Beware! Ampglobalfx.com 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.
Warning! Ampglobalfx.com is a blacklisted Forex broker, which means that the traders should avoid this entity because it’s the ultimate proof of scam! The warning aside, Ampglobalfx.com maintains a website which can’t meet the industry standards, as there is almost no information about the products and services they are selling, let alone T&Cs or User Agreement! They falsely claim to be a European regulated entity, but it’s no hassle at all to prove them wrong! Ampglobalfx.com focuses on Bitcoin and Cryptocurrencies trading, which is a disturbing sign itself because the Cryptos are known to be decentralised, and the pairs are prone to fraud and price manipulation. Find out everything you need to know about this Forex broker in the full Ampglobalfx.com review.
Ampglobalfx.com REGULATION AND SAFETY OF FUNDS
Ampglobalfx.com is a totally anonymous Forex that claims to be an award-winning New Zealand broker. But the truth says it’s an entity that was recently blacklisted by CySEC- the Cyprus financial regulator. The warnings issued by the financial regulators serve as the ultimate proof of scam, and you should never trade with brokers that were put in the warning list of whichever financial regulator there is!
Your funds are in danger if you make a deposit with Ampglobalfx.com because it’s an unlicensed, unauthorised and unregulated Forex broker, which is a proven scam.
Trade only with decently supervised and regulated brokers such as the CySEC (Cyprus) or the FCA (Britain) ones. Europe managed to create a safe environment for the traders’ funds by implementing a variety of strict rules and regulations and not surprisingly all of the top brokers in the world hold European licenses. The rules include a minimum capital requirement of 730 000 EUR, segregation of the clients’ deposits, negative balance protection of the accounts, predefined stop-out levels and other customer protection measures, as well. But most importantly, the deposits made by the traders are guaranteed by the deposit insurance funds that were inaugurated to further contribute to the health of the system. In Cyprus, the clients can claim up to 20 000 EUR in compensation, while the guarantees in the UK are of up to 85 000 GBP. Each EU member state is compelled to create and further operate similar deposit insurance funds, which are considered to be the last resort for the traders, in case a Forex broker faces difficulties to meet its financial obligations.
Ampglobalfx.com TRADING SOFTWARE
MetaTrader4 and MetaTrader5 are not available for trading, which puts Ampglobalfx.com on the bottom of the list with brokers. Forex entities that do not support Metatrader accounts are not to trust and deal with. Literally, each legit Forex broker offers Metatrader to its customers because it’s a platform that’s stable, reliable and easy to use. It also features such sophisticated trading tools as Expert Advisors, Algo trading, Complex indicators and even its own marketplace.
Warning! No trading platform available, at all, but only a Trading View chart that serves for information purposes only. There isn’t even a trading panel with quotes or Buy and Sell buttons! It’s yet another proof of scam!
Warning! No demo accounts available! Demos are training accounts, and it’s a must for the broker to provide the clients with risk-free trading opportunities! It’s also a must for the trader to test the system before making a deposit, no matter the broker!
No spreads or leverage levels known. They didn’t even care to share some information about the trading conditions on their webpage, probably because there isn’t any! The spread and leverage are the two fundamental features in trading. The spread is the difference between Buy and Sell quotes, and it’s the price to execute a trade. The lower the spread, the bigger the potential profits, but only if you trade with regulated brokers. If you misjudge and make a deposit with a sham broker as Ampglobalfx.com, you are going to lose your deposit!
The leverage is the second most crucial aspect. It’s a powerful financial tool that allows the traders to increase their positions in size, thus potentially amplifying the profits. The problem is that it comes with risks that pose a real danger for the funds of the traders. If misused, the leverage might be the cause for losses that are too difficult to recover. Precisely because of the risks involved EU and UK forced a leverage cap as a customer protection measure, disallowing the regulated brokers to offer levels higher than 1:30.
Ampglobalfx.com DEPOSIT/WITHDRAW METHODS AND FEES
As already said, there is no sufficient information about the conditions that apply, and as a result, the information available is scarce!
The minimum initial deposit is said to be $100, which is actually in line with the rest of the industry, but Ampglobalfx.com is a scam, so you shouldn’t even try.
Warning! You can only fund your accounts with Cryptos, which is yet another major red flag. You can find more about the cryptos in the paragraphs below. Contemporary funding methods as Credit/Debit cards, Wire Transfers, Skrill or Neteller are not supported.
No minimum withdrawal amount requirements stipulated, also no withdrawal fees specified by Ampglobalfx.com.
No dormant account policy was found, as well. This policy is a set of rules that determine how the broker is going to maintain the inactive accounts- no login or trading. The regulated brokers will usually entail a small administrative fee of no more than 5 to 10 bucks per month.
No information about bonuses or other trading incentives available, as well. Remember, the bonuses are not free money but a leverage tool that further increases the risks for the traders.
HOW DOES THE SCAM WORK
Cryptocurrency funding went extremely popular among scammers and offshore brokers because it’s a form of digital money that’s absolutely uncontrolled by the government and the financial institutions such as Central Banks. It’s a powerful scam sign if an alleged Forex broker is accepting only Crypto deposits because it’s almost impossible to make a refund and get your money back! They also love the Cryptocurrency pairs because these derivatives are prone to fraud and price manipulation. Not to mention that the spreads of the Crypto pairs are enormous, which is bad for the traders, but great for the brokers because they pocket the difference between Buy and Sell quotes. The UK agreed to completely obliterate the digital coins derivatives trading because these instruments are considered inappropriate for the retail traders. The ban will come in effect in the spring of 2021.
WHAT TO DO WHEN SCAMMED
No one is immune to scam, and anyone can fall into the trap. Scammers are always looking for new and different ways to scam consumers. What you need to do first, in case you got scammed, is to protect yourself from further risks. Contact your bank and explain to them your situation, they will give you necessary instructions to follow and will help you, if possible, recover your money.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing. Seek help actively!
It’s very important not to rush blindly trying to recover your funds because many scam recovery agencies and individuals are stalking, aiming to double scam the victims. These will most likely ask for an advanced payment, but will do nothing to help you recover your losses!
Share online your experience; it’s important to protect others, as well. Be responsible!
