Broker Name: FM Trader
US Traders Accepted: No
No. Of Assets: over 200
Demo Account: Yes
Deposit Options: C.C., WireTransfer, Moneybookers, CashU, Qiwi, Yandex Money
Language: 6 Languages (English by default)
Minimum Deposit: $250
FM Trader is a new broker who uses the Spot Option platform which is known to be one of the best in the industry. There is no need to download any additional software but at the moment all brokers have web-based technology so that’s neither an advantage nor a disadvantage. “A grain of sand on a beach” probably describes best this broker: they don’t stand out of the crowd at all. If you would take away the color layout, they would be exactly the same as probably 10 other Spot Option brokers. The information is all the same rehashed stuff about how profitable Binary Options are and how easy to trade, even with no prior experience. Sure, Binary Options trading is profitable… if you do it right, but I don’t think that FM Trader can help you do it right. All I can see on the FM Trader website is information suitable for the total newbie who doesn’t know anything about Binary Options and he is just being introduced to this financial instrument, but it stops there and no additional usable information is given.
The website is presented in 6 languages: English, Spanish, French, Italian. and 2 more. The platform that Option.FM provide is very user friendly. The direction based system lets you profit from placing up or down trades on a wide selection of assets. You can trade a whole list of currencies (such as the EUR/USD, USD/JPY etc), commodities (such as corn and coffee, as well as the precious metals), stocks (such as Google and Amazon) and also indices (such as the Nasdaq or FTSE).
If you predict the direction correctly in your chosen time frame, you win a pre-defined percentage profit of any amount you choose to invest. The fact that everything is set in advance is invaluable in helping traders know where they stand and take control of their own financial decisions.
No. of Assets and Expiry time
FM Trader offers traders 20 stocks, 12 currency pairs, 7 commodities and 21 indices as underlying assets. That’s not outstanding but a trader will definitely have enough assets to trade. The expiry times start from 60 seconds, half an hour, hourly and go as high as the end of the week. One Touch Options are available and so is an Option Builder tool.
Commissions, Support (Customer Service) and Effective Return
No commissions will be charged for opening an account and Credit Card withdrawals are free of charge; however a $25 fee will be paid for a wire transfer withdrawal. Their support is fast enough and pretty polite but they have the bad habit of answering a question with another question or avoiding the ones they don’t like. The effective return for In the Money trades ranges between 65% and 89%. Out of the Money trades have a 10% refund.
Deposit and Payment
Deposits can be completed through Credit Cards, Qiwi, Yandex Money, wire transfer or CashU and the same applies for withdrawals. Keep in mind that you will have to withdraw to the same Credit Card or CashU account you used for deposit. Minimum deposit is $250 and minimum withdrawal is $100.
Nothing makes them stand out and all the features are standard. Expiries, Option Builder, Pro Trader and Rollover and Close Now features. They have some 1-1 lessons and working on some new educational materials, yet nothing stands above others.
At first glance, they have a pretty well organized website, with a lot of educational videos, an e-book and no over the top marketing. They keep it simple and maybe this fact will prove to be one of their strong points. They don’t really stand out and the website looks just like most Spot Option white labels but they are pretty new and maybe they have time to improve. FM Financial Trader is good broker overall. They have responsive 24/7 customer support, many trading features, and a welcome bonus up to 100%. We recommend FM Financial and give them a rating of 4 out of 5 stars.