Updated on March 8, 2024
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In our rigorous review process, a team of seasoned financial specialists, boasting more than 20 years of experience in Forex trading, carries out an exhaustive evaluation of various trading services. Our team delves deep into the investigation of fees, assesses the trading platforms, and verifies adherence to regulatory standards. We also interact directly with customer support and conduct actual trades to gain a real-world understanding of the trading conditions. This comprehensive approach enables us to provide informed insights and advice on why we recommend avoiding Dubai FXM due to the issues we've identified.
Is Dubai FXM Scam or Legit Broker? ▲
Trading with Dubai FXM is categorically not recommended. The brokerage is a part of Dubai FXM Limited, a corporation with an offshore registration in Vanuatu. Vanuatu's reputation for its minimal regulatory requirements and oversight makes it a magnet for questionable forex brokers, including but not limited to LiteFinTech and Emporio Trading. Our extensive research into more than 1000 brokers highlights the significant risks associated with trading with brokers based in Vanuatu, due to the lack of stringent financial regulations.
About Dubai FXM
Registered in: Vanuatu
Type of License: Offshore License
Is Dubai FXM safe to trade: No
Recommended Licenses: FCA in UK & ASIC in Australia
The safety of trading with Dubai FXM is highly questionable. The broker, established in 2012, offers a variety of products, including CFDs in cryptocurrency and forex markets. Despite claiming compliance with international financial service standards through authorization from The Financial Commission, it's critical to understand that this body is self-regulated and lacks rigorous oversight over its members. Membership costs €24,000 annually, yet there are no clear guidelines or protections for traders. This situation is further compounded by the inclusion of Dubai FXM in the warning list by Italy's CONSOB, pointing out the broker's unauthorized status to offer investment services within Italy or the European Union.
Dubai FXM prides itself on being a comprehensive financial services provider since its inception in 2012. The brokerage asserts its legitimacy through affiliations with self-regulatory organizations like The Financial Commission. However, the lack of strict regulation poses a substantial risk to investors. Additionally, the firm's inclusion on CONSOB's warning list due to its unauthorized operations within Italy or the EU further casts doubt on its credibility. With an offshore license from Vanuatu, Dubai FXM's operational safety for traders remains highly questionable, especially in light of the €24,000 annual membership fee to a self-regulatory organization that does not offer substantial trader protection.
In light of our findings, we strongly recommend traders and investors to steer clear of Dubai FXM and other Vanuatu-based brokers. We advocate for trading with brokers regulated by reputable authorities, ensuring compliance with stringent rules, such as those in the UK or Australia. Our discovery that Dubai FXM's website is no longer accessible, combined with the absence of any operational evidence, underscores the volatility and unreliability of offshore-based brokers. Therefore, for the sake of financial safety in forex trading, we advise against engaging with such entities.
When considering alternatives, brokers like Interactive Brokers, City Index, and AvaTrade stand out. They not only offer the security of stringent regulation but also bring to the table comprehensive trading solutions that can meet the needs of both novice and seasoned traders.
Dubai FXM Review 2024
Please Please Please be careful out there because there are many fake crypto investment trading companies so as there are also many fake crypto recovery companies out there who claims to be real and legit. I was a crypto scammed victim who lost over $405,000 to a fake crypto trading site which after i was scammed i was needing a serious help for my crypto scammed funds recovery which unlucky for me i fell for a fake recovery company which scammed me $12,000. Belive me the whole situation got me frustrated and i was in bitter tears of pain becuse i lost both my life savings and also the money i borrowed from bank... So a month after of depression i was scrolling on a site called ’Scam Detector’ on the internet which i saw a review of one lady on the site giving testimony on how her crypto scammed funds was recovered successfully so i was thinking i was going to fall for another recovery company to scam me again but something truly moved me in my heart to contact the recovery company that helped the lady recover her scammed funds... So i contacted the recovery company that helped the lady recovery her scammed funds via the company’s email id, after few hours the recovery company gave me feedback asking me how I found them and who referred me to them so I told the recovery company how I found them and how I got in contact with them, so the recovery company demanded me to send every details on how I was scammed and how much I was scammed and all that, I sent it to the recovery company every single details they requested and after 24 hours the recovery company gave me a trace result from my details I sent to them specifying that my scammed funds is possible to be recovered that I shouldn’t wasted time at the moment that they will only need to upgrade my account from a basic account type to this TPM account type so that I can be able to make my withdrawals to my bank account or to my crypto wallet and the recovery company told me that before they will do that, that I will have to pay a TPM upgrade charge fee of $8,600 because my scammed funds is so much to be recovered because the bigger your scammed funds the higher your TPM upgrade charge fee and the smaller your scammed funds the lower your TPM upgrade charge fee.. honestly then I was stranded and I had no money with me because I was in debt condition and moreover I was thinking this recovery company is a scam too, so I had to take the risks to sale my Mercedes Benz GLK 2020 model just to raise funds and pay for the TPM upgrade the recovery company instructed me to pay.. so I raised the funds immediately and I paid for the TPM upgrade then in 48 hours my $405,000 was transferred to my bank account and when I received my scammed funds back I was in tears of joy and in shock too till date… so please please I’m taking my time to share these useful and helpful information to scammed victims out there because I know how frustrating and depressed it feels to be scammed.. if your a crypto scammed victim and you really want to recover your crypto scammed funds do well to contact this recovery company that recovered my $405,000 successfully to my bank account via the recovery company’s Email id : paybackrecoveryltd at hotmail dot com
Once you contact the recovery company do well to follow the recovery company’s instructions and make sure you send the recovery company your details and how you were scammed and how much you were scammed details correctly and once the recovery company demands you should pay for the TPM upgrade charge fee for the funds recovery please don’t waste time just pay the recovery company the TPM charge fee immediately, if you don’t have money for the TPM upgrade charge fee just do everything possible to borrow money just to make sure you pay for the TPM upgrade charge fee on time because in recovering of scammed crypto funds delay is dangerous