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Is FlixGM a scam broker?
The brokerage firm known as FLIXGM offers a plethora of financial instruments and many feasible accounts. If you want to open an account and start trading with this broker please follow this review.
About FLIXGM :
The six trading accounts offered are Mini, Beginner, Standard, Silver, Gold, and Infinity. The minimum deposit required is Euro 250, 1000, 5000, 25000, 100000, and 350000 respectively. The above mention deposits are very high and can harm traders tremendously. The financial authority in Belgium, the Financial Services and Markets Authority issued a warning against FLIXGM. It does not have proper licensing to operate in the Europian Union zone.
There is a wide selection of financial instruments available with FLIXGM from ETFs to CFDs on all sorts of commodities. The maximum leverage offered is 1:200, which is fair enough and is in conditions of the regular market. Such high leverage can bring trader big fortune or lose its money in a matter of second. The FLIXGM is allegedly owned by Seychelles based company called Altridium Group Inc. This offshore zone in the Indian Ocean is not regulated by any international financial authority. The brokers can cause harm to traders and can use funds according to its convenience. It is advised that never trust any offshore broker. However, this broker does not provide its trading on the MetaTrader platform. Also, there is a lack of a demo account. All the above situation does not impress any trader.
We have opened the account on FLIXGM to peep into the environmental conditions offered. The prime currency pair EURUSD has spread of 2.8 pips. This is somewhat non-attractive and failing to gather traders. There are several issues we have encountered regarding the withdrawal procedure. The broker charges 25 Euros on each withdrawal. It also charges a 1% extra on the withdrawal amount. The time frame associated with the withdrawal generally is five to seven days but this broker refuses to operate in this standard time frame.
Is the FLIXGM scam or legit?
So far we have talked about the positives and negatives of FLIXGM. The real concern is it safe to trade with this broker? The answer is, it might be a scam broker. The drawbacks associated with FLIXGM are many and hard to forget. The website does not give the feeling of a complete and reliable broker. The warning issued against it is a real concern. This broker can dub you at any given time. Please avoid this potential scam broker.