FM Trader has been flagged by ASIC (Australia) for "Unlicensed (Legacy)". Addresses: 6 Ioanni Stylianou 2nd Floor Office/Flat 201 2003 Nicosia Cyprus; Level 17 Dashwood House Old Broad Street EC2M 1QS; 35 Barrack Road Third Floor Belize City This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm. Website domain: www.fmtrader.com.
After using FM Trader for just over a year, I decided to move my account elsewhere. The platform was unreliable, withdrawals took an unreasonable amount of time, and I could never get a straight answer from customer service. Frustrating experience overall.
Pros: Detailed reporting|Intuitive for beginners|Clear documentation
Cons: Limited social trading features
My withdrawal request from FM Trader has been pending for over two weeks now. Every time I contact support, I get the same copy-paste response about processing times. This is unacceptable for a financial platform in this day and age.
Pros: Instant funding|Intuitive for beginners|High security standards|Demo account available
Cons: Slow to add new assets|Limited ETF selection
I had a dispute with FM Trader and went to their complaints process. They have an internal team that just defends the company. Then they said I could go to an ombudsman - but the ombudsman they use is industry-funded and rarely rules for the client. The system is rigged.
Pros: Helpful community forum|Instant funding
Cons: Would like more payment methods
The only good thing about FM Trader is that they remind you why regulation matters. I found them after hearing about them at a conference. They are regulated in a jurisdiction with weak consumer protection. When things went wrong I had nowhere to turn. Stick to well-regulated brokers.
Pros: Automated trading options|Segregated accounts|Dividend tracking|Great customer service
Cons: Limited social trading features|Research section could be deeper
After spending since last summer trying to make FM Trader work for me, I have given up. The platform has too many limitations, the fees are not competitive, and the quality of their market data is questionable. There are much better options available.
Pros: Dedicated account manager|Smooth onboarding
Cons: Mobile app could be improved|Could offer more webinars
I found FM Trader from a review site like this one and the initial impression was positive. But since I retired last year later, I have encountered so many issues that I cannot recommend them. Trades failing, charts not loading, and support tickets going unanswered for days at a time.
Pros: Educational resources|Multi-device support|Great customer service
Cons: Email notifications too frequent|No fractional shares
The reporting at FM Trader is laughably bad. Tax documents are inaccurate, transaction histories have gaps, and trying to export data for your accountant is a nightmare. For a financial platform, getting the numbers right should be the bare minimum.
Pros: Segregated accounts|Regular updates|Quick verification
Cons: Alert system is basic|Minimum deposit could be lower
KYC with FM Trader is a nightmare. I submitted my ID and proof of address. They rejected it and asked for a utility bill. I sent it. They asked for a bank statement. Then they asked for a selfie with the ID. Then they said the selfie did not match. I gave up.
Pros: Regular platform improvements|API access
Cons: No live chat on mobile|Limited demo account features