FXTrades

There is an immediate air of suspicion that surrounded us the moment we entered the website of alleged broker FXTrader. Read the review to find out what we think of this one.

First and foremost, the regulation, of which FXTrader has not mentioned. There are also no legal documents. Furthermore, the state of the website is lackluster at best and laughable at its worst. We can conclude that this broker is clearly UNREGULATED, and most certainly a scam that aims to steal your investments!

Always check for a proper broker license within the domains of the regulatory agencies. All of them have access to either an online database of regulated financial services providers, or separate lists of authorized companies. We advise traders to go with FCA/CySEC regulated brokerage firms, since these two agencies are some of the best for the job.

There is extreme confusion surrounding the trading platforms, and so the trading terms that we will reveal are taken from the demo web-platform we opened. The EUR/USD spread is 0.7 pips which is actually excellent, with a leverage that is capped at 1:1000. Such a high leverage can easily bring you profit, but it can just as easily eat up all your investement.

Users can trade with Forex Pairs, Indices, and Commodities.

As far as we're concerned, the website is accessible only in English.

FXTRADES LOGIN

Even though the broker clearly advertizes a MT4 and MT5, we were not able to find any clear access to them. The only platform for trading that was on offer after we opened both what seemed to be a live account and demo one, was a seemingly proprietary trader.

This web-trader is surprisingly professional in both look and feel. There are indicators, chart management options, pending orders, yet the options are thin, yet the way the whole package carries itself makes it feel bigger than it is.

FXTRADES MINIMUM DEPOSIT

For some reason the broeker would not allow us to deposit funds. Even after we opened a live account it seemed persistent enough in this. Therefore, all deposit information must be taken from the website, which is not a good idea seeing as the comapny is unlicensed.

Nevertheless, the minimum deposit is said to be $500, and the methods for doing so are Bank Transfer and undisclosed e-payment methods.

Due to the broker’s lack of an authoritative regulation, we advise against depositing any amount whatsoever. If traders wish to invest in online forex, they will find that any FCA/CySEC regulated broker will surely do. These agencies are at the top of their game, demanding a strict conduct from brokers, and requiring regular reports on their activities.

DON’T PROVIDE YOUR CREDIT CARD CVV CODE

The three digit CVV code is essential to making purchases or completing transactions online. By handing this info to someone claiming to be a broker, your are exposing your savings to the biggest risk of all!

DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER

AnyDesk and TeamViewer softwares are double edged. For one, you provide complete access to your computer to someone else who, essentially, takes over as the new user. This can be helpful if the person with access is a friend, colleague, or acquaintance; or it can be devastating to your private information, including bank info, if you provide entry to someone with a shady background. Hence the double edge. Note that these softwares are 100% legal meaning that your approval will be needed if someone is to tinker inside your PC.

FXTRADES WITHDRAWAL TIME AND FEES

Withdrawals are not possible. We can confirm this:

This snip is from the withdrawal section of the client area. Furthermore, there is no withdrawal info on the website.

ADDITIONAL FEES AND TAXES

Unlicensed brokers utilize smartly crafted tactics to keep you as invested as possible into their schemes of deception. The broker will probably refuse to return your money by constantly postponing your withdrawal. 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.

ACCOUNT VERIFICATION

Traders will sooner or later realize that something is a foot. Filing for a chargeback might not be as easy as it seems if, beforehand, the user has given away a copy of his ID and proof of address to the unlicensed broker. With these in their possession the broker can easily refute any claims you might have against them.

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

If you have given a CVV code to the broker, be sure to cancel your credit card as soon as possible, because the broker will not delay with draining every cent from it.

At some point or another you might stumble upon a “recovery” agent or agency that promises to retrieve all your money back. This sounds all too good to be true, and that’s because it isn’t. Before proceeding with the recovery they will ask a payment for their services. If you chose to indulge them, they will disappear with the money without a hint of remorse.

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

FXTrades will not return your money. This alone should stop you from depositing in it. Not to mention the other big pile of problems. Do not invest here!