Many of the current money theft schemes rely on simplistic, hastily built mobile-oriented websites. As you will see in our FXMargine.com Review, this fraud is no different.
The company presents discrepant legal information, taking and adopting bits and pieces from various legit firms in an attempt to pass as reputable themselves. None of it holds to any scrutiny, of course, and the only thing the clients are left with are empty wallets.
| Regulated by: | Unregulated Forex Broker |
| Is This Company Safe? | This firm is dangerous as they’re not licensed to offer any brokerage services! |
| Known Websites: | fxmargine.com |
| Have Warnings from: | N/A |
| Registered in: | UK (alleged) |
| Operating since: | 11.07.2023. |
| Trading Platforms: | MT5 (alleged) |
| Maximum Leverage: | N/A |
| Minimum Deposit: | $10,000 |
| Deposit Bonus: | Hinted but undisclosed |
| Trading Assets: | N/A |
| Free Demo Account: | Not available |
| How to Withdraw from This Company? | If this company denies your withdrawal, seek help from our legal experts! |
Potential Cloning Attempt
The fxmargine.com website is a sloppy presentation of a possible clone of a FCA regulated firm. You see, the FCA license number they claim is theirs actually belongs to Swissquote Ltd. Naturally, this company has nothing to do with the firm we’re reviewing.
Secondly, the address where the business is allegedly registered does not even show in the UK Companies House. No legitimate conduct operates under that address.
The real location can be found in the legal docs, which claim that SVG courts have the sole jurisdiction in the legal processes. SVGFSA is known for not supervising brokerage firms in the country, so that’s one reason why the fraudsters picked this location for their illicit operations.
Our conclusion after revising all the details we’ve collected is that this firm may be entirely fictitious and only exists online. So be careful when approached by any brokerage services promoters, even if they’re regulated, like ETFinance.
Misleading Ratings Online
To make the ruse more complete, this fraud uses review seller networks to fake FXMargine.com reviews and ratings online. We can see their involvement on Reviews.io platform, where nearly all of the testimonials follow the same pattern.
Searching the websites with stricter policies like TrustPilot and SiteJabber results in an empty page. This tells us that the swindlers are staying away from the platforms that might expose them.
How Does The Deception Work?
The WhoIs register dates the fxmargine.com domain to July 2023. The regions most impacted by the fraud are these:
- Canada
- Netherlands
- Switzerland
New victims usually get dragged into their precarious situations by boiler room agents, or in worse case, their friends through affiliate programs.
Agents usually work by phone, or through chat messaging on social media. They promise high investment returns, guaranteed profits, passive income – anything goes, as long as the victim deposits money.
No matter the scenario, the money inevitably gets stolen in the end. If you need help with scam recovery, contact our legal experts.
Charging Every Fee Imaginable
The fee structure is not clearly outlined the way you’d expect from a regulated firm like MagnumFX. Instead, we had to dig through the Terms and Conditions in order to find out what exactly we were dealing with. The company charges a performance fee of 20%, as well as a 1.5% account management fee each trade.
Dormant accounts are charged an expensive 5% monthly fee after only 30 days, and all accounts are billed 2% of total investment per annum for account maintenance. Withdrawal incurs a fee of 5% for bank cards, €10 for SEPA and €25 for wires.
Trading cryptocurrency pairs incurs a fee of 0.01%, which is cheaper than the average Maker and Taker fees today. Although the scammers explain how rollover fees work, they never disclose the actual amount charged. The same goes for leverage as well- it is simply “high” or “low”, with no actual numbers.
Bonuses Deny Payouts
While there are currently no bonuses or promotions on the site, the firm certainly has defined their bonus policy in detail. The bonus is one of the most widely used baits for these sorts of frauds, and many jurisdictions have banned them for this reason.
Before being eligible to withdraw any funds, you will need to execute at least 1 Lots worth of trading volume for each $1 credited to your account!
Empty Words Instead Of Useful Tools
All this trading portal has to offer is poor advertising. The website is packed with promises of quick wealth thanks to their exceptional services, but none of that is accessible. Even the account creation process is blocked for those that do not have a promotional code.
MT5 As a Promise
There’s not a single doubt about MetaTrader 5 being the most popular, preferred and globally awarded platform. This software has surpassed all of its competitors with its speed, reliability and tools it features.
It isn’t a shock to see false online trading brands advertising this terminal but then providing none. Marketing acclaimed software helps them attract the attention of their next potential victim. Otherwise, this site provides no download links.
No Sign Of Assets
Once again you’ll see the firm promoting trading on hundreds of popular markets, but no evidence of that is given. The tradable asset groups are only vaguely mentioned, and not a single particular instrument is listed. Because of this lack of transparency and restriction on access, we could not verify what financial products are indeed available, if any.
Accounts Worth Millions
All account types with this company are tiered, and cost an arm and a leg. The minimum starting investment for an FXMargine account is $10,000, which is simply insane compared to an average of $10 for most legit firms.
Allegedly, investing in more expensive account types will yield you some perks like risk free trades and higher leverage. Here’s an overview:
- Bronze – $10,000
- Silver – $25,000
- Gold – $50,000
- Premium – $100,000
- Platinum – $250,000
- VIP – $500,000
- VIP+ – $1,000,000
Withdrawing Profits Is Impossible
The cheap scam scheme wants you to believe that all your payouts are smooth and easy. Fraudsters even encourage traders to experience the fastest withdrawals with their platform. The astounding amount of lies doesn’t make up for the lack of legal information concerning withdrawal and funding procedures.
Not even the basic transaction methods are known. Alongside that, you can expect a variety of issues, including the sudden fees and taxes that you’re required to pay upfront. As we’ve already mentioned, there’s a malicious bonus withdrawal condition that the swindlers can use to effectively deny all your payout attempts.
Nobody Works In Customer Support
In another attempt to deceive the investors, the firm claims to have a customer support office situated in Zurich. This office is allegedly available 24/5 through the live chat, and replies within the hour, but there’s a problem. The website doesn’t feature a live chat function!
Scammers Stole Your Money? We Can Help!
Everything that this firm promises is just complete hogwash, and much of the crucial trading information is completely missing from the site. The withdrawal policy is a moot topic to discuss, since we couldn’t verify a single trading channel that is advertised.
If this firm denies your withdrawals, get in touch with our legal experts. We have ample experience in the field, and with our help you can fight back for what is stolen from you!
FAQ Section
What is FXMargine.com?
This is an illicit online trading scheme that operates out of Saint Vincent and the Grenadines.
Is FXMargine Regulated?
No, the license number they present actually belongs to an entirely different company, as the FCA register shows.
Can I Recover Money From a Financial Scammer?
Yes! You can contact our legal experts that will walk you through the necessary steps of the process.
