fpmarketfin.com is a Contract for Difference (CFD) broker, with its website domain registered on July 29, 2024. The platform primarily offers trading services for financial derivatives such as forex, precious metals, commodities, energy, stocks, and indices. Notably, the platform does not provide services in jurisdictions where doing so would violate local laws or regulations.
Company Registration and Regulatory Status
According to information on fpmarketfin.com, the platform claims to be licensed by several regulatory agencies. These agencies include the Financial Crimes Enforcement Network (FinCEN) in the United States (MSB ID: 31000257135391), the National Futures Association (NFA) in the United States (NFA ID: 0559918), the Australian Securities and Investments Commission (ASIC) (Trading Point of Financial Instruments Pty Limited), the Cyprus Securities and Exchange Commission (CySEC) (Trading Point of Financial Instruments Ltd), the Financial Services Commission (FSC) of Belize (FP Markets, License No. 000261309), and the Dubai Financial Services Authority (DFSA) (Trading Point MENA Limited). The platform asserts that it complies with strict regulatory standards.
Upon verification, it was found that the company information, regulatory statements, and website design content provided by fpmarketfin.com were all plagiarized from the well-known broker XM’s official website. Additionally, the platform’s name and brand logo are nearly identical to that of the well-known broker FP Markets.
Furthermore, the Financial Services Commission (FSC) of Belize has not issued a license numbered 000261309. The FinCEN website shows that the MSB number 31000257135391 actually belongs to Goldmans Global, and the National Futures Association (NFA) database confirms that no company exists with the number 0559918.
Trading Products
The fpmarketfin.com platform offers various financial derivatives trading services, including:
- Forex: The largest financial market globally, involving the exchange of currencies between different countries, mainly for currency exchange and speculative trading.
- Precious Metals: Such as gold and silver, considered as tools for investment preservation and inflation hedging, usually influenced by economic uncertainties and inflation.
- Commodities: Covering raw materials and agricultural products such as oil, natural gas, copper, soybeans, and wheat, usually influenced by global supply and demand relations and economic conditions.
- Energy: Including oil, natural gas, and coal, highly sensitive to global economic and geopolitical events, with significant price fluctuations.
- Stocks: Representing shares of company ownership, allowing investors to earn profits through dividends and capital gains from the company's value growth.
- Indices: Indicators reflecting the overall performance of the market, such as the S&P 500 Index, Dow Jones Industrial Average, and Nasdaq Composite Index, whose changes usually reflect the overall market trend.
Account Opening
The process of opening an account on fpmarketfin.com is as follows:
- Visit the official website and click the "OPEN AN ACCOUNT" button on the homepage to enter the registration page.
- Enter your email and set a password, then receive a verification code.
- Enter the verification code and submit the application form. After successful account registration, you need to complete KYC verification to make deposits and trade.
Trading Accounts
fpmarketfin.com offers four types of trading accounts: Micro Account, Standard Account, FP Markets Ultra Low Account, Shares Account.
Micro Account:
- Base Currency Options: USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, SGD, ZAR
- Contract Size: Standard Lot 1 Lot = 100,000, Micro Lot 1 Lot = 1,000
- Leverage: Up to 1:1000**
- Negative Balance Protection: Provided
- Major Currency Pair Spreads: As low as 1 pip
- Commission: None
- Maximum Open/Pending Orders: 300
- Minimum Trade Size: 0.01 lots (ST5)
- Maximum Lots Per Trade: 100 lots
- Hedging Allowed: Yes
- Overnight Interest (Swap): Yes
- Islamic Account: Optional
- Minimum Deposit: $5
Standard Account:
- Base Currency Options: USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, SGD, ZAR
- Contract Size: 1 lot = 100,000
- Leverage: Up to 1:1000**
- Negative Balance Protection: Provided
- Major Currency Pair Spreads: As low as 1 pip
- Commission: None
- Maximum Open/Pending Orders: 300
- Minimum Trade Size: 0.01 lots
- Maximum Lots Per Trade: 50 lots
- Hedging Allowed: Yes
- Overnight Interest (Swap): Yes
- Islamic Account: Optional
- Minimum Deposit: $5
FP Markets Ultra Low Account:
- Base Currency Options: EUR, USD, GBP, AUD, ZAR, SGD
- Contract Size: Standard Ultra Low Spread: 1 lot = 100,000; Micro Ultra Low Spread: 1 lot = 1,000
- Leverage: Up to 1:1000**
- Negative Balance Protection: Provided
- Major Currency Pair Spreads: As low as 0.6 pips
- Commission: None
- Maximum Open/Pending Orders: 300
- Minimum Trade Size: Standard Ultra Low Spread: 0.01 lots; Micro Ultra Low Spread: 0.1 lots
- Maximum Lots Per Trade: Standard Ultra Low Spread: 50 lots; Micro Ultra Low Spread: 100 lots
- Hedging Allowed: Yes
- Overnight Interest (Swap): Yes
- Islamic Account: Optional
- Minimum Deposit: $5
Shares Account:
- Base Currency Options: USD
- Contract Size: 1 share
- Leverage: None
- Negative Balance Protection: Provided
- Spreads: Per exchange regulations
- Commission: Yes
- Maximum Open/Pending Orders: 50
- Minimum Trade Size: 1 share
- Maximum Lots Per Trade: Based on per share
- Hedging Allowed: No
- Overnight Interest (Swap): Yes
- Islamic Account: Available
- Minimum Deposit: $10,000
Trading Platform
fpmarketfin.com claims to offer a trading platform called ST5, suitable for both desktop and mobile devices, and claims that the platform includes over 50 technical indicators and intraday analysis tools. However, ST5 is a fraudulent platform widely used by many scam brokers. Moreover, clicking the mobile download link on the fpmarketfin.com website fails to redirect correctly to the download page.
Deposit and Withdrawal Methods
fpmarketfin.com does not clearly list the supported deposit and withdrawal methods on its official website, nor does it provide related fee information and minimum deposit and withdrawal amounts.
Conclusion
Traderknows reminds investors that fpmarketfin.com is a scam website that fraudulently uses the information of the well-known broker XM and the name and brand identity of FP Markets. The contact information provided by the platform is very limited, currently only allowing communication via email. Investors are advised to choose brokers with transparent information and strict regulation to avoid unnecessary financial losses.
Currently, fpmarketfin.com is labeled as "Suspected Fraud" on Traderknows.
