Beware! AdamantFX 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.
AdamantFX is presented as an industry leading broker with over 10 year of experience, offering a selection of over 300 forex pairs and CFDs on indices, commodities and stocks, with a choice of 6 account types, including a cent and a micro account, leverage as high as 1:500 and the MetaTrader4 platform. If that sounds as the perfect trading partner for you, we strongly advice you to read the following review.
AdamantFX is an anonymous, unregulated website, which according to our research is involved in scam.
AdamantFX regulation & safety of funds
At first glance the AdamantFX website looks perfectly legit. If you pay a closer look, however, you may notice that no where in the whole presentation do the broker mention the name of the company behind it, nor where it might be based and incorporated.
And besides, a UK contact number and another from Kazakhstan honestly does not mean anything. So what we have here is an anonymous website, which unsurprisingly also happens to be unregulated. Bear in mind that all brokers targeting customers in the EU, the UK, the U.S., Canada, Australia or Japan should be properly licensed and authorized by the respective official financial regulator like for example the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) or the Australian Securities and Investments Commission (ASIC).
Only that way you may trust an online broker, as regulated brokers are strictly supervised and have to adhere to strict rules. Furthermore, apart form the required minimum operational capital of no less than 730 000 EUR, EU and UK regulated brokers should also participate in client compensation schemes, basically insuring your trading capital for up to a certain amount – 20 000 EUR with most European regulators and 85 000 GBP with the FCA in the UK.
Here, we should note as well that the MetaTrader4 platform available at AdamantFX is provided by a company called Lotens Partners Ltd., about which we know nothing – we do not known in what way Lotens Partners Ltd is connected to the broker – whether they own the website or whether they just provide the platform. In any case that does not change the fact that AdamantFX is anonymous.
AdamantFX deposit/withdrawal methods and fees
AdamantFX says to accept payments with credit cards like VISA and MasterCard as well as Paytrio Tinkbit and crypto coins. As this is a unregulated, anonymous website however, our best advice is not to provide scammers with your credit card number and card security code, because you may be sure that if you reveal your banking details your card will be drained right away. Otherwise the minimum deposit requirement is 250 USD.
Another disturbing aspect of the AdamantFX offer is the fact that they appear to rum managed accounts. See for yourself:
The problem with all managed accounts offered by forex brokers in general is that virtually all forex and CFD brokers, legit once including, act as market makers, which means that they make money whenever traders lose. So it is quite obvious that if you leave market makers like AdamantFX to manage your account under any pretext, they will have the incentive to mismanage it and “lose” your money in their own pockets. This is an example of a conflict of interest.
Also, AdamantFX appears to collect upfront a 20% commission and some withdraw processing and handling fees, which is simply outrageous. See for yourself:
And be aware of the trading bonuses AdamantFX offers, because they come with a minimum trade volume requirement, which scammers handily use as an excuse to cancel your withdraw requests.
How does the scam work?
You may come across an ad promoting lucrative investment opportunities on your Facebook or Instagram page. Or you may happen to receive an e-mail with similar promotions. Bear in mind that scammers do use aggressive marketing strategies and lots of resources, including call centers and specially designed websites like Crypto Engine and Crypto Master Bot which we call robo scam websites, and which function as traps for gullible investors.
If you open a site like this you will be greeted by a cheese video ad, where you will be told how easily you can become filthy rich if only you agree to deposit a small amount of cash with some ground breaking trading app, which is supposed to automatically multiply your funds while you seat back and watch.
Now, if you buy this and leave your e-mail and phone, you will be redirected to the homepage of a unregulated, scam broker like AdamantFX and pretty soon you will be contacted by your “account manager”, who basically will be trying to convince you to deposit as much as you can. And you will be assured that there is absolutely no risk, but that if you do want to make some real money you will definitely have to deposit at least 10 000 USD.
And your trades will look pretty profitable until the moment you request to withdraw some of your funds. Than suddenly it will turn out that you are not eligible to withdraw, because you have not met some minimum trade volume requirement connected to your trading bonus. In the same time all of your positions will turn red and in no time your money will be gone. The story might of course be different, but the bottom line is always like this. Scammers will manipulate your trading results and will find some pretext to refuse to pay you back.
What to do if scammed?
Honestly, in case you have been scammed, your options will be quite limited. Your best move is to file for a charge back with your bank in case you have paid with VISA or MasterCard. Fortunately both VISA and MasterCard will allow you to file for a charge back within 540 days. No such option if you have paid with crypto coins though.
And if scammers have tricked you to tell them you credit card number, card security code, or online banking password, immediately block your credit card and change the password. And if you were tricked to install Team Viewer, Any Desk or any other remote desk top application and share your installation details, delete the program as well.
And finally, if you are approached by one of the so called recovery agencies do not accept their services. Those people will not help you to recover your stolen funds, but simply will make you pay some commission in advance, basically scamming you a second time.