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Here we are again with another addition of a broker that displays lots of info while attempting to conceal the most important aspects. SepaFX might seem like it takes itself seriously, but as we shall see this is not the case.
With all its text and imagery, we did not once come across a mention of a regulation, and mind you , there is an overabundance of text. Even the legal documents are not at all helpful here. There are hint here and there that the company is located in the UK, but that does not mean that it is licensed by the FCA. Needless to say, SepaFX is UNREGULATED and therefore is a risk to all investors.
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 requirement 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).
We registered very easily, yet once we entered the client dashboard a much common issue arose from which results a lack of trading conditions. The login section will reveal what that was.
The website is available only in English.
The client dashboard did not give us access to a trading terminal. It doesn't even offer one. Furthermore, the website does not disclose platforms details. In short, SepaFX has no trading platform.
SEPAFX MINIMUM DEPOSIT
The payment terminal gave us the opportunity to deposit by means of VISA and MasterCard. Once we proceeded, the minimum requirement turned out to be $250. There are no other depositing methods, meaning that the website's claims of e-wallets or wire transfers are untrue.
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.
SEPAFX WITHDRAWAL TIME AND FEES
Withdrawals are payed out in 10 days tops, and there are no withdrawal fees. Bear in mind that this was taken from the Terms and Conditions. As for actually withdrawing from the payment area, users have the ability to use credit cards only.
ADDITIONAL FEES AND CHARGES
The broker can introduce new fees, or may change preexisting ones, by giving a 10 day warning to users:
Those users who have used a bonus will have to complete a trading requirement prior to withdrawing. The amount that has to be traded is the deposit+bonus times 25, a hefty requirement.
Furthermore, for a normal withdrawal a users must have turned over his or her initial deposit at least 15 times. However, the clause is confusing in that we are not sure if this applies to normal deposits or bonuses.
We want to remind readers that many illicit brokers have no intentions of paying you back. 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!
SepaFX looks the part, but it does not act the part. For this reason the are totally against any investing with it!
SepaFX compared to other brands
United Kingdom, Cyprus, South Africa, Mauritius
Cyprus, Saint Vincent and the Grenadines