Warning! Andelex.com is an offshore company! Your deposit may be at risk.
RECOMMENDED FOREX BROKERS
Andelex.com did not once made us think: here is a broker we can trust. The exact opposite happened; the moment we saw it was the moment we knew what this broker had to offer.
The official statement on the website claims that the broker is registered in Norway, but in a very counterproductive twist the firm never once claims to be regulated there. The official Norwegian overseer is the Finanstilsynet (Financial Supervisory Authority of Norway), which oversees all FX brokers in the nation. It was not a surprise to us that the regulator had no mention of Andelex.com in its databank; therefore, the broker is not regulated in Norway, nor is it registered there because that would require a license.
And that’s all the info Andelex.com gives to ascertain its legitimacy, which is actually completely fabricated. There are no further details to even suggest that Andelex.com is legit.
Moreover, we have proof of the complete opposite, in the form of an official warning issued by the Norwegian regulator, claiming that the company is not regulated and a risk to all investors. We can also add that the broker is a scam.
Investing in unregulated brokers is the digital equivalent of throwing your money away for the wind to disperse it. It’s obvious that no one would do such a thing. Go with brokers that are regulated by trustworthy organizations like the FCA or CySEC. These entities work closely with the law, enforce it when called for, and have strict requirements for those under their gaze. Not to mention that those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).
We had no way to create an account in the end, for the registration process either glitched out on us or something else happened; but the end result was the same- we waited for five minutes and the page had yet to load. If we had not given up, we would still be waiting.
So the website it is. There are three account types but we don’t see how they would change the trading experience in any way. Scammer brokers tend to never have account types, but they still promote these on their sites.
However,. we return to the account for we have to other source of info. The Standard account information claims that the typical spread value starts at 0.8 pips. The available trading assets are currency pairs, crypto assets, commodities, and indices. The leverage cap is at 1:100.
Each account type supposedly offers additional assets and better spread values; from what we have seen in our years-long experience with unlicensed brokers is that account tiers very rarely apply.
Let’s go through all the material that we have on a trading software, so that it will be easier to reach a conclusion of sorts.
First of all, the site presents a simple third party chart under the “trade” subsection, suggesting a trading software by this; but in reality this section is completely useless.
Seeing that we had no access to an account, we cannot be sure that there is actually a trading software. And even if there is one it would probably be a very limited one.
ANDELEX.COM MINIMUM DEPOSIT
The website will be the main source of depositing information, as well as withdrawal info. This means that what we are about to talk about is not set in stone.
The official payment methods is a BTC wallet. God knows where the money goes to once a user sends it over. And considering the high minimum deposit requirement of $500, all payment will definitely not be returned to their original source; they are too valuable to give back.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
The CVV code is the one thing that separates a buyer from a product. Without it, one cannot complete a purchase, even if him/her has given all other necessary information. By giving this detail to someone else, you are essentially inviting them to use your funds for their own means. And be warned that unregulated brokers most certainly plan to do so.
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
Be sure to never give AnyDesk or TeamViewer access to your PC to unverified agents. These 2 platforms allow for your PC to be taken over by a second party, oftentimes for help or guidance, but in the case of these brokers for the sole purpose of looting your bank account(s) and personal information. However, in order to do so your consent is needed, and this is the only thing standing in the scammers’ way.
ANDELEX.COM WITHDRAW TIME AND FEES
The FAQ section directly states that the broker issue fees, but as you might expect, these fees are nowhere to be found, nor are they further discussed. This is a typical move on the part of an unregulated broker; just another reason not to invest.
Withdrawals happen by means of a BTC wallet, meaning that user won’t see their money any time soon.
No further information has been shared on withdrawals. And in the end, we don’t really need it. The broker is a risk to all and completely worthless.
Beware, once more, when giving away an ID and a proof of address. Trustworthy brokers ask for these before traders can deposit to make a check up. Deceitful ones will ask for these details, using the anti-money laundering legislation as pretext, once you start asking too many questions and are getting suspicious of their activities. Understand that they will use these to build a stronger case against you in the event that you request a chargeback.
Yet again we urge readers to stay away from this broker as it will, without a doubt, never return your funds and profits. If you wish to to get smooth and efficient transactions, please visit a FCA/CySEC regulated broker, where all withdrawals are handled with care and respect.
HOW TO RECOVER
The most sound advice we could give you is to immediately file for a chargeback with you credit card company.
If you have given away your credit card details including the CVV code to the “broker” you should cancel it ASAP and check with your bank to see the damage inflicted.
Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won’t ever hear from them again.
The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!
Andelex.com is a risk too your money and to any personal details you might have provided it with. Do not invest here.