Warning! Forex Price Market LTD is an offshore company! Your deposit may be at risk.
RECOMMENDED FOREX BROKERS
To more advanced users Forex Price Market LTD will raise eyebrows, if not produce a chuckle or two. With such a hyperbolic name, there is only one thing that this alleged broker stands for. Read on to find out more.
Belize has, over the years, become a reasonable location for forex brokers, yet is still is a home to many shady ones. The International Financial Services Commission is the local regulator through which a broker must pass in order to get legitimate. There was no mention of Forex Price Market LTD in the official Belize license issuer’s website, making this company totally UNREGULATED, and therefore a risk to all investors.
We strongly advise traders to trade only with regulated brokers that hold a license from renowned and severe institutions such as the FCA or CySEC. Not only do these agencies oversee operations and require regular reports from brokers registered with them, but those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC)
When we filled the registration process, the broker gave us a waiting period of 3 days, after which we should be contacted. This is a clear sing that the broker picks its clients, looking for potential victims. Needlessly, we were not able to register.
The website says that the spreads are 1.8 pips. This cost of trade is mention on the top of the home page. There are no leverage values revealed. What’s more is that there are no concrete assets, as well.
The website is made available in English.
FOREX PRICE MARKET LTD LOGIN
Upon our attempt at opening an account, we were given the choice to chose from either an MT4 or a TFTrader. Yet we cannot confirm that any of these platforms exist without a proper registration.
Throughout the website there is no mention of any other platform except for the MT4. This TFTrader is a ghost, it seems.
FOREX PRICE MARKET LTD MINIMUM DEPOSIT
According to the website, the minimum deposit is $100. There is a 0.2% deposit fee via imove internal transfer, which is the only depositing method it seems.
We would not deposit with this one if we were you. This broker is clearly not legitimate and not regulated, meaning that who knows what they will do with your investment. Traders should deal exclusively with brokers regulated by exemplary agencies such as the FCA or CySEC, for they oversee a brokers activities from head to toe with a severe case of diligence.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
The three digit CVV code is essential to making purchases or completing transactions online. By handing this info to someone claiming to be a broker, your are exposing your savings to the biggest risk of all!
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
AnyDesk and TeamViewer softwares are double edged. For one, you provide complete access to your computer to someone else who, essentially, takes over as the new user. This can be helpful if the person with access is a friend, colleague, or acquaintance; or it can be devastating to your private information, including bank info, if you provide entry to someone with a shady background. Hence the double edge. Note that these softwares are 100% legal meaning that your approval will be needed if someone is to tinker inside your PC.
FOREX PRICE MARKET LTD WITHDRAWAL TIME AND FEES
It seems that imove acts as sole withdrawal methods, as well. Withdrawals are charged with a .2% fee, ans are processed within 24 hours. What’s concerning is that there is no withdrawal talk in the terms and conditions.
ADDITIONAL FEES AND TAXES
The terms and conditions mention that there is a separate fee-structure page on the website. Problem is that there is no such thing. This measn that the rboekr can probably change easily its fees without warning.
We want to point out that withdrawing will be unsuccessful. The most popular excuses for denying your withdraw requests are usually smart and for the most part scripted. These include but are not limited to loopholes in the T/C, asking for more deposits in order to withdraw, or just prolonging your pending withdrawal by claiming that the market will suddenly propel, multiplying your winnings by unrealistic proportions.
Traders will sooner or later realize that something is a foot. Filing for a chargeback might not be as easy as it seems if, beforehand, the user has given away a copy of his ID and proof of address to the unlicensed broker. With these in their possession the broker can easily refute any claims you might have against them.
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. Do not expect anything of the king from this broker; it will only bring you financial anxiety.
HOW TO RECOVER
Don’t delay, and file for a chargeback ASAP with your bank or credit card company, but also ask them what the situation with your current account is.
If you have given a CVV code to the broker, be sure to cancel your credit card as soon as possible, because the broker will not delay with draining every cent from it.
Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won’t ever hear from them again.
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!
Forex Price Market LTD is a typical scam that targets forex traders. Do not deposit here if you cherish your capital!