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Focus Markets Review – Who Is Focusmarkets.com Brokerage Firm?
We’ve encountered several inconsistencies while writing this Focus Markets review. Since we’re sure that the vast majority of clients are as confused as we are, we want to help you better understand the facts.
We’ll see who the Focus Markets broker is and if you can entrust them with your hard-earned money. Continue reading for more.
We also want to invite you to read updated Meteor Trade, eTrader and Trade12 scam broker reviews. For those unaware, their investment offers are too good to be true!
On its domain focusmarkets.com, the firm displays two entities – Focus Markets Pty Ltd and Focus Markets LLC. The first one is based in Australia and covered by an ASIC license. However, upon checking the ASIC register, we found that the firm operates under the following business names – Anzo Capital Group, Place a Trade Group, DNA Markets Group, and GURU ONE GROUP. Nowhere did we see a mention of focusmarkets.com.
Other than Australia, the brand has another entity in Saint Vincent and the Grenadines. However, Focus Markets regulation cannot be in SVG, as this offshore island doesn’t have the supervision of FX and CFD brokers. Additionally, Focus Markets LLC was banned in Spain and Belgium for its other brand – placeatrade.com.
While possibly related, Focus Markets cannot provide legitimate financial services outside of Australia since it has no proper authorization. It seems as if a legitimate firm opened several offshore entities trying to onboard worldwide customers. If you have any information about their operations, let us know.
Where Do Focus Markets Customers Come From?
Our detailed investigation shows that Focus Markets mainly onboards residents of the following countries:
As we already mentioned, even the ASIC-covered brand cannot offer services outside Australia. Hence, all other countries are offshore and have no legal coverage. If something goes wrong, you will have no place to file a complaint.
But before continuing, we recommend that you read MaxVol, LTD FX and LQDFX broker reviews. Be careful, they’re betting with your money!
What Trading Software Is Available?
If there’s one good thing, it’s definitely the choice of Focus Markets trading platforms. The broker offers MT4 and MT5, along with a browser-based solution.
Both MetaTrader versions are owned by MetaQuotes Ltd and present the most advanced trading software nowadays. MT4 still has millions of users, despite being an older version. It’s pretty intuitive and has plenty of TAs. On the other hand, MT5 is more user-friendly and supports a more significant number of trading tools, including EAs and social trading.
WebTrader is suitable for trading newbies as it’s less complex but also has fewer features.
Focus Markets Mobile App – Can I Download It?
The company advertises the MT5 mobile app. However, keep in mind that the Apple Store no longer supports MetaTrader, meaning the app is only available for Android users. Those using iOS will still be able to trade through a WebTrader.
What Can You Trade With a Broker? – Trading Instruments
This trading broker offers CFD trading and investing in the following categories:
Forex – AUD/GBP, NOK/SEK, USD/ZAR
Commodities – gold, crude oil, corn
Indices – AU200, IBEX35, DAX30
Shares – Amazon, Apple, Alphabet Inc.
Cryptocurrencies – BTC, BCH, USDT
Fees and Spreads Overview
Spread and other commissions depend on the account you choose. For the Standard account starting spread is advertised as 1 pip, while for the Raw one, there are no spreads, but the commission is $3.5 per lot. Other than that, we see no differences or minimum deposits for any of the Focus Markets account types.
Focus Markets Demo Account – Can I Trade For Free?
You can trade on your Focus Markets Demo account for 30 days. After that, your trial period expires, and you will need to invest. According to the FAQ section, the minimum deposit is $100, but we’re unsure whether for both Standard and Raw accounts or only one of them.
Despite a seemingly legitimate offer to trade risk-free, you shouldn’t forget that Focus Markets is an unregulated offshore brand. As such, there is no authorization to provide any kind of trading, with or without risk.
How to Withdraw Your Profit From a Focus Markets Account?
Let’s show you a list of available Focus Markets withdrawal options:
Wire transfer – 1-3 business days
PayPal – 1-2 business days
BPay – 1-2 business days
Except for the methods we specifically listed, all others are allegedly instant. However, numerous Focus Markets complaints indicate that getting a payout is not as easy.
Besides FAQ, we weren’t able to find any legal documents that would clarify the terms for us. Exceptionally odd for an allegedly fully licensed broker, don’t you think?
I Had Issues With My Focus Markets Account, What to Do?
Since we already explained that the customers of this broker mainly belong to an offshore entity, experiencing issues is quite possible. If you notice that you’re unable to log in for more than a couple of hours or your withdrawal request is not approved within a reasonable time, it’s a red sign.
In such a case, you can contact our Global Fraud Protection experts, and we’ll evaluate your case during a free consultation. Let’s not waste more time; check your options now! We’ll honestly tell you if you have grounds to request reimbursement and how.
All In All, Don’t Let the Scammers Get Away for Free!