FXCM Safe (fxcmglobalfx.com) officially launched in October 2024, focusing on contract for difference (CFD) trading. It offers a variety of financial products, including forex, precious metals, commodities, energy, stocks, and indices. Notably, the platform does not provide services to regions where such services might violate local laws and regulations.
Platform Services
Types of Trading Accounts
To meet the needs of different investors, FXCM Safe offers four types of trading accounts: Micro, Standard, Ultra Low, and Shares accounts. Each account type comes with different trading conditions and target audiences, allowing investors to choose the account type that best suits their trading needs.
Micro Account
The Micro account supports base currencies include USD, EUR, GBP, JPY, CHF, AUD, and so on. Each contract size is 1,000 units, with leverage up to 1:1000, and provides negative balance protection. For major currency pairs, the spread can be as low as 1 pip, with no commission charged.
Additionally, this account type allows for up to 300 positions, with a maximum of 100 lots per order and a minimum trade volume of 0.1 lots. The minimum deposit requirement is only $5, suitable for small investors.
Standard Account
The Standard account has similar base currency options as the Micro account, but each contract size is 100,000 units. The leverage remains up to 1:1000, and negative balance protection is provided.
Spreads for major currency pairs are as low as 1 pip with no commission. Each client can hold up to 300 positions, with a maximum of 50 lots per trade and a minimum trade volume of 0.01 lots. The minimum deposit requirement is also $5.
FXCM Safe Ultra Low Account
The supported base currencies for the account include EUR, USD, GBP, etc., with a contract size of 100,000 units each. Leverage is up to 1:1000, and negative balance protection is provided.
The account's standout feature is spreads as low as 0.6 pips, with no commission. Each client can hold up to 300 positions, and the minimum deposit requirement is also $5.
Shares Account
The Shares account is designed for stock trading, supporting USD as the base currency. Each contract is equal to 1 share, with no leverage, and provides negative balance protection.
Spreads depend on the underlying exchange being traded with no commission. Each client can hold up to 50 positions, and orders are calculated per share. This account does not support hedging.
Trading Platform
FXCM Safe offers a proprietary trading platform that claims to support over 1000 trading instruments, suitable for investors across various asset classes. This platform includes an array of technical indicators and analysis tools, boasting over 80 technical indicators and more than 40 analytical tools. It supports various order types such as spot orders, pending orders, stop loss, and trailing stop. Additionally, the platform supports web trading on Windows, Mac, Linux, and includes a built-in email system.
However, upon testing, the fxcmglobalfx.com website only provides a web trading platform, which resembles interfaces of several known fraudulent brokerages.
Deposit and Withdrawal Methods
Investors can deposit and withdraw funds using various methods, including credit cards, e-wallets, and bank wire transfers. No fees are charged for credit card and e-wallet deposits. Wire transfers over $200 are also fee-free.
Contact and Social Media
Currently, FXCM Safe has not established official accounts on mainstream social platforms such as Facebook, Instagram, or Twitter. Users can only contact the platform via email, which may affect user interaction and information transparency.
Company Background and Regulatory Information
According to information on fxcmglobalfx.com, FXCM Safe claims to be licensed by multiple international regulatory bodies. The stated regulators include the Australian Securities and Investments Commission (ASIC), Cyprus Securities and Exchange Commission (CySEC), Belize International Financial Services Commission (FSC), and the Dubai Financial Services Authority (DFSA).
Upon verification, it was found that the FSC website does not list any company under license number 000261309, and the platform's claimed regulatory information closely resembles data on the well-known broker XM's website, suggesting possible plagiarism.
Conclusion
FXCM Safe (fxcmglobalfx.com) positions itself as a contract for difference trading platform, claiming to offer a wide range of financial products and account types. However, much of its website content is highly similar to that of the known broker XM, and its brand name and logo are suspected to plagiarize FXCM, implying potential deception towards investors.
Risk Warning
Investors should be particularly cautious about the platform's regulatory status and transparency when choosing where to trade. Engaging with unregulated platforms, especially those offering high-risk financial products like cryptocurrencies, can expose individuals to significant risks, including fund misappropriation and fraud. It is advisable to select a platform that is properly regulated and possesses a strong reputation to mitigate the risk of financial loss due to blindly pursuing high returns.
