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With FMTrader, traders can trade with stocks, indices and commodities. This trading platform focuses specifically on binary options trading.
It is free to open an account with FMTrader and this can be done by means of a simple online form. FMTrader offers various account types, including an Islamic account, and Bronze, Gold, Silver and Platinum accounts. The Bronze account is designed more for beginner traders, whilst the Platinum account is for experienced, professional traders who want to be able to trade larger sums of money.
Bonuses and promotions available will depend on the type of account that you hold. For example, whilst the Bronze account offers a bonus of up to 20%, the Platinum account offers a bonus of up to 40%. This is still lower than most other online brokers, though, who tend to offer bonuses of 100% with higher powered accounts. There are other benefits associated with different account types - for instance, with the Platinum account you can enjoy a risk free trade with your first trade. One thing to note about bonuses with FMTrader is that they cannot be withdrawn instantly. Traders need to reach a certain turnover in their account before they can withdraw their bonus.
Depending on the type of account that you hold and the types of trade that you make, FMTrader will charge a commission of between 15% and 35% on your trades. Though there are no fees associated with opening an account, there are charges attached to withdrawals, and these will vary depending on the payment type that you use. For example, the fee for making a withdrawal via wire transfer is $50, and the fee for a withdrawal using a credit card is $25.
The FMTrader site has a basic feel to it. It provides some education (in the form of articles and a limited webinar service) as well as customer support and of course the trading platform itself. There is no FMTrader smartphone app available to date.
Withdrawals can be done by credit card, bank transfer and by some online payment providers. Each withdrawal method has a different minimum withdrawal amount associated with it; with the wire transfer option, for instance, this amount is $250 and for a credit card it is $100. Once you have requested a withdrawal, FMTrader will take five days to process it.
FMTrader is not regulated, however not all legitimate brokers are. Reports suggest that FMTrader is simply an unregulated, legitimate broker rather than any kind of scam.
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