Beware! FCAutomatic 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.
The amount of information on the website of FCAutomatic seems very unnecessary because this broker is in essence very suspicious, no matter how much it tries to hide this fact. Altogether, most of the text is simply there to be filler and to create a very thick layer that conceals the broker’s real intentions. We are used to firms such as this one, and we have a pretty good idea where the review will lead us and how it will end. We urge users to read the review before investing any money in this firm.
The process of registering was unique in the sense that we have never seen it before, not that it blew us away. After a couple of seconds, we were redirected to a common user area that has been used innumerable times by illicit brokers. It is by far the most overused dashboard we know and is very indicative of the true nature of the firm.
We logged into two different trading software, whose servers belonged to the broker. However, the difference in spreads across these two traders could not be any different. The MT4 gave us an absurd EUR/USD cost of trade of 8.1 pips. Meanwhile, the non-MT4 platform revealed a spread of 3 pips, which might be an improvement, but in terms of FX trading, a 3 pips spread is also not lucrative. Our leverage was capped at 1:100. Both platforms offer the following tradeable instruments: forex currency pairs, commodities, cryptocurrencies, indices, and shares
The website is translatable in English, Italian, and German.
FCAUTOMATIC REGULATION AND SAFETY OF FUNDS
The Terms and Conditions reveal enough of the broker for us to deduce that it is most certainly UNREGULATED.
In these legal provisions, the very first sentence reveals that the parent company of the broker, Aboutos Holding LLC, is located in Saint Vincent and the Grenadines. The most important side to note of this Caribbean nation is that it still has no official FX regulator. There have been recent discussions on introducing a legit regulator, but as of yet, development has been kept on the down-low. For now, all brokers located there are completely unlicensed, and a great risk to all investors. FCAutomatic is definitely one of those that are a risk to its users!
Unless your money means nothing to you, there is absolutely no reason to invest in unregulated brokers. It is imperative to always check for a license before depositing, most preferably for an FCA and/or CySEC regulation. These are some of the best financial overseers in the world, and they know how to regulate and supervise brokers. All financial companies under their gaze follow strict guidelines for business conduct and user management. Furthermore, the FCA and CySEC, include compensation funds for all users whose brokers are regulated by either of these two. CySEC provides up to €20 000 per person, while the FCA guarantees up to £85 000.
FCAUTOMATIC TRADING SOFTWARE
The client dashboard reveals two platforms, one is the MT4 + MT4 web trader, and the other is a different browser-based trading terminal. We confirm that both trading softwares are available to the user. For the purposes of the review, we opened the web version of the MT4, as well as the web-based trading platform. The section will briefly introduce both offices.
The first on our list is a software that is not unfamiliar to us, and in fact, we associate it with previous illegal brokerages. However, it is quite decent and stands out from the plethora of other browser traders. There are a handful of helpful, and somewhat essential feature: pending orders, live news feed, some chart customization, price alerts, individual assets information boxes, and time frames.
The MT4 is the most used and best trading software in the industry. Its web-based version is a much more limited rendition, yet is still prevails. However, nothing can excuse the ridiculous EUR/USD spread value.
FCAUTOMATIC DEPOSIT/WITHDRAW METHODS AND FEES
According to the official payment area, the minimum deposit is $250, with payment methods credit card and Paystruct.
The withdrawals section reveals only that requests are processed within 24 hours. Withdrawal fees according to the legal documents are $50 for Bank Transfers, $35 for Credit Cards, $25 for e-payments, plus a fixed 20% charge will be commissioned from all accounts that have not achieved 200 in turnover. The minimum bank transfer withdrawal amount is $250, while the minimum for all other methods is $100. The aforementioned fee structure also reveals the withdrawal methods.
The entire review culminates in the Non-Deposited Funds clause, which prohibits the withdrawal of any profit. So what is the point to use this broker if users cannot claim their profit?
FCAutomatic is without a doubt a scam. All your funds will be lost if you deposit here!
How does the scam work?
The hunch you are experiencing that something is not quite right, is probably most accurate, for you are probably being scammed!
There is one fraudulent scheme that has been used for years and does not seem to be dissipating. Its popularity is currently peaking, and most scammer brokers add their personal flavors to it without changing its main structure.
The internet is packed with fake ads that are very alluring to many as they promote lifestyles that most of us dream of. Once you give in to these ads, you will be asked to provide both an email and phone number, which are the best means a scammer broker can contact you and enlist you as a potential depositor from which they can deplete as much money as possible. You will be contacted soon enough by a rep of the company, pushing you to invest.
The trap has closed as soon as you deposit the initial sum. Not only have you already lost money but now you are open to the big scammers, the so-called account managers whose only job is to retain you and drain as much from you as they can. They utilize tactics that can charm you into paying them, and some may even blackmail you with the personal information that you have provided! For as long as you allow it, these fraudsters will keep stealing from you! Once you get suspicious, believe it or not, these unredeemable individuals will put into play a number of techniques to stop you from withdrawing: stalling the request, cutting all contact with you, deleting the account, making the website unavailable to you, and many more.
What to do if scammed?
Filing for a chargeback should be your very first move, once you realize you have been scammed. Thankfully, MasterCard and VISA have a 540 day chargeback period.
If the user has been scammed through his or her bank account, it is best to change your bank details ASAP (pass and user name), or to contact your bank for it may have a structured plan for such occasions. But users must remember to be quick and never delay contacting their payment providers!
And another thing. Never invest in shady brokers through bitcoin or any other cryptocurrency. Even with significant efforts to centralize cryptocurrencies, the situation is still unstable; crypto deposits are untraceable! Once they are processed they are gone forever!
Also, stay clear of recovery agents or agencies. Whatever they may promote, be it services to recover lost deposits or similar, these are mostly scammer in and of themselves. Asking you for money in return for help to retrieve your lost investments, and if you give in they will disappear with the funds never to be seen or heard of again!