FM-FX is a brand of FM Marketing Limited, a Belize company with registration number 150287, but the broker does not appear to be regulated by Belize’s IFSC. Biggest strength of this broker is a wide selection of educational resources, while one drawback is the lack of licence. As we have seen in the past few years, licence is far away from a guarantee of a decent conduct, but in some cases customers feel better when theres a regulator involved. While writing FMFX review, we did not notice any unusual activities, and the broker kept to their terms and conditions without straying away. Overall the experience of using their MT4 based platform was good, but you can read all the details in the ret of our review.
FMFX does not explicitly advertise the demo account, but they do offer it, however, traders will first have to sign up like if they were trying to get a real account. Dont worry, in later stages, when it comes to the deposit, if you want to use the FMFX demo first, just close the deposit window and you will find yourself in the client area. When clicked on the “Summary”, a list of accounts will be presented along with the option to create a practice account. Just clicking on the button will produce login credentials like the account number and the password, which are to be used in the MetaTrader platform.
In MT4, which is the FMFX platform of choice, the login window will have a button, “Demo” in the bottom left which the trader needs to click in order to sign into the demo account with the login data. The login info was also sent to the email, so no worries if you inadvertently close the dialogue in the clients are before writing it down. FMFX Demo account will assign 50.000 units of real money to the traders account, and this can be used to trade without risking own funds.
Other account types are as follows:
FMFX Silver Account
- spread from 3 pips
- leverage up to 1:200
- 7 days withdrawal processing max.
FMFX Gold Account
- spread from 2.5 pips
- leverage up to 1:400
- 5 days withdrawal processing max.
- account manager
- webinars access
FMFX Platinum Account
- spread from 2 pips
- leverage up to 1:500
- 3 days withdrawal processing max.
- account manager
- webinars access
- news alerts
- free VPS
Trading Software & Assets
The platform used is the MetaTrader 4 which is meanwhile the most popular platform, even after accounting the fact that newer MetaTrader5 was released some time ago. MetaTrader has all the necessary tools for beginners and experts to trade some of the many assets that are offered as basis for trading Forex and CFDs with FMFX. Asset types available are Forex (more than 40 currency pairs), Indices, Commodities and stocks. FMFX offers European and US stocks.
The customer care is rather simple with live chat and email support. One cool thing is the fact they support screen sharing tools, like the TeamViewer, which is then used for the help desk staff to be granted access to your computer if you allow so, in case there are technical difficulties and you cannot fix them yourself.
Banking & Company Information
The deposit is done through the client area. It is a very simple and easy to use interface. FMFX supports bank wire, credit cards, debit cards and Skrill as deposit methods. The minimum deposit is $250.
Withdrawals are what got us a bit worried – 7 days processing time is really a lot, and we dont think that this is how ong it takes in the real-life scenario. Considering that most brokers today offer max 1 day withdrawal processing, the time FMFX allows itself to take is too long.
The minimum withdrawal for credit cards, debit cards and bank transfer is $100, which is pretty high in our opinion. Ask your bank to find out how much fees they charge, FMFX does not charge fees.
Skrill minimum withdrawal is just $5 so it may be a good alternative for traders who want to use FMFX.