FXRiver

FXRiver opens with a great tsyle and aesthetic and everythihng seems fine, until you realize that it isn't. But it may be too late for some people. So read the review to find out what went wrong.

FXRiver is allegedly regulated by the  Labuan Financial Services Authority. We genuinely though this to be a legit claim, and searched deep and thoroughly the regulator's site for any trace of FXRiver, but by the end we knew that the company had lied.

Furthermore, we find another statement saying that the firm is actually incorporated in Saint Vincent and the Grenadines all this time. This claim cancels the other, because Saint Vincent and the Grenadines does not have an FX regulator, and all brokers in its jurisdiction are unlicensed. And so is the current broker.

Moreover, none of the legal documents' links function, all leading to an error page, meaning that there are no legal documents at our and the clients' disposition. A broker without legal contracts it, obviously, illegal.

FXRiver is unregulated and a huge risk to all users.

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 was quick to fill and easy to go through, and there was no need to even to confirm our email address on anything like that. At least, not at the beginning. After we entered the user area, certain sections were blocked to us. Actually, the user area was quite fine and rather pro-looking, and for an unregulated broker this i one the best platforms we have seen.

We did not open a trading software, even if we had the opportunity to, for a simple reason- we did not want to expose our computer to a risk that the .exe file of the platform seemed to carry.

What this means for the review is that all the trading information will be taken from the website, which is owned by an illicit entity, so what we are about to reveal may not be truthful.

As per the site, the available tradeable instruments are forex currency pairs, commodities, stocks, and indices. The EUR/USD spread is said to be 0.1 pips which is untrue in all cases. Moreover, there are honest contradictions all over the place, with certain sections of the site claiming one thing, while other parts of the site sticking to a different story. The same thing applies to the leverage value; it's either 1:400 or 1:100, or probably something completely different.

Don't dwell on the trading conditions too much; the broker is unlicensed after all, and any interaction with it is both a risk and completely useless. Not to mention, that most illicit brokers pull the exact same thing as this one.

FXRIVER LOGIN

The MT5 download file in the user area was there and all, but our PC warned that the file may hide a malware. We are no about to compromise our entire working station for some unregulated broker, and neither should our readers.

Moreover, the MT5 web trader link in user area unresponsive, and thus all hopes for accessing an FXRiver terminal just disappeared.

Yes, there is an MT5 available, but we won't be interacting with it. And even with the MT5, the company remains unregulated; FXRiver could have easily pirated the MT5.

FXRIVER MINIMUM DEPOSIT

The client portal reveals that clients can invest by means of Local Depot, PayPal, HelpToPay, and wire transfer.

The minimum deposit is $10.

The payment info on the site contradicts the one on the user area, which is a sign he broker is not been overseen by any legal entity.

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.

FXRIVER WITHDRAW TIME AND FEES

The withdrawal area reveals two payment methods: wire transfer and HelpToPay.

There are no withdrawal fees, and it takes up to 3 days to process a request.

Very common withdrawal conditions, but not really worth the effort, not to mention that the company is not licensed!

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

FXRiver may seem legit and professional, but believe us that it has done a good job at concealing its illegal nature pretty well. Do not invest here for you will lose all your money!