FMFX is a sophisticated scam. The scammers have set up an online Forex broking company and website that looks and feels authentic, but don’t let it fool you, it’s a SCAM. Apparently they have opened up the broking firm in Belize, but the people you will speak to are all Filipinos. The phone numbers they ring from are clearly VOIP-generated. The scam is as follows:
Once you register with FMFX, you will get a phone call within one minute of registering (never heard such a quick response – ALARM BELLS!). The phone number that rings you will have a +44 code implying that it is from the UK. With this first phone call, the FMFX operator will ask you to deposit $250 into the account, which is the minimum deposit in order to initiate the account. This is not unusual as most Forex broking companies require a minimum deposit ranging from $1 to $500. I made the initial deposit of $250 on 14 August 2017.
The second phone call from an FMFX operator is a few hours to a day after the $250 deposit is made. The call was from a person that called himself a “broker”. The person that rang me said he was “Elmer Bryant” (Anglo-Saxon name but the individual had a Filipino accent – ALARM BELLS!). He will ask you to install the MT4 trader and Team Viewer software on your computer so he can guide you through trades. He will then proceed to make a very quick trade. The trade will be open for a couple of minutes and will probably be a winner albeit only a few dollars. The broker will then insist that you deposit $10,000 into your FMFX account. Another give-away sign that it’s a scam is that the “broker” wanted to see my bank account details through Team Viewer. I never showed my online bank account, but was stupid enough to deposit $2,000 using my credit card. I probably would have traded some more with “Elmer” the “broker” if he hadn’t tried desperately to get $10,000 out of me. When I refused to do so, he got his “Supervisor” to talk to me and when I refused him, he got a supposed expert from New York to try and get me to deposit $10,000. All of these individuals were clearly using false Western names, but had Filipino accents and were clearly not the Western individuals they were pretending to be. I’ve carried out Forex trading with other brokers in the past and at this stage I became extremely suspicious about their intentions because they were desperate in trying to get more money than needed to trade, they clearly are not traders and know very little about forex trading strategies, risk management, leverages and fundamentals versus technical analysis.
At this stage, I became extremely alarmed that I made a very bad mistake with this Forex broker and immediately initiated a withdrawal of my $2,250 from the FMFX forex account. In order to do this I submitted person details (scanned copy of driver’s licence, passport, utility bill and credit card – all standard requests) through the FMFX document submission page on their website. I initiated withdrawal proceedings on 15 August 2017 and have been given a string of excuses for not giving me my funds. Among them I was told that they only allow $100 withdrawal at a time and that the broker needs to initiate the transfer. I managed to talk to the broker on several occasions and he claimed that would initiate the transfer but never did. I’m writing this note on 20 September 2017, more than a month after initiating my withdrawal and I still haven’t received my funds.
Through all this period the broker has continued to contact me, trying to get me to trade the funds in my account. This is curious because I’ve made it perfectly clear that I will not trade until I see my funds transferred into my bank account. On one occasion I severely abused “Elmer” over the phone for being a scam artist and a thief. I suspect that the Filipino call-centre receives their commission only through trading the funds in people accounts and they may even be under some pressure to do so. There are probably higher level scammers (Europeans, Russians or Middle Easterners) that have set up the Forex broking website and company. In the subsequent reviews I read on FMFX, everyone that trades with them through their so-called “brokers” has only ever lost all the funds through trading and no one has ever been able to withdraw any money from them. One individual was foolish enough to show the broker his online bank account and eventually lost all his money through the trading.
These people are NOT traders. FMFX is a scam!