FLIXGM

Upon opening FLIXGM we were welcomed by an awesome looking background animation reminiscing of both sci-fi films and spy thrillers… that is until the website crashed, an inevitable result of the animation’s size. Needless to say, this crash echoes through the core of the broker and mirrors the essence of FLIXGM.

FLIXGM is located in the small island nation of Seychelles, notorious for harboring shady firms, many of which are brokerages. In Seychelles the Financial Services Authority (SFSA) is responsible for issuing licenses to wanna be brokerage firms. However, it says nowhere on the website that the broker is actually a license holder from the SFSA. After a quick search in the SFSA’s database of regulated entities, we found no results for both FLIXGM. This can mean only one thing: that FLIXGM is UNLICENSED and therefore a risk to all investors’ capital.

Always check for a proper broker license within the domains of the regulatory agencies. All of them have access to either an online database of regulated financial services providers, or separate lists of authorized companies. We advise traders to go with FCA/CySEC regulated brokerage firms, since these two agencies are some of the best for the job.

We easily opened a live account, and were given direct access to a trading platform, that revealed to us a EUR/USD spread of 2.7 pips on average which is a lot, and is in no way profitable for traders. In fact, only the broker will see lucrative results with such a spread.

The leverage is capped at 1:200. A considerably low amount, seeing as the company is offshore.

FLIXGM has a wide variety of assets to be traded with, including Forex Pairs, Crypto, Commodities, Indices, Stocks, ETFs, and Bonds.

The broker is available exclusively in English.

FLIXGM LOGIN

Then trading platform that comes with the broker is surprisingly deep, and customizable, and on top of that, has an authentic and professional look. It’s no metatrader, but it comes close to achieving the desired effects. In an illicit broker, this is as good as it gets.

The EUR/USD spread is approximately 2.7 pips, while the leverage is capped at 1:200.

This platform is solely browser based.

FLIXGM MINIMUM DEPOSIT

The minimum deposit amount according to the website is $250.

However, on the dashboard we were unable to proceed with the depositing of funds. The payment area gave us no depositing options, and no minimum amount. So we are left with the alleged $250 minimum that the website gives us.

Once more: this broker is clearly unregulated, and if you choose fund an account with it, it will put you directly at risk of loosing all funds. For safekeeping your money, we strongly advise to avoid all brokers who do not have a proper license from renowned regulatory bodies. Agencies like the FCA and CySEC stand out as some of the top license issuers in the world, notorious for their severe requirements and close relationships with the law.

DON’T PROVIDE YOUR CREDIT CARD CVV CODE

The CVV code is the one thing that separates a buyer from a product. Without it, one cannot complete a purchase, even if him/her has given all other necessary information. By giving this detail to someone else, you are essentially inviting them to use your funds for their own means. And be warned that unregulated brokers most certainly plan to do so.

DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER

It may or may not happen, but if an unregulated broker asks you to install AnyDesk or TeamViewer and give them log in details, consider yourself very open to a complete drainage of your funds from all your online accounts. These software allow for anyone to access your PC from another station and go through all your files and vital information, including credit card, bank and alternative payment method details. Thankfully, these platforms are completely legal and will need your own personal approval in order to be used.

FLIXGM WITHDRAWAL TIME AND FEES

We were abruptly blocked by the broker; it has probably detected our fake account. This means that any withdrawal info will be taken from the website only.

Withdrawal requests, according to he Withdrawal Policy, are processed within 5 days.

There are withdrawal fees for the Mini, Standard, and Beginner account types. Mini and Beginner Accounts are feed with €25 plus a 1% tax; Standard Accounts are charged with only 1% of the entire withdrawal sum. Alternative payment methods users will be charged with additional fees.

The minimum withdrawal amount has not been revealed, but judging by the fees, it must be above €25.

ADDITIONAL FEES AND TAXES

The client has to pay interest rates and charges relating to the usage of the online trading platform. These fees will be subject to change without prior notice:

These interest rates are laid out in the Account Types section of the website:

There is no clear indication as to the reoccurence of these charges (monthly, weekly, per annum, etc).

Furthermore, FLIXGM charges a ton of additional charges including delivery charges, clearing house fees, relationship maintaining fees, and non-performance fee.

The arrogance of the broker doesn’t stop there. Further down the Terms and Conditions, it is reveled that the company will seek reimbursement should the trader seek a charge-back. It will then promptly fee you current account or future winnings.

The broker, in case of a charge-back request by a user, has also the right to shut down all open positions, and/or place restrictions on making deposits, withdrawals, and on opening new positions:

Should traders take any legal actions against the broker, the Indemnification clause pretty much clears FLIXGM slate:

A monthly inactivity fee is applied after 180 days of account dormancy. However, the exact amount of the fee is left undisclosed.

The presence of such charges point out the true scammer nature of this broker. With so many commissions and charges, it’s in FLIXGM’s own interest to keep you invested for as long as possible. For this reason they will deny your withdrawal request, for certain, either by finding or creating loopholes in the T/C, by reassuring that the more you postpone your withdrawal the better the chance of quadrupling your initial investment, or just asking for more deposits.

ACCOUNT VERIFICATION

If a broker is unlicensed, never give you ID and personal details to it, because the broker will use these details against you once you file for a charge back. Furthermore, any allegation held against the brokerage will be easily refuted if they have in their possession a copy of your ID and proof of address.

Yet again we urge readers to stay away from this broker as it will, without a doubt, never return your funds and profits. If you wish to to get smooth and efficient transactions, please visit a FCA/CySEC regulated broker, where all withdrawals are handled with care and respect.

HOW TO RECOVER

The only way to recover is by filling for a charge back, and hoping it’s not too late. And even though FLIXGM will charge you in case of a chargeback, this is still the soundest thing one can do.

If you have given away your credit card details including the CVV code to the “broker” you should cancel it ASAP and check with your bank to see the damage inflicted.

At some point or another you might stumble upon a “recovery” agent or agency that promises to retrieve all your money back. This sounds all too good to be true, and that’s because it isn’t. Before proceeding with the recovery they will ask a payment for their services. If you chose to indulge them, they will disappear with the money without a hint of remorse.

The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!

BOTTOM LINE

FLIXGM is a forex scam in its purest form. They will charge you for everything you’ve got, on any occasion they see fit. Do not deposit here if you wish to keep your money!