Table of contents
Should TrustFX be your next go to broker, or is this company not worth trusting? Read the review to find out all the details.
It’s never a good sign when a broker has no legal documents. Well not only does TrustFX have no such documentations, but it also fails to mention where it is regulated, if at all so. The only hint is in the contact page where the broker has indicated Switzerland as its address.
In Switzerland the duty to regulate brokers falls into the hands of FINMA. Well, the online registry of the agency has no mention of a TrustFX, and so we can denote that TrustFX is UNREGULATED, and as such posses a risk to all who invest in it.
If users have the trader’s itch, they are more than welcome to trade with any FCA regulated broker. The FCA 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.
For those wishing to trade with a Swiss broker, be sure to check that it is regulated by FINMA. To become eligible for such a license, would be brokers have to hold a capital of at least 20 million CHF. Next, Swiss brokers must sign the Swiss Banks and Securities Dealers Agreement in order to continue with their application for a legitimate regulation. This agreement protects all customers against brokers’ insolvency of up to 100 000 CHF.
We opened an account very easily, and were immediately given access to the trading platforms. The leverage is 1:100, while the EUR/USD spread is 3 pips which does no good to traders and is in fact only profitable for the broker.
The assets for trading offered by TrustFX are Forex Pairs, Commodities, Indices, Shares, and Crypto. All in all, this is an impressive list.
The two languages are Russian and English on the website. The trader dashboards offer English, Russian, Arabic, Chinese, Italian, German, and Spanish.
There are two platforms her: the MT4 and the Status Webtrader
This webtrader is pretty decent, and it’s exactly the same platform as the one we found in KronoInvest. As we said there, this web-trader has all the basic things that a trader needs, but doesn’t really go any further to impress. There are options for customization, pending orders, multiple chart indicators, time frames, and a decent amount of trading information.
There are seemingly no commissions, and even if there were we cannot find them since there are no legal documents anywhere.
The functionalities are all there including drag and drop charts, user friendly accessibility and multiple order types. With MetaTrader 4 you can set automatic trading bot to do your deals for you while you preoccupy your time with different activities.
However, at TrustFX the MT4 terminal does not belong to them, but to a GelkoPartners which is an offshore holding company that operates other unregulated forex brokers.
TRUSTFX MINIMUM DEPOSIT
There is no minimum deposit. We tried to continue the payment process with just $1 and were successful.
The payment methods are VLoad, CryptoPayTech, and via Cryptocurrencies. This is take from the deposit section in the client dashboard.
Due to the broker’s lack of any 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
For safekeeping your money NEVER share your credit card number and CVV code with a salesperson. All online payments require this 3 digit number in order to complete purchases or transactions, and by giving yours away to some offshore broker may lead only to the complete drainage of funds from your credit card.
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
This broker has sneaked in the AnyDesk software as means for traders to receive help; it’s located on the bottom right of the screen on the website. 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.
TRUSTFX WITHDRAWAL TIME AND FEES
Since the broker has not included any legal documents, and the website itself is very short on details, there isn’t really anything to work with when it comes to withdrawal information. The only thing we were capable of getting a hold of was the withdrawal processing time, which is 24 hours.
Any other info is hidden, and one must first deposit to proceed to withdrawal. And depositing at TrustFX is the last thing you want to do.
ADDITIONAL FEES AND TAXES
There are no additional fees mentioned in any of the Legal Documents, only because there are no legal documents to go through. Don’t let this soften you up. Brokers that have no regulation are known to launch incoming fees without notice. For this reason they try to postpone any withdrawal request. 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.
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!
TrustFX has one of the most misleading names of a broker. Traders should absolutely not trust this company with anything. The only thing that is left, is to leave and never come back.
TrustFX compared to other brands
United Kingdom, Cyprus, South Africa, Mauritius
Cyprus, Saint Vincent and the Grenadines