Overview of FMASTERS
Founded in 2022 in China, FMASTERS offers a wide range of trading assets, including Forex, Metals, Energies, Agricultural Commodities, Stocks, Indices, and Cryptocurrencies (BTC, ETH, LTC, XRP). With a straightforward web-based platform, FMASTERS serves global traders, providing multiple account types with varying minimum deposits and leverages.
While the platform offers competitive spreads and a commission-free model for most accounts, it operates without regulatory oversight. Traders benefit from various payment methods but face potential withdrawal levies on low-turnover accounts. The reported customer support issues highlight areas for improvement in the overall user experience.
Is FMASTERS legit or a scam？
FMASTERS operates without regulatory oversight from any authority. This absence of regulation implies a lack of external scrutiny and adherence to established financial standards.
The absence of regulatory supervision will impact the platform's transparency, investor protection, and overall reliability. Traders engaging with FMASTERS should exercise heightened diligence and recognize the potential risks associated with participating in an unregulated trading environment.
Pros and Cons
Pros:
Various Payment Methods:
2. Straightforward Web-Based Platform:
3. Wide Range of Trading Assets:
Traders have access to a wide selection of trading assets, including Forex, Metals, Energies, Agricultural Commodities, Stocks, Indices, Crypto (BTC, ETH, LTC, XRP), allowing for a broader range of investment opportunities and portfolio diversification.
4. Multiple Account Types:
5. Up to 1:500 Leverage:
6. Commission Free:
Cons:
Unregulated:
2. Customer Support Dissatisfaction:
3. Evidence of Price Manipulation:
4. Minimum Deposit Variances:
5. Withdrawal Levy on Low Turnover:
6. Limited Trading Platform Features:
Market Instruments
FMASTERS, the trading platform, facilitates a wide range of trading assets for its users.
Among the prominent offerings are the Major Currency Pairs, commonly known as FMASTERS Forex, providing users with the opportunity to engage in foreign exchange markets.
Traders can also explore opportunities in the commodities market through trading in Metals, including precious metals like gold and silver, and various Energies, such as crude oil and natural gas.
For those interested in agricultural markets, FMASTERS extends its portfolio to include Agricultural Commodities, allowing users to trade products like wheat, soybeans, and corn.
The platform also offers access to the dynamic world of equities through its Stocks category, allowing users to trade shares of various companies.
In addition, FMASTERS serves traders seeking exposure to broader market trends by providing access to Indices. This offering allows users to speculate on the performance of a group of stocks representing a particular market.
Lastly, FMASTERS ventures into the realm of digital assets with its Crypto offerings. While the options are limited, users can engage in trading pairs involving well-known cryptocurrencies such as BTC (Bitcoin), ETH (Ethereum), LTC (Litecoin), and XRP (Ripple).
Account Types
FMASTERS offers 4 account types for different users.
Bronze Account:
The Bronze Account offered by FMASTERS requires a minimum deposit of $250 and provides leverage of up to 1:30. With competitive spreads starting at 1.3 pips and no commissions, this account type appeals to entry-level traders or those with limited initial capital. The lower minimum deposit and moderate leverage can accommodate individuals who are new to trading and seek a more accessible entry point to the platform.
Gold Account:
FMASTERS introduces the Gold Account, requiring a higher minimum deposit of $2,500. This account type offers increased leverage, allowing traders to utilize positions up to 1:100. The competitive spreads starting at 1.3 pips remain consistent across account types, and similar to the Bronze Account, there are no commissions associated with this account. The Gold Account is suitable for traders with a moderate level of experience and a willingness to commit a higher initial investment.
Black Account:
For traders with a more substantial capital base, the Black Account demands a minimum deposit of $25,000. This account type provides even higher leverage, allowing positions up to 1:300. The spread remains competitive, starting at 1.3 pips, and there are no commissions. The Black Account could be considered by seasoned traders or those with a more significant risk appetite, seeking increased leverage for their trading activities.
Platinum Account:
FMASTERS introduces the Platinum Account, suitable for traders with a substantial financial commitment, as it necessitates a minimum deposit of $100,000. This account type offers the highest leverage among the options, allowing positions up to 1:500. While maintaining competitive spreads starting at 1.3 pips, the Platinum Account differs by incurring a 2% commission on trades. This account type might attract experienced and high-net-worth traders who are comfortable with both a significant deposit requirement and the associated commission structure.
How to Open an Account？
To open an account with FMASTERS, follow these concrete and straightforward steps:
Visit the FMASTERS Website:
2. Registration Process:
Locate the “Register” button on the FMASTERS homepage.
Fill out the required information accurately in the registration form, including your personal details and contact information.
Create a strong and secure password following FMASTERS' password requirements.
Agree to the terms and conditions by checking the designated box.
Click on the “Register” button to complete the registration process.
3. Account Verification:
After registering, check your email for a verification message from FMASTERS.
Open the email and click on the verification link provided to verify your account.
Once your account is verified, log in using your credentials to access your FMASTERS account.
Leverage
FMASTERS offers varied maximum leverage across its account tiers: Bronze (Up to 1:30), Gold (Up to 1:100), Black (Up to 1:300), and Platinum (Up to 1:500). These leverage ratios determine the extent to which traders can amplify their positions relative to their initial investment.
Spreads & Commissions
FMASTERS imposes varying spreads and commissions across its account types, affecting the overall cost structure for traders.
The Bronze, Gold, Black, and Platinum accounts share identical starting spreads at 1.3 pips. Notably, the Bronze, Gold, and Black accounts operate on a zero-commission model, making them particularly attractive for cost-conscious traders.
Conversely, the Platinum Account incurs a 2% commission on trades.
Considering the fee structure, the Bronze Account with its low minimum deposit of $250 and absence of commissions is suitable for novice traders or those with limited capital.
The Gold Account, featuring a higher maximum leverage and a $2,500 minimum deposit, could be apt for intermediate traders seeking increased leverage without incurring commissions.
The Black Account, offering a leverage of up to 1:300 and requiring a substantial $25,000 minimum deposit, appeals to more experienced traders willing to commit a larger initial investment.
Lastly, the Platinum Account, with its up to 1:500 leverage and a commission of 2%, could be considered by advanced traders aiming for higher leverage with a willingness to pay a commission on trades.
Trading Platform
FMASTERS provides a straightforward trading experience through its web-based platform, FMASTERS WebTrader.
The platform's sole positive feature is its simplicity, eliminating the need for downloads or installations. However, it lacks advanced functionalities commonly found in more comprehensive trading platforms.
Traders seeking basic functionality without the desire for additional features will find the FMASTERS WebTrader sufficient for their needs. It is essential for users to assess their individual requirements and preferences before choosing this platform for their trading activities.
Deposit & Withdrawal
FMASTERS offers multiple payment methods for users to fund their accounts. Traders can choose from traditional options such as wire transfers and credit cards, as well as modern alternatives like ePayments. The availability of various payment methods provides flexibility for users based on their preferences and geographical locations.
The platform imposes different minimum deposit requirements for various account types. The minimum deposit ranges from $250 for the Bronze Account to $100,000 for the Platinum Account. This tiered approach allows traders to select an account type that aligns with their financial capacity and trading objectives.
Traders should be mindful that accounts with low turnover or lacking verification might face a 10% levy on withdrawals.
Customer Support
FMASTERS' customer support, reachable via support@fmasters.io and +442070431886, has faced criticism for its perceived shortcomings.
Traders report slow response times, with queries often left unresolved for extended periods. The support team's effectiveness in addressing complex issues has been questioned, and there are instances of dissatisfaction regarding the clarity and helpfulness of responses.
Additionally, dissatisfactions have been raised about the lack of 24/7 availability, impacting users in different time zones. These negative experiences highlight areas where FMASTERS' customer support benefits from improvement to enhance responsiveness and overall user satisfaction.
Exposure
Two long-term users, each with over a year's experience on FMASTERS since 2017, express a shared sentiment of diminishing confidence in the platform.
Despite initial trust, both users have observed and gathered evidence of price manipulation issues, contributing to a reassessment of their trust in FMASTERS. The shared exposure of such issues among users underscores a potential systemic issue that could impact the overall trustworthiness and reliability of the platform.
The collective unease about price manipulation will influence trading decisions as users will become hesitant to execute trades or allocate significant funds on a platform where integrity and transparency are perceived to be compromised.
Conclusion
In conclusion, FMASTERS offers a range of trading assets through its web-based platform, providing accessibility to various global audiences. The platform's tiered account system, accommodating different experience levels and capital sizes, presents both advantages and disadvantages.
On the positive side, FMASTERS stands out with its competitive spreads, commission-free model for certain accounts, and a variety of payment methods. Additionally, the platform offers a broad spectrum of trading instruments, from traditional Forex pairs to cryptocurrencies, providing users with ample opportunities for diversification.
However, FMASTERS faces notable drawbacks, including an absence of regulatory oversight, potentially impacting user confidence in terms of security and adherence to industry standards. The reported challenges with customer support responsiveness and limited platform features also present areas for improvement.
FAQs
Q: What trading assets are available on FMASTERS？
A: FMASTERS offers a range of assets including Forex, Metals, Energies, Agricultural Commodities, Stocks, Indices, and Cryptocurrencies.
Q: How many account types does FMASTERS provide？
A: FMASTERS offers four account types: Bronze, Gold, Black, and Platinum, each tailored to different trading preferences and capital levels.
Q: Is FMASTERS regulated？
A: No, FMASTERS operates without regulatory oversight.
Q: What is the minimum deposit requirement for the Bronze Account？
A: The minimum deposit for the Bronze Account is $250.
Q: Does FMASTERS charge commissions on trades for all account types？
A: No, Bronze, Gold, and Black accounts operate on a commission-free model, while the Platinum Account incurs a 2% commission.
Q: How can I contact FMASTERS customer support？
A: FMASTERS customer support can be reached via support@fmasters.io and +442070431886.
