Overview of FXQM
FXQM is a brokerage firm headquartered in Seychelles. It caters to a diverse range of traders worldwide. FXQM offers a wide range of services in the financial markets, including trading in Forex, commodities, cryptocurrencies, and indices.
FXQM provides various account types to accommodate different trading preferences and experience levels. These include Standard, Copytrade, ECN, Prime, and Standard Account (Deposit Bonus) options. Each account type has specific features, such as varying leverage ranges, spreads, and commissions.
Traders can access leverage ranging from 100:1 to 3000:1, depending on the account type and trading amounts. Spreads start from 1.0 pip, while the commission structure varies across the account types. FXQM's trading platform of choice is MetaTrader 4 (MT4), renowned for its user-friendly interface, advanced charting tools, and automated trading capabilities.
Market Intruments
FXQM offers a variety of market instruments to cater to different trading preferences:
Forex:
FXQM offers a wide range of Forex instruments, allowing traders to participate in the global foreign exchange market. Forex, short for foreign exchange, involves trading currency pairs from around the world. Major currency pairs like EUR/USD, GBP/USD, and USD/JPY, as well as minor and exotic currency pairs, are available for trading on the FXQM platform.
Metals:
FXQM provides trading opportunities in precious metals, giving traders exposure to the price movements of these valuable assets. Metals such as gold, silver, platinum, and palladium are available for trading. These metals are often sought after for their inherent value and act as a store of wealth during times of economic uncertainty.
Energies:
FXQM offers trading in energy commodities, allowing traders to speculate on the price fluctuations of energy resources. This includes crude oil, natural gas, and other energy-related products. Energy commodities are influenced by various factors such as geopolitical events, supply and demand dynamics, and weather conditions, presenting opportunities for traders to profit from market movements.
Cryptocurrencies:
FXQM recognizes the growing popularity of cryptocurrencies and provides a range of digital assets for trading. Cryptocurrencies are decentralized digital currencies that utilize cryptography for secure transactions. Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and Litecoin (LTC), among others, are available for trading on the FXQM platform. These digital assets offer unique opportunities for traders due to their high volatility and market demand.
Is FXQMlegit or a scam？
FXQMis registered in Seychelles, but it is not regulated by any reputable financial authority. It is important to note that trading with an unregulated broker carries a higher risk as there is no oversight by a regulatory body to ensure fair practices and protection of clients' funds. Traders should conduct thorough research and due diligence before opening an account with an unregulated broker.
Pros and Cons
Pros:
Multiple account types catering to different trading needs and preferences.
Wide range of tradable instruments, including Forex, metals, energies, and cryptocurrencies.
Competitive leverage options, ranging from 100:1 to 3000:1.
Use of MetaTrader 4 platform, known for its user-friendly interface and advanced features.
Availability of a demo account for practice trading.
Cons:
FXQM is an unregulated broker, which may raise concerns about the safety of funds.
Limited educational resources beyond the Economic Calendar.
Lack of transparency regarding trading fees and commissions.
Limited customer support hours, operating on weekdays and limited hours during weekends.
Absence of additional features or tools for advanced traders.
Pros and Cons Table:
Account Types
FXQM offers a diverse range of account types to accommodate different trading needs and preferences:
ECN Account:
The ECN (Electronic Communication Network) Account is designed for traders seeking direct market access and enhanced liquidity. This account type features tight spreads starting from 0.0 pips, enabling traders to benefit from the best available bid and ask prices. The ECN Account requires a minimum deposit of $100and offers a maximum leverage of 500:1.
Standard Account:
The Standard Account offered by FXQM is designed for traders who prefer a straightforward trading experience. It features a minimum deposit requirement of $10 and offers spreads starting from 1.0 pip. This account type has no commission charges, allowing traders to focus on the spread costs. The maximum leverage available is 1000:1, providing traders with the opportunity to amplify their trading positions.
Copytrade Account:
FXQM's Copytrade Account is suitable for traders who wish to engage in copy trading strategies. With a minimum deposit requirement of $50, this account type allows traders to copy the trades of successful traders within the FXQM community. It offers spreads starting from 1.0 pip and a maximum leverage of 500:1.
Prime Account:
FXQM's Prime Account is tailored for advanced traders who require greater trading capabilities. It features spreads starting from 1.0 pip and a high maximum leverage of 3000:1. With a minimum deposit requirement of $10, this account type offers access to a wide range of trading instruments and advanced trading tools.
Standard Account (Deposit Bonus):
The Standard Account with a Deposit Bonus is a special offering from FXQM. Traders who deposit a minimum of $100 into this account type can benefit from a deposit bonus. It features spreads starting from 1.0 pip and a maximum leverage of 500:1. This account type is suitable for traders looking to maximize their trading capital.
These account types provide a range of trading conditions, allowing traders to choose the account that aligns with their trading strategies and preferences.
How to open an account？
The account opening process at FXQM is straightforward and can be completed in a few simple steps.
Here's a step-by-step guide to the account opening process with FXQM:
Online Registration: Visit the FXQM website and locate the account registration page. Fill out the online registration form with your personal information, including name, email address, phone number, and country of residence. Create a secure password for your account.
2. Account Verification: After completing the registration form, you will need to verify your account. FXQM may require you to provide certain documents to verify your identity and address. This typically involves submitting a copy of your identification document (such as a passport or driver's license) and a recent utility bill or bank statement as proof of address.
3. Choose an Account Type: Select an account type that suits your trading needs. FXQM offers different account options with varying features, spreads, leverage, and minimum deposit requirements. Choose the account type that aligns with your trading preferences and goals.
4. Fund Your Account: Once your account is verified, you can proceed to fund your trading account. FXQM provides multiple payment methods, including bank wire transfer, credit/debit cards, and e-wallets. Choose your preferred payment option and follow the instructions to deposit funds into your account. Ensure that you meet the minimum deposit requirement for your chosen account type.
5. Start Trading: After your account is funded, you can access the trading platform provided by FXQM. Familiarize yourself with the platform's features and tools. Analyze the markets, place trades, and monitor your positions according to your trading strategy. FXQM may offer educational resources and customer support to assist you in navigating the trading platform effectively.
Please note that the account opening process may have specific requirements and may vary based on FXQM's policies and regulatory guidelines. It's advisable to refer to the official FXQM website or contact their customer support for the most accurate and up-to-date information on the account opening process.
Minimum Deposit
FXQM offers traders ECN Accounts (minimum deposit of $100) and Premium Accounts (minimum deposit of $10). The ECN account is entitled to a rebate of up to $2 per lot, and the Premium Account is entitled to a 10% deposit bonus.
FXQM Leverage
FXQM offers leverage ranging from 100:1 to 3000:1, depending on the account type and the amount requirements. Here's an introduction to the leverage provided by FXQM for each account:
ECN Account: Leverage ranges from 100:1 to 500:1. The maximum leverage requires the trading amount not to exceed $9,999.99.
Standard Account: Leverage ranges from 100:1 to 1000:1. To utilize the maximum leverage, the trading amount should not exceed $4,999.99.
Copytrade Account: Leverage ranges from 100:1 to 500:1. The maximum leverage requires the trading amount not to exceed $9,999.99.
Prime Account: The maximum leverage requires the trading amount not to exceed $1,999.99. Leverage ranges from 100:1 to 3000:1.
Standard Account (Deposit Bonus): Leverage ranges from 100:1 to 500:1. The maximum leverage requires the trading amount not to exceed $9,999.99.
It's important to note that leverage allows traders to control larger positions with a smaller amount of capital. However, it also magnifies both profits and losses. Traders should exercise caution and consider their risk tolerance when utilizing leverage in their trading activities.
Please note that the leverage details provided are based on the information provided and may be subject to change. It's always recommended to refer to the official FXQM website or consult with their customer support for the most accurate and up-to-date information regarding leverage requirements and options.
Spreads & Commissions
EURUSD spreads are 0.3 pips, and clients can trade with a commission of $0.03 per lot. GBPJPY spread is 2.0 pips, and the trading rebate is $2 per lot. Additionally, FXQM also introduced a 30% deposit bonus, something like, if traders deposit $10, they can get a bonus of $3.
Trading Platform
FXQM provides traders with the widely recognized MetaTrader 4 (MT4) trading platform. With its user-friendly interface and comprehensive features, MT4 offers an efficient and seamless trading experience. The platform allows traders to access a wide range of financial instruments, including Forex, metals, energies, and cryptocurrencies. MT4 provides advanced charting tools, numerous technical indicators, and customizable layouts for in-depth market analysis. Traders can execute trades with a single click, set up automated trading strategies using expert advisors, and manage risk through stop-loss and take-profit orders. Additionally, MT4 is available as a mobile application, enabling traders to stay connected and trade on the go. FXQM's MetaTrader 4 platform empowers traders with the tools they need to make informed decisions and navigate the financial markets effectively.
Deposit & Withdrawal
FXQM's official website shows that the only way to deposit and withdraw funds is through wire transfers, and there is no mention of deposit and withdrawal fees.
Customer Support
FXQM provides excellent customer support to assist traders with their inquiries and concerns. Traders can reach out to the FXQM customer support team through various channels. The support team can be contacted via phone, email, and live chat on their website. Traders can choose the most convenient method to seek assistance based on their preferences.
The customer support service operates during specific hours. From Monday to Friday, the support service is available from 10.00 AM to 12.00 AM (GMT +8). On weekends, Saturday and Sunday, the support service operates from 9.00 AM to 12.00 PM (GMT +8). During these hours, traders can expect prompt responses and guidance from the FXQM support team.
Educational Resources
FXQM offers limited educational resources, primarily focusing on an Economic Calendar. Traders can access this calendar to stay updated on crucial economic events and data releases. While FXQM may have fewer educational materials compared to other platforms, the Economic Calendar can still be a valuable tool for traders to stay informed about market-moving events and make informed trading decisions.
Conclusion
FXQM is an unregulated brokerage firm based in Seychelles that caters to a diverse range of traders worldwide. It offers various account types, including Standard, Copytrade, ECN, Prime, and Standard Account (Deposit Bonus), each with its own features, leverage ranges, spreads, and commissions. Traders can access leverage ranging from 100:1 to 3000:1, depending on the account type and trading amounts. The broker provides trading opportunities in Forex, metals, energies, and cryptocurrencies, with the MetaTrader 4 platform as its trading platform of choice. While FXQM's educational resources are limited, it offers an Economic Calendar to keep traders informed about important economic events.
FAQs
Q: Is FXQM a regulated broker？
A: No, FXQM is not a regulated broker.
Q: Does FXQM offer a demo account？
A: Yes, FXQM offers a demo account that allows clients to practice trading in a risk-free environment with virtual funds.
Q: What trading platforms does FXQM offer？
A: FXQM offers MetaTrader 4 platform.
Q: Does FXQM offer educational resources for traders？
A: Yes, but FXQM only offers Economic Calendar.
Q: What is the minimum deposit required to open an account with FXQM？
A: The minimum deposit required to open an account with FXQM is $10.
Q: What is the maximum leverage offered by FXQM？
A: The maximum leverage offered by FXQM is 1:3000.
2023-02-22 16:01
2023-02-15 12:26
