Beware! FxgbpMarkets is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
We give props to FxgbpMarkets. If websites reflected the services and customer service, then FxgbpMarkets would be in the top seat. Its site is impressive, with slick designs and an interface that makes browsing through it a joy. However, we started feeling like something was wrong, and this continued to build up until it culminated in our real conclusion of the broker. Read the review for more.
We registered after spending some time with the sign-up form, and what followed was a very simple yet cool looking user area. We were able to open a MT4 web terminal look alike. Our account was live even without giving away any ID documents. We opened a Micro account type. The EUR/USD spread given was 1.5 pips on average, with a leverage capped at 1:500. The trading tools were forex pairs, commodities, futures, shares, cryptocurrencies, spot indices, and indices.
The official language of the site is English. The other available languages are Spanish, German, and Italian.
FXGBPMARKETS REGULATION AND SAFETY OF FUNDS
The footer claims that FxgbpMarkets is regulated by two agencies that we have never before heard of: the Markets Financial Authority and the International Regulator & Brokerage E-markets.
The Markets Financial Authority is an independent organization that claims to regulate all its entities under the law. What law specifically, we do not know. The MFA is in no way connected or affiliated with any of the world’s top financial regulators. We know this because we checked. A simple google search produces no link to the website. Furthermore, bit the broker and alleged regulator are located in the UK. The United Kingdom falls into the jurisdiction of the FCA; no other FX regulator is allowed to operate locally without a major overhaul of the laws governing the financial and markets industry. Furthermore, this entity’s name is a play on New Zealand’s FX regulator the Financial Markets Authority, which does not regulate the current brokerage.
The next alleged statement is that the broker is regulated by the International Regulator & Brokerage E-markets, an entity that falls into the same obscurity as the MFA. It certainly does not look or sound the part of a FX license issuer. The website of this supposed financial overseer looks like it has not been updated in the last decade, and is again located in the UK. There is nothing to back it as an official affiliate or partner with the FCA.
Finally, we have this classic reveal that is commonly used by illegitimate brokers. This reveals that the broker is accessible only to users whose local laws allow it to be. Usually, legitimate brokers will have a full list of these nations, and of the regulations it holds.
This is not the case with FxgbpMarkets, and that is why this broker is UNREGULATED and a risk to all investments!
There is absolutely no reason for anyone to trust and deposit in unregulated forex brokers. Always check first if a broker is regulated, and then proceed to deposit! The FCA and CySEC are some of the most popular licensors and we advise users to invest in firms that are legitimized by either of these. Both regulators, as well as all other legitimate ones, have a set of rules that apply to all brokers, and should brokers decide not to followe them the regulators will penalize them either by a fee or by taking their regulation! The FCA and CySEC include a compensation scheme for all users whose broker cannot pay them back, for all kinds of reasons, including insolvency. The reimbursed can go up to 85 000 pounds per person for FCA, and up to 20 000 euros CySEC.
FXGBPMARKETS DEPOSIT/WITHDRAW METHODS AND FEES
Deposit methods, as seen in the depositing section, are credit cards, debit cards, and wire transfer. The minimum deposit turned out to be €50.
Withdrawal methods according to the withdrawal section in the user portal are through bank transfer and cryptocurrencies. Requests are processed within 5 days. However, none of this matters, as FxgbpMarkets comes with the Non-Deposited Funds clause that prohibits users from ever withdrawing any funds from trading!
Even without a license, we saw some sort of glimmer of hope for FxgbpMarkets, because it does offer stable trading conditions. Yet, the more time we spent with it, the more the tables started turning and we were left very disappointed in the end. FxgbpMarkets is not worth your time and money, and if in the future the broker fixes its act, only then will you be encouraged to deposit. For now, leave FxgbpMarkets be!
How does the scam work?
Most fraudsters use the same scheme over and over again. However, they might take a different approach to use it, and that is why it is always recommended to take your time with a broker and see if are in the middle of a scam.
Online ads are the first step to getting scammed. These ads promise pure fantasy scenarios, like making thousand in a day while living on a beach house, etc. Those that are tempted will be redirected to a website where they will be asked to give away personal information, most notably email or telephone number. If any of these is given away, the person will start receiving emails or telephone calls that will push him or her to deposit in a given broker/investment scam.
The more advanced scammer, the so-called “account managers” will continue to drain you, through further phone calls. They will convince you to deposit even more. When the client feels like he or she is being scammed, all withdrawal requests will vanish and the broker will stop responding to you; they have disappeared with your money. At times the whole website goes down.
What to do if scammed?
The best advice we can give you is to file for a chargeback as soon as you get scammed. VISA and MasterCard have extended their chargeback time span to 540 days, so there is plenty of time to do that.
Those that have deposited via bank, we advise to change passwords and block any compromised accounts. Or you can contact the bank and check with them.
What’s more, is that users should never invest through crypto with unregulated brokers. Once a deposit is made the user can not get the money back!
Finally, users will find that there are recovery agencies that claim to help users who have been defrauded by scammers. The irony here is that these agencies are also scammer schemes!