Beware! TrintFX 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.
TrintFX falls into the category of as one of those brokers whose website is filled to the top with sub pages, and information, which in turn can be quite intimidating for novice users, and this can be a problem, especially for shady brokers like TrintFX whose only real goal is to attract users for suspicious purpose. We gave away to much. Read the review to find out more about this one.
To register, one must give only 10 seconds of his or her time, and voila- a user dashboard appears! After a 20 minute waiting period we finally received a confirmation mail that allowed us to enter a client dashboard. However, for a reason that we will reveal soon enough, none of the trading conditions apply. What you need to know as of now, is that nor leverage, nor spreads are applicable.
However, for the purposes of the review we will discuss these.
According to the Account creation section, the leverage cap is 1:500. This is the most common leverage offshore broker leverage there is. Aside from that, the spread is said to be 2.2 pips for the Standard account, which forces users to choose the most expensive account type, as it is the only one whose alleged spread is in any way lucrative to users. However, this account has a $5000 minimum deposit requirement.
The trading assets are commodities, indices, forex pairs, and other CFDs that have not been discosed.
The website is only available in English.
TRINTFX REGULATION AND SAFETY OF FUNDS
The footer of the site says that firm is located in London, where the FCA is the only FX oversee. Not only is it the only regulatory FX agency, but the FCA is one of the most austere watchdogs in the world. There are hundreds of requirements that any broker must follow in order to be registered there. For example, every brokerage firm must hold at least €730 000 in net tangible assets to be considered for an FCA license. This is just one of many requirements.
On the other side of the spectrum, one of the most significant pros of being licensed by the FCA is that all users are backed by the Financial Services Compensation Scheme (FSCS), which sees all clients of FCA regulated brokers covered with up to €85 000 in case their broker goes into insolvency or cannot meet its financial duties.
However, TrintFX is not regulated by the FCA, as the official records have no mention of the broker. And what’s more is that there is no actual text claiming the broker to be licensed by it.
Seeing that this is the closest TrintFX gets to mentioning a regulation, we have to label it an UNLICENSED broker, and a risk to all investments. And anyhow, just judging by what was discussed in the intro of the review, and what will be revealed, there is no denying that TrintFX is utterly a scam!
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.
TRINTFX TRADING SOFTWARE
Both the website and the user area claim that the MT5 is available to use.
Once we tried downloading the MT5 from the user area, the .exe file that we got was one under the name of liquiditysoftsolutions(5setup.exe), which has nothing to do with the broker (its supposed holder’s company name is Trint Fx Traders Limited). So, the MT5 is not owned by TrintFX. What this means in essence is that there is not active trading software to be used here.
Without the MT5, this broker fall even lower in terms of score. What kind of a broker has no trading software. Apparently TrintFX is not a broker at all!
TRINTFX DEPOSIT/WITHDRAW METHODS AND FEES
According to the user area, the minimum deposit is $1, as we were able to continue the payment process with this minimum amount. The users can deposit via a number of payment gateways: debit cards, a range of cryptocurrency options, and wire transfer.
Withdrawals are done only via wire transfer, Neteller, and Skrill, as per the user payment area. When compared to the ridiculous Funds Withdrawal page, which includes over a dozen methods, one can easily detect the fraudulent nature of the broker, as revealed by this shameful inconsistency. There are apparently no fees issued by the broker. However, e-payment methods and bank transfers issue their own commissions.
There are no legal documents, and so we cannot include any scammer provisions., However, the review should provide more than the necessary signs that TrintFX is a complete fraud, and that any deposits in it should be avoided at all cost!
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.