FCI Markets

Read this review of FCI Markets and see if this is just another broker, or if this one does anything out of the ordinary.

FCI Markets is a brand name of Foreign Currency Innovations Limited, which is regulated by the FCA. This body requires from brokers proof of financial stability, to meet very strict criteria, and to comply with the rules and requirements that the FCA has set. Users of FCI Markets are eligible for a refund of up to £85 000 in the case the broker fails, as issued by the Financial Services Compensation Scheme.

We applied for two demo accounts, but received no email confirming our registration, thus a spread value from any of the platforms is not available. However, users should be aware that we give fake names and phones, so the people responsible for checking registration applications probably rule us out as unwanted visitors.

Nevertheless, the EUR/USD spread is said to be 1:100 which is impossible, but we checked with the registration of a live account process and got a confirmation of this.

We must say that this was very unexpected, since the leverage in the UK and the EU is capped at 1:30.

The EUR/USD spread is not revealed to us, unless one opens an account.

Trading assets are limited to Forex Pairs, Indices, and Commodities.

The only language that is made available is English.

FCI MARKET LOGIN

Here is where this broker shines. It offers 4 trading platforms, but the problem with the registration prohibited us from actually getting our hands on them.

METATRADER 4/5

What can we say about the MT4/MT5 that we haven’t said before. MT4 offers some great features: micro lots, automated trading bots, 500 individual orders per account, VPS’s (Virtual Private Servers), customizable trading indicators, and much more. While the MT5 builds upon these foundations and strives for perfection.

The leverage should be limited to 1:30, but at FCI Markets it’s 1:100, which is probably a very unnerving mistake. The EUR/USD spread as mentioned is not available. Nor is any other cost of trade.

Both platforms can be accessed on desktop and mobile.

FCI Netstation/ClearPro

The reason for including these in the same section is that we did not have the authorization to access this, as proven by our failed registration attempts.

Both platforms are claimed to be flexible, and advanced enough to be considered as first choice traders, with many of the functionalities that traders are used to getting: time frames, adjustable charts, indicators and other customizable options:

Both platforms are web based.

FCI MARKET MINIMUM DEPOSIT

The minimum deposit is not indicated; the website fails to do so.

The Terms and Conditions vaguely mention the depositing methods as being Wire Transfer, Credit/Debit Card, and e-wallets.

The fees are just as vague as all the depositing information.

The base currencies are EUR, GBP, USD.

The processing times for deposits are nowhere to be found.

FCI MARKET WITHDRAWAL TIME AND FEES

The FCA guarantees safe and secure withdrawals.

Withdrawal methods are the same as the depositing ones.

All withdrawal requests received before 2pm UK time will be processed on the same working day.

The fees concerning withdrawals are undisclosed. This is all that is mentioned of them:

As for a minimum withdrawal amount, the broker is silent about it.

BOTTOM LINE

It makes no difference that FCI Markets is FCA licensed. This broker has issues, and at times feels uneasy. Our advice is to try out other more capable brokers.