Scammers have perfected their way of tricking people into starting a business with them, and many are left unsatisfied and robbed. So if you’ve decided to begin the journey of Forex trading, you should be very careful with the company you choose.
Firmon.co is one of many companies you should avoid. In this detailed Firmon review, we are giving insights on this scam broker.
The company has a straightforward website that doesn’t offer much corporate information. Even if company details such as address and name exist, it is still not very trustworthy. The website also lacks information on the foundation year, so you don’t know how long the company has been scamming people.
| Broker status: | Unregulated Broker |
| Regulated by: | Unlicensed Scam Brokerage |
| Scammers Websites: | firmon.co |
| Blacklisted as a Scam by: | N/A |
| Owned by: | Lazdurieksti sp zoo |
| Headquarters Country: | Poland |
| Foundation year: | N/A |
| Supported Platforms: | Web Software |
| Minimum Deposit: | 10,000 USD |
| Cryptocurrencies: | Yes |
| Types of Assets: | Forex, indices, shares, cryptocurrencies and commodities |
| Maximum Leverage: | 1:400 |
| Free Demo Account: | No |
| Accepts US clients: | No |
Is Firmon a Broker With a Good Reputation?
Firmon is a broker owned by Lazdurieksti SP ZOO, allegedly based in Poland. However, not regulated by the Polish financial authorities. If the company were licensed with the KNF, it wouldn’t be able to run the business like they currently do because it would go directly against the KNF regulations. For example, they would need to ban the bonus scheme they are so generously offering.
How Safe Is an Unlicensed Broker?
Your money can go missing at any moment because no one is legally watching the transactions. Regulated companies must have strict rules, rules that must be followed, simply because things can go wrong even with legit companies, and if something like that happens, you need all measurements to keep your funds safe. Measures include negative balance protection, compensation funds, segregated accounts, and many more. Firmon.co will not give you any of this. Instead, you will get a scam broker whose only goal is to steal your money and disappear.
Furthermore, we strongly urge you to stay away from Tedex, FastEarnings247, and Smart Trade CFD fake brokers.
Is Firmon a Legit Broker or a Scam?
Firmon.com is allegedly based in Poland and is an unlicensed, scam broker. The KNF does not regulate the company.
Traders’ Experiences With Firmon
If you already had experience with Firmon broker, you’re probably here because you’re looking for a way to restore your money, and you are in the right place. Unfortunately, you are not the only one; this is just one of many reviews we could find on firmon.co:
“Worst company ever in Forex trading…
The worst company ever in Forex trading does not invest in this company because this company does not reply to emails, and withdrawals are not refunded. Not any updates yet from them”
– Trustpilot Customer
Red flags everywhere – this is not a safe broker!
What Platforms Does Firmon Offer? – Available Trade Software
The broker is offering web-based trading solution. This is also one of the things that doesn’t put so much trust in the company. Web-based software is a poor imitation of MT4 or MT5. MetaTrader5 is the most developed program out there. It has many tools, and users have downloaded this app more than 10 million times.
Firmon Broker – Countries Of Service
Firmon trading is operating in the following countries, so beware if you’re coming from one of them:
- Germany
- Canada
- Norway
- New Zealand
Firmon.co Accounts Overview
All About Firmon Accounts
The company offers six account types. Each account requires a minimum deposit of:
- Standard – $10,000
- Bronze – $25,000
- Silver – $50,000
- Gold – $100,000
- VIP – $250,000
- Pro – $1,000,000
Accounts differ in leverage, spread, and educational materials.
Firmon Range of Trading Instruments & Markets
The company is offering the following instruments:
- Forex – USD/EUR, GPB/USD, EUR/GBP
- Indices – NASDAQ, NIFTY 50
- Commodities – Gold, Gas, Oil
- Shares – Google, Amazon, Apple
- Cryptocurrencies – BTC, ETH, XRP
Also, remember the names of the trading frauds Wizard Capitals, LiraFX, and IndexEvolve trading scams and avoid them at all costs! Furthermore, before investing, always check the background of internet trading organizations!
Firmon Trading Conditions
You can find the following information on the website: “For the success of our traders, we ensure to offer premium trading conditions with practical and technical support throughout their trading experience.” But the page couldn’t be opened when we tried to see more details on the actual conditions. Thus, we’re unsure what will you get. For sure, nothing good.
About Leverage And Spreads
There is no information on spreads; however, there are leverage details, and before we go further, we must add that they are completely insane. The minimum leverage is 1:200, which stands for standard, bronze, silver, and gold accounts; the leverage of 1:300 goes for the VIP account, and the leverage of 1:400 goes for the pro package. These numbers are hazardous! Every regulated broker is not allowing leverages higher than 1:30, yet this broker is playing by different rules – scam.
Firmon Deposit, Withdrawal Methods And Fees
The Withdrawal Policy page couldn’t be opened just like Trading Conditions, which is not very trustworthy! Beware of this. Also, avoid depositing via crypto transactions! They are irreversible and almost impossible to trace!
Minimum Investment Amount
The minimum investment amount is insanely high, standing at $10,000 for a standard account. Most legit companies are requesting a minimum of $10 for basic acconut. Red flags everywhere.
Bonuses – A Fraudulent Method
If you’re a newbie to the online world of trading, you will see bonuses as a good thing as they should be, but there is a catch – since this is a scamming brokerage, the bonuses are not coming in handy this way. If we go and check the terms and conditions, you will find the following sentences:
6.3 To withdraw funds from an account that has been credited with a trading bonus, the trader will be required to execute a minimum trading volume of (bonus amount + deposit) x25. 6.6 bonuses come with terms and conditions which require a client to fulfill a trading volume before the trading account is eligible for withdrawals. For a position to count towards the need turnover, trade must be open for 24 hours
Any account with a bonus must achieve a specific turnover before the withdrawal is approved. That amount is unreachable, so the company will be able to withhold your funds and deny you the ability to make a withdrawal.
Customer Support – Communication Channels
You can only contact the company via mail, but they will do anything to get in touch with your social media accounts, Telegram, WhatsApp, or mail. They will give you great stories in the beginning until you make payment. After draining your bank accounts, the company will no longer be interested in contacting you again.
Scammed by Firmon Broker? – Let Us Hear Your Story
If you know someone who Firmon broker scammed, let them know, and then let us know because we can help you restore your money! There is a way. Contact us today to book a free consultation.
Don’t let the scammers go away. You can also let us know via online chat, this method is faster, and our experienced team will give you free consultations.
What Is Firmon?
Firmon is an unlicensed broker allegedly based in Poland.
Is Firmon a Scam Broker?
Yes. The company is not licensed and provides financial services illegally.
Is Firmon Available in the United States or UK?
This broker is not available in the US, but it does provide its services in the UK.
Does Firmon Offer a Demo Account?
The company is offering six types of accounts, but none of them is a demo.
