MoonFX Trade

It is with great indifference that we proceed to the review of MoonFX Trade, a broker that has done nothing to improve the old formula; and by improve we mean to make it look and seem better, for there is no fixing the actual nature of this entity. Tis is because MoonFX Trade is essentially a scammer broker at its core, meaning that whatever we are about to reveal next is pretty much irrelevant.

The first thing we uncover about the company is that it is allegedly located in the United States, if we are to entrust the contact address pointing at an address in California. This is, to say the least, a simply not true. The US is by far the most heavily regulated FX environment in the world, and MoonFX Trade, or similar bodies, can never even hope to achive a legit business operation there. The address is a hoax.

According to the footer, the broker is actually registered in Saint Vincent and the Grenadines, a country known to harbor thousands of unlicensed broker, with the number growing on a daily basis. There is no FX regulator in place locally, and the authorities seem to thrive from the illegal FX scams and so turn a blind eye to all illegitimate brokers. And so we are more willing to believe that MoonFX Trade is incorporated in Saint Vincent and the Grenadines, even though it does not change the broker's scammer status.

Later on, we read in the user agreement that the broker is in fact governed by Dutch law, which would mean that a local license is in place. There is no such thing; this is filler text at its lowest.

Last but not least, we traced an official FCA warning, which once and for all label this broker a scam and an unregulated entity.

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).

At this point, we knew that anything that we would find would be obsolete, inclusing the registration of an account, which was fast and easy. However, the leading user area seemed like the typical scammer user area. But worst of all, there was no trading  software.

MoonFX Trade cannot be considered a broker without a trading software, it's as simple as that. There are no available tradeable instruments here, no applicable leverages, and definitely no spread values. The site might promote trading conditions, but it downright lies to all.

MOONFX TRADE LOGIN

The lack of a trading software has been established. However, MoonFX Trade offers an alternative, albeit a scammer one.

Users can either use a crypto exchange that barely functions or stands on its own, or a bunch of investment packages.

The exchange was appalling, and it seems to be just for show with no way to actually work with it.

And so, we are left with the investment packages, which are the essence of a investment scam. It embodies it all- users are required to invest a certain amount and are told to wait until profit start raining out of nowhere.

It's a simple scheme that seems to work, seeing how many users get their funds stolen on a daily basis.

MOONFX TRADE MINIMUM DEPOSIT

According to the user area, the minimum deposit is $100 or $500 (we are not sure, the broker has somehow managed to mess even this up) for packages.

The payment methods promoted are PayPal, crypto wallets, PayStack, wire transfer, and Stripe.

However, the payment area was unresponsive, and we had no way to actually get a close look on a minimum deposit requirement.

Meanwhile, the minimum deposit is $200 according to the website.

It's all a big mess.

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.

MOONFX TRADE WITHDRAW TIME AND FEES

Withdrawals occur by means of bank transfer, Bitcoin, Litcoin, and Ethereum.

All processes are instantaneous and there are no withdrawal fees.

These conditions may be clear and promising, but don't let them fool you; the broker remains a scam!

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

Don't let the the packages fool you, or any of the other lies listed by the firm. MoonFX Trade is as unregulated as you can get.