These days, there is absolutely no reason whatsoever why anyone should fall for a binary options scam. There just isn’t…period. The reason being that with so many customer reviews and expert evaluations available, it’s usually pretty clear which of the brands in business you should and should not be doing business with. If you choose to dive in without first checking or ignore the consensus right there in front of you, there are no real grounds for complaint when it all goes wrong.
Do your homework, see which brokers have the best reputations and make your decisions accordingly. Don’t simply go for the first broker that comes along, those that seem to be offering the biggest bonuses or any that focus on things that don’t really matter. Most importantly, stay away from those that seem to have earned a worrying reputation among the most important people of all – their customers.
In many respects, FMTrader represents the perfect example of why it’s important to do your homework, before going ahead. To take a look at the FMTrader website is to gain a strong first impression immediately. In terms of presentation, there’s nothing negative to say about what’s on offer at first glance. The content of the site appears rich, the way it is put together comes across as professional, and it really does look as if it’s the work of true experts. (Just remember, not everything always looks as it seems.)
Despite having been bought and sold along the way, FMTrader has been in business in one form or another for several years. This alone gives the impression of a brand that knows what it’s doing, given how difficult it is to remain afloat as a binary options broker these days.
There’s a demo account available, an asset list of more than 100, trading instruments, 24/7 customer support and so on. Bonus offers range from 20% to 40%, with trading requirements thereon varying from one account type to the next. We also gave the mobile app a full evaluation and found it performed on a range of devices.
All sounding good so far? Indeed it does, but despite ticking all of the above boxes quite nicely, there seem to be a few very, VERY unfortunate points that overshadow the positives at FMTrader.
First of all, if you aren’t the biggest fan of push salespeople, you really should think about keeping away from FMTrader. As soon as you’ve signed up with them, they could be on your tail on a constant basis to throw more money their way. The simple fact of the matter is that no broker that’s in business for all the right reasons AND knows what it is doing should ever have to beg, plead and push for deposits. Sadly, that’s what we think FMTrader does…and not just in our experience, either.
Also, there are plenty of times during day and night alike where the platform seems to slow to a crawl. It all appears to get very laggy, jumpy and freezes a little too often – not great when you’re playing with trades involving real money.
And when the time comes to make a withdrawal, FMTrader has a reputation for being slow, difficult and obstructive. In fact, the overall customer service experience compared to other top binary brokers, at FMTrader is nothing to shout about. They may be available 24/7, but this doesn’t mean you can expect quality care and service at all times.
FM Trader – New Team, Same Complaints
A relatively recent takeover of FMTrader was supposed to nail all the problems plaguing the broker and transform it into a reputable service provider. Prior to this…which happened in 2016…the old management team was known to be doing some pretty horrendous stuff, in the way in which the service was run. So it was supposed to be a case of new management, new team, and new standards at FMTrader.
But is this really what’s happened? Has a troubled past been replaced by a bright and positive future? In a quick sum up, no, it doesn’t seem like much has changed. One example of a customer review from December 2016:
Such reports of the company actually taking physical control of the customer’s accounts and trading activity are rife. You only need to carry out a quick search to find more than enough to gain a picture of what’s going on. This is not something we experienced during our own review – we wouldn’t put ourselves in such a position in the first place.
FM Trader – Is it a Scam or Legit?
These are some official warnings we thought to share with our readers.
But the real icing on the cake comes in the fact that there are official warnings and publications about staying away from FMTrader at all costs. The Canadian watchdog MSC issued a frank and severe warning to the public in the summer of 2016, following an incident in which a customer had apparently been conned out of a huge sum of money.
The Final Verdict
All in all, therefore, it is impossible to recommend FMTrader as a binary options broker to do business with, given the consensus among both customers and authorities alike. After reading the official warnings and publications telling traders to stay away from FMTrader, there is almost no way we could suggest this to our readers. It seems like a clear warning sign that you could be in for real trouble if you join FMTrader.
It could very well be that the new team is still trying to fix all the problems caused by the previous managers of the FMTrader brand. Nevertheless, it seems customers are in many instances still having the same kinds of experiences – pushy salespeople forcing them into trades they had no intention of buying into, ultimately incurring heavy losses.
If you are looking for a trusted broker, we do not recommend FM Trader.
- Professional Website Design
- Good Mobile App
- Very Worrying Reviews About Scam Tactics
- Pushy Salespeople A Real Nuisance
- Official Warnings From Authoritative Sources
- Unstable Payout Rates