Beware! Twicefx 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.
Twicefx is capable of confusing you into thinking that it is a decent broker with acceptable trading conditions. However, please do not rush to conclusions. We advice users to check the broker’s hidden corners. But most of all, we urge you to read our review to see what we discovered about Twicefx.
Registering an account was extremely easy, requiring only four things from us. Immediately after registering we were introduced to the trading station, which did not give us a EUR/USD spread, because we could only see the selling price of pairs, and other assets. The leverage is capped at 1:888, which is odd and not a serious amount. However, it is a dangerous amount that can easily lead you to lose all funds.
The trading station also served as a user dashboard, a prospect that we have become used to in the last couple of reviews. It seems that this is a new trend utilize by shady firms, and is a great tell of such entities!
Trading assets are forex pairs, commodities, stocks, crypto, and indices.
The website is available in English, Russian, and German. However, the dashboard is available in English, German, Italian, Spanish, Polish, Russian, Bulgarian, Chinese, and Lithuanian.
TWICEFX REGULATION AND SAFETY OF FUNDS
The T/C reveal that the company operates under the laws of Saint Vincent and the Grenadines. Despite recent talks of reforming the local regulatory frameworks, SVG is still very attractive for illegal brokers, because as of yet there is no FX and CFD regulator. So Twicefx is definitely not licensed in the Caribbean nation, even if it is located there. In fact, all SVG based brokers are registered there, but none of them are licensed. It’s one thing to register as a company; it’s a completely different story to be regulated as a legitimate broker.
There is no other information on a regulation at all, meaning that we are left with the SVG info, So Twicefx is UNLICENSED, and as such is a risk to all invested money.
Traders should be trading with risk-free brokers, that hold licensed from renowned and austere agencies, like the FCA or CySec , which have made a name for themselves as some of the top regulators. Readers should be aware that both agencies have adapted very strict rules of conduct, and their licensing framework guarantees safety and security for all clientele. A good example of this is the segregation of accounts which assures that client money and broker money are kept in separate accounts. Furthermore, FCA/CySEC brokers participate in a financial reimbursement scheme that cover traders losses in case the broker becomes insolvent. The FCA provides up to 85 000 pounds per person, while CySEC guarantees up to 20 000 euros.
The company may share user personal details with its affiliated firm, of which we don’t know anything about.
Furthermore, client funds are not segregated, and are stored in the bank account of the broker. This is definitely illegal.
TWICEFX TRADING SOFTWARE
The seemingly propitiatory trading terminal is very poor, to be honest.
As you can seem, this is a very limited terminal which does not even give us the full buy/sell values. There are pending orders, and that’s all in significant features. Overall, a boring station, that does not allow for anything. Even the look of it is not appealing, reminding us of an early 2000’s portal. This is clearly a trading software that is made exclusively to be used by illegitimate brokerages such as Twicefx. Better stick to the MT4.
TWICEFX DEPOSIT/WITHDRAW METHODS AND FEES
The withdrawal of funds happens in 5 days. The minimum amount for withdrawing is capped at $30. Furthermore, the broker gives only one commission free withdrawal per month, while all other during that same months will be issued a $30 charge. The withdrawal area in the dashboard had absolutely no withdrawal information at all!
The Terms and Conditions clearly state that there are applicable fees,
Furthermore, before withdrawing, the user must complete a trading volume of an unspecified amount that the broker sets at its own discretion.
Bonuses must be traded at least 40 times before being able to withdraw them.
The firm can close any account without notification:
Upon closing an account, the broker will charge the user a number of miscellaneous fees, including a fee for the transfer off clients’ investments to a different broker.
There is also an inactivity fee of $30 per month, that is activated if a user has not done more than 5 trades in a calendar month.
Twicefx does not tolerate chargebacks! In case a user makes one, the broker will not allow you to withdraw. This is clearly the works of a scam artist, because chargeback are the only way that a user can recover his or her money that was taken away by fraudulent brokerage firms.
Here is one subtle clause that indemnifies the broker of responsibility should the user lose money. Of course, there are many other clauses that keep the broker far from any liability.
All these provisos plus the lack of a license equal one very shady and scammer broker, that Twicefx is. There is no reason to deposit you funds here. If however, you do choose to invest, for some unexplained reason, we urge you to do so with the minimum required amount, because, again, Twicefx is illegal and will probably never return your funds. Furthermore, it will most definitely apply fees and taxes in order to steal even more from you!
How does the scam work?
Users will be in the middle of a scam without even knowing it, that’s how efficient these scams are. Yet, clients will also be surprised that the most utilized scammer structure is laughably easy to grasp, making it predictable. We have dedicated the following section to the reveal of how the scam works.
The internet is filled with ads, it’s the fuel of the industry, and a big chunk of said advertisements are misleading and some are downright deceitful. The ads concerned with unregulated forex brokers are often very promising, and most of the times utilize completely false claims of immediate profit. Those tempted enough will be redirected to a robo-scam website that further guarantees profits. The only thing that separates the user from the unrealistic promises is a fast registration process that requires a phone number and an email address. After inputting this info unsuspecting users will start getting phone calls from illicit broker representatives, whose one and only job is to initialize the scheme by pushing a trader to make that first deposit of around $250. After that’s done, the senior representatives will be calling. These expert scammers are extremely good talkers, and will start working on you to start putting even more money in. They say that the more money invested, the higher the profit will be. At this point most traders start seeing the big picture, and will want to withdrawal their money and get out fast.
However, the scammers have anticipated this development, and are ready to counter any withdrawal request. Typically they find excuses for delaying the request in the legal documents that hold specific clauses for these purposes. The reasons are many. One thing to remember is that all illicit brokerage firms will deny the withdrawal request for as long as they can, because of the imposed time limit traders have for filling a chargeback. Once the crucial due date is not met, any chargeback requests will be denied.
What to do if scammed?
Those of you who deposited using VISA and MasterCard will be glad to know that both companies have extended their chargeback time span to 540 days, especially if the reason for it is an online scam.
Scammers will steal directly from a bank account, if the traders has provided crucial details, like banking password or security code. If it get down to this, be sure to either block the account or change the password.
Sometime victimized users will stumble upon the so called recovery agents that promises to magically reclaim all lost investments, for a fee that is. Needless to say, they will not get back any of the lost funds, and will basically scam you a second time.