According to the website www.dubaifxm.trade, Dubai FXM is a true ECN Forex broker with which traders can invest in Forex and CFDs (indices, stocks and commodities). Furthermore, it is regulated by the VFC.
Furthermore, he would understand the importance of building reliable data centers, secure trading platforms, well trained, efficient and experienced support staff to solve all problems.
Too bad that the Italian regulator CONSOB blocks the websites of unauthorized online trading companies and Dubai FXM is one of them. However, the number of unauthorized online trading sites blocked by Consob is very high, so we asked ourselves: is Dubai FXM a scam or is it reliable?
Taking a look at the Dubai FXM site, it appears that it is owned by Dubai FXM Limited. This company is located in Vanuatu, a renowned offshore tax haven that is very attractive to those who want to organize "online scams".
Dubai FXM is an unregulated broker. The problem with unregulated brokers is that they are not trustworthy and are not obliged to comply with regulations. Make sure you stay away from this broker as they are somewhat anonymous and could disappear at any time, of course, without warning.
To make sure you are dealing with a regulated and well-known broker, you should be able to easily find who is the CEO of this brokerage firm, who runs it etc. Lack of information is a big sign of attention, as you don't know who is going to take care of your money. This is why Dubai FXM is a dangerous broker to deal with.
Is it registered and regulated?
Dubai FXM offers the ability to trade different currency pairs, as well as CFDs, commodities and indices, on its 2 online trading platforms. Its offices are located in major financial centers around the world, including London, India, the Philippines, Cyprus and Hong Kong.
The company that manages www.dubaifxm.trade is authorized by the VFSC (Vanuatu Financial Services Commission). As a rule, it is never advisable to trade with a broker who is based offshore in a tax haven. This is because no regulatory authority oversees its activities.
Therefore, Dubai FXM is not even obliged to keep client money in segregated accounts, to report transactions or to meet high asset security requirements.
This is the main reason why we never recommend trusting offshore companies, and especially Dubai FXM. It is no secret that this is a broker who tries to scam poor inexperienced traders.
Account information and minimum deposit required
Users who decide to register with the Dubai FXM broker are offered only one type of account, the standard one. With the Standard account, fixed spreads, commission-free trading and leverage of up to 1: 200 are offered on both platforms: MetaTrader 4 and Sirix.
Additionally, for customers who are willing to deposit more than $ 1000 into their account, Premium accounts are also available. Premium account holders have access to Trading Central, discounts on spreads and other extra services.
Although it does not have a dealing desk, Dubai FXM seems to us nothing more than one of the many offshore market makers to stay away from, as it only offers fixed spreads. What's even worse, the 2 pips to trade the EUR / USD currency pair is well above the market average.
It's very easy to create an account with Bitcoin system. All you need to do is follow these steps:
The platform used for trading
As mentioned above, the Dubai FXM broker supports two different types of platforms: MetaTrader 4 and Sirix.
MetaTrader 4 is an easy-to-use platform with features that are very popular with more experienced users such as: most commonly used trading robots, advanced charting package, back-testing environment and a number of technical analysis indicators. In addition, new Expert Advisers can be added or created. MT4 can be downloaded to both desktop PCs and mobile devices.
Sirix, on the other hand, is available in the web, desktop and mobile version. Sirix also offers a user-friendly interface, advanced charting options, and also provides sophisticated social trading services, allowing traders to automatically observe and repeat other users' trading activities.
Do they offer a bonus to traders who sign up?
Dubai FXM offers very generous bonuses. Obviously, this is for the sole purpose of attracting the attention of novice traders who wish to open a new account, without yet knowing that they are facing a real scam organized by an offshore company. Here is the scheme of the bonuses offered:
- Deposit $ 500 and get up to 50% bonus
- Deposit $ 1000 and get up to 70% bonus
- Deposit $ 5000 and get up to 100% bonus
No trading information available
Neither clear nor transparent information is available on the website www.dubaifxm.trade. That's why they invite users to register quickly, without reading anything and making a deposit. But what happens if the money is withheld? What if it is not possible to withdraw them? Nothing, the user remains blocked, because since it is not a regulated broker, you cannot contact any regulatory body.
What do regulators say about the broker?
Although Dubai FXM offers the possibility of trading with a wide range of financial instruments and on two quite popular trading platforms, it is not advisable to invest your money in this broker, because it is registered offshore in a tax haven and also its spreads are too high.
We can therefore certify that this broker is a scam that you must avoid at all costs if you do not want to waste your money and time. Before investing your money through a broker, you should always do some research online.
You can log into the Bitcoin System website and start trading by clicking the button below.
Is Dubai FXM reliable?
On the website it is said that it is possible to make huge profits with this broker. False! This is a real scam organized by an offshore company, which will collect your money immediately after the deposit.
Are there brokers similar to Dubai FXM?
Of course, there are many brokers similar to Dubai FXM. Of course, not all of them are scams like this. The best are also listed in this review.
I have been scammed by Dubai FXM. What should I do now?
Sorry, you came to read this review too late. The only thing you can do now is to invest your money in a regulated and safe platform, to try and get your money back.