What is FXQMarket?
FXQM is a forex broker. FXQMarket offers the MT4 and MT4 Desktop forex trading platform. FXQMarket.com offers over 60 forex currency pairs, gold, silver and oil for your personal investment and trading options.but havent fully disclosed the trading conditions.
Is fxqmarket scam or Legit forex broker?
No regulatory oversight
FXQM says to be a trading name of QM Group Ltd., a company registered in the Seychelles. Furthermore, the brokerage claims to be licensed by the local Financial Services Authority. We don‘t think highly of the licensing regime in the Seychelles in general, as little focus is placed on compliance checking and the rules applicable to forex businesses aren’t as strict as those in the UK or Australia, for example.
However, when we checked the online register of the FSA, we found no trace of FXQM, so we can safely conclude that the broker isnt subjected to any regulatory oversight whatsoever. This brings along a number of risks to potential clients of the brokerage – there may be commingling of funds, client intervention,
Trading conditions not fully disclosed
As was mentioned above, this broker has not announced some essential trading conditions, such as the reference spreads, and the leverage levels provided. Such lack of transparency always raises concerns.
No binding documents
The Terms and Conditions or the Client Agreement is a key legal document that defines the relations between a broker and a trader. We couldn‘t find any such document on FXQM’s website, which basically means that if you open a trading account with them, you will have to agree with something you have not read.
Without regulatory oversight and binding documents between the broker and the client, the company is pretty much free to conduct business as it sees fit.
Conclusion
we generally don‘t recommend investing in this Malaysian MT4 forex brokerage. The main reason for our negative attitude is the lack of credible financial regulation, which brings together with it uncertainty regarding the most crucial aspect of a brokerage – the safety of clients’ funds.
When dealing with an offshore unregulated broker like FXQMarket (FXQM) traders as clients are not protected if something goes wrong. Furthermore, in many cases such brokers simply stop answering your calls, e-mails, and disappear with your heard-earned money.
So, we will repeat our usual advice to only deal with brokers regulated by trustworthy authorities such as UK‘s FCA, or Australia’s ASIC, where regulation and supervision is strict and your funds will be safe.