Firmon has a very simple website that doesn’t offer much corporate information. Even if there are some company details such as address and name it is still not very trustworthy. The website lacks information on foundation year too, so you don’t know for how long the company is scamming people.
|Broker status:||Offshore Broker|
|Regulated by:||Unlicensed Scam Brokerage|
|Blacklisted as a Scam by:||N/A|
|Owned by:||Lazdurieksti sp zoo|
|Supported Platforms:||Web Software|
|Types of Assets:||Forex, indices, shares, cryptocurrencies|
|Free Demo Account:||No|
|Accepts US clients:||No|
One thing is for sure the company is not regulated by the KNF – the Polish regulatory body or any legit body of authority such as FCA or ASIC. If the company was licensed with the KNF it wouldn’t be able to run the business like they currently do, because they would go directly against the KNF regulations. For example, they would need to ban their bonus scheme that they are so generously offering.
How Safe Is an Unlicensed Broker?
It is not, meaning that your money can go missing at any moment because there is no one who is legally watching the transactions. Regulated companies have strict rules and those must be followed, simply because things can go wrong even with legit companies and if something like that happens you need all measurements in order to keep your funds safe. Measurements such as Negative Balance Protection, compensational funds, segregated accounts and many more. Firmon.co will not give you any of this, instead you will get a scam broker whose only goal is to steal your money and disappear.
Furthermore, we strongly urge you to stay away from Tedex,FastEarnings247,andSmart Trade CFDfake brokers.
Is Firmon a Legit Broker or a Scam?
Firmon.co is a scam broker that claims to be based in Poland. The company is not regulated by the KNF. They are offering insanely high leverage ratios that are a direct threat to the client’s funds. The minimum deposit is $10,000.
Traders’ Experiences With Firmon
If you already had experience with this broker then you’re probably here because you’re looking for a way to restore your money and you are in the right place. Unfortunately you are not the only one, this is just one of many testimonials that we could find on firmon.co:
Worst company ever in Forex trading does not invest in this company because this company does not reply to mails and withdrawals are not refunded. not any updates yet from them
– Trustpilot Customers
Red flags everywhere – this is not a safe broker!
What Platforms Does Firmon Offer? – Available Trade Software
The platform firmon.co is offering is web based. This is also one of the things that doesn’t put so much trust in the company. Likewise, Web-based software is a poor imitation of the MT4 or MT5. MetaTrader5 is the most developer program out there, it contains many tools and features and it is downloaded over 10 million times.
Firmon Broker – Countries Of Service
This broker is operating in the following countries so beware if you’re coming from one of them:
- New Zealand
Firmon.co Accounts Overview
The company is offering six account types, each account requires a minimum deposit of:
- Standard – $10,000
- Bronze – $25,000
- Silver – $50,000
- Gold – $100,000
- VIP – $250,000
- Pro – $1,000,000
Also, remember the names of the trading fraudsWizard Capitals,LiraFX,andIndexEvolve trading scams and avoid them at all costs! Furthermore, before investing, always check the background of internet trading organizations!
About Leverage And Spreads
There is no information on spreads; however, there are leverage details and before we go further we must add that they are completely insane. The minimum leverage is 1:200 and this stands for standard, bronze, silver and gold accounts; the leverage of 1:300 goes for the VIP account and the leverage of 1:400 goes for the pro package. Thus, these numbers are highly risky! Every regulated broker it’s not allowing leverages that are higher than 1:30 yet this broker is playing by different rules – scam.
Bonuses – A Fraudulent Method
If you’re a newbie to the online world of trading you will see bonuses as a good thing as they should be but there is a catch – since this is a scamming brokerage company – the bonuses are not coming in handy this way. If we go and check the terms and conditions of you will find the following sentences:
6.3 In order to withdraw funds from an account that has been credited with a trading bonus the trader will be required to execute a minimum trading volume of (bonus amount + deposit) x25. 6.6 bonuses come with terms and conditions which require a client to fulfill a trading volume before the trading account is eligible for withdrawals. For a position to count towards the need turnover trade must be open for 24 hours
Meaning that any account with a bonus must achieve a certain turnover before the withdrawal is approved and that amount is unreachable, so basically, the company will be able to withhold your funds and deny the ability to make a withdrawal.
Scammed by Firmon Broker? – Let Us Hear Your Story
If you know someone who was scammed by Firmon broker let him know and then let us know because we can help you restore your money! There is a way, just click on the registration link below and contact us today. Don’t let the scammers go away. You can also let us know via online chat, this method is faster and our experienced team will give you free consultations.