Firmon Forex Broker provides real users with 1 positive reviews, * neutral reviews and * exposure review!
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I feel like I made the right decision. At first I thought the trading conditions offered by this company were great and I wanted to make a deposit. But soon I found that their minimum deposit was 10,000 US dollars, which was too high, so I didn't invest here. The company is now closed! I feel very lucky.
In the realm of online trading, Firmon has emerged as a controversial player, with numerous reviews highlighting serious concerns about its legitimacy. Common themes across various sources indicate that Firmon operates as an unregulated broker, raising significant red flags regarding user safety and trustworthiness. The broker's aggressive bonus schemes and high leverage ratios have been flagged as potential traps for unsuspecting traders.
Note: It is crucial to consider the various entities operating under the Firmon name across different jurisdictions, as this may impact regulatory oversight and user experiences.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 2 |
| Tools and Resources | 3 |
| Customer Service and Support | 2 |
| Trading Setup (Experience) | 3 |
| Trust Level | 1 |
| User Experience | 2 |
We evaluate brokers based on user reviews, expert opinions, and factual data gathered from multiple sources.
Founded in 2021, Firmon claims to operate from Poland under the ownership of Lazdurieksti SP Zoo. However, it has not registered with any tier-one regulatory body, such as the Polish Financial Supervision Authority (KNF). This lack of regulation raises questions about the safety of client funds and the legitimacy of its operations. Firmon offers a basic web-based trading platform, which is far less sophisticated than industry-standard platforms like MetaTrader 4 or 5. The broker claims to provide a diverse range of trading instruments, including forex, commodities, indices, shares, and cryptocurrencies.
Firmon operates as an offshore broker and is not regulated by any recognized financial authority. This lack of oversight means that traders have little recourse in the event of disputes or fraudulent activity. According to multiple sources, the broker has been flagged as a scam, with many users reporting difficulties in withdrawing their funds.
Firmon accepts deposits primarily through credit cards. However, the broker's withdrawal policies are notoriously restrictive, often leading to delays and complications. Many users have reported that their withdrawal requests were either ignored or met with unreasonable conditions, making it nearly impossible to access their funds.
The minimum deposit required to open an account with Firmon is $250, which is relatively low compared to other brokers. However, this figure can be misleading, as the broker's aggressive marketing tactics often push users to invest significantly more to access better account features and support.
Firmon's bonus structures have been widely criticized as malicious, with terms that impose unrealistic trading volume requirements before any withdrawals can be made. For instance, users may be required to trade 25 times the total of their deposit plus the bonus before being allowed to withdraw any funds. This practice has been identified as a common tactic used by scam brokers to retain users' funds.
The broker claims to offer a wide array of trading instruments, including major and minor currency pairs, commodities, indices, shares, and cryptocurrencies. However, the quality and execution of trades have been questioned, with users reporting poor trading conditions and execution speeds.
Firmon reportedly offers spreads starting at 1.3 pips, which are considered acceptable for major currency pairs. However, the overall cost structure is unclear, and users have expressed concerns about hidden fees and commissions that may not be disclosed upfront.
The leverage offered by Firmon can go as high as 1:400, a figure that is significantly above the levels permitted by regulated brokers. While high leverage can amplify profits, it also increases the risk of significant losses, making it a dangerous proposition for inexperienced traders.
Firmon operates on a web-based trading platform that lacks the features and functionalities of established platforms like MetaTrader 4 or 5. This limitation can hinder traders' ability to perform technical analysis and automated trading, which are essential for successful trading strategies.
Firmon does not appear to have any specific restrictions on geographical regions, which is concerning given its unregulated status. This lack of oversight means that traders from various countries, including those with strict regulations, may be exposed to significant risks.
Customer service options at Firmon seem limited, with many users reporting poor responsiveness and unhelpful support. The absence of a dedicated support team can make resolving issues or inquiries extremely frustrating for users.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 2 |
| Tools and Resources | 3 |
| Customer Service and Support | 2 |
| Trading Setup (Experience) | 3 |
| Trust Level | 1 |
| User Experience | 2 |
In conclusion, the Firmon review paints a troubling picture of a broker that lacks regulatory oversight, offers poor trading conditions, and employs questionable business practices. Traders are strongly advised to exercise caution and consider alternative, regulated brokers for their trading activities.
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