Beware! CorexBrokers 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.
It did not take too long a time for CorexBrokers to start showing its rough edges. To the first comers, CorexBrokers will look like a perfect spot for investing, and we won’t blame you for thinking like that. We are guilty of it too. However, don’t let the excitement of the newly-discovered cloud your mind. 95% of all brokerages are in some way shady. That is precisely why readers and users should always check a broker for its legitimacy. Also, a rule of thumb is to never judge a broker just by its looks, as they can be quite deceiving. With those out of the way, we present you with the following review of CorexBrokers.
We registered in just a few seconds, making the registration process one of the simplest yet. It required of us only our basic information, and just like that, we were allowed access to a weird trading area, which was actually a sort of trading platform, but not really. You will see what we are talking about in the software section of the review.
For now, readers should be aware that there are no leverages nor spreads applicable here, but only assets: forex currency pairs, an array of cryptocurrencies, shares, gold, and silver.
CorexBrokers is available in Russian. In order to write the review, we had to use Google Translate. Due to the exclusivity of Russian as the only official language, we assume that CorexBrokers is aimed at Russian speaking clients.
COREXBROKERS REGULATION AND SAFETY OF FUNDS
Usually, a broker presents its regulatory information in three main places on its website: the footer, a dedicated regulation sub-page, and the legal documents.
The footer on CorexBrokers’ website has nothing helpful, only a handful of shortcuts to different sections of the website. Second, there is no dedicated page on the website for licensing info. And last but not least, CorexBrokers does not have any legal documents to give us and the users closure on a regulation.
The missing legal documents should be more carefully acknowledged. These documents are intended to form a legal bond between the user and the broker. In case of its absence, the ruling party, a.k.a broker, has nothing holding it back from abusing the personal detail the user has shared with it.
We have prolonged the inevitable long enough. CorexBrokers is definitely UNREGULATED and a risk to all investors and their personal data.
Investing in unregulated brokers is synonymous with losing money. Never be too quick to deposit! Always check for a regulation prior to depositing. This should always be any trader’s priority! If the broker at hand has a regulation, preferably FCA or CySEC., then you are good to go. From there on it’s all a matter of taste and the offered trading grounds. These two agencies are in the top 5 list of the best regulators in the world. All brokers under their gaze abide by the strictest of rules and guidelines. Furthermore, both the FCA and CySEC have a compensation scheme covering all users of brokers that cannot pay their dues, due to insolvency or other similar reasons. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
COREXBROKERS TRADING SOFTWARE
We return to the alleged trading software, which is no trading terminal at all. In fact, it is nothing more than a sloppy and half-function binary options trader.
Binary options trading is simple in premise. Users are given the value of assets and are encouraged to bet on whether the price will fall or rise value. Some might argue that this is a form of gambling, others might see it as a compromise. One thing is for certain- binary options trading is not FX trading in the traditional sense, and in fact banned in many parts of the world, most notably in Europe.
In other words, CorexBrokers does not have FX trading software.
COREXBROKERS DEPOSIT/WITHDRAW METHODS AND FEES
According to the deposit section in the user area, the user can fund an account through a wide range of crypto wallets, QIWI, Advanced Cash, and PM. The minimum deposit is $30. There is an obvious lack of credit/debit card methods and a wire transfer, the most popular depositing gateways.
Withdrawal methods are very different from the depositing ones, which means only one thing- that users will not be able to withdrawal. These are Yandex, Visa, MasterCard, and Payeer. There is no further withdrawal information to reveal. Everything else is on a guess-it-as-goes basis.
Do not mistake CorexBrokers for anything but a scam. Investments will be lost!
How does the scam work?
The scam tactics that brokers use come under a common denominator. Most of them have a similar structure, with small touches that some brokerages choose to include. When users fall for these they will sooner or later realize it!
The very first step resolves around the fake internet ad, found mainly in social media websites. These high-promising advertisements promote a care-free lifestyle where money is made with easy trading on assets like forex or/and cryptocurrencies. Clicking on one of these will redirect users to a website (usually the broker’s website, but sometimes an intermediary site) where they will be asked to provide contact details. Sooner or later, traders will start receiving calls or emails with alleged opportunities on huge profits in exchange for a minimum deposit, an amount that depends on the broker, but also on the user herself (high income vs low income).
If the user deposits her first deposit, then she has fallen into the scam, and the broker is ready to initiate the second stage of the scam. Enter the account managers (sometimes called senior managers). These will push for more deposits, while slowly taking over your account. They will be very aggressive with their solicitations, trying anything and everything within their ability.
At this point, the user has not yet withdrawn! When she attempts to do so, she will be greeted by a very unpleasant reality: her deposit(s) and profits can never be returned. The broker usually enforces one of the following: either it will block the account, it will close down the website, it will stall withdrawal requests, or delete the account!
What to do if scammed?
The first thing you can do, and the most crucial, is to file for a chargeback with your credit or debit card company ASAP! MasterCard and VISA have extended their chargeback period to 540 day.
Deposits that were initially invested through a bank, and were lost as a result of the scammer brokers, should stimulate users to CHANGE their bank account details- both username and password! Furthermore, it wouldn’t hurt them to contact the bank and check with them.
It is crucial to know to never invest in suspicious brokers through a crypto wallet. A majority of these payments are untraceable, and you are risking to lose all your money with no hope of ever seeing it!
The scammer, or other related parties, have a last card to play. Deposit/Investment recovery agents are notorious fraudsters that promise to recover all your lost capital in exchange for a fee. Once the commission is paid, these will disappear with the money, which leaves you at an even bigger loss!