Is Forex Market Income Scam or Legit Broker?
No, Forex Market Income is not a safe broker to trade with. The registered address of the broker provided on its website is 5895 W Olympic Blvd, Los Angeles, CA 90036, USA. Clearly, the broker is located in the United States, however, it does not hold any license from the local financial authority – NFA.
- Forex trading in the USA is strictly regulated by NFA. Companies under it are obliged to follow strict rules and guidelines. The unregulated nature of Forex Market Income makes the broker an unfavorable offering. In forex, lack of regulation is the biggest red flag, as money safety and security of investments always go first.
About Forex Market Income
|🗺️ Registered in||Not registered|
|🗺️ Type of License||No license|
|🛡️ Is Forex Market Income safe to trade?||No|
|🗺️ Recommended Licenses||FCA in the UK 🇬🇧 and ASIC in Australia 🇦🇺|
|🖥 Alternative Broker||FP Markets - licensed by ASIC in Australia|
What is Forex Market Income?
Forex Market Income provides money transfer services over the Bitcoin cryptocurrency network. The broker claims to be reliable and secure, with high-quality, trader-oriented services. However, the facts we revealed about Forex Market Income make us believe otherwise.
- Based on the information provided on the broker’s website, Forex Market Income is based in the USA. As the law obligates, all the brokers located in the country need to have an NFA license, to be able to legally operate. However, this is not the case with Forex Market Income, as the broker holds no license.
- The unregulated nature of the broker is not the only downside that should keep the traders away. By digging a little deeper we found that Forex Market Income is not the only broker registered at the provided address. In fact, there were several companies, and one of them is Fnx Trading Capital (www.fnx-trdingcaps.com). One does not need to be a genius to see how identical the websites of the two brokers are. This means that the company tries to attract new customers under different names, which is a common practice in Forex.
- Besides, when we tried to find information on the deposit or withdrawal processes, we couldn’t find anything that would ensure trust in the company. It is a well-known fact that smooth withdrawals are crucial in trading. Thus, for clients, more information about it is necessary, which the broker evidently does not provide. Here you can also read trader’s reports about the broker.
- In addition, when looking for a trustworthy broker located in the USA, we strongly recommend choosing one with an NFA license, as trading in the country can be a little tricky. With a good broker, such as OANDA US your investments and gains are protected.
Overall Forex Market Income Ranking
Taking into account our findings relating to safety and regulations issues with Forex Market Income, we do not rank positively Forex Market Income, based on our Expert Opinion with over 10 Years of experience in Forex Trading due to its lack of regulation and many negative reviews from traders.
- Forex Market Income Overall Ranking is 2 out of 10 based on our testing and compared to 500 other brokers, see Our Ranking below compared to other popular and industry Leading Brokers.
|Ranking||Forex Market Income ||XM||OANDA|
|Is Broker safe? ||No||Yes||Yes|
|Advantages||None||Trading Platforms||Trading Conditions|
Forex Market Income Alternative Brokers
Taking into account our findings of Forex Market Income reliability and safety issues, here are much better Alternatives to Forex Market Income with tight regulations and favorable conditions. We select Good Brokers and reliable options for your comparison below:
- FP Markets – Powerful trading technology and ECN environment
- InteractiveBrokers – Good for Trading Real Stocks
- XM – Wide Range of Trading Opportunities
Forex Market Income offers different investment packages to choose from: Mini, Silver, Gold, and Platinum. The minimum deposit starts from $500 for the Mini account type. For Silver, the investments start from $4 000, $10 000 for Gold, and $15 000 for Platinum. The broker states that signing in with the Platinum account gives traders lots of opportunities and many valuable bonus features.
Deposit & Withdrawal
The broker does not provide much information on the deposit and withdrawal processes.
- With Forex Market Income deposits are made by copying the wallet address in the trader’s profile and making the deposit with it. The funds are processed almost immediately.
- To apply for withdrawals traders need to log in to their accounts using their usernames and passwords and click on the Withdraw button.
- The minimum deposit is with the Mini investment plan and starts from $500.
Forex Market Income Review Conclusion
Forex Market Income is not a trustworthy broker. No matter how attractive a broker’s offering might seem, we always recommend traders avoid unregulated brokers. Most often, unregulated brokers are spam, and investments are always at risk with such brokers.
It is more advisable to choose brokers with UK’s FCA or Australian ASIC, or NFA licenses and sign in with reliable brokers such as OANDA, Interactive Brokers, and HFM.
- Overall ranking and experience for Forex Market Income is Negative