FCI Markets Broker Review
There are two FCI Markets brokers however, we will be reviewing the one in the UK and not the one in Dubai. The UK FCI Markets is a forex broker which offers multiple platforms and is regulated by the FCA. It was founded in 2010 and offers trading services in forex currency pairs, stocks, indices and more.
If you are interested in registering with FCI Markets then read our review to find out everything you need to know before you sign up.
FCI Markets Customer Support
The FCI Markets forex broker offers customer support through:
- Online form
- Skype Calls
We commend them on having a Skype calling option but it would be even better if we could reach them on the Skype account they have stated. It seems no matter which time of the day our researchers rang the FCI Markets Skype support team, we could never get an answer. The least they could have done was respond to the messages we left, to at the very least show us that they are there.
Things do not get any better for any other contact option either. It seems we were not the only ones having issues with the FCI Markets customer support team. The FCI Markets reviews we discovered showed that FCI Markets treats their customers rather poorly. Whenever a client calls FCI Markets’ support line, nearly all of them had a similar experience. They were kept on hold for an extended period and ended up having to hang up instead of wasting their entire day on this broker that obviously has no regard for people’s time.
They also lack a livechat option which we found to be a major inconvenience. This is because livechat customer support offers clients the chance to get immediate feedback without experiencing any additional charges. Instead, they only offer an online form which seemed to be ignored because none of our researchers could get a response to any of the forms submitted.
FCI Markets customer support is beyond poor. We recommend when looking for a broker, you choose one that offers pleasant and responsive customer service.
FCI Markets Platform
FCI Markets is unlike many other brokers. They offer three different platforms instead of only one. These are the platforms offered to FCI Markets’ clients:
- FCI NetStation
The Currenex platform is offered for PC, iOS, and Android mobile apps. You can open a live account or a demo account for the Currenex platform. The FCI Markets’ website claims it offers several different features such as execution algorithms, Iceberg & Hidden, Market, Limit, Stops and Conditional Orders.
The FCI Markets broker claims that broker is to help improve efficiency and effectiveness for traders, however, this is yet to be seen. We experienced a few errors in the demo account test of this platform however things can often go much different in the live account use of a platform as we have seen numerous times before. And given the poor customer support offered by FCI Markets, we would not recommend you take such a risk.
The FCI NetStation platform is a cloud-based platform. We commend its customizability along with its flexibility but its analytical tools are lacking. It pales in comparison to the rich and comprehensive MT4 platform. FCI Markets claims the platform offers advanced charting, trading functionality, advanced alerts, and a Real-time G10 Economic Calendar.
Our research into the platform showed that several of the trading functionality features were nonfunctional such as the one-click trading, margin usage and pre-set stop and limit levels. These caused multiple inconveniences and while there was not much at stake for us, it could prove dire for you.
The alerts were also ill-timed, causing us to miss key trades which could have made a difference in our sample account profits. The charting functions also seemed severely lacking when compared to the MT4 platforms of other brokers. It seems FCI Markets opinion is that they do not need to offer a fully functioning platform. They just need you to deposit your money.
The MT4 platform is arguably the most popular in the online trading world. This is due to how easy it is to access and customize so each broker’s MT4 platform is different than the others. However, when compared with other brokers, the MT4 platform belonging to FCI Markets showed deficiencies in key areas such as charting and EA functions.
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FCI Markets Account Types
FCI Markets does not offer account types rather the different accounts are tied to the different trading platforms.
The account currencies available for these are:
You can deposit and withdraw funds from these accounts via:
- Credit/debit cards
- Wire transfer
They offer VIP accounts but the conditions for those accounts are released upon interest to register. However, we can tell you that it requires a minimum deposit of $25,000. FCI Markets opinions regarding this seem to be that they do not need to clearly outline the conditions unless you show serious conditions. This is rather bold especially since it’d be very easy to upload a web page for those who are interested in the VIP account to visit.
Besides that, there are mini accounts offered however again, you receive that information after officially registering the live account on your chosen platform. There are no Islamic accounts offers nor do they offer accounts to traders from the US. PAMM/MAM solutions are offered as well as API solutions.
The biggest thing we noticed with FCI markets was the high minimum deposit which is a whopping $1000 for regular account holders. This is extremely high, especially when compared to other brokers.
FCI Markets Review Conclusion
Even though FCI Markets is regulated by FCA; their poor customer support along with a lack of transparency is a major deterrent. Add that to their extremely high minimum deposit and you can understand why we recommend you to stay away. It may not be the FCI Markets scam but their operations do make us question them.