Most investors who have problems withdrawing their money from a broker are dealing with unlicensed fraud brokers. They might not even realize they are getting scammed right until the very moment they submit to get some of their funds back.
Recently, BrokersView learned that some investors have been defrauded by a scam forex broker named FMarketX. It was reported that some investors were caught in withdrawal scams weaved by the fraud broker and of course neither does the broker has legal regulation license. Besides, the firm has already been remarked as a scam by the financial authorities in Spain and UK.
Investors Cannot Withdraw Money from FMarketX
A few investors posted their scammed experiences with FMarketX.
A client named David B Schmidt claimed that FmarketX has gotten 6000 Euro out of him. He said the scam always asks him to deposit more in order to build profit, but when it comes to withdrawal, the broker keeps stalling. He was pretty sure his money has gone. His balance read 16.600 euro, but he believed that's just a number the fraud wanted me to see, it was totally a scam.
Another victim named Steve shared that FmarketX is a scam for he can't withdrawal at all. He started to working with the broker and the scammer started to get nasty and arrogant. FmarketX is not helpful and their costumer number doesn't work. The fraud removed his account first, and then it started to ask him to pay more payment %12.5vat = %3.5 fee to get his balance when he wanted to withdraw. Now he can not withdraw still.
(Screenshot from the investors)
CNMV& FCA Remarked FMarketX as a Scam
Taking a look at FMarketX's website, it shows that it does not fall under any regulating agency. That is a MAJOR RED FLAG. Besides, based on the information we hold, the firm has already been remarked as a scam by the financial authorities in Spain and UK recently.
On 9th August 2021, the Spanish regulator CNMV released a notification that FMarketX has not been authorized to carry out investment services and activities in Spain as a result of the suspension of the authorization. Therefore, FMarketX is an unregulated forex broker.
On 6th October 2021, the UK regulator FCA released a notification that FMarketX is a clone firm. According to the release, the fraudster is using or giving out some details that belong to an FCA authorised firm as part of its tactics to scam people in the UK. Therefore, it is a scam.
(Screenshot from the regulators)
Although the regulation on the forex brokers are becoming increasingly tightened worldwide, while dealing with a broker, it is essential for traders to verify the brokers' authenticity and regulation status. BrokersView strongly recommends investors only to trade with regulated forex brokers.