The Official Website Of FOMOSO Cannot Be Accessed Normally At This Time. The Company Appears To Have Gone Out Of Business. Therefore We Can Only Gather Some Relevant Information For Reference Only.
To Get A General Understanding, FOMOSO
Is An American Brokerage Firm That Positions Itself As A Comprehensive Platform That Meets The Diverse Needs Of Investors. It Promises To Work On All Key Aspects Of A Seamless Trading Experience, Including Competitive Spreads, A User-friendly Deposit And Withdrawal System, And A Professional Client Server Team.
The Brokerage Has Built A Robust Trading Ecosystem Where Clients Can Participate In A Variety Of Market Activities Under One Umbrella Company, From Forex To Commodities Such As Spot Gold And Spot Silver. With Four Account Types To Choose From And Leverage Options Up To 200:1, Formonds Can Cater To Both Novice And Professional Traders. However, It Is Worth Noting That Formonds Is Currently Unregulated, Which Significantly Increases The Level Of Risk And Requires Additional Due Diligence From Potential Investors.
Pros:
Wide Range Of Trading Tools: Firmonds Offers More Than 600 Trading Tools That Allow Traders To Diversify Their Portfolios Across Multiple Asset Classes (from Forex To Commodities And Indices).
Flexible Account Options: Account Types Range From Mini To Professional, And Firmonds Adapts To Traders With Different Levels Of Experience And Investment Sizes. This Flexibility Is Especially Attractive For Those Who Wish To Start Small And Gradually Upgrade To Higher Levels.
Platform Selection: The Broker Offers Two Trading Platforms, MetaTrader 4 And MAM Systems, Each With Unique Advantages. MetaTrader 4 Is Known For Its User-friendly Interface, While The MAM System Is Good For Managing Multiple Accounts.
High Leverage: High Leverage Gives Traders The Opportunity To Control Larger Positions With Relatively Small Investments, Thus Increasing The Potential For Higher Returns.
Cons:
Lack Of Regulation: Formonds Is Not Regulated, Which Automatically Increases The Risk Of Trading Through Its Platform. There Is No Guarantee That Your Investments Will Be Safe Or That The Platform Will Adhere To Industry Standards.
Limited Deposit And Withdrawal Options: The Lack Of Popular Payment Methods Such As PayPal, Skrill Or Neteller May Cause Inconvenience To Many Traders. In Addition, A Flat Fee Of $10 For Small Withdrawals In Online Banking May Deter Small Investors.
Market Tools
Formonds Positions Itself As A One-stop Shop For Traders By Offering A Wide Range Of Market Tools, Claiming To Offer Over 600 Trading Tools. This Diversity Creates Opportunities For Traders To Participate In Multiple Markets Through A Single Platform. Tools Include Not Only Popular Forex Currency Pairs, But Also Other Financial Products Such As Spot Gold, Spot Silver, Indices, And Crude Oil.
The Diverse Range Of Market Tools Ensures That Traders With Different Risk Appetite And Investment Strategies Can Find The Right Tool For Them. Forex Trading Often Appeals To Traders Who Are Interested In Using Small Amounts Of Capital To Make Huge Gains Through Currency Movements. On The Other Hand, Spot Gold And Spot Silver Trading Can Appeal To Investors Looking For More Stable, Long-term Assets. Commodities Such As Crude Oil And Various Indices Further Expand Trading Possibilities, Providing Avenues For Speculative And Hedging Strategies.
Account Types
Firmonds Offers Four Real Account Types: Mini, Standard, And Professional, Each With Different Initial Deposit Requirements And Leverage Options. This, Mini Accounts Are Primarily Aimed At Beginners Or Those Who Want To Start Trading With Low Capital, With A Minimum Initial Deposit Requirement Of Just $100. The Maximum Leverage On This Account Is Set At 100:1.
Standard And Professional Accounts, For Experienced Traders Or Traders With Larger Investments, Require A Fairly High Initial Deposit Of $3,000 And $50,000 Respectively. Standard Accounts Offer A Maximum Leverage Of Up To 200:1, While Professional Accounts Limit Leverage To 100:1.
How Do I Open An Account?
Opening An Account Involves Several Standard Steps, But Should Be Treated With Caution Given The Broker's Unregulated Status. The First Stage Usually Requires Filling Out The Online Regedit Available On Its Website. This Will Require Providing Personal Details Such As Your Full Name, Contact Information And May Also Require Some Identification Documents For Verification And Adhering To Know Your Customer (kyc) Procedures.
Once The Account Has Been Approved, You Will Be Prompted To Make An Initial Deposit To Activate The Account. The Minimum Initial Deposit Varies Depending On The Type Of Account You Choose, Ranging From $100 For A Mini Account To Up To $50,000 For A Professional Account. Formonds Deposit Methods Are Limited And Are Dominated By Bank Transfers And Small Online Banking. However, These Methods Are Not As Flexible As Other Popular Online Payment Platforms, Which Can Be A Barrier For Many Potential Traders.
Leverage
Leverage Is An Important Aspect Of Trading And Can Amplify Gains And Losses. Formonds Offers Different Levels Of Leverage Depending On The Type Of Trading Account. For Mini And Professional Accounts, The Maximum Leverage Is Capped At 100:1, While Standard Accounts Allow Leverage Up To 200:1. While These Options Offer Traders The Flexibility To Adopt Different Trading Strategies, They Also Bring Greater Risk, Especially In Volatile Markets, Such As Forex And Commodities.
It Is Crucial For Traders To Understand The Impact Of Using High Leverage, Especially When Dealing With Unregulated Brokers (e.g., Formonds. High Leverage Can Lead To Significant Losses, And Without Regulatory Oversight, Platforms May Have A Higher Risk Of Not Adhering To Industry Standards That Protect Traders From Excessive Risk. For Example, Regulated Brokers Are Often Required To Provide Negative Balance Protection, Ensuring That Traders Do Not Lose More Money Than They Have Deposited. This Protection May Not Exist, Formonds.
Trading Platform
Formonds Offers Two Main Trading Platforms: MetaTrader 4 (MT4) And, I Have A System. MT4 Is One Of The Most Popular And Versatile Trading Platforms In The Industry, Known For Its User-friendly Interface, Powerful Technical Analysis Tools, And Support For Algorithmic Trading. At The Same Time, The MAM System Is Designed For Traders Who Need To Manage Multiple Accounts Simultaneously. It Integrates With MT4 To Allow Bulk Orders To Be Placed Across Multiple Accounts.
While These Platform Options Are Often Beneficial And Provide Flexibility For Traders With Different Needs, It Is Important To Consider Them In The Context Of: The Unregulated Status Of Fulmonds. Reliable Trading Platforms Are Essential For Efficient Execution Of Trades, But Their Credibility Depends On The Broker Providing The Platform. Without Regulatory Oversight, Even A Platform As Powerful As Mt4 Can Become A Vehicle For Unfair Practices, Such As Manipulating Spreads Or Delaying Order Execution.
Deposit And Withdrawal
Formonds Offers Limited Deposit And Withdrawal Options. The Methods Available Are Bank Transfer And Small Online Banking. Unlike Many Other Brokers, Especially Those That Are Regulated, Formonds Does Not Offer The Option To Use Popular Online Payment Methods Such As Paypal, Skrill, Or Neteller. This Restriction Can Be Inconvenient For Traders Who Are Used To The Flexibility Offered By Such Platforms.
Additionally, Formonds Uses Small Online Banking With A Minimum Withdrawal Limit Of $50 And A Flat Fee Of $10 Per Withdrawal. These Costs Can Increase Over Time, Especially For Traders Who Need To Move Funds Frequently.
Customer Support
Customer Support At Firmonds Is Available Through A Number Of Channels, Including Email And Live Chat Online. Their Support Email Is Support@FOMOSO - Forex.com, Providing A Direct Communication Channel To Resolve Technical Issues Or Answer Account-related Queries.
Additionally, For Immediate Assistance, Users Can Contact, And Firmonds Offers Client Server Through The Live Chat Feature. Although The Broker Does Not Explicitly Mention A Contact Phone Number, Its Physical Address Is Omc Chambers, Wickhams Cay 1, Roadtown, Tortola, Bvi. The Availability Of These Multiple Touch Points Indicates That Firmus Aims To Provide Traders With A Variety Of Ways To Seek Help Or Clarify Concerns, Although It Is Worth Noting That The Broker Is Not Regulated, Which May Affect The Quality And Reliability Of Client Server.
