Beware! FXMaster Live 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.
FXMaster Live introduces itself as an UK regulated Forex broker, specialized in cryptocurrencies. They claim to have more than 630 000 registered users with more than 200 000 USD in total deposits and more than 500 000 USD in total withdrawals. They also publish their Certificate of Incorporation and the Company Memorandum on their Home Page.
In truth, FXMaster is an illegal and anonymous entity which has official warnings issued against it in the UK and Spain, making them a proven scam. In this review we are going to expose them and explain to you why such scam websites should be avoided.
FXMaster Live REGULATION AND SAFETY OF FUNDS
Our very quick investigation showed that there is a company called BITT-X LIMITED, registered with corporate number 11492124, or more precisely there was, because the company was dissolved on 7 January 2020. This same registration number is displayed on their FAQ Page as a proof of legitimacy, but it’s a fail, because it doesn’t confirm that they are authorized to be a Forex broker or an Investment Company.
But their dissolution is only the first of their problems. FXMaster was officially warned by the Financial Conduct Authority in Britain. In the warning published, FCA states that this firm has been providing financial services or products without their authorization. The Spanish financial authority, also issued a warning against FXMaster, confirming that they are a scam!
The most important aspect for the traders, novice or experienced, is the safety of funds. Avoid brokers that are registered offshore, or are not able to provide sufficient information regarding their legitimacy. In the EU and the UK, for example, there are very strict regulatory frameworks guaranteed by the local Financial Authorities. It is impossible for the scammers to conduct their illegal activities if being supervised by FCA or CySEC (Cyprus). That’s why they avoid these jurisdictions and file their documents offshore, where there is little or no regulation imposed on them. Or, they will simply lie to their potential customers, just like FXMaster do, which is actually a trading name of a dissolved company!
Your funds are not in safety with FXMaster. It’s a dodgy broker and you should stay away from it! Report immediately if contacted by them!
FXMaster Live TRADING SOFTWARE
FXMaster does not have a functioning trading platform and they do not offer MT4 or MT5 trading accounts, which are the most popular in the Forex industry. Instead, they offer some auto Forex trading plans, but they fail to present them properly. The only aspect we know is that the funds in these plans are managed by them in a way that is not disclosed.
They introduce 4 investment plans, but enlist only two of them. We have to forgive them, because their promises are more than just amazing, and make up for their failure to make it clear! For example, the Daily Plan $300 is going to bring you 50% daily profit for 30 days. If you deposit 1000 USD your daily profit will be 500 USD, and the total profit is going to be 15 000 USD. Wow, 5000% percents gain for a month! Remember, gains and profits in such a scale are an evidence for a scam, similar financial achievements are impossible in the real world! FXMaster is a fraud!
Leverage, margin requirements, spreads or commission policy are not available, because FXMaster isn’t a true Forex broker.
It’s worthwhile to mention the Binary Options mini-platform that they include in their Home Page, with prices being manipulated! The real EUR/USD price at the time was around 1.18, while their is 1.13 and only a few seconds ago was more than 1.145! We’ve seen the same platform used by many other confirmed scams, MatrixFX Trade is a very recent example. In fact, FXMaster does not offer any Binary Options trading to its customers!
FXMaster Live DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit required is 25 USD. Beware, you can make a deposit without verification! Another red flag!
You can only deposit bitcoins through their own coinpayment system, and that is for a reason. As we already know, the company behind FXMaster was dissolved and they cannot offer any payment method but cryptocurrencies, which are totally unregulated worldwide. Cryptos went extremely popular among illegal entities, criminals, hackers, and other individuals whose business is questionable. Still wondering why FXMaster use only cryptos?
The minimum withdrawal amount is said to be 1 USD. They claim that the payment request is processed instantly and automatically, but we do not take their word for it. We tested their withdrawal page and couldn’t find a payment system to select as an option. Beware!
FXMaster does not charge any fees, there isn’t a dormant account policy, as well.
No bonuses are available, instead, they offer an affiliate program which let you gain a passive income with no direct investments. You make money by bringing new customers, a typical financial pyramid scheme. FXMaster doesn’t look like a broker, at all!
HOW DOES THE SCAM WORK
Scammers introduce financial or investment opportunities which are often too good to be true. Lucrative returns with low or no risk at all, unbeatable trading conditions, trading robots and bots that always execute the winning trades, scammers might even give you assurances that they possess inside information and the profits are guaranteed. FXMaster offers to grow your account 50 times in a single month, virtually impossible task.
The scammer will promise you the moon and the stars only to gain your confidence, will persuade you to invest money with them and sooner or later will take advantage of you. Be extremely careful when you choose your agent! Trust only highly renowned Forex brokers, well-known to the broad public, which are transparent and subject to strict regulation by financial authorities. They put in place various regulations which are for the benefit of the traders, such as segregated trading accounts, daily trading reports, personnel qualification standards etc.
Very important measure taken are the money protection schemes operating in EU and UK. Under CySEC supervision the forex accounts are guaranteed of up to 20 000 EUR by the Investor Compensation Fund(ICF). In UK the guarantees are almost five times higher- of up to 85 000 GBP. Always make sure to stay on the right side, avoid offshore and other illegitimate brokers!
WHAT TO DO WHEN SCAMMED
The scammers are constantly changing their strategies and no one must feel safe. If being scammed the first thing you should do is to protect yourself from further risks. Contact your bank and explain to them your situation, they will give you important instructions to follow and will help you, if possible, recover your money.
Report what have happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing. Seek help actively!
Share online your experience, it is important to protect others, as well. Be responsible!
Avoid FXMaster, it is a confirmed scam!