Best Choice! The leader in our ranking!
Perfect for beginners!
Free Demo Acc + Free Trading Education!
Good choice for experienced traders!
FlixGM Review – is it scam or safe?
RECOMMENDED FOREX BROKERS
Trading accounts and conditions
|Trading account||Minimum deposit||Max. leverage||Spread|
FlixGM is a forex and CFD brokerage offering trading in wide range of financial instruments and various account types.
In case you are about to open an account with them, be sure to read this review first, as we have serious concerns about this broker – FlixGM doesn’t hold a legit license and was recently flagged by the financial authorities in Belgium.
Comprehensive selection of assets
It seems that FlixGM’s offer is quite broad in terms of tradeable assets – its clients can trade in many currency pairs, as well as CFDs on indices, commodities, precious metals, stocks, ETFs and cryptocurrencies. Such broad range of tradeable assets allows for portfolio diversification which helps manage risk. Yet, considering that FlixGM is not a licensed and reliable broker, you may check out our list of licensed brokers offering good selection of CFDs, including on Bitcoin CFDs.
Another possible benefit of this broker (provided that it is not a con-artists) is that it offers leverage of up to 1:200. These are solid leverage ratios which will suffice the needs of most traders. The downside of using high leverage is that it can be risky and those who are not experienced in trading could lose their entire investment in a matter of seconds.
FlixGM says to be owned and operated by Altridium Group Inc., a company with registered address in the Seychelles.
Click on the image to view larger.
This is an offshore zone where forex businesses are not regulated, which means that their clients have no guarantees whatsoever for the security of their funds, nor that their broker will fulfill its contract obligations. That being said, do also have in mind that most unregulated brokers are involved in scam and investors should be extra cautious when depositing funds with such entities.
Flagged by Belgium’s FSMA
While FlixGM doesn’t hold a legit forex broker license, it illegally targets traders in the European Union, as it was blacklisted by Belgium’s Financial Services and Markets Authority (FSMA). The FSMA warned investors that the broker is not licensed by it and might be involved in binary options scam.
Best Choice! The leader in our ranking!
Perfect for beginners!
Free Demo Acc + Free Trading Education!
Good choice for experienced traders!
MetaTrader not supported, no free testing service
Unfortunately, we were not offered a demo account, which is always a worrisome sign – it shows that the broker is not transparent about its services. So, we signed up with FlixGM (without depositing any money) in order to sneak peek into its platform and take a look at what it actually offers. As a result, we got access to some unproven web interface, which didn’t impress us. In fact, such a trading platform would better serve a binary options broker. Here is a preview:
Click on the image to view larger.
Most traders prefer trading on the good old MetaTrader4 (MT4), which has proved to be an intuitive and reliable platform. The MT4 is popular for its great charting, support for automated trading via Expert Advisors, the MQL marketplace, easy customization, and more.
Furthermore, as you can see from the above image, the benchmark EUR/USD spread floats around 2.8 pips, which is not lucrative at all. Most brokers offer spreads which are at least two times lower than this. For further information and comparison, check out the below link:
We should also note that FlixGM charges pretty salty withdrawal fees, amounting to 25EUR +1% of the withdrawal amount. Besides, according to its Withdrawal policy, withdrawal requests are generally processed within 5 business days of receipt, but the broker states that it is not committed to any time frame, and that additional conditions or requirements may apply at any time.
We believe we highlighted enough red flags regarding FlixGM to prevent most investors to sign up with this shady offshore broker.
In case you are looking for a reliable and well-regulated broker in the EU, here is a list of Cypriot Investment Firms:
These brokers are licensed by the Cyprus Securities and Exchange Commission (CySEC), and have to abide by strict fiscal rules. They must maintain a certain level of operational capital and to separate all clients’ funds in a segregated, protected from creditors account. Cypriot brokerages are also required to comply with all rules introduced on a EU level – provision of negative balance protection, transaction reporting, leverage limitations, etc. The purpose of all these regulations is to protect the interests of the brokerages’ clients and to ensure the security of their funds.
To sum up the above:
|Solid leverage||An offshore broker|
|Comprehensive selection of assets||Blacklisted by Belgium’s FSMA|
|MetaTrader not supported, no free testing service|
|Trading conditions not disclosed on website|
FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.
Trading212 is a European broker with an excellent proprietary trading platform, which is now available as an iPhone app as well (we tried it out and we loved it). Trading 212’s customers enjoy fast execution a vast selection of trading instruments.
XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.
FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.
FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.
FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.
FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.
HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.
FlixGM review – 5 things you should know about Flixgm.com
Beware! FlixGM is an offshore broker! Your investment may be at risk.
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
FlixGM is Forex brokerage registered in Seychelles. It offers a wide range of trading options and provides a web-based trading platform. We could see a spread of 2.7 pips on EUR/USD and the required minimum deposit is $250.
FlixGM regulation & safety of funds
The company behind FinMax is registered in the Republic of Seychelles with the name Expert24Trade. Here is a screenshot:
We learn through the website that the brokerage is regulated by the Financial Services Authority of Seychelles. Here we remind readers that the financial regulator of Seychelles – the FSA – cannot compare with prestigious regulatory agencies in Europe, most importantly because it does not provide participation in a financial mechanism by which client’s losses may be recovered in case of bankruptcy or fraud. There is also no assurance for the segregation of accounts which exposes the clients to the possibility of commingling – combining the broker’s finances with that of the client. Furthermore, the agency requires a starting capital of the meager $50 000 while CySEC requires at least $730 000.
Putting all that aside, the lack of credible regulation inclines us to suspect that potential clients of the brokerage may be open to substantial risk.
Traders needn’t have to worry themselves with such risk if they choose to trade with a brokerage regulated and authorized by a prestigious regulatory agency. Such agencies are the FCA in the UK or CySec in Cyprus which have been leading names in Forex trading for some time now. Their regulatory framework is composed of a number of strict rules which prevent clients from falling victims to fraud. Such rules include the segregation of accounts which assures that commingling with the client’s money is not possible. Furthermore, a license by such a regulatory body entails participation in a financial mechanism by which clients may be compensated if they suffer losses due to fraud or bankruptcy. With the FCA the compensation is up to 85 000 pounds, where as with CySEC it is up to 20 000 euro per person.
Expert24Trade trading software
The brokerage does provide a web based trading platform and offers a test-drive as well, which isn’t something common with scammers, however, the MetaTrader 4 trading platform is not provided which we always consider a huge disadvantage since it is the foremost trading terminal at the moment equipped with features such as almost a 100 market indicators, as well as customizable trading robots. It is also the preferred choice for more than 80 percent of the traders in Forex Through the demo account we were able to get a glimpse of the platform. Here is a screenshot:
On it we could see that the spread on EUR/USD stands at 2.7 pips which is quite high and disappointing. Furthermore, the platform itself appears to be quite fake and we highly doubt it is actually functional. There is no information regarding the extended leverage to clients which is also something we do not appreciate.
FlixGM deposit/withdrawal methods and fees
Potential clients of the brokerage may deposit or withdraw via the standard Visa and MasterCard, as well as bank transfer and e-wallets WebMoney and QIWI
In the terms and conditions we only come across a dormant account fee and clients are subject to it after 180 days of inactivity. However, the amount of the fee is unspecified and such ambiguities are a certain red flag in Forex trading in our view. This is why we remind readers of all the ways a trader may test the brokerage’s intentions. Firstly, traders are advised to always put up only the required minimum deposit, instead of risking a bigger amount with no certainty. Afterwards, they may also try to withdraw a small amount in order to check for any unexpected fees or delays. Such fees and delays are usually the signs of a scammer.
How does the scam work?
Besides judging the brokerage beforehand through the info given on its website, a valuable piece of information in the trading world would be precisely how a scam would go about. Here is a description of the typical three steps:
Through clicking an ad with promises for fast money, you will be redirected to a website such as Bitcoin Evolution or Crypto Cash where registration will require you to give your address, email and phone number. After sharing your personal information, you will being receiving calls from brokers, compelling you to invest with them and win big. After a few minutes hearing their pitches, you decide to deposit some $200-250. And just like that – the scammers take a fat commission from this initial deposit.
After they are done with you, senior scammers begin working you into putting even more money. They say it’s the only way to profit from trading even more. After making the mistake of investing even further, you’ll begin wanting to get out of this and withdraw what you have left.
Unfortunately, the con-artists have no such thing in mind. They will now begin persuading you to wait it out and not withdraw right now. The motive here is quite straightforward – traders have a limited time window for filing a chargeback with their bank and get their money back. The “recovery department” will simply want to mislead you into missing this crucial period and, along the way, losing any chance you might have of getting the money back.
What to do when scammed?
As was mentioned above, scamming is quite the common in the trading world and, sadly, even you might suffer from it. In such an unfortunate case there still may be some available options for you.
You may contact your bank or credit card provider and file a chargeback. The growth of scammers that are spawning everyday in forex trading has forced both financial services giants Visa and Mastercard to step up and take action. MasterCard has already increased the previous time period of six months for filing a chargeback to a year and a half, effectively bypassing the “recovery department” part of the scam.
If, however, you have provided the broker with your credit card number and CVV code, immediately cancel your credit card.
If you have given information regarding your online banking pass – you should switch it asap!
Beware of potential calls from self-described “recovery agencies”! They prey on scammed and vulnerable traders who are desperate to recover their losses. They will require an “up-front” payment to help you, but after paying them, no such help will be coming your way!
Flixgm.com Review: Is FlixGM A Legit Forex Broker?
FlixGM Review: this is the name of a Forex broker that is located in the offshore region of Seychelles. Is Flixgm.com a scam Forex broker or a legit one? There are many brokers out there and some are run by scammers, this is why you should read this review.
The location provided for the broker on the page is an offshore location, Seychelles. Forex trading goes on without regulation in this kind of location making it a choice base for scam companies. Trading with a Forex broker that is unlicensed pose many dangers to traders’ funds. Misappropriated funds may not be recoverable by the government as well.
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Further, since no commission is monitoring them, they are not under obligation to trade fairly. They would be less likely to follow trading rules set to guide those involved in the Forex market.
Advantages of FlixGM
The company promises to make financial market easy for normal people and to help them get financial liberty. They also claim that they will change a trader’s view of the Forex and financial markets.
It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.
However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.
A promotion or bonus is also advertised on the page. New accounts are in line to benefit from this as well as an education forum. Clients will get to know how to use financial tools and instruments.
FlixGM Trading Platform
The trading platform that clients of FlixGM use is not mentioned. We discourage traders from using web-based trading platforms and instead opt for brokers offering either MT4 or MT5. The MetaTrader platforms are commonly used because they allow the use of trading robots.
Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.
These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, Linus, windows, iOS and Android.
Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.
Trading instruments offered to traders are not mentioned and we only come across mention of Forex. It may not be of advantage to traders who are used to trading other assets. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.
Maximum leverages offered is 1:200 and while this may seem generous but they could pose danger. High leverages can lead to huge loss of funds as well. Spreads are 2.8 pips on the EURUSD pairs.
Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.
Deposit and Withdrawal methods on FlixGM
There is no mention of the means by which deposits and withdrawals are to be made for trading with this company. This is discouraging because standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on.
Minimum deposit required is placed at $250 which is within the obtainable average of $100 – $250 among brokers. Withdrawal fees are not disclosed and we prefer the broker to mention if they apply or not.
This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.
Is FlixGM Licensed?
No. FlixGM is not a licensed broker and is not registered under any recognized commission. The location where it is based is also a red flag as we have explained in the opening part of this review.
Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.
The broker is not licensed and we advise our readers to avoid trading with such. FlixGM does not inspire confidence with the lack of necessary details we come across while going through the website. It is discouraging that the broker does not tell traders what the trading conditions are before they get involved with it. If you have anything to add to this Forex broker review, do so via the comment section.
COMPARE WITH A TRUSTED BROKER
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide.. visit their official website
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