Is Dubai FXM Scam or Legit Broker?

No, it is not safe to trade with Dubai FXM. Dubai FXM is owned by Dubai FXM Limited, an offshore company registered in Vanuatu.

Vanuatu is notorious for its practically absent requirements and regulations. The setup cost is low and it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as LiteFinTech, Emporio Trading, and more. We have a detailed article explaining the risk of trading with brokers from Vanuatu.

 

About Dubai FXM
🗺️ Registered inVanuatu
🗺️ Type of LicenseOffshore License
🛡️ Is Dubai FXM safe to tradeNo
🗺️ Recommended LicensesFCA in UK 🇬🇧 & ASIC in Australia 🇦🇺
🖥 Alternative BrokerFP Markets - licensed by ASIC in Australia

 

What is Dubai FXM?

Dubai FXM was launched in 2012.  The broker offers a wide range of products, including CFDs in crypto and forex. Dubai FXM states its authorized status and compliance with the international financial standards of service by the authorization from The Financial Commission. In fact, this organization is self-regulated and does not strictly regulate or oversee the companies. From our source, it costs €24,000 per year to become a member. However, there is no handbook or guidelines for brokers to run their businesses. Therefore, there is zero protection for traders.

  • In addition, the latest list of Italian watchdog CONSOB included Dubai FXM on their warning list, since the firm is not licensed and permitted to offer their services within Italy or the EU.

    “The National Commission for Companies and the Stock Exchange has implemented a precautionary suspension, on the following company Dubai Fxm Ltd. As the company is not authorized to provide investment services and activities in Italy by any means”

    CONSOB, Italy. November 2018.

Dubai FXM Review

Dubai FXM Review Conclusion

We advise all investors and traders to avoid Dubai FXM and other brokers from Vanuatu. We strongly advise opening a trading account only with brokers that are regulated by respected world authorities and comply with the required set of rules,  such as UK brokers or Brokers in Australia and reliable brokers such as FP Markets and BlackBull Markets, as financial safety in forex trading is essential.


Dubai FXM Update

We found that Dubai FXM is no longer active. The broker’s website is unavailable to reach. Besides, there is no evidence of whether the broker operates or not. We recommend avoiding any offshore-based brokers due to their instability and lack of serious regulations.  

No news available.

3 responses to “Dubai FXM”

  1. They don’t accept traders anymore because they are a total scam! I had to hire a solution professional to get my funds back from them. I’ve gotten so many complaints from victims all over concerning this broker.

    • Hi Micael, company registration doesnt mean it is legit to offer Forex Trading. Legal Forex Broker in EU should be regulated and authorized by local authorities or regulator, according too EEA rules. Cyprus established Forex broker in particular should be CySEC authorized, which we didnt find any records about Dubai FXM, making it still only Vanuatu based – offshore and hence not safe Broker to trade.

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