Not Trusted Broker By BinaryOptionsThatSuck.com

FMTrader Overview

FMTrader
FMTrader
Bonus: up to $100
Options Profability : 65-85%
Rating: 6.6 / 10

Basics

Broker Name: FMTrader
Platform: SpotOption
Founded: 2013
Bonus: up to $100
Return/Refund: 65-85%/0-10%
US Traders Accepted: No
More FMTrader Basic Information

Features

No. Of Assests : 80
Regulated : No
Demo Account : No
Deposit Options : C.C., WireTransfer, More
Language : 6
Minimum Deposit : 250

Screenshots

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Review Last Updated 2014-03-12 11:18:15

Editor’s Note – Why does FMTrader Suck in 50 Words?

When we first reviewed FMtrader, we’ve noticed that the website/broker is co-operated by Hortense Holdings Limited. At first this may not say much, but the same company co-operates Vault Options and 777Binary which are not really the finest example of professionalism and reliability. Lately we’ve received an e-mail from the company which state that FM trader was purchased and now operates under a different holding – Broad Media Limited. For good or for bad, time will tell.

 

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Why FMTrader doesn’t Suck?

At first glance, they have a pretty well organized website, with a lot of educational videos, an e-book and no over the top marketing. They keep it simple and maybe this fact will prove to be one of their strong points. They don’t really stand out and the website looks just like most Spot Option white labels but they are pretty new and maybe they have time to improve.

 

 

FMTrader Full Review – A Grain Of Sand On A Beach…

FM Trader is a new broker who uses the Spot Option platform which is known to be one of the best in the industry. There is no need to download any additional software but at the moment all brokers have web-based technology so that’s neither an advantage nor a disadvantage. “A grain of sand on a beach” probably describes best this broker: they don’t stand out of the crowd at all. If you would take away the color layout, they would be exactly the same as probably 10 other Spot Option brokers. The information is all the same rehashed stuff about how profitable Binary Options are and how easy to trade, even with no prior experience. Sure, Binary Options trading is profitable… if you do it right, but I don’t think that FM Trader can help you do it right. All I can see on the FM Trader website is information suitable for the total newbie who doesn’t know anything about Binary Options and he is just being introduced to this financial instrument, but it stops there and no additional usable information is given.

 

All the features we are used to see on a Spot Option powered platform are there, including 60 second trading, One Touch and Option Builder. On the right hand side we can notice the Live News feed and on the left side of the chart we have the “Trader’s Choice” bar. They offer Daily and Weekly reviews but unfortunately, none of those reviews are up to date so they are completely useless. The Weekly review discusses the week of January 14 – 18, 2013 and although the Daily is not dated, on the charts they show we can notice the date 03/01/2013.

 

Spot Option provided the platform and that works fine, but FM Trader didn’t do their part at all (such as Daily and Weekly market analysis) so what is left for us to review? The Spot Option platform? We know their platform is great, that’s why they are a real leader among platform providers. On the other hand, the work done by FM Trader seriously lacks on more than one level. Adding to that opinion is the fact that their educational material cannot be accessed at all: whenever we tried clicking on a video lesson we got back the message “The user was not confirmed. Please check at www.mte-media.com”. Some of the video courses are available only after deposit, but the ones we tried were free and did not require a deposit or registration. A similar message appeared when we tried to access their e-book.

 

Overall we found nothing special about FM Trader, just a website using the Spot Option Binary Option platform. Other than that, they didn’t put in a lot of work and will remain just a mediocre broker until they step up their game.

 

 

Is FMTrader a Scam?

Evidence doesn’t indicate in that direction, but some suspicions are present. Their so called London Headquarter (address available in the FM Trader “Contact Us” section) appears to be just a virtual office… so they are not really located there… so there’s no one at their “Headquarters”. I don’t know whether that makes them trustworthy or not, but there are more questions in need for answers: why is Hortense Holdings Limited co-operating so many Binary Options websites? Sure, that’s not really for us to judge – after all, they can open 100 websites if they feel like it and they have the money – but Vault Options and 777Binary are not really top-tier brokers. If FM Trader is co-operated by the same company, I wouldn’t expect them to be much different. Keep in mind that people complained about Vault Options not paying them back on the Forex Peace Army website, on our forum and on numerous other websites. Eventually, those guys got their money back (we don’t know if all of them did), but after a lot of hassle so it is up to you to decide if you want to go through what they did.

 

*Update 3/12/14 – FMTrader was purchased and now operating under Broad Media Limited. We still couldn’t determine whether it’s good or nor.

 

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FM Trader Complaints

FM Trader is a new broker and complaints didn’t surface until now. We couldn’t find any unsatisfied customers when checking the main Forums and websites but this doesn’t mean there aren’t any. Time will tell if FM Trader is offering a professional, complain-free environment.

 

FM Trader Bonus

They offer some “attractive reward features” to their new and regular customers but you will receive more information upon registering because those are limited time offers and depend on the amount you deposit. FM Trader also offers a $100 bonus through EverestForex.com but if you accept that, you will have to trade a volume of $10,000 in order to withdraw any funds. That’s… pretty high to say the least and I personally would pass on that one. Any other bonuses have a 30 times * Bonus wager before any funds can be withdrawn. This wager is often seen in the Binary Options industry but I still consider it too high.

 

FM Trader Withdrawal

The minimum withdrawal amount is $100 or 100 Euros, depending on your deposit currency which is average for the industry. A withdrawal takes up to 3 business days to be processed by FM Trader and additional 5 to 7 days until the money will be available in your account. The transaction can be completed through Credit Cars, Wire Transfer, CashU or Moneybookers.

 

FM Trader Extra

This Binary Options service provider falls short when it comes to extra features. Nothing makes them stand out of the crowd. Features such as 60 seconds trading, Live News feed or Trader’s Choice bar were considered extra a long time ago but lost that status now. The Binary Options industry is advancing at a lightning fast pace, but FM Trader is not a part of this change process.  

 

 

 FMTrader Ratings

 

User Friendly 13/20

The website is presented in 6  languages: English, Spanish, French, Italian. and 2 more. Unfortunately they are not all working as it should, and when you change to another language, you will get a funny mixture of English and the other language you selected. The Spot Option platform has enough features to satisfy a seasoned trader and easy enough to use for a newbie.

 

Number of assets and expiry times 16/20

FM Trader offers traders 20 stocks, 12 currency pairs, 7 commodities and 21 indices as underlying assets. That’s not outstanding but a trader will definitely have enough assets to trade. The expiry times start from 60 seconds, half an hour, hourly and go as high as the end of the week. One Touch Options are available and so is an Option Builder tool.

 

Commissions, Support and Effective return 14/20

No commissions will be charged for opening an account and Credit Card withdrawals are free of charge; however a $25 fee will be paid for a wire transfer withdrawal. Their support is fast enough and pretty polite but they have the bad habit of answering a question with another question or avoiding the ones they don’t like. The effective return for In the Money trades ranges between 65% and 85%. Out of the Money trades have a 10% refund.

 

Deposit, Payment and Bonus 14/20

Deposits can be completed through Credit Cards, wire transfer or CashU and the same applies for withdrawals. Keep in mind that you will have to withdraw to the same Credit Card or CashU account you used for deposit. Minimum deposit is $250 and minimum withdrawal is $100. The bonus differs depending on the amount you deposit and their ongoing promotion at the time. A $100 bonus is available through EverestForex but special conditions apply, such as a $10K trading volume before a withdrawal.  

 

Website Extras 9/20

Nothing makes them stand out and all the features are standard. Expiries, Option Builder, Pro Trader and Rollover and Close Now features. They have some 1-1 lessons and working on some new educational materials, yet nothing stands above others.

 

 

FM Trader Overall Ratings: 66/100

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20 Responses to “FMTrader”

  1. Mark says:

    I downloaded the app on my phone from a link in Facebook and registered with my registering-email just to see how it looks like and if I like it. Before I even sat down and looked at it I got a call (the next day) from their customer service.
    He started asking questions about how much money I want to make with it, how old I was and what my profession is. All okay, but not customer friendly; he kept interrupting me, kept pushing me to make a deposit even after telling him ‘no’ or ‘not yet’. He told me that if I wanted to swim, I have to jump in the water instead of doing a little bit of research/self-education first, which I personally disagree with, but that’s personal.
    Even after telling him several times that I wasn’t comfortable transferring $250 to a deposit/account (even though I could withdraw it immediately after opening the account) only because somebody calls me about an app that I randomly downloaded out if pure curiosity. I’ll be doing some more research about trading and FM trader before I “jump in the water”

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    • Alima says:

      Same thing happened to me yesterday. Downloaded the app, opened it and i got a call about an hour after. The lady (Maggie) asked me to make a $250 deposit as a startup. But I don’t have that kind of money just laying around waiting to be spent. I gave hermy card number and she tried to proceed with the payment and it didn’t go through. She kept pushing asking me for a second card number and I asked her what does she need it for and she said if I want to go through with the thing, I will need to give here my cards numbers. I told her it was pointless because there’s no money for that. She said she will call me back when I am ready then.

      Next thing I know, i don’t have access anymore to the app… If that doesn’t qualify as a suspicious behaviour then I don’t know what it is. Plus I saw earlier on the app that I could register my credit card on it myself directly so what do I need to be called?

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    • Richard says:

      Hi Mark,

      I did the exact same thing, downloaded the app from facebook and received a call from FM Traders 30 minutes after I downloaded it. I also told them I need to do some research on FM Traders before depositing $250 and giving them my credit card details.

      Have you found anything out or did you go through with the trading?

      Has anyone else gone through with the payment and what are the results?

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  2. Vijay says:

    i have the same experience also.even i told him that i’m not interested to open now.but he was tring to convinced me about an hour.he also asked me so many times to give credit card number.but i didnt give him.still i have confusion to open account.
    can i open account,if anybody know please guide me

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  3. odi says:

    it seems as if we have had similar experiences with FM trader. does anyone one know of somebody who has actually went all the way with this site…?

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  4. safradhiwi says:

    i have the same experience also.even i told him that i’m not interested to open now.but he was tring to convinced me about an hour.he also asked me so many times to give credit card number.but i didnt give him.still i have confusion to open account.
    can i open account,if anybody know please guide me

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  5. Sid says:

    I did open an account, never deposited the 250$, was called many times but didn’t answer. Finally answered and said I want nothing to do with them. I deleted app off my phone but nowhere on they’re site can you delete, close your account. I have to check with my credit card company to see if they have tried pulling money off it and if so I will tell my credit card company to stop any further transactions. As of right now there is no money in my fm trader account. I find it odd that you can open an account but can’t close it!!!

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    • Matt says:

      Sounds like I’ve had the exact same experience, except it was with http://www.B54.com instead of FM Trader, both companies are “Co Operated” by Hortense Holdings Limited. Both seem like they employ the same tactics. I was continuously called, spoke to a broker for about an hour after saying no I didn’t want to do their “speciality” training, I stupidly caved to agreeing to deposit $500 with them. I never opened any trades with them, asked that I pull out and the money be deposited back onto my credit card. Two weeks later two lots of $500 were taken from my account. Called B54, no response, my so called personal broker was unavailable every time. I asked for an explanation and for them to return my funds. No response. Two weeks later another two lots of $1000 were taken from my account. Had to call my bank to cancel my card. Finally spoke to one person from B54,who couldn’t tell me why money had been taken out. After a while I was locked out of logging into B54’s login page. Money gone – no contact from B54. Do not deal or hand over your credit card details to this company.
      http://www.B54.com = S**
      Hortense Holdings Limited and anything in any way shape of form associated to it = S***. Will take money from your account without your permission.

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  6. John says:

    Hi ,

    6 months ago I started trading with FMtrader, I can say that I am very happy that I decided to trade with them they offer a lot of useful tools that educated me on how to read the market. The fact that I am still a trader with them shows that they are legit.

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  7. Michael says:

    I decided to take the plunge with $250 to check out how it works. Once I get the hang of it this should be profitable. A broker has left a message a few times to assist me with training. To get money out you need to submit 3 types of ID. I submitted copies of my passport, photos of my credit card and a tax statement with my address just today. I wont put anymore money down until Im sure I can withdraw the cash. Im happy to provide feedback on how this plays out, especially in reguards to any perceived abuse of trust.

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    • Hasan says:

      Same thing happen to me,please let me know the results?

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  8. Martin simon says:

    Same thing happened to me, they were convinced well to took my money £250 and hold my account, i trunk then but they are asking my credit card details or driving licence or residential notary documents ie…

    and they are given wrong post code and etc…

    I don’t know what to do now to get back my money £250, also I thinking to go for inter pool and crime stopper and company house and citizen bureau, FCA…..

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  9. Darren says:

    Am I the only one trading with them???
    I have the same experience as you all, download the app i saw on facebook, open a demo account, couple of days later, someone called me, ask me if i want to open a real account, and ask me to deposit 2k (for gold account) and that i would get 500 dollar bonus, and i can only deposit in the currency that i chosen in the demo account (GBP), stupidly, i agreed to deposit GBP1,000 for a silver account and get a 250 bonus (in the process she keeps persuate me to go for the Gold account but i say i don’t have that much money and eventually she gave up and we settle with Silver).
    The next day, another guy named Ethan called me and says he’s my account manager and he will teach me how to trade, so we talks over the phone while he shows me how to trade on Skype (shared screen), but that only covers the basic of binary option, and the candle chart.
    After stumbling a few times and lost a few hundreds, I was going to give up and then this guy called Shawn rang me and say he’s going to teach me more, so I learned about studies such as “Bollinger bands, MACD, RSI”, and that when i started to get a hang of the trades, and for the past 3 months I went from 1675(after another 250 deposit and get 125 bonus) to 6054, a few days back, I made my second attempt (the first attempt was cancelled by my “account manager” after he said I didn”t do enough trade) of withdrawal of GBP500 from my account, and it has been approved, and 500 was pulled out from my account, and still waiting for it to arrive in my bank account, until then, I still
    skeptical…Hope this is going to end well, cause as you can see, I’d put in quite a lot (moneywise, and timewise), fingers crossed.

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  10. Jarrad Gordon says:

    I deposited 10k AUD to my fmtrader account and start working with a broker, I’ve been trading for little bit over a month and now i have 47234 AUD in my account. still didn’t made a withdrawal yet.

    after reading those comments i really hope that they are not true because i made a lot of money with fmtrader and i want to continue.
    now i submitted a 15k withdrawal hope it all goes well.

    if someone that had bad experience can contact me and tell about it personally it will be very helpful.

    jarrad.gordon36@gmail.com

    Thanks,
    Jarran Gordon

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  11. Dan says:

    I have recently started using FM Trader. I downloaded the app first and got the phone call within days telling me about the company and how things work, and asked what my intentions or goals were, and told me that if i deposit into the account and want to start trading then a broker will be in contact with me to teach me the ropes, so i deposited the minimum $250. I did my research and couldn’t find any solid evidence that this was a scam, only peoples opinions (everyone is sceptical about things like this unless they use it) but to my knowledge everything seemed legit. So once i got setup and started talking to my broker, who rings you at a time that suits you, i deposited an extra $2250 to build up my equity. The broker will also call you using skype, that way when they are teaching you how to use the trading platform, find reports and analyse charts, you can see their screen which makes it alot easier to understand. And because they call you on skype it doesn’t cost you anything. My broker calls me everyday to see how i’m going and also gives me some heads up on where good profits can be made. They will also teach you money management and work out a plan based on your budget and goals. I’ve been following the advice and have been making profits already, only small, but i spose you have to start with small steps. Some people wonder why would they want to help you make money, isn’t it better for you to lose money so they make more? Well for the broker that is assigned to you, they make commissions off your trades, so if you lose $2000, you won’t want to use them. But if your getting a good service and keep trading with them long term, it means they will keep getting commissions from your trades. So put simply, the more money you make – the more money they make. I must add this isn’t for everyone, it take’s time to learn and with experience you will build your knowledge. At first the graphs make no sense to someone who doesn’t know what their looking at, but they will teach you how to analyse charts and what the market is doing, it actually isn’t as bad as it seems. So to sum up – if your interested in doing this, don’t just jump in and start trading if you have no idea what your doing because it’s a sure way to lose your money. But if your willing to spend the time to learn it, it can have good rewards. Don’t expect to get rich quick, you need to look at this as long term, as with anything, it takes time to acquire the knowledge to start making more and more successful trades, just listen and follow your broker.

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  12. shaun says:

    Anyone had a successful withdraw yet, please advise?

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  13. Tom says:

    The person assigned to you makes money on trading volume: wins AND losses. Because he won’t have a customer once your account is drained, he may be interested in your success but he is more interested in your turnover. However, the solution to a diminishing account is to encourage you to put more of your own capital in and to entice you to do so by offering all sorts of bonuses (which are locked in until you do trading volumes of more than $1M).

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  14. rami says:

    this company is BAD he stole my money in the same way and laying to every one that set in UK and the company in Israel in Ramat- Gan bursa .
    every one stop trading in this bad company .the VIP not “MIKE HIMLTON” the vip’s name Ido Fishman every one can searching on Facebook to find him

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  15. Donald Smith says:

    I have been attempting to receive my funds back from FMTrader for several months and it has been an interesting experience when they have wanted me to invest they called me incessantly and then when I wanted my funds returned they have been completely silent. This is NOT a trustworthy business – do not invest your funds if you ever want to see them again.

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