FxTradingMining

FxTradingMining is exactly the type of company that we though the moment we laid eyes on it. You know the type we are talking about.

If the look of the website has not made it clear that this broker is a joke, then one of the following sides to FxTradingMining will.

First of all, we find in the footer the very widespread claim that the website of FxTradingMining “is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation”. Many unregulated brokers include this exact sentence as part of their legal docs, or in this case the footer. It basically means that the user should be aware where he or she accesses the website and services of FxTradingMining, for some jurisdictions may prohibit its usage. Yet, the essence of this is missing, i.e the exact jurisdiction where FxTradingMining is not available. And so, this claim has the ability to confuse users, some of which might think that it is their duty to check if their country regulates FxTradingMining, which might be a handful for novice user who do not know where to begin with.

When we went on for more information in the legal docs, we discovered that the terms and conditions were only three paragraphs short meaning that there are no lawful or  regulatory details that we can get from them. Moreover, short legal docs mean that the broker does not cover the basic user-broker legal requirements for a steady professional relationship.

Thirdly, as it turns out FxTradingMining is completely anonymous, with no information of an address or an actual license, not that we ever expected this one to hold a license in the first place. Anonymous brokers are perhaps the most dangerous types because one cannot trace them and thus one is helpless when trying to get her money back. Who knows where FxTradingMining is operating from.

And last but not least, we find an FCA warning issue on the broker, meaning that there is no need to dig any further. With such a warning to it, we now know for a fact that FxTradingMining is not licensed and is a scam!

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).

After an easy registration we entered a user area that had a completely different look and feel than the client portal, yet that does not mean that it is good. In fact, the dashboard was very messy and bad looking, another sing of the broker's illegitimacy.

The worst part of it all was that there was no trading software to be seen, and thus there are no applicable trading conditions (spreads, leverages, tradeable assets)

FXTRADINGMINING LOGIN

The truth is that there is no trading software. Do not count the  third party charts as platforms, for they can never replicate the ability of a trading software. Their main purpose if to either fill in the empty space or act as a reference point. Nothing more!

FXTRADINGMINING MINIMUM DEPOSIT

Would you ever send money to a BTC wallet looking like this? This turns out to be the only investment gateway on the client portal area, making this the only way to fund ones account, although we seriously doubt that the user will ever see her money again once it is sent over to this shady and unknown BTC address. 

According to the website, the minimum deposit is $50, yet there is no vouching for this. Aside form being incredibly dangerous and untraceable, crypto payments also rarely are limited.

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.

FXTRADINGMINING WITHDRAW TIME AND FEES

We are more than certain that all withdrawals will be lost here!

From the withdrawal area we find that the payment gateways are BTC wallet, bank transfer, CashApp, Skrill, WesternUnion, and PayPal.

Much more than the depositing method, their very presence means that the broker does not abide by any AML rules.

There are no other details on withdrawals, not that we really need any.

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

FxTradingMining is a complete scam that will steal your money. Stay away!