Beware! FXEvolution 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.
FXRevolution does not go anywhere. This broker does not evolve from anything nor does it revolutionize anything, as the name suggests. Rather it digresses, and goes the opposite way from where it is supposed to go. Without the intent to derogate, there is an obvious devolution here that comes in many forms, many of which will be detailed in the review. Without further ado, here is the our verdict of FXRevolution.
At the time of writing this review, we were unable to register because the website gave us an error page each time we tried to access the registration process. What this means is that all trading conditions will be taken from the website. And not only that, but payment details will also be gathered from the website. Usually this would not bother us, however we sense that there is something wrong with FXRevolution. So, what the website claims might not correlate with what the user dashboard reveals.
So, the website claims that the spread is 0.7 for the Platinum account, for which one must deposit at least $100 000 to unlock it. The next best thing is the VIP account which requires a $25 000 deposit. All other spreads after that start from 2 pips onwards to 3 pips. So, FXRevolution follows in the footsteps of brokers like QuantPipFX, where all the good and normal spreads are blocked behind unrealistic minimum deposit requirements.
The leverage is capped at 1:200, while the trading assets are said to be forex pairs, indices, commodities, and stocks.
FXEvolution comes in English, Russian, Spanish, and German.
FXREVOLUTION REGULATION AND SAFETY OF FUNDS
The footer is the place where the reality hits. There we found out that the broker is located and operated from Saint Vincent and the Grenadines.
This Caribbean nation is know for harboring some of the most scammer brokers this side of the industry. It’s then relevant to say that Saint Vincent and the Grenadines has no FX regulator, and all brokers there are unregulated.
Furthermore, there is another source of regulatory information that can be completely ruled out as plausible. The Environment section of the website reveals some dissociating information. There, we found out that the the broker is a supposed license owner from the following global regulators: CySEC in Cyprus, the Financial Services Commission in Mauritius, the FSA in the UK (which should be the FCA), the Federal Financial Markets Service in Russia (dismantled in 2013, its functions taken over by the Central Bank of Russia which acts as main FX regulator ion the country), and the NFA in the USA.
This roster of watchdogs is not only riddled with mistakes, but is also impossible. Never in a hundred years would all these brokers regulate the same company.
Thus FXRevolution is NOT REGULATED, a risk to all investments, and most probably 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.
FXREVOLUTION TRADING SOFTWARE
The trading software is advertised as being the MT4. However, without further proof of its existence and functionality, we cannot confirm its presence.
The MetaQuotes trading software is by far the best terminal used for trading in the industry. Some might argue that the MT4 is the industry, and everything around it expands at the tempo the terminal allows. We believe this to be not that far from the reality of things. We can go on with the MT4 and its fantastic features.
However, even if the trader’s office were included at FXRevolution, it wouldn’t be enough to save the broker from utter fraudulence.
FXREVOLUTION DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit is $250. According to the Deposit & Withdrawal Policy, the user can deposit via wire transfer, and credit cards. Yet, we do not really trust these, and so assume that registered users will have the opportunity to deposit via additional options, on top of what we just mentioned. These may include some sort of cryptocurrencies and shady e-payment methods.
Withdrawals are processed within 5 days tops. The methods for withdrawing should, by all logic, should be the same as the depositing ones. As for fees, it is expected for all scammer brokers to include fees that have not been given a numerical value. The same principle is applied at FXRevolution
All bonuses have to be traded with 30* the deposit+bonus amount, before being able to be withdrawn.
There is a hefty dormant account fee of 10% each month. The fee is activated after a user has been inactive for more than 6 months.
All profit gained at FXRevolution cannot be withdrawn, as decreed by the following clause. Non-Deposited Funds provisions are becoming very common among scammer brokers. Aside from the missing regulation, this is by far the biggest tell that FXRevolution is absolutely illegal!
To wrap the whole fraudulent experience is the indemnification paragraph. With this, the broker is virtually untouchable.
What;s more, is that any claism a user might have against FXRevolution will become obsolete in 12 months.
We also want to refer you to two previous reviews of Wexness and InSure Trade, both of which share suspicions similarities with this here brokerage. For instance, the exact same legal documents are present throughout the three of these illegal brokers. Other similarities include the cost of trade, the minimum deposit, etc. We assume that the trading softwares are also similar, i.e that the three brokers uses the Status WebTrader.
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.