In the current age of technology, where there are hundreds of online trading sites claiming to deliver instant profits, it becomes crucial to identify genuine services and possible scams. FXVM, which has introduced itself as a new player in the forex and CFD market, has generated serious doubts based on several scam complaints, no regulation, and user complaints.
Website: https://fxvm.net/
Website Availability: Yes
Address: 26th Floor, Beautiful Group Tower, 77 Hong kong
Warning: Not recommended by the review website like Lycan Retrieve
Domain Age:
Name-FXVM.NET
Registry Domain ID-1805543970_DOMAIN_NET-VRSN
Registered On-2013-06-02T01:54:37Z
Expires On-2029-06-02T01:54:37Z
Updated On-2024-05-26T15:54:31Z
FXVM presents itself as a brokerage site providing forex and CFD trading solutions to retail and institutional customers from around the globe. Although its website is professional-looking and provides standard brokerage functionalities, there is more that indicates it might not be as safe a service as presented. For instance, FXVM is unregulated and unauthorized by any established financial authority, immediately compromising investor security.
Ponzi Scheme Allegations
Various sources have indicated that FXVM is a Ponzi scheme type of scam in which money from newer investors is used to reward returns to previous ones. This unsustainable practice typically ends with a crash, and late investors suffer heavy losses. High returns with minimal risk are typically a clear warning sign, and FXVM’s business model fits into this trend.
Negative Reviews and User Complaints
Delayed Withdrawals
Most users complain of delayed or refused withdrawals, a common trait of scam platforms. After depositing funds, investors say they are given a series of excuses and “technical errors” whenever they attempt to withdraw their money.
Poor Customer Support
Customer support is another area FXVM is often criticized for. Traders have reported unhelpful representatives, deceptive information, and unattended issues indicating that support is not a priority.
Hidden Charges
Hidden charges and surprise commissions have been raised in numerous online feedbacks. Traders tend to find charges deducted from their withdrawal or trading accounts with no explanation or warning.
FXVM is not governed by any major financial regulator like the FCA (UK), ASIC (Australia), or SEC (USA). Trading with an unregulated broker invites undue risks and restrains legal remedies in case of fraud or misbehavior.
There are also reports of legal notices and investigations in some jurisdictions, though complete legal action may be pending. The absence of this oversight is a strong signal that FXVM is not a safe trading platform.
Final Verdict: Avoid FXVM
Given the high number of red flags, the Ponzi scheme structure, delayed withdrawals, non-compliance with regulators, and poor customer support looks very risky and possibly fraudulent. Investors are firmly advised to avoid FXVM and seek regulated, reputable brokers with proven transparency and customer protection.
Frequently Asked Questions (FAQs)
1. Is FXVM regulated?
No, FXVM is not governed by an official financial authority, thus enhancing the possibility of fraud and restricting investor protection.
2. Can I withdraw funds from FXVM?
There have been complaints about withdrawal issues from numerous users, such as an inordinate amount of time taken or being totally out of reach, a typical indicator of scam operations.
3. Are there any legal proceedings against FXVM?
There are references to investigations and charges of fraud against FXVM on numerous forums and review websites.
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