Is FCNW Market Legitimate? The FCA Issues a Warning
FCNW Market Ltd is an unregulated broker pretending to be legit. The trading instruments available on the platform are allegedly forex, indices, metals, shares, and cryptos. Despite its claims, a prying eye can discern that this broker is up to no good. All the hype on its website is to cover up for its inadequacies.
Although the term reliable forex broker is abstract, we know who is not a reliable broker. Also, it is a red flag if a broker cannot prove its regulation. You should not take chances if a broker has unrealistic trading conditions, such as trading volumes. The same goes for a broker not keen on risk management measures like leverage.
To avoid falling prey to a dubious broker that will trick you, make it a norm to investigate brokers before investing. The subsequent review divulges tips on what to look for in a broker. It would be beneficial to consider these highlights before committing to this broker.
This broker claims to be award-winning and even posts absurd replicas of awards. It also boasts a clientele base of over 200000 and a global presence in over 120 countries. We quickly dismissed these as marketing gimmicks after realizing the broker is barely 100 days in the market. The whois database reveals that the broker registered its domain on 28 September 2022. Suffice it to say this broker is too new to have such a market size. Most scammers use fake statistics to dupe you into thinking they are successful.
According to this broker, the perks of using this platform include trade signals, daily market updates, live market analysis, auto stylist, and an economic calendar. The broker also promises speedy executions, fast deposits and withdrawals, low spreads, and deep liquidity. Even if the broker were to deliver these, they would not make it any better than the next broker. Almost every broker guarantees these as they are bare minimum deliverables!
FCNW Market Ltd is anonymous. The broker’s email, corporate, and telephone addresses are conspicuously missing. How does the broker expect you to reach them for clarifications or general inquiries? As it is, all they care about is for you to register an account. Also, how would you track down this broker if things go awry? These are pertinent questions you should ask yourself before settling for the broker.
The broker has shared some names of staff who allegedly work there. This is laughable because how are such immaterial details supposed to help us when crucial information is missing? Even if the broker wants to appear transparent, this is not the version of openness that matters to investors- at least not with the blatant omissions. Stay away from the phony broker.
FCNW Market Ltd Deposit & Withdrawal Rules
Deposit methods are an essential consideration in this investment space. The preferable brokers are those with flexible payment channels that are convenient and transparent. Usually, reputable brokers have credit card options, which is incredible as it allows refunds.
As for other methods like cryptos, caution is paramount. This is because these transactions are final and anonymous. If you must pay via cryptos, at least confirm that the broker is genuine. Its website shows FCNW Market Ltd accepts bank wire transfers, VISA, Mastercard, American Express, JCB, FasaPay, Skrill, Neteller, and cryptos (USD Tether, Bitcoin). Since we could not access the account, we cannot confirm the accuracy of this claim.
FCNW Market Ltd Investment Plan
The broker advertises four investment accounts. The cent account has a minimum deposit of $20 and a maximum of $1000. Cent traders can only trade in USD and are not eligible for commission. Next, the StFCNWrd account has a funding threshold of $50. Investors in this plan do not access commission.
The third one, the Islamic account, has a deposit requirement of $50. Being Islamic, this account is swap-free. Account holders access a commission of up to $3.5 per lot per side. Traders with this account also access a commission of $3.5 per lot per side. Lastly, investors with prime accounts must deposit at least $1000.
The minimum deposit requirement resonates with the acceptable range. However, the fact that this broker is a scam counters this advantage. You should not invest with this broker as you will lose your money. There are legitimate brokers with just about the exact deposit requirement or even less.
Even without factoring in regulation, forex investment is a risk in itself. This is why we insist on dealing with a broker compliant with industry regulations. Even if you lose while trading, you at least have a guarantee that your deposits and the profit you make is secure. The fact that the broker has essentially anonymized its background and makes no mention of a license or authorization should have been enough disclaimer that you are dealing with a scam. FCNW Market Ltd is an unregulated broker!
What has regulation got to do with forex investment? Everything. First, the majority of regulated brokers are required to adhere to the segregated accounts regulation. This guarantees that all customer monies are kept in accounts with limited access, apart from the broker’s accounts.
Secondly, the Financial Services Compensation Scheme is also essential. If the broker declares bankruptcy, it safeguards all clients of FCA-regulated brokers, guaranteeing partial reimbursement. Thirdly, regulated brokers afford investors zero balance protection. The safeguard ensures that investors lose no more than their account balances. If you disagree with this broker, you can seek mediation with the respective oversight agency. You can also take legal action, such as filing a lawsuit against the broker.
FCNW Market Ltd Trading Conditions
To register an account with the broker, they have to send you an invitation code. We did not receive the code and, therefore unable to open an account. Some scam brokers deploy this alternative tactic, effectively filtering out unnecessary individuals while ensuring that every customer aboard will invest.
The platform users are even more precarious because the broker has not shared any legal documents on the website. This broker will blindside you as you do not have all the material information. Do not make the mistake of entering into any investment arrangement with it.
Leverage works two ways; it magnifies your profits as much as it makes your losses. The broker offers a leverage of 1:500, a dangerous level that predisposes you to significant losses. And considering that forex trading is primarily speculative, you can imagine what happens if the market doesn’t go your way, especially in volatile episodes. Some reputable forex regulators impose limits on leverage to mitigate such risks. The ASIC (Australia), CySEC (EU), and the FCA (UK) have capped theirs at 1:30. On the other hand, IIROC (Canada) and CFTC (US) limit leverage at 1:50.
FCNW Market Ltd offers spreads of 1.3pips. This is acceptable but should not stop you from exploring legit brokers with tighter spreads. Tight spreads ensure you get optimal value for your trading.
The forex industry lauds the MT4 and MT5 trading software as the yardstick for trading. This is due to the software’s capabilities and usefulness. Also, there are graphical elements and technological indicators included in these programs. Moreover, you can use the platform’s built-in building blocks or start writing your scripts from scratch. The platforms also let you place pending orders, execute auto trades, and forward-test or back-test trading strategies. Furthermore, you access numerous periods, and open charts enhance your trading opportunities.
FCNW Market Ltd promises a wide variety of user-friendly yet effective trading platforms, including a custom web trader and the popular MT4 and MT5. Since we could not get an account, we neither accessed the user area nor the trading platforms.
FCNW Market Ltd Testimonials
Why the brokers publish customers’ reviews despite omitting other details that matter is anyone’s guess. The broker intends to convince you to onboard. We were not surprised that all were positive.
Customer reviews provide a unique lens to view a broker’s credibility. However, we must mention that reviews are subjective and open to bias. Thus, you should be more careful, especially if they are positive, as there is a possibility of manipulation. Ask yourself, how else would a broker so shady have positive ratings?
Our Take – Are you a victim of the blacklisted investment platform FCNW Market Ltd?
We cannot say reliable forex broker and FCNW Market Ltd in the same breath. This is because, despite this broker’s efforts to look legit, we discovered numerous inconsistencies in its website information. The broker has no apparent regulation and is missing necessary legal documentation. Given these concerns, we can confidently dismiss it as a hoax.
Don’t let the mistake of investing in an unauthorized platform like FCNW Market ruin your financial future. We can help you take the necessary steps to recover your funds and move forward. Our team is available 24/7 to answer any questions you may have and to provide the support you need.
To locate a worthwhile broker, you must understand how the currency market works and the necessary criteria. Furthermore, you should be aware of the methods that scammers deploy. The exposure will enable you to discern between reasonable brokers and unrealistic ones.