Minimum Deposit: $500
Maximum Leverage: 1:100
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.
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.
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.
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.
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.