No Trading Software

FXMoption claims to offer their clients the MetaTrader 4 software for trading. This is the world’s most popular software; it is intuitive and user-friendly enough that even novices will not struggle to use this software. The platform also offers traders a wide range of tools that make trading so easy – Expert Advisors (automatic trading robots), charting tools, market analysis tools, market indicators and so on.

So, if FXMoption actually did offer this software to their clients, we would have marked it a huge win for the broker. However, when we clicked on the download link provided on this broker’s website, we were redirected to a page that listed the MT4 software’s advantages. There was no trading platform at all.

And when we tried to open an account with this broker to see if we could access their software through that route, we got an error message, and could not proceed any further with our registration. All this effort revealed to us that this broker doesn’t actually own any kind of a trading platform at all!

• Poor Trading Conditions

The one thing you can give this broker credit for is giving detailed trading conditions. And since we were unable to create an account or even access a trading platform, we will have to take this broker at their word.

Having said that, here are all the issues we have with their trading conditions:

• The minimum deposit that this broker asks for is ridiculously high at €5,000. Most legitimate brokers allow their clients to open accounts with them for just $100 to $250. So, this kind of a minimum deposit is unacceptable.
• The leverage is too high. This broker seems to be targeting customers in the UK and Europe. Considering that is the case, a maximum leverage of 1:400 is much too high – and illegal. Because of the high risk attached with using high leverage ratios, regulators in many jurisdictions, including the UK and Europe have placed stringent limits on how much leverage brokers can actually offer. Thus, UK and EU brokers are allowed to only offer a maximum leverage of 1:30.
• There is also some confusion about the spreads this broker offers. On their Account Comparison page, this broker states that the spreads start at 1.0 pips. However, when you check their Who We Are page, the broker claims that spreads begin at 0.7 pips. This kind of discrepancy clearly tells us we are dealing with a scammer.

• Concerns about Payment Methods

FXMoption offers their clients a range of payment methods – Wire Transfers, via Payeer, and via crypto-payment companies such as Bitnovo, Binance and PayBis.

Here is what our issue with these payment methods is: all these payment methods are irreversible be it wire transfers or crypto transactions. This is something that we have seen repeatedly with scammers – they choose payment methods where customers cannot get their money back. 

Conclusion

FXMoption is not a broker to be trusted. They are operating without a license and almost everything they have promised is a lie.

FXMoption

2.5

User Experience

3.0/10

Payment Options

2.3/10

Security

2.6/10

Support

2.2/10

Reputation

2.2/10

Pros

• None

Cons

• Lack of Regulation
• Possible Serial Scammer
• No Terms and Conditions
• No Trading Software
• Poor Trading Conditions