For a broker to truly be able to empower traders to achieve success, they first have to be properly regulated. By that we do not mean a loose offshore supervision that is nothing but a worthless piece of paper.
This Fiscal Markets review explains just how much risk you expose your capital to when you invest with untrustworthy platforms and how you can regain lost funds.
| Regulated by: | MWALI (Comoros) |
| Is This Company Safe? | No, this company has no Tier 1 license, so they cannot be taken seriously! |
| Known Websites: | fiscalmarkets.com
fiscalforex.com |
| Have Warnings from: | N/A |
| Registered in: | Comoros Islands |
| Operating since: | 14.08.2023 |
| Trading Platforms: | MT5 |
| Maximum Leverage: | 1:400 |
| Minimum Deposit: | $1.000 |
| Deposit Bonus: | No |
| Trading Assets: | Forex, Crypto, Commodities, Indices |
| Free Demo Account: | No |
| How to Withdraw from This Company? | Seek legal help if you wish to make a successful withdrawal! |
Hidden Offshore
Small offshore tax havens have always been the most attractive destinations for running illicit brokerage platforms. Fiscal Capital LTD, which owns the two mentioned websites should be registered in St. Lucia, with MWALI (Comoros) license, and two offices in Dubai and India.
First of all, FSRA of St. Lucia doesn’t oversee securities market participants. The company has indeed entered the MWALI register which gives them sort of a confirmation that they exist. However, this loose license can’t guarantee the safety of your funds in the form of segregated accounts, negative balance insurance or compensation plans.
The Dubai address is probably fake as DFSA doesn’t show an entry under this name. With that, the company has no Tier 1 license expected from a broker that claims to be a world’s leading online trading portal.
These companies are extremely dangerous. Trader Trust EU, for instance, uses another technique – impersonation. So protect your funds and choose a regulated firm instead!
Fraudulent Scheme Exposed
The whole fraud operation has been online since August 2023, when the fiscalmarkets.com was launched. Here’s the list of preferred target areas:
- United Arab Emirates
- United Kingdom
The scheme functions through boiler room agents, who use phones and the Telegram online chat service to contact their victims directly. Most commonly, these agents introduce themselves as finance experts from large companies.
They urge the clients to invest money into unrealistically profitable schemes, and keep them occupied in what is presented as trading. Of course, no trading ever happens, the money is just stolen. It can still be recovered, though, so book a consultation with our experts if you need our help.
Don’t Ignore the Ratings
You’ll get a better understanding at how this malicious entity operates if you look into the Fiscal Markets reviews. TrustPilot scores are far from good, with 79% majority of all users giving the firm 1-star.
The rest are posted by the notorious review seller networks, in an attempt to keep the reputation afloat. These critical comments nearly all contain scam warnings issued by the clients themselves, but it doesn’t end there.
On Reddit, there’s a whole discussion dedicated to how these cybercriminals operate, and it’s uncannily similar to the GFE Markets scheme.
Fake Attractive Costs
Poorly supervised brokerage brands are often recognized by an unusually high leverage. In this case, depending on the account type, the exposure grows up to 1:400. They advertise this feature as an advantage, yet it is nothing but a huge risk investors are pushed into.
As for the costs, starting spreads on EUR/USD are 1.8 pips, and they are promised to gradually get tighter with the more expensive package. Commissions are, of course, not revealed. Other costs also remain hidden, which is a red flag you cannot ignore.
Worthless Set of Tools
This company is a fine example of how suspicious off grid businesses operate. With a bunch of weasel words, they convince customers to buy their services. The result is always the same – disappointment and inability to get a refund!
MT5 Only as an Advertisement
Whether you’re a novice or an experienced Forex trader, you must have heard about the most powerful technological solution for online trading – MetaTrader 5.
Unfortunately, shady Forex providers like this one do not give you proper Fiscal Markets login credentials for accessing the trading server.
Instead, they just use the MT5’s reputation in order to make their offer more alluring and make you believe you’ll be well-equipped to trade. Only Demo version of this software is available.
150+ Assets
The Fiscal Markets broker prouds on their allegedly rich offer of tradable products that consists of the following groups of instruments:
- Forex – EUR/USD, EUR/CHF, USD/JPY
- Crypto – BTC, ETH, XRP
- Commodities – Silver, Gold, Oil
- Indices – HK50, CAC40, UK100
Financial Plans
Extremely expensive Fiscal Markets accounts advertise no attractive features and trading equipment, whatsoever. The leverage increases with the bigger deposit and the spreads drop, but none of that could be confirmed.
No other particular options are even mentioned. Nothing advertised could be seen as something worth burning tens of thousands of dollars on. Take a look at these prices:
- Standard Plan – $1.000
- Elite Plan – $15.000
- Pro Plan – $50.000
Funding Options Concealed
Before allowing users to explore The Fiscal Markets deposit options, the client portal demands a verification procedure to be completed. Because of that, and because there’s no Deposit & Withdrawal policy, we couldn’t learn about the available transaction channels.
All other details related to payments are also hidden. That includes Fiscal Markets withdrawal fees, processing time and any other, additional terms. Like any other questionable online trading brand, this firm probably only accepts crypto deposits to facilitate the thievery.
Contacting the Company
The single two channels available to reaching out to the alleged customer service are:
There’s no dedicated live chat option and it’s highly questionable if anyone will answer your call or your email inquiry. Anonymous companies aren’t really known for diligent support service. Customer satisfaction is the least of their worries after they get the investments they were chasing.
Lost Money On a Scam? Get Help From an Expert!
The firm we’re reviewing today is a full blown scam, no matter how you look at it. There’s a couple of sites, each allegedly having a different legal background, and neither checks out. The alleged high quality Fiscal Markets app is just a case of false advertising as well.
The entire ordeal exists just to steal your money. Don’t let them get away with it – book a free consultation with our experts today! We are available 24/7 through the live chat, and have ample experience with recovery of stolen money!
FAQ Section
What is Fiscal Markets?
It is a fraudulent scheme posing as an online forex brokerage in order to steal the clients’ money.
Is Fiscal Markets a Legit Broker?
No, the group is completely illegal, and none of the company credentials posted online hold to any scrutiny!
What is a Chargeback?
It is a money recovery process that functions similarly to a legal dispute. Contact our professionals to learn about how we can help you get your money back from scammers.
Source:
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