FCA Market Review
FCA Market Review
FCA Market offers several forex trading account types, all of which are commission-free and offer variable spreads. Besides, there is a swap-free (Islamic) option available on Regular accounts.
While a minimum initial deposit of $250 is considered average, most offshore brokerages usually require less. For example, Belize-based FxChoice which has earned a good reputation in the forex industry, requires $100 from its clients as a start.
Also, what is probably more important with regards to FCA Market’s trading conditions, its spreads are high, exceeding 3 pips on EUR/USD on Regular accounts. By comparison, FxChoice offers spreads averaged 1.2 pips on EUR/USD on its commission-free accounts.
The Company. Security of Funds
FCA Market LIMITED
Financial Services Authority
FCA Market offers trading in 45 currency pairs, as well as indices & commodities CFDs on the renown MetaTrader 4 (MT4) platform.
The company behind the brand, FCA Market LIMITED, is registered offshore, in Saint Vincent and the Grenadines. SVG-based brokerages operate under one of the most liberal financial regulatory regimes.
As most of you probably know, little focus is placed on compliance checking and consumer protection in such offshore zones and therefore, doing business with offshore brokers is very risky.
Now, the case with FCA Market is rather interesting, as this broker claims that its name is an abbreviation of Financial Contract Authority, which is very similar to the name of UK’s financial watchdog – the Financial Conduct Authority. This is hardly a simple coincidence. Furthermore, FCA Market claims that it is operated by Fincere Capital Management Limited – a company which is indeed authorized by UK’s FCA. However, this company is not related to the forex broker FCA Market. The company has a website that is not very informative, providing only an address in the UK. We don’t think that this company runs a forex broker, nor that it is aware that FCA Market uses its name in an attempt to present itself as a reliable and duly licensed broker.
In fact, UK’s FCA issued a warning against FCA Market in September 2017 for targeting UK residents and providing financial services which require authorization. So, you’d better stay away from this broker.
Like most brokers, this one also supports MetaTrader 4 (MT4). We used the link on FCA Market’s website, but the platform we got is only connected to a MetaQuotes server and probably has nothing to do with FCA Market.
Methods of Payment
FCA Market offers its clients payments only via credit/debit cards and bank wire transfer.
FCA Market is a forex and CFD broker that tries to present itself as a decent broker by mentioning the name of a FCA-licensed company on its website. However, the company and the broker are not related and the FCA has issued a warning against FCA Market. Furthermore, the MT4 the broker offers appears to be connected only to a MetaQuotes server.
FCA Market Review Conclusion
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