FXCoinClub

FXCoinClub can be deceiving for those unaware, but that is why we are here. Read on to find all the necessary info on this one.

FXCoinClub is clearly UNREGULATED, for a couple of essential reasons: registering an account was extremely fast and easy, and the dashboard presented to us is the typical shady broker mess; the website is very boring and has little to offer; but most importantly, there is no mention of a license, or rather no mention that FXCoinClub is regulated by a respectable agency. The only thing we have is a mention of Bulgaria in the Terms and Conditions, and that the broker functions under the local governing laws.

In Bulgaria, the license issuer is the Financial Supervision Commission (FSC). The agency is not the most renowned, and Bulgaria is known to host some shady firms. As expected, the FSC bears no results for FXCoinClub.

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).

The leverage is not indicated anywhere, even on the trading platform. The EUR/USD spread is 2.7 pips. This is considered a very high spread, and as such is not at all favorable to clients.

The trading platform offers us Forex Pairs, Crypo, Indices, Commodities, Stocks, ETF, and Bonds.

The website is available only in English.

FXCOINCLUB LOGIN

Surprisingly, the trader here is quite decent, even if it reassembles almost every fraudulent broker trading platform. Aside from its presentation, the broker offers some good features, including but not limited to pending orders, news feed, live television, quite a substantial amount of options for customization, and more. Overall, a decent trading terminal that has potential.

The EUR/USD spread is 2.7 pips, while the leverage is not shown anywhere.

The trader is exclusively a web based terminal.

FXCOINCLUB MINIMUM DEPOSIT

Account Types section gives us a minimum $500 deposit requirement.

We had no way to proceed with the deposit making because the dashboard offered us no funding methods:

There is a chance that this is due to the fact that we hadn’t given any ID documents. Whatever the case is, the actual deposit methods and minimum requirement cannot be made clear.

The Terms and Conditions mention only Credit/Debit cards.

Once more: this broker is clearly unregulated, and if you choose fund an account with it, it will put you directly at risk of loosing all funds. For safekeeping your money, we strongly advise to avoid all brokers who do not have a proper license from renowned regulatory bodies. Agencies like the FCA and CySEC stand out as some of the top license issuers in the world, notorious for their severe requirements and close relationships with the law.

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, often times 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.

FXCOINCLUB WITHDRAWAL TIME AND FEES

According to the legal documents, the minimum withdrawal is $50.

The withdrawal processing times is mentioned as being up to 5 days.

FXCoinClub gives us undisclosed withdrawal charges,

ADDITIONAL FEES AND TAXES

In the event of any conflict of interest or dispute, the broker smartly stays in the clear from any client accusation with the following clause

Every withdrawal of a bonus requires a specific turnover amount, that has not been clearly indicated (it might be 30x). What’s made clear is the 30% max penalty fee if a withdrawal is requested before completing the volume.

Inactive accounts (12+ months of inactivity) will be charged with an annual fee of $25.

Unlicensed brokers utilize smartly crafted tactics to keep you as invested as possible into their schemes of deception. And seeing that every day there are many who fall victim to their plans, one must realize that these people are smart and fully capable realizing their schemes, either by finding or creating loopholes in the T/C, by reassuring that the more you postpone your withdrawal the better the chance of quadrupling your initial investment, or just asking for more deposits.

ACCOUNT VERIFICATION

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.

We are positive that this so called broker will not return your funds; the evidence we have laid out before you work in sync against it. The sound thing to do is to direct your attention and investment to an FCA or CySEC licensed broker where the law is integrated in every aspect of their operations.

HOW TO RECOVER

The only way to recover is by filling for a charge back, and hoping it’s not too late.

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.

Victimized traders will have their guards down looking for every opportunity to get their money back. This is where the fake recovery agents come in, seeing an opportunity in your desperateness. First of all, they will promise to recover all your money, but they will ask a fee to cover their services. Once this fee is paid rest assured that you will never again hear from them.

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

FXCoinClub is nothing short of a typical fraudulent broker. Stay away from it if you value your money.