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When you have a broker with the word “con” in its title, you might want to reconsider depositing… However, does this rule apply to ConFixFinancial, or is this broker more than it seems? Read on.
ConFixFinancial is powered by DKG Group LTD which is registered in the Marshal Islands. Let’s get one thing out of the way. Even if ConFixFinancial is registered in the island nation, this does not mean that it is regulated there. Furthermore, the Marshall Islands do not have a financial regulator, so ConFixFinancial is not licensed there. Seeing that there are no other mentions of a regulation, we have to conclude that ConFixFinancial is not licensed and is therefore a huge risk to investors.
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 requirement 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 accessed without any difficulty the trading platform after registering. It produced a EUR/USD spread of 3 pips which is a clear sign that this broker cares only for its own good. Such a spread benefits only the company. The leverage we got was 1:100.
The trading platform issue the following instruments: Forex Pairs, Indices, Commodities, Stocks, and Crypto.
Arabic, Spanish, German, and English are the languages that the broker has translated its website in.
ConFixFinancial come with a web based trader that reminds us of another broker's platform, which is by all means not a good thing since this is yet another shady company. The are multiple time frames, chart indicators, and options for optimizing a traders game, but there isn’t enough options to keep one investeed for a longer period of time.
CONFIXFINANCIAL MINIMUM DEPOSIT
The minimum deposit is $200, and the methods for depositing are Credit and Debit Card, Wire Transfer, BBVA, CaixaBank, Jenga. This infor is taken from the client dashboard, which means that this is the real depositing info.
Due to he broker’s lack of any regulation, we advise against depositing any amount whatsoever. If traders wish to invest in online forex, they will find that any FCA/CySEC regulated broker will surely do. These agencies are at the top of their game, demanding a strict conduct from brokers, and requiring regular reports on their activities.
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
AnyDesk and TeamViewer software are double edged. For one, you provide complete access to your computer to someone else who, essentially, takes over as the new user. This can be helpful if the person with access is a friend, colleague, or acquaintance; or it can be devastating to your private information, including bank info, if you provide entry to someone with a shady background. Hence the double edge. Note that these software are 100% legal meaning that your approval will be needed if someone is to tinker inside your PC.
CONFIXFINANCIAL WITHDRAWAL TIME AND FEES
We could not get any withdrawal info from the client area without depositing first, which might be a trap. According to the website withdrawals take 5 days. There seem to be no fees.
ADDITIONAL FEES AND TAXES
Unregulated brokers do not care who you are and what your situation is; all they see is money, and they will trick you into giving it to them every chance they get. It is only logical then, that any attempt at withdrawing will be unsuccessful. The most popular excuses for denying your withdraw requests are usually smart and for the most part scripted. These include but are not limited to loopholes in the T/C, asking for more deposits in order to withdraw, or just prolonging your pending withdrawal by claiming that the market will suddenly propel, multiplying your winnings by unrealistic proportions.
If a broker is unlicensed, never give you ID and personal details to it, because the broker will use these details against you once you file for a charge back. Furthermore, any allegation held against the brokerage will be easily refuted if they have in their possession a copy of your ID and proof of address.
The most important thing to note is that this broker will not return your deposit, nor will it pay your winnings. It never had this intention in the first place. The best advise is to walk away from it, and go straight for a regulated broker. The FCA and CySEC are the top non-US license issuers, and those under their gaze are bound by the law to put the security of users’ funds as pivotal priority.
HOW TO RECOVER
Don’t delay, and file for a charge back ASAP with your bank or credit card company, but also ask them what the situation with your current account is.
If you have given a CVV code to the broker, be sure to cancel your credit card as soon as possible, because the broker will not delay with draining every cent from it.
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!
ConFixFinancial is a humble scam but a scam nevertheless, which means that users will losed their money if they invest in it!
ConFixFinancial compared to other brands
United Kingdom, Cyprus, South Africa, Mauritius
Cyprus, Saint Vincent and the Grenadines