FX-Morgan

What seemed to be a decent website quickly turned for the worst, as FX-Morgan proved to be one of the worst experiences we have faced in a long time. It was so bad, that we even got kicked out of the user area at some point. This has happened before, of course, but when it does occur it is quite shocking, but at the same time proves to us that the broker is a scam

The alleged parent frim of the company is said to be based in the UK, yet there is absolutely no support of this claim. There is no registration, nor is there an actual license by the FCA. It's simple: FX-Morgan is not located nor licensed in the UK.

There isn't any information about the broker that we can use. In fact, we can easily claim that FX-Morgan is anonymous, which is another way of calling it incredibly unregulated, and a huge risk to all.

Not to mention that FX-Morgan is actually a clone firm of a company, according to the FCA. What's interesting is that FX-Morgan is a clone of a firm that ahs no, or at least not one revealed by the FCA. This means that FX-Morgan has made a smart choice, for there would be no clear way of knowing FX-Morgan is a real clone.

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 average EUR/USD around is 0.1 pip as we saw on the web trader that we accessed after registering, which was very easy, might we add. However, we believe that the spread is either commissioned in secret, or is manipulated in order to seem lucrative. No such spread exists without a context to it.
The leverage is capped at 1:300, which is pretty common for unlicensed brokers, while the available trading assets are forex currency pairs, commodities, cryptocurrencies, indices, and stocks.

FX-MORGAN LOGIN

The broker seemingly grants access to both a web trader and a separate MT4.

Yet, we soon discovered that the MT4 was under a different name, in that its trading servers do not belong to FX-Morgan. This means that if users access it they would be trading with a different broker. Ij other words, FX-Morgan doe snot provide an MT4 in reality.

And so the only real software was a web trader, but our access to is was cut short by the broker kicking us out of the user area. From what we managed to see, this web trader was nothing special, and in fact was typical unlicensed broker software, meaning that there was an obvious reliance on visuals and very little options to trade.

FX-MORGAN MINIMUM DEPOSIT

Investing in an unlicensed broker is the biggest financial mistake you can make.

The minimum deposit is $250.

Client can invest only by means of crypto coin wallets, as we saw in the user area. The firm lies on its website about payment methods.

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.

FX-MORGAN WITHDRAW TIME AND FEES

Withdrawal from similar brokers do not work; the company will simply leave you hanging.

Withdrawal fees according to the legal docs: $50 bank fee, $30 for withdrawing funds through credit/debit card, and $25 for e-wallets. There is also a 200 turnover requirement that must be met prior to requesting a withdrawal, or another 10 percent will be deducted on top of the other fees.

We would like to remind our readers of the crucial importance of Anti Money Laundering rules, which state, fist and foremost, that deposit and withdrawal methods have to be the same! If there is a difference in these, then the user risks breaking the law! FX-Morgan has not followed these rules, obviously.

ACCOUNT VERIFICATION

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!

BOTTOM LINE

From everything that we have talked about, is there still one single reason left to trust FX-Morgan? No. This is a pure scam and a risk to all!