FMTrader (No Binary Options) Review
Broker | FMTrader (No Binary Options) |
---|---|
US Traders Accepted | |
Company Name | Broad Media Limited |
Headquarters | Gibraltar |
Regulation | No |
Bonus Type | Match bonus |
Bonus Size | 40% |
Max Payout | 90% |
Out-of-Money Reward | 10% |
Trading Platform | SpotOption |
Deposit Options | Credit/debit card, wire transfer, CashU, Skrill |
Deposit Currencies | US Dollar, Euro, British Pound, Australian Dollar, Canadian Dollar, Japanese Yen, South African Rand |
Minimum Deposit | $250 |
Minimum Trade | $25 |
Maximum Trade | $5,000 |
Online Since | 2013 |
Trading Instruments | Currencies, stocks, commodities, indices |
Number of Trading Instruments | 59 |
Binary Option Types | High/Low, Option Builder, One Touch, 60 Seconds, Pro Trader |
Customer Support Types | Email, web form, toll-free telephone, live chat, Skype |
Education Offered | Daily market reviews, eBook, video courses, VOD, 1 on 1 training, portfolio analysis, customized trading plans, NFP trading sessions. |
Tools Offered | Double up, rollover |
Commission | $100 minimum withdrawal threshold |
Languages | English, Arabic, Turkish, Italian, French, Russian |
Demo Account | No |
FMTrader no longer offers trading in binary options. The review below is presented for the archiving purposes.
FMTrader is a binary options broker based in Gibraltar. The site is powered by SpotOption and comes across as a pretty typical SpotOption white label. Good features include an information-rich website that is easy to navigate, a wealth of resources for traders, and no fees for deposits or withdrawals. Drawbacks include high minimum trade amounts, no demo account, and absentee customer service. Let’s take a closer look.
Opening a New Account on FMTrader
You can get started in minutes on FMTrader; just fill out the account registration form, enter in your country, and proceed. If you are in the USA, you will not be able to progress beyond this screen since FMTrader does not offer services to US customers. If you are accepted, you can make your first deposit using credit or debit card, wire transfer, Skrill, or CashU. Available account currencies include US Dollar, Euro, British Pound, Australian Dollar, Canadian Dollar, Japanese Yen, and South African Rand, a nice selection.
The minimum deposit is surprisingly high. In a time when most brokers are dropping their deposit requirement down to $100, FMTrader requires you deposit $250, but this is really still very low in the grand scheme of things. And the reality is that with a minimum investment size of $25 ($20 for 60 Second trades, which is ludicrously high), you really should deposit at least $500 so that you can adhere to a responsible money management plan. On the plus side, there are no fees for deposits or withdrawals, though there is a minimum withdrawal threshold of $100.
You will discover quickly that although there is a “Demo” page on FMTrader, there is no actual demo account. The demo page is merely a quick video demonstration of the platform. This is a significant drawback, but demo accounts sadly are still not the norm on binary options sites.
FMTrader Account Tiers and Bonuses
When you are signing up for a new account, you will need to select an account tier. The more money you deposit, the higher your account tier will be.
- Bronze: 20% match bonus on your first deposit, free eBook, full VOD access, daily market reviews.
- Silver: 30% match bonus, free eBook, full VOD access, daily market reviews, one-on-one training, weekly portfolio analysis with a personal broker.
- Gold: 40% match bonus, all of the benefits above, additional training, customized trading plan based on your schedule.
- Platinum: 40% match bonus, all the benefits above, additional training and analysis sessions and materials.
Withdrawals are free for all account tiers, which is great, and there are no limitations or restrictions mentioned beyond the $100 minimum, so you can withdraw as often as you need to.
Trading on FMTrader
As previously mentioned, FMTrader makes use of the popular SpotOption trading software that powers the majority of binary options sites. So if you feel like you are having deja’vu when you look at the trade page, it is probably because you have seen it before, and possibly even used it. It is incredibly simple and intuitive, and also displays nicely on your mobile device through the apps provided for iPhone and Android (you’ll find the links to both apps conveniently at the bottom of the page).
There are 59 stocks, indices, commodities, and currencies you can trade on FMTrader. This is not an incredibly large selection, but should still offer you more than enough possibilities. Trade types are pretty standard, and include High/Low, One Touch and 60 Seconds. This really is the bare minimum these days, but if those are the only trade types you are interested in, they should be sufficient. Option Builder gives you customization options (always an excellent feature to see on any binary options site), and Pro Trader provides you with more charting tools. Double Up and Rollover are available, but this site is sadly lacking an Early Close feature.
Investment ranges are a real drawback on FMTrader. You can trade no less than $25 on most trade types and no more than $5,000, which is a pretty narrow range. That is a higher minimum than many traders on a shoestring can comfortably trade, and there is nothing at all comfortable about having to trade a $20 minimum on 60 Second trades. Fast options are risky, and most brokers set the minimum at just $5, which is more reasonable.
Where Is Customer Service?
On a weekday during normal business hours, we attempted to contact customer service via the live chat function on the site. The site presented a form to fill out, as if it were going to connect us to an agent, and then simply closed when we hit “submit.” There was no message—nothing about an agent getting back to us soon. This was pretty disappointing. While poor customer service is rampant among binary options brokers, that does not mean it should be excused. Would you want to deal with an inaccessible company if you have an urgent question about a withdrawal or a trade you don’t think you should have lost?
Conclusion: A Middling Broker
FMTrader’s website is nice and provides plenty of information on the company and on what it is like to trade on the site, and it is great to see so many resources and training programs available for traders. There are distinct drawbacks to FMTrader, though. There is no demo account you can use to practice on, there are only several trade types, and the minimum trade size is higher than many new traders will find comfortable, particularly for 60 Second options. Finally, customer service appears to be nonexistent, and this is probably the worst drawback of all, as it affects every aspect of the site.
It may be worth checking back with this company in the future to see if they decide to staff their chat desk. We have certainly seen worse brokers, and this one doesn’t necessarily shout “avoid,” but it isn’t a broker we would recommend either when there are many better websites out there.
Visit FMTrader (No Binary Options) →
Good Broker, easy trading platform and good customer service
I had good experience with this broker. I red a lot of articles about binary options and i was not sure of investing in binary options. In summary i invest a little bit of money, 250 US with this company and i made profits quickly, 500 US. I have to say that they called me 3 times but they was very friendly people.
i would like to share my experience with their customer service when i was a month old trader, i had my concern regarding withdrawal and i’m not quite sure with what are the steps i should take to withdraw some of my money. at first i was getting pissed because i was calling their customer service number a couple of times and kept ringing but no answer. then i decided to keep a persistent attitude and kept calling them until they answer it finally..it was not a good experience back then.. But recently i noticed that they improve on this matter, they quickly answer calls now..i guess they employed more CSRs..
Trading with this broker for months now and having a good experience. Some UI can improve but the platform and service in over all is great. Payouts are awesome and customer support is even better than others. Awesome broker and great services. Thanks for the article.
I love how was my experience went in this broker, and so I am really thankful to a friend of mine who introduced me with this one. This is really a great one. At the same time, I love how their customer service has been really passionate in asking all my queries. This is absolutely a good broker :)
More and more of this binary brokers are showing up. A lot to choose from but this broker is one of the reputable ones, they have been in trading for years now and still offer one of the best payouts in the industry and so as one of the broker that has a easy to learn platform for trading.
Before trusting this broker, I made sure that I was able to do an extensive research about it. Though I have found a lot of negative reviews about it, but then I am really impressed when in real time with my experience with this broker I really had a great and amazing deals. The withdrawals were never an issue! Good job indeed for this research.