FXQM ReviewCategory: Reviews | Author: Trading Brokers | Date: September 19, 2023
Introducing FXQM, a forex broker offering a range of trading services across global markets, including forex, metals, energies, and cryptocurrencies through the MetaTrader 4 platform. With features like low deposit requirements, high leverage ratios, competitive spreads, and swap-free account options, FXQM seeks to cater to diverse trading needs. However, before considering an account with FXQM, it’s essential to delve into factors such as regulatory compliance, trading conditions, educational resources, and funding methods. This article aims to provide a comprehensive review of FXQM, assisting you in making an informed decision regarding its suitability for your trading requirements.
Pros & Cons
- Multiple account types to suit different trading needs
- Use of MetaTrader 4 platform
- Wide range of tradable instruments
- Competitive leverage options
- Specializes in low latency connectivity to tier-1 bank liquidity and ECNs for an unrivaled trading
- No regulatory oversight
- Limited customer support hours
- Limited information available on the broker's background and services
- Limited educational resources
FXQM, established in 2020 under the trading name of QM Group Ltd., operates as a forex broker from Seychelles, extending its online trading services to clients worldwide, with certain regional restrictions like the USA, Canada, and Japan. Offering a diverse array of over 200 trading instruments, encompassing forex pairs, metals, energies, and cryptocurrencies, FXQM caters to a broad spectrum of traders. The platform of choice is MetaTrader 4, accessible via desktop, web, and mobile devices.
FXQM touts competitive trading conditions, including low deposit requirements, generous leverage ratios, economical spreads, and available swap-free account options across all account types. Recognizing the importance of trader education, FXQM extends resources like webinars, articles, and videos, facilitating skill and knowledge enhancement. When it comes to funding, the broker accepts various methods, including bank transfers, credit cards, and e-wallets.
However, it’s worth noting that FXQM does not provide disclosure on its regulatory status. This omission may prompt some concerns regarding the broker’s credibility and security, making due diligence imperative for potential traders.
FXQM appears to be a trading name of QM Group Limited, a company registered in Seychelles with registration number 218946 IBC 2016. The company is listed as an international business company (IBC) and has its registered address at House of Francis, Room 303, Ile Du Port, Mahe, Seychelles. FXQM claims to be regulated as a securities dealer by the Financial Services Authority of Seychelles (Seychelles FSA).
As an IBC, QM Group Limited is not subject to the same regulatory requirements as companies operating within the European Union or the United States. However, the company claims to be compliant with the laws and regulations of the jurisdiction in which it operates.
It is important to note that while QM Group Limited is registered in Seychelles, it does not provide services to residents of certain countries, including those in the Americas, Arab states, CIS countries, EEA, and EU nations. This suggests that the company may be targeting clients in specific regions where there are fewer regulatory restrictions.
Operating without clear oversight from reputable authorities could potentially elevate the risk level for traders. In the event of disputes, concerns about fraud, or even insolvency, the absence of regulatory backing may leave traders with limited recourse. Given these circumstances, it’s prudent for prospective traders to exercise a high degree of caution when considering an account with FXQM. Please see a list of regulated brokers for some alternative options.
Platforms & Tools
FXQM embraces the renowned MetaTrader 4 platform, widely acknowledged as a cornerstone in the forex industry. This platform stands out for its user-friendly interface, an array of technical indicators and charts, automated trading capabilities, and rapid execution speed. Moreover, FXQM extends the accessibility of the MetaTrader 4 platform across desktop, web, and mobile devices, granting traders the flexibility to engage with markets at their convenience.
A noteworthy feature of the MetaTrader 4 platform is its copy trading functionality, enabling traders to observe and replicate the strategies of successful peers. However, it’s worth noting that FXQM’s website does not offer specific proprietary tools, resulting in a lack of competitive differentiation in this aspect. As such, FXQM’s strengths primarily lie in its support of the MetaTrader 4 platform rather than distinctive in-house tools.
FXQM provides a modest selection of educational resources, with a primary emphasis on its Economic Calendar. This resource proves invaluable for traders seeking to remain informed about pivotal economic events and data releases capable of influencing market dynamics. Within the Economic Calendar, traders can readily access critical information, including event dates, times, currencies involved, impact assessments, actual results, forecasts, and previous values. Such data equips traders with insights to strategically plan their trading decisions.
However, it’s important to note that beyond the Economic Calendar, FXQM does not offer a comprehensive suite of educational materials, such as webinars, articles, or videos. In comparison to other platforms, this limitation might result in relatively fewer educational resources available to FXQM users.
FXQM facilitates access to a diverse array of global markets, encompassing forex, metals, energies, and cryptocurrencies. With a portfolio boasting over 200 trading instruments, traders can engage with major, minor, and exotic forex pairs, precious metals like gold and silver versus the US dollar, commodities like Brent oil, WTI, and natural gas, as well as popular cryptocurrencies such as Bitcoin, Ethereum, and Litecoin.
The broker positions itself with competitive claims of tight spreads that can reach as low as 0 pips, coupled with high leverage ratios extending up to 1:3000 across all account types. It’s worth noting, however, that FXQM does not furnish specific details on trading conditions for each market or instrument. Vital elements like minimum lot size, margin requirements, swap rates, and commission fees remain undisclosed. As a result, prospective traders are encouraged to diligently review the trading specifications associated with each market or instrument before considering positions with FXQM.
FXQM presents a diversified range of account options tailored to meet varying needs:
- Prime: A sensible choice for those commencing with a minimum deposit of $10, offering spreads from 1.0 pips and leverage up to 1:3000. This account entails no commissions or bonuses, making it appealing to traders looking for a low initial investment and high leverage.
- Standard (Deposit Bonus): With a minimum deposit requirement of $100, this account boasts spreads from 1.0 pips and leverage up to 1:500. While there’s no commission to consider, a 30% deposit bonus sweetens the deal for traders aiming to bolster their trading capital.
- ECN: Those favoring tight spreads, willing to invest a minimum of $100, can access tight spreads from 0.0 pips and leverage up to 1:500. However, this account type includes an $8 per lot commission with no bonus, catering to traders who prioritize lower spreads and a fixed commission fee.
- Standard: Requiring a minimum deposit of $10, this account offers spreads from 1.0 pips and leverage up to 1:1000. Similar to the Prime account, it lacks both commissions and bonuses, aligning with traders seeking moderate leverage and minimal deposit demands.
- Copytrade: Tailored for those intrigued by the concept of copying successful traders, this account mandates a minimum deposit of $50. It offers spreads from 1.0 pips and leverage up to 1:1000, with no commissions or bonuses. Ideal for traders keen on utilizing the copy trading feature.
Across the board, FXQM’s accounts provide essential features such as swap-free options, negative balance protection, a partner affiliate program, and support for the MetaTrader 4 platform. However, it’s important to note that none of these account types permit the use of expert advisors. Therefore, the choice of account type should align with your unique trading style, budget, and preferences.
FXQM simplifies the process of funding trading accounts by offering a variety of payment methods. These options include bank wire transfers, credit/debit cards, and e-wallets like Skrill, Neteller, and Perfect Money. Notably, FXQM asserts a policy of not imposing fees or commissions on deposits and withdrawals.
It’s worth noting, though, that FXQM does not provide detailed information regarding minimum and maximum transaction amounts, processing times, or currency options for each payment method. As a result, potential traders are encouraged to engage with the broker directly to clarify funding specifics before initiating any transactions. This proactive approach can ensure a seamless and well-informed funding process.
In summary, FXQM presents a range of trading opportunities, encompassing diverse account types, multiple payment methods, and access to various global markets. Their support of the MetaTrader 4 platform and essential features like swap-free options and negative balance protection can be advantageous to traders. However, it’s essential to exercise caution due to the absence of disclosed regulatory information and limited educational resources. Nonetheless, it’s worth noting that while FXQM offers strong features, there are other brokers with longer track records that might be worth considering as alternative options. For additional choices, we encourage you to explore our trading broker reviews.