Beware! Concept4X is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Concept4X is an offshore broker without a license to operate on regulated markets like the European Union, the USA, Australia or Japan. Otherwise it offers 6 account types on a web based trading platform and leverage of up to 200:1
When we tasted their trading platform with a demo account we were offered just 14 forex pairs, with the Turkish lira the only exotic currency in the list, and a few CFDs – on gold, silver, cocoa, 5 indices and some stocks. Trading conditions put aside, however, our main concern with the broker is their regulatory status and the rather unusual withdraw conditions we came across, reading their client agreement.
Concept4X regulation & safety of funds
Concept4X is owned and operated by AllGreen Capital Ltd., an offshore company based in the Commonwealth of Dominica. Neither the company nor the broker are regulated and that significantly lowers their credibility. Take a note that trading with unregulated brokers is extremely risky, because such entities are not accountable for the safety of your funds and are usually involved in scam.
On the other hand your funds with brokers, regulated by respectable institutions such as the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) or the Australian Securities and Investments Commission (ASIC) will be completely safe, because of the strict regulatory regime, licensed brokers have to abide by.
And what is more, if you trade with a FCA broker for example, a special fund will guarantee up to 50 000 GBP of your trading capital even in the event your broker files for bankruptcy. A similar mechanism will guarantee up to 20 000 EUR of your funds, if you are trading with a broker, regulated by CySEC in Cyprus.
Concept4X deposit/withdrawal methods and fees
Be aware that Concept4X will charge you a fixed commission in the amount of 30 USD for every withdrawal request, no matter if the request will be executed or canceled. Also Concept4X reserves the right to revise their commissions whenever they want.
And finally, Concept4X requires its customers to agree, to authorize the broker to withdraw money from their bank accounts and that is simply unacceptable. See for your self:
Otherwise Concept4X has a minimum deposit requirement of 250 USD and accepts payments with Neteller, Skrill, Sofort, QIWI, CardPay, WebMoney, MasterCard and bitcoins.
How does the scam work?
Contrary to what you may think, scammers are pretty well organized and employ lots of resources to run their elaborate schemes. For example pretty often they employ call centers in countries like the Philippines, as well as the services of the so called robo scam websites like CryptoContractsApp or Crypto Revolt, which are designed as promotional traps for gullible investors.
So if you stumble upon one of those robo scam websites, you will be immediately offered some “irresistible deal” – no risk at all, fast returns with a minimal investment, and all you will have to do is to leave your e-mail and phone, joining an innovative trading platform or app.
After you leave your personal information, however, you will be automatically redirected to the web page of unregulated scam broker, where finally you will be asked to invest about 250 USD. And take a note that your first trades with the scammers will be amazingly successful and pretty soon the money in your trading account will more than double. That however will be all fake. Scammers just want to make sure you will invest more, because your 250 USD are not what they are targeting you for.
And surely you will be contacted on the phone as well. You will be bombarded with trading signals and advises, but the calls will come down to the idea that you should invest more – like at least 10 000 USD.
And at that point most people do invest that kind of money without ever realizing they have been scammed until the very moment they decide to withdraw a portion of their funds. Then it suddenly turns out they can not, because of the minimum trade volume requirement, linked to their trading bonus. Scammers may use various excuses, but the bottom line is always the same – they will not give you a single dollar back.
What to do if scammed?
In case you have been scammed the only plausible step you may take is to file for a charge back with your credit card company. Both VISA and MatsreCard recently extended the maximum period in which you will be allowed to do that to 540 days. Still we advise you to file for a charge back immediately.
Take a note that some scammers might try to steal money from your bank account directly. If for any reason you have revealed to the scammers your personal banking details like credit card numbers or online banking passwords, immediately change the password and cancel your credit card.
And one final note. Do not trust the so called recovery agencies. They will just take some payment in advance and basically that is the last time you will hear from them.
