Note: FPFXs official site - https://www.fp-forex.com/ is currently not functional. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker.
What is FPFX？
FPFX, a forex brokerage firm located in the United Kingdom, provides financial services to traders worldwide. However, it's crucial to highlight certain alarming issues. FPFX's licenses from ASIC (Australia Securities & Investment Commission) with number 247017 and the Financial Conduct Authority (FCA) with number 433907 are suspected to be fake clone, thereby raising legitimate concerns about trading safely. In addition, its malfunctioning website poses another notable concern that cannot be disregarded.
In the ensuing segments, we will thoroughly examine and articulate this broker's characteristics from diverse standpoints, offering you clear and well-arranged details. If you find this interesting, we urge you to continue reading. Concluding the article, a brief summary will be shared enabling you to swiftly and effectively understand the defining attributes of the broker.
Pros & Cons
While evaluating the broker's strengths and weaknesses, the cons are particularly concerning.
On the plus side, the broker utilizes the MT5 trading platform, which is widely respected in the financial industry.
However, the drawbacks seem to weigh more heavily. They include suspicion of fake clone ASIC and FCA licenses, a broken website, lack of transparency in operations, limited customer service channels through emails and phone only, and a report of unable to withdraw from their client. These factors should not be overlooked as they each serve as significant red flags when assessing the credibility and trustworthiness of the brokerage.
Is FPFX Safe or Scam？
When considering the safety of a brokerage like FPFX or any other platform, it's important to conduct thorough research and consider various factors. Here are some steps you can take to assess the credibility and safety of a brokerage:
Regulatory sight: The suspicion surrounding its license no. 247017 from the Australia Securities and Investment Commission (ASIC) and license no. 433907 from the Financial Conduct Authority (FCA) being fake clone casts serious doubts regarding the security of trading with them. And, with their official website currently not being accessible, indications suggest possible discontinuation of their operations. These elements together escalate the potential risks involved when considering investments through this platform.
User feedback: The existence of a withdrawal difficulty report on WikiFX should be viewed as a potential red flag. Before deciding to embark on any engagements with a broker or investment platform, conducting thorough research and diligent analysis is recommended to avert regrettable decisions.
Security measures: So far we cannot find any security measures info on Internet for this broker.
In the end, deciding if you should engage in trading with FPFX is a subjective decision. It would be prudent to thoroughly assess the risks and advantages before coming to a conclusion.
Trading Platforms
FPFX MARKETS provides its customers with a reliable trading environment via the MetaTrader 5 (MT5) platform.
MT5 is acclaimed for its extensive features and is a favorite platform for investors worldwide. It provides real-time access to market charts, integrated tools for technical analysis, and direct trading, facilitating a consistent trading experience. Its popularity, mostly in trading precious metals, is apparent as it's being used by over 80% of brokerage companies and banks across more than thirty countries.
User Exposure on WikiFX
On our website, it is visible that there's one report on WikiFX regarding withdrawal issues, a clear red flag. We highly encourage traders to carefully review all the information at their disposal before risking their hard-earned money. Our website serves as a comprehensive source of information, aimed at assisting traders to make informed choices. If you find yourself in unfortunate circumstances involving fraudulent activities by brokers or if you've been a victim of such incidents, we strongly recommend reporting this in our 'Exposure' section. Your feedback is invaluable to us. Our proficient team is dedicated to addressing these matters and will relentlessly pursue a resolution to such concerning situations.
Customer Service
The customer service at FPFX is somewhat restricted, as it only offers two means of communication: email and telephone. This limited accessibility may hinder immediate or diverse forms of client communication and assistance needs.
Phone: +44 7451273377.
Email: support@fxcoz.com; support@foopu.net.
Conclusion
FPFX, an online brokerage firm based in the UK, provides trading services to global clients as per the information available online. However, its suspicious ASIC and FCA clone regulatory status serve as immediate warning signs, since regulated brokers are mandated to comply with certain financial regulations and provide a measure of safety to their clients. The absence of such regulation elevates potential risks for traders, exposing them to fraudulent activities.
The non-functional website and one exposure of withdrawal issues on WikiFX further underline a lack of professionalism and attention to detail, eyeing skepticism towards their service reliability.
Therefore, individuals considering FPFX must exercise caution and comprehensively research other regulated options that uphold transparency, security, and accountability.
Frequently Asked Questions (FAQs)
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.
In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.
