FairMarkets review: Trading instruments, Platforms, Broker features, and Traders ratings.
What is FairMarkets?
FairMarkets is a forex and CFD broker with the top forex trading platforms of MetaTrader 4 and MetaTrader 5 in Desktop, Mobile and Web version.
Fair.markets offers over 45 forex currency pairs, CFDs on commodities, gold, silver, oil, indices, stocks, bitcoin and other cryptocurrencies for your personal investment and trading options.
Please read AFairMarkets Reviews below and share your live trading experiences with this broker.
CLICK HERE to view the NFA Action of 2010.02.22.
CLICK HERE to view the NFA Action of 2012.09.12.
CLICK HERE to view the NFA Action of 2014.08.13. This action required the company to permanently withdraw from the NFA.
Was Institutional Liquidity (ILQ.com)
Was NFA ID: 0367140
|Minimum Trade Size:||0.01|
|Minimum to Open Live:||$1|
|Address:||The Cyberati Lounge, Ground Floor, Silicon Avenue, 40 Cybercity, 72201 Ebene, Mauritius|
|Contact:||email@example.com, +44 14 6094 4002, +230 460 8533|
|Regulators:||FSC Mauritius #GB21026295|
|Trading platforms:||MT4, MT5|
|Web Trading:||✅ Yes|
|Mobile Trading:||✅ Yes|
|Cryptocurrencies:||(3) Bitcoin, Litecoin, Ethereum|
|CFD:||(130+) Gold, Silver, Other Precious Metals, Stocks, Stock Indexes, Oil, Other Commodities|
|Deposit Methods:||Bank Wire (BankTransfer/SWIFT), VISA, MasterCard, Skrill|
|Withdrawal Methods:||Bank Wire (BankTransfer/SWIFT), VISA, MasterCard, Skrill|
Recent User Reviews of FairMarkets
Bonus program problems
So please don't use this broker
Anyone not believe this broker
Glad that I decided to give Fairmarkets a chance
Issued was resolved only due to Ombudsman intervention
It's a story with a partial happy ending as the process took lots of months and as ILQ only accept USD accounts. As I am in an EUR based country and EUR was appreciating so much during the months of the dispute, I ended up loosing a ton of money in currency exchange difference, as ILQ refunded the USD nominal value they were trying to seize.
Furthermore ILQ had the nerve to charge a new withdrawal commission to return the profits they had unlawfully seized, when they had already charged that commission in the first transfer, when I had asked for a full withdrawal. So they split the withdrawal in two, seized one part, only returned it several months after and even so applied a second undue commission: 40 USD.
The FOS doesn't protect customers in these instances mentioned above, or any other costs you incur when trying to get your money back, so please be aware that you are only partially protected by the regulation scheme in Australia, but nevertheless it seems to work and to be effective as opposed to other jurisdictions.
In the end of a very stressful process I was happy though to see that ILQ couldn't get away it its intents to steal money from a customer and some justice was made.
I maintain my one star as I cant evaluate suddenly this broker a "good broker" just because I got my funds back. ILQ was forced to return my funds as result of the circumstances of my claim at the FOS, otherwise I would have probably lost my funds. I can´t say as the other trader from Singapore that the issue was resolved in a professional manner by ILQ, not at all.
Apr 27, 2017 - 1 Star What to say extra to what has been said below ?
This scam company profits from your business with them up to the point you decide to recover your funds back. ILQ pockets the commissions and spreads for months in a row and when you decide to withdraw your funds, if you are in a good profit, they terminate your account and confiscate 100% your profits including the ones made long time ago, since the very first day of trading with them. How can this be justified ??
ILQ terminates the account on the argument that there was scalping trading involved (as that was some kind of sin anyway), but refuse to give you any details about the exact trades they consider to be faulty, or what leads them to think your trading is not acceptable. No, ILQ just decides to misappropriate your money and you cant do anything against them. You have no way to dispute what ILQ presents as the reason to confiscate your profits (even if there is no reason whatsoever that could in any way justify the cancellation of profits made almost one year ago). They "cleverly" wait for the time you need your money back and close down the business with you and misappropriate your hardly won money.
I cannot provide any extra detailed information here as I am building a case against this scam company to recover my money back and I don't want them to know all my arguments beforehand, but please just be aware that ILQ has no problems in even acting against their own Terms of business, if that means they can steal all your hardly won profits from you and pocket them their own benefit..
Mar 15, 2017 - 1 Star ILQ voided all my trades in my trading account, which amounted to about US$6400 of profits.
As a background, I opened a trading account with ILQ in August 2016 and made a total of 570+ trades. 470 of my trades were concluded months ago in 2016. However, in March 2017, they decided that they want to void all my trades without any warning.
This is really unfair. My trades were concluded long before their decision to void them. ILQ also sent multiple daily/monthly confirmations via email acknowledging that trades were valid. Therefore, there is no basis for ILQ to overturn and void the trades which they have earlier acknowledged.
Just to let you know, Clause 8.8 of their Client Agreement forbids scalping (which means opening and closing a trade within 120 seconds) and use of Expert Advisors. This is ridiculous. None of the other brokers that I know of have such clauses as it put customers in an unfair position. Customers should be entitled to cut losses even if it means opening and closing a trade within 120 seconds. Moreover, why do they enable Expert Advisors on their platform when they do not allow it?
Next, almost all my profitable trades lasted at least 3 minutes and therefore do not constitute scalping and should not be voided. Those trades that I opened and closed within 120 seconds were almost all losing trades and I was simply trying to cut loss. I must emphasize that customer should be entitled to cut losses. If ILQ wishes to dispute my trades, they could have just cancelled those trades which they view as scalping. Non-scalping trades should be acknowledged.
To summarize, ILQ failed to take prompt action at the earliest opportunity (i.e. 1-2 weeks after trades were concluded), did not send any warning beforehand and took such drastic action of voiding all trades. This is indicative of a dishonest broker trying to steal a customer's profits retroactively. TRADERS BEWARE!
Mar 2, 2017 - 1 Star Initially I traded with ILQ profitably for over half a year without a problem. However, now that I want to withdraw my funds, I get a letter saying they cancelled all my trades and that they will only return to me my deposit. They accuse me of scalping, but if there had been a problem with that they should have told me ages ago. They just steal my profits and try to get away with it.
I will now continue to make a complaint with the financial ombudsman.
Not a Perfect or convenient broker
Their replay to my question regarding this was:
»You initially deposited funds in EUR. When that occurrs, funds are returned in your deposit currency at the conversion rate given at the time of your deposit. When you requested your withdrawal, funds were converted back to EUR and sent to your bank account selected.«
My question from 15 Ferbruary 2017 regarding their above statement from 15 Ferbruary 2017:
»According to which paragraph of terms and conditions did you use conversion rate from more than half year ago and not from the present time at my withdrawal?«
After sending them more than 10 emails I still did not recived reply to this question.
Trading with them since Aug2016. However, during recent fund withdrawal on 01Mar2017, they decided to terminate my account and remove all my profits, by indicating I'd scalped by violating their minimum 120sec trading period (Clause 8.8).
There wasn't any prior warning given and all the while I have been receiving daily confirmation statements. I'd withdrew some profits months before (Sep16) when my account was still small and no issues were raised. Now with the account grown to approximate 3x, they decided to take this step of not acknowledging my trades.
My account was mainly built up on trades with substantial profits that went beyond the required minimum 120sec. The so-called scalping trades were mainly losing trades, which triggered my tight stop loss criteria (used to protect my relatively small account). Trading defensively using EA on MT4, really wonder how can one prevent from not triggering stop loss under 120sec. This issue clearly showed that you are expected to have loose stop lost criteria and big losses from your trades too.
Excellent customer service.