Dubai FXM Review (2023)

Is Dubai FXM a scam or legit broker?

No, it is not safe to trade with Dubai FXM. Dubai FXM is own by Dubai FXM Limited which is an offshore company registered in Vanuatu.

Vanuatu is notorious for its practically absent requirements and regulations. Due to the setup cost is low and it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as LiteFinTech, Emporio Trading and more. We have a detailed article explaining the risk of trading with brokers from Vanuatu.

The broker also states their authorized status and compliance to the international financial standards of service by the authorization from The Financial Commission. In fact, this organization is self-regulated that do not strictly regulate or oversee the companies. From our source, it costs €24,000 per year to become a member. However, and there is no handbook or guidelines for brokers to run their business. Therefore, there is zero protection for traders.

In addition, the latest list of Italian watchdog CONSOB included Dubai FXM to their warning list, since the firm is not licensed and permitted to offer their services within Italy or EU.

“The National Commission for Companies and the Stock Exchange has implemented a precautionary suspension, on the following company Dubai Fxm Ltd. As the company is not authorized to provide investment services and activities in Italy by any means”

CONSOB, Italy. November 2018.

Conclusion

We advise all investors and traders to avoid Dubai FXM and other brokers from Vanuatu. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and BlackBull Markets.