Table of contents
There is nothing about Febroker that we have not said before. This broker is a full scam and a risk to all. Read on to find out more.
The broker say it is registered in Marshall Islands. It matters not whether this is true or not. This country does not have a financial regulator. The Marshall Islands is also one of the few places in the world where a company can be registered without the founders ever stepping foot in the nation. You can clearly see the appeal this has to scammer brokers.
In the legal docs we find that the user is in charge of checking his or her applicable jurisdiction, meaning that the client is responsible for everything, which is not the case in the real FX world!
There is a lot of talk about laws this and laws that, but the broker never gets to a concrete point. To rely on ambiguity is the mark of the scammer broker; it does so to cover just enough ground in order to convince the most ignorant of traders. It's a solid system that has resulted in great scams!
In the end, Febroker is not licensed and is thus a risk to all investments!
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).
The registration process required too much personal details from us, and we felt this to be suspicious. Moreover, when we did write some arbitrary information that was need to complete the registration form the page was unresponsive. What we mean is that clicking on the “finish” button did nothing. So in the end, we will have to rely on the website for all the trading details.
We learn that shares, forex currency pairs, commodities, indices, and futures are the tradeable assets. The 2.4 pips spread for the EUR/USD is not very profitable, while the 1:500 leverage is the typical offshore value. Overall, the trading terms are not favorable to users.
There really is no reason to trust the website with all this information. The broker is, first and foremost unlicensed, and therefore nothing on its website is trustworthy.
This is classis. We have a claim of an MT4, but no direct access to it.
Yes, the MT4 is there and ready to be used, but only by registered users. In this case, we assert that this trading platform has been used as lure.
It's not the first, nor will it be the last time, that the MT4 will be used as a software mainly for attracting an audience. This is what unlicensed brokers do best- they lie themselves into the user's pocket.
FEBROKER MINIMUM DEPOSIT
Investing in unregulated brokers is basically like throwing your money. There is no reason to do so.
The website reveals that the payment methods are credit cards, debit cards, bank transfer, help2pay, PayTrust, and PaymentAsia.
The minimum deposit is quite the mystery, since on one section of the website the value is said to be $1000, while another claims it to be $200. There is no knowing what the real requirement is.
There is a $5 fee for all credit and debit card deposits.
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.
FEBROKER WITHDRAW TIME AND FEES
If you apply for a withdrawal with any unlicensed broker, including this one, your request will be denied and stalled forever!
And here we come to the last point we want to make. There are no withdrawal details, which tells us that this broker is not worth investing in at all?
Why? Well, first of all there are no withdrawal conditions, so there is no guarantee that the user will be allowed to withdraw. And second, the broker is a scam, and we know by now how these entities function.
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!
Febroker is a complete scam, and no matter what it claims, all deposits will be lost, and any personal details you may have provided it with will be manipulated.
Febroker compared to other brands
United Kingdom, Cyprus, South Africa, Mauritius
Cyprus, Saint Vincent and the Grenadines