Warning! FXReview is an offshore company! Your deposit may be at risk.
RECOMMENDED FOREX BROKERS
FXReview has the potential to create mixed feeling, even in us. At first we took it for what it looks like; a pretty professional looking broker. But soon enough true face of the company revealed itself.
FXReview’s parent company called High Concept Holdings LTD is said to be registered in St. Vincent and the Grenadines. Readers should be aware that SVG does not regulate the forex market. The company may or may not be registered be registered there, but that is of little interest to us, since a broker with a registration but without a regulation is considered a risk for all those who invest in it. Furthermore, there is no other indication on different location, nor is there any mention of an actual regulation. Thus FXReview is in fact UNLICENSED and therefore a risk to all that invest in it.
We urge traders to trade with regulated brokers under the gaze of such agencies as the FCA which not only enforces a strict set of rules and demands detailed reports on company activities, but also includes a compensation fund of up to £85 000 for victimized traders resulting from insolvent brokers.
We easily opened an account and were given unlimited access to the trading platform; a sign that should be taken as a warning. A live account is usually opened only once a user is verified. Nevertheless, we go a leverage of 1:200 which is the maximum leverage. We also got a 3 pips cost of trade for the EUR/USD currency pair.
The trading terminal opened its gates to the following assets: Forex Pairs, Crypto, Commodities, Indices, Stocks.
The website is exclusively in English.
FXReview encompasses the typical scammer broker trading terminal. The options for customization are limited, there are no pending orders, no expert advisors, and barely any room for customizing. The entire feel is sloppy and unfinished.
The leverage is capped at 1:200 which is surprising, given the fact that the broker is both offshore and unregulated. However, a lower leverage means that clients will have to deposit more, which is the main thing a scammer broker aims for.
The EUR/USD spread is 3 pips, which is a cost of trade only favorable towards the broker.
There a fees when opening a position on “some financial instruments”. The fee is unsurprisingly not revealed.
FXREVIEW MINIMUM DEPOSIT
Deposits can be made via Credit/Debit card, Wire Transfer and bitcoin, as per the client portal.
The minimum deposit is $250, which is pretty much the most common deposit requirment for all brokers.
We would not deposit with this one if we were you. This broker is clearly not legitimate and not regulated, meaning that who knows what they will do with your investment. Traders should deal exclusively with brokers regulated by exemplary agencies such as the FCA or CySEC, for they oversee a brokers activities from head to toe with a severe case of diligence.
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.
FXREVIEW WITHDRAWAL TIME AND FEES
The withdrawal process is 5 days, however a client must confirm it first via phone within 3 days. If the client fails, the request will be canceled.
Credit card fees are 0,3%, with a minimum fee of $20, and a maximum of $500.
Bitcoin are 1%, with a minimum fee of $20, and a maximum of $500.
Wire Transfer fee is 0,3%, with a minimum fee of $50, and a maximum of $750.
ADDITIONAL FEES AND TAXES
The renewal fee can be taken directly from a users credit card, if the account does not hold enough funds.
There aren’t any other fees that are worth mentioning. However, don’t take this light headily. Any effort to withdrawal your money will be unsuccessful. Either the broker will find a loophole in the terms and conditions that is completely made up, will firmly advise you against withdrawing, or they will ask more deposits needed if one wished to withdrawal. Scammers come up with additional fees and taxes for the sole purpose of keeping you on stand-by, and to deplete as much money from you as is possible.
We strictly advise against giving away an ID and proof address to unregulated brokers: they can be literally anyone with enough time and skill to mask themselves as a broker. Usually, these individuals use the anti-money laundering legislation as front for when traders start to get suspicious. Once this suspicion is confirmed and you file for a charge back, they will use your details against you case.
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
Filing for a charge back is the best advice we could give you. Immediately contact your bank or credit card company and lay out the circumstances.
Cancel your credit card if you have shared any notable details with the fraudulent broker, especially if you have provided them with the card’s CVV code. If such is the case, annul your credit card ASAP.
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!
We cannot recommend FXReview. It is unregulated and the trading ground is poor; both pillars of any successful broker. Stay away from this one!