Beware! Fxpertos 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.
Smiling, happy people and positive comments about how good it is to trade with Fxpertos greet us from the interface of this broker. Would you keep smiling if you start trading with this broker? We are about to find out by checking some key features on its website.
Fxpertos Regulation and safety of funds
The website of FXpertos is owned and operated by the Ventura Group with address in St. Vincent and the Grenadines (SVG) which is an offshore zone for forex trade. What is important to know is that the Financial Services Authority in this jurisdiction does not regulate forex brokers and any such that claims to be registered there is probably a scammer. We advise you to avoid any dealings with this broker if you want to keep the smile on your face.
If you are looking for a legit and licensed broker, why not direct your attention to the well-established jurisdictions of the US, Australia, the EU and the UK where there are strict regulations that prevent scammers from sneaking in. For example, licensed brokers must be well-capitalised. In the US the amount of the initial capital is the impressive amount of $20 million, followed by Australia where it is 1 million AUD. Asking for such high initial capital is a sure way to keep scammers at bay as they will never invest so much money for the benefit of looking legit. However, we must note that being well-capitalised in these two jurisdictions is the only way to protect clients in case of unfavourable events as there are no compensation funds or scheme.
On the other hand, in the EU and the UK, the initial capital that forex broker must deposit is the ‘modest’ amount of 730,000 EUR. However, licensed brokers in these two jurisdictions must deduct funds towards compensation funds are schemes from which clients can be compensated. If the broker is regulated by FCA in the UK, the amount a client can be repaid in case of broker’s insolvency is 85,000 GBP if the broker participates in the local Financial Services Compensation Scheme. Brokers regulated by CySec contributing to the local Investor Compensation Fund will be able to provide reimbursement of up to 20,000 EUR per client in case of bankruptcy.
Fxpertos Trading software
Fxpertos trade in forex, stocks and cryptocurrencies. Unfortunately, due to broken links in the broker’s website opening a trading account was not possible and as there is no mention about what kind trading software is offered to the traders, we are not able to comment on that.
However, what we can advise potential traders is to look for a licensed broker that offers either MetaTrader 4 or MetaTrader 5 trading platforms. These are the leading platforms in forex trade and they offer many advantages to the traders and can enhance their trading experience. Both platforms come equipped with an auto trading option, an app market, financial calendar, VPS, trading signals that can be obtained for a subscription fee, trading signals, etc. One of the best features for these platforms is the charting options that contain many charts, time frames and colours and even the option for customised templates. We must also mention the excellent array of technical analysis indicators, such as moving averages, Bollinger Bands, Fibonacci retracement, etc., that help traders predict the future direction of exchange rates and make a profit.
Of course, you need to pay attention to how the parameters of a trading platform are set by the broker and watch for the spread and the leverage. If the spread set by the broker is above the industry average of 1.5 pips, it means that the cost of transactions will be too high and traders won’t be able to make a sustainable profit.
Some brokers, mostly non-legit, tend to offer high leverage in order to lure traders to engage recklessly in transactions in the hope of making a big profit. Using high leverage, however, may be the cause of suffering a big financial loss in case of unsuccessful transactions which happens to 70% of traders. You should know that as a measure for protecting clients’ funds, the well-established jurisdictions we mentioned above have imposed restrictions on leverage and in the EU and the UK it cannot exceed 1:30 and in the US, 1:50. Only forex brokers in Australia can still enjoy unlimited leverage until March 2021 when restrictions on leverage matching the ones in the EU and the UK will also be imposed.
Fxpertos Deposit/Withdrawal methods and fees
Fxpertos offers 5 trading accounts – Initial, Basic, Pro, Expert and Black. The minimum initial deposit for the Initial account is $250. The other accounts start at $5,000, $25,000, $100,00 and $250,000 respectively
There is no information about the minimum withdrawal amount. However, what we found out is that there are fees on withdrawals (unspecified amount or percentage) and withdrawal requests are processed within 2 to 5 business days.
If a trading account stays inactive for 3 months, the company will charge a 10% monthly fee. Please note that a percentage fee may result in a substantial amount of money taken out of your account. Also, be aware that regulated brokers normally ask for a fixed fee, not a percentage.
Similarly to other shady brokers, this one, too, offers bonuses to its clients. Bonuses may seem to add extra trading power, but in fact, they are funds belonging to the broker, not the trader and usually come with heavy to fulfil conditions attached to them. In this case, should the client accept a bonus, he/she must execute a trading volume that is equal to 30 times the sum of the deposit plus the bonus amount. Traders are not eligible to withdraw the bonus amount unless these conditions are met. Ask yourself if you’ll be able to trade such a huge amount of trading volume!
We must tell you that licensed brokers never offer bonuses or other incentives to its clients and this is how you can differentiate them from any shady brokers such as Fxpertos!
How does scam work?
If scammers make a movie, it will probably be called “Dream on”. They make everything sound credible and build their scam on your dreams of getting an easy and quick profit. People get duped if they decide to deposit money into one of the scammers’ schemes. What you probably do not know is that your hard-earned money goes as commission to the scammers. Next, you get inundated by daily calls. First, the scammers congratulate you for joining their business, next they try to persuade you to invest even more money. After all, the more money you send, the bigger money fall you can expect. This of course is not how things work. By the time you realise that no money is coming your way, it might be too late. All you want now is to get your money back and get out of there but the scammers have other plans for you and they won’t late get away so easily. Now they try to delay you so that you miss the deadline for a chargeback.
What to do if scammed?
If you get scammed, our advice is to act immediately and if you have paid your deposit via credit/debit card you may still have a chance. Visa and MasterCard allow you 540 days time limit to file for chargeback which gives you a fighting chance to recover your money.
However, if you have used bitcoin or bank wire for your payment, the chances of you recovering your money are really slim.
Cancelling your credit/debit card in case you have given the scammers your CVV code may be another good idea. Also, make sure to remove from your PC any software that my give scammers access to your private data stored on your computer.
Whatever you do to recover your funds, beware of the so-called recovery agents. Please make sure that you are dealing with a genuine one by checking their credentials and company’s information transparency. Otherwise, you may fall victim to another form of scam.