Regulators: –

Cryptocurrencies: YES

Minimum Deposit: $500

Maximum Leverage: 1:100

Spreads: n/a

My Score: 0.6

FXMate is one of the newly established brokers offering online trading services. Official website can be available in two languages: English and Japanese. But the design of the website is quite amateurish. It’s also a little hard to get the information you’re looking for. We can see such problems in newly established brokers.

If you are reading this FXMate review, you are probably doing research on this broker. I would recommend reading this review in detail before opening an account. With all the details we will discuss the advantages and disadvantages of trading at FXMate.

So is FXMate scam or reliable broker? What types of accounts are offered by the brokers and their features like spread, maximum leverage, withdrawal methods and more? You can find the answer to all these questions here. Also if you have any other problems or if you have a problem with this broker, you can write in the comment section under the article. If you’re ready, let’s start.

Regulation

The biggest problem with newly established brokers is regulation. Obtaining licenses from reputable regulators is a very challenging process. Because of this, brokers may prefer less reputable regulators. This is acceptable.

According to the information contained in the official FXMate website, the broker is owned and operated by Bank of Earth Ltd. According to the broker’s claim, Bank of Earth Ltd is regulated and authorized in Gambia. However, no specific regulator has been specified by the broker. Authorities and institutions that control this company in Gambia are not clear. Normally, the license information and license number of the brokers are shared in the website. You can then query this license at the regulator’s official site.

After all this information I can say that FXMate is an unlicensed and unregulated broker. So before you open an account, keep in mind that FXMate may ba e scam.

I advise all investors to trade in licensed brokers. Because if you have a problem in the trading or withdrawing process, there is no authority to complain. At the same time, licensed brokers have a certain financial strength. Therefore, the likelihood of bankruptcy is very low.

Click to see a List of FCA Regulated Forex Brokers and Reviews

Account Types Offered by FXMate

There are two different account types offered by FXMate: Standard and Pro.

The standard account type is similar to the standard account in other brokers. But the minimum deposit is a bit high as $ 500. This amount is higher than the average of the forex industry. A large number of reputable regulators require a minimum deposit of $ 100. There are even reliable brokers with a minimum deposit of $ 5, like XM or FXTM. You can reach a list of brokers with low minimum deposit through the button below.

Click to Find a List of Forex Brokers with Low Minimum Deposit

Maximum leverage is 1: 100. I can say that the leverage ratio is below the industry average. ASIC regulated brokers Pepperstone and IC Markets offer 1: 500 leverage.

No information about spreads is available on the website. This should be recorded as a negative feature.

Payment Methods

The deposit and withdrawal methods offered by FXMate are very limited. You can only use wire transfer and credit card as payment method. Many brokers offer a wide variety of payment methods. Popular e-wallet systems such as Neteller and Skrill are also used frequently. However, FXMate is not satisfactory in this respect.

Latest Blog

best forex brokers in south africa

Best Forex Brokers in South Africa 2020

In this article, I will tell you about the best forex brokers in South Africa 2020. I have dealt with several criteria to select...
forex bonus

Best Forex Bonuses in 2020

I am going to show you best forex bonus opportunities according to Top Forex Broker List I made. If the name of the company...
IFSC regulated forex brokers

IFSC Regulated Forex Brokers

The International Financial Services Commission is the regulatory entity in Belize. Also known as the IFSC. It is responsible for financial regulation. It was...
opening forex trading account

How to Open A Forex Account? [Fastest and Simplest Way]

It's easy to open a forex account and trading. Almost everyone in the world today has access to internet connection. If you are reading...
forex robots

What is Forex Robot?

Now that you've read this article, you want to make money using forex robots. So, do you know what a forex robot is? A...

FXMate

0.8

Trust

0.0/10

Commissions and fees

0.0/10

Customer Service

0.0/10

Platform & Tools

2.0/10

Product Portfolio

2.0/10

Cons

  • Unregulated broker, probably scam.
  • Payment methods are limited