Warning! ShareFounders is an offshore company! Your deposit may be at risk.
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The first time you visit ShareFounders’ website, you might be impressed by the professional look of this broker, yet as it turned out, this is yet another suspicious company that hides its intentions behind a facade of false promises. Read the review to find out all about it.
One piece of regulatory info mentions that the broker is registered in Hong Kong, and operates under the parent company Bitrix Tech Limited. In Hong Kong the Securities and Futures Commission regulates the forex market, whose primary focus is on providing the necessary means of protecting traders’ money and interests. It’s safe to say that neither ShareFounders nor Bitrix Tech Limited were not found in the commission’s registry which puts it in the category of UNREGULATED brokers.
We urge traders to trade with regulated brokers under the gaze of such agencies as the FCA which not only enforces a strict set of rules and demands detailed reports on company activities, but also includes a compensation fund of up to £85 000 for victimized traders resulting from insolvent brokers.
We were able to register, but most of the dashboard features were blocked, because our account had to be verified. In fact, the only thing that was not blocked was the Upload Documents section. And even though there is an MT4 platform, we were unable to access it.
According to the website spreads are as low as 0.1 pips for the Platinum type where the minimum deposit amount is two hundred fold the minimum deposit for the standard account. Speaking of which, the Bronze, or standard, account has a minimum spread of 2.8 pips. This high a cost of trade is favourable only to the broker as it is quite impossible for a user to make any kind of profit from it.
The leverage is apparently capped at 1:300.
Traders can trade in Forex Pairs. Commodities, Indices, Futures, and Shares.
The languages are English, Italian, Russian, and German.
The MT4 is included here, but without log in details, there was no way to use.
The MT4 holds the popularity title for many a reason: advanced charting tools, custom indicators, easy order management, expert advisors and more. MT4’s VPS allow for seamless automated trading at all times, uninterrupted by computer failures, sudden power cuts or connectivity issues.
SHAREFOUNDERS MINIMUM DEPOSIT
As we have seen with so many illicit brokers, the payment information on the website rarely corresponds with the one on the payment terminal. We assume that the same principle is applied to ShareFounders.
The Terms and Conditions offer no vital depositing info. The Deposit subsection on the website has some insight: Credit/Debit Cards and Wire Transfer are the depositing means, and the minimum amount is $250.
All signs point to the obvious: that this broker is not to be trusted due to its lack of regulation. It’s only logical that we advise traders against it. Brokers with proper licenses from the FCA and CySEC (among others) operate in ways that put the trader’s security of funds and personal information as a pivotal priority. These agencies are the top non-US financial license issuers, which should give you an idea of the brokers working under their oversight.
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
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.
SHAREFOUNDERS WITHDRAWAL TIME AND FEES
Credit/Debit Card withdrawals take up to 8 days, while wire transfers take up to 3 days.
There is no fee for withdrawing via credit card. Any further fee method for debit card and wire transfer withdrawals has nit been mentioned.
ADDITIONAL FEES AND TAXES
There are no particularly striking clauses, even if the broker has a number of legal documents, and is unregulated.
Even so, unregulated brokers do not care who you are and what your situation is; all they see is money, and they will trick you into giving it to them every chance they get. It is only logical then, that any attempt at withdrawing will be unsuccessful. The most popular excuses for denying your withdraw requests are usually smart and for the most part scripted. These include but are not limited to loopholes in the T/C, asking for more deposits in order to withdraw, or just prolonging your pending withdrawal by claiming that the market will suddenly propel, multiplying your winnings by unrealistic proportions.
If a broker is unlicensed, never give you ID and personal details to it, because the broker will use these details against you once you file for a charge back. Furthermore, any allegation held against the brokerage will be easily refuted if they have in their possession a copy of your ID and proof of address.
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.
HOW TO RECOVER
Filing for a chargeback is the best advice we could give you. Immediately contact your bank or credit card company and lay out the circumstances.
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.
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!
ShareFounders has the potential t be a decent enough broker.The only thing standing in its way is the missing regulation. For now we do not recommend investing in it!