TrustFX review – 5 things you should know about

TrustFX review – 5 things you should know about

Beware! TrustFX is an offshore broker! Your investment may be at risk.



Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.


TrustFX is a Forex brokerage supposedly registered in Switzerland. It provides the Meta Trader 4 platform, as well as a wide range of trading products. The leverage extended to traders is just 1:30 which is quite balanced but the spread on EUR/USD remains unclear.

TrustFX regulation & safety of funds

The corporate information shown on the website tells us that the brokerage is supposedly registered in Switzerland, however, we only see a contact address and nothing else. Here is a screenshot:

We find no mention of a license by any authority of a country member of the EU, including the Swiss Financial Market Supervisory Authority (FINMA) – thus we may safely conclude that the brokerage TrustFX does not fall under any European regulatory oversight.

Furthermore, we are not given a registration number, nor even a name of a company which leads us to conclude that the website is anonymous and the firm is most likely registered offshore in some cozy place such as the Marshall Islands. Places like the Marshall Islands have become a top-destination for would-be scammers due to its very liberal laws regarding the registering of companies. The government does not even require for someone to be physically there in order to register a company. Such a loophole has surely been noticed by many ill-minded brokers and utilized. Nonetheless, it’s safe to assume that Nobel500, irrespective of its legitimacy, does not fall under any regulatory oversight whatsoever because the government of the Marshall Islands does not include Forex trading within its regulatory framework.

Traders needn’t have to worry themselves with such risk if they choose to trade with a brokerage regulated and authorized by a prestigious regulatory agency. Such agencies are the FCA in the UK or CySec in Cyprus which have been leading names in Forex trading for some time now. Their regulatory framework is composed of a number of strict rules which prevent clients from falling victims to fraud. Such rules include the segregation of accounts which assures that commingling with the client’s money is not possible. Furthermore, a license by such a regulatory body entails participation in a financial mechanism by which clients may be compensated if they suffer losses due to fraud or bankruptcy. The FCA provides up to 85 000 pounds per person, while CySEC guarantees up to 20 000 euros.

TrustFX trading software

The brokerage provides the MetaTrader 4 trading platform which is something we always consider an advantage since the MT4 is among the foremost trading terminals in Forex trading at the moment, close to 80 percent of users prefer it. The platform provides an advanced charting package, lots of technical indicators, extensive back-testing environment and a variety of Expert Advisors (EAs). Beginner traders will find the trading platform easy to use as well, due to its user-friendly layout. Among the trading products available we see CFDs CFDs on currency pairs, cryptocurrencies, indices, commodities, precious metals and stocks.

Through the demo account we could see a spread of  just 0.2 pips which obviously is quite favorable, however, we cannot but highlight the fact that no broker may hope to yield a profit through so low a spread. It’s quite likely that this isn’t the spread that is truly offered but only serves to entice traders into depositing their money. However, we are surprised by the leverage extended to traders which is only the meager 1:10 which is even lower than the European cap of 1:30 and quite unfavorable in our view. Furthermore, we point out that the platform is actually provided by a third party – Gelko Partners. Such a thing isn’t uncommon in Forex trading, however, it isn’t something we condone either and only further makes us question the legitimacy of the brokerage.

TrustFX deposit/withdrawal methods and fees

We were unable to find any information on the website pertaining to the available payment methods for clients. Such infomration is crucial in Forex trading and we consider its absence a huge blow to the credibility of the brokerage. Usually, traders may deposit or withdraw via at least the standard Visa and MasterCard, as well bank wire.

The brokerage does not even have terms and conditions which is another telling sign that TrustFX means trouble.

Many scammers choose not to disclose such information to would-be clients. Without proper information on the website we cannot be certain whether clients won’t be charged with any unexpected withdrawal or deposit fees once they invest. This is why we advise traders to always put up only the required minimum deposit, instead of risking a bigger amount with no certainty. Afterwards, they may also try to withdraw a small amount in order to check for any unexpected fees or delays. Such fees and delays are usually the signs of a scammer.

How does the scam work?

Unfortunately, the possibility of a scam looms over almost every trade in Forex, especially if you are dealing with an unregulated brokerage. That is why we believe traders should be acquainted with the methods of a scam. Here is how it would typically go about:

Through clicking an ad with promises for fast money, you will be redirected to a website such as  Bitcoin Evolution or Crypto Cash where registration will require you to give your address, email and phone number. After sharing your personal information, you will being receiving calls from brokers, compelling you to invest with them and win big. After a few minutes hearing their pitches, you decide to deposit some $200-250. And just like that – the scammers take a fat commission from this initial deposit.

After they are done with you, senior scammers begin working you into putting even more money. They say it’s the only way to profit from trading even more. After making the mistake of investing even further, you’ll begin wanting to get out of this and withdraw what you have left.

Unfortunately, the con-artists have no such thing in mind. They will now begin persuading you to wait it out and not withdraw right now. The motive here is quite straightforward – traders have a limited time window for filing a chargeback with their bank and get their money back. The “recovery department” will simply want to mislead you into missing this crucial period and, along the way, losing any chance you might have of getting the money back.

What to do when scammed?

As was mentioned above, scamming is quite the common in the trading world and, sadly, even you might suffer from it. In such an unfortunate case there still may be some available options for you.

You may contact your bank or credit card provider and file a chargeback. Furthermore, due to the high instances of fraud – both Visa and MasterCard have decided to sidestep scammers as best they can in Forex trading. The first thing we have seen so far is that MasterCard has increased the previous time period of six months for filing a chargeback to a year and a half.

If, however, you have provided the broker with your credit card details, immediately cancel your credit card.

If you have given information regarding your online banking pass – you should switch it asap!

Beware of potential calls from self-described “recovery agencies”! They prey on scammed and vulnerable traders who are desperate to recover their losses. They will require an “up-front” payment to help you, but after paying them, no such help will be coming your way!

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1 Comment

  1. Warnings and alerts!!! Most wanted!!!
    This criminal network and syndicate Wisebanc has change their name to Pcmtrades/ Poseidon tradings??? This is a criminal network!!! Pcmtrades/ Poseidon tradings is a scam/ fraud/ money laundering scheme!!! Organized Israeli/ UK/ American crime syndicate and network!!! Pcmtrades/ Poseidon tradings a organized crime syndicate and network!!! Website: e-mail: [email protected] this address and phone number on their website looks credible. Address: 229 shoreditch high street e1 6pj. Phone nr: +447426066948 but they are not operating from there this is just one of the ways how they use to tricking, lurking and fooling people to believe that this is a serious trading company to invest funds!!! This is criminals!!! Why you think they change a name of the website every year???Same platform as before but different names to escape from the police and authorities!!! Aka options xo aka wm options aka prime cfd’s aka Wisebanc? And now pcmtrades/ Poseidon tradings!!! Nobody seems to be able to stop them with their criminal activity to scam/ fraud people and money laundering they only change name and continue year after year with their dirty business!!!???

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