FXOptionTrade247 review – 5 things you should know about fxoptiontrade247.com

FXOptionTrade247 review – 5 things you should know about fxoptiontrade247.com

Beware! FXOptionTrade247 is an offshore broker! Your investment may be at risk.

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FXOptionTrade247 is a confirmed scam. It’s a clone firm which was awarded an official warning issued by European financial authority. It’s a cheeky clone, and we have to admit it. Most of the links redirect to the genuine company’s website, so the scammers’ plan is not open to different interpretations. They are abusing the name and the license numbers of a legit company while trying to defraud people. Find out the critical facts about this exposed scam in the full FXOptionTrade247 review. 

FXOptionTrade247 REGULATION AND SAFETY OF FUNDS

FXOptionTrade247 pretends to be a legit FCA and CySEC regulated brokers. We researched the authorities registers to find a warning issued in Cyprus, blacklisting this fraudulent entity. The notices financial regulators publish guide traders which brokers and financial companies to avoid. It’s a way to expose the scam. While CySEC doesn’t discuss in-depth, we found enough evidence to confirm FXOptionTrade247 is a clone firm. 

They abuse the details of BdSwiss- a legit company holding various licenses across the world. It’s worth noting BdSwiss explicitly warns on their website that many scam companies are trying to harm traders and investors by unlawfully exploiting their name. Your funds are in danger if you deposit with FXOptionTrade247 because it’s a pure scam! The guys standing behind this sham business will steal as much as they can from people investing with them. 

Avoid FXOptionTrade247 and see the European brokers and British brokers we recommend. Europe is a financially secure environment, and the regulators supervising the FX market put the customer protection on top of the priority list. There are many strict rules brokers have to meet to get a license, but most importantly EU and UK operate deposit insurance funds laid out to guarantee the clients’ money. If you trade with Cyprus brokers, you can claim up to 20 000 EUR in compensation, while in the UK the guarantees are of even up to 85 000 GBP per client. Each EU member state is compelled to operate a similar deposit insurance fund, seen as the last resort for traders and investors if financial companies and brokers go bankrupt.

FXOptionTrade247 TRADING SOFTWARE

FXOptionTrade247 can’t offer any functional trading software whatsoever. We couldn’t access their client area due to an error unknown to us. Actually, as a clone company FXOptionTrade247 doesn’t need any platform, at all. As already noted, their website heavily redirects to the BdSwiss website, so the scammers may as well make people open an account with the legit company. It’s tactics we’ve encountered numerous times. People open accounts with genuine companies but sent money through links provided by scammers or over the phone. Beware, firm cloning is an exceptionally potent scam scheme. You can find out more information about in the passages to follow. 

See the regulated MetaTrader4 brokers and MetaTrader5 brokers, instead. MT is the most popular retail Forex trading platform worldwide, which traders prefer for its reliability and ease of use. It features sophisticated trading tools rare to find elsewhere for free such as Expert Advisors, Algo Trading, Complex Indicators, reliable Strategy testers and even a marketplace with more than 10 000 trading apps available by the time.

As a result, spreads and leverage levels do not apply in this case. However, we’d like to discuss the leverage and the regulations enforced around the world regarding this powerful financial tool. It vastly improves profit potential, making it possible for traders to multiply the size of their positions. Simultaneously, though, it dramatically increases the risks, causing losses challenging to repair. It’s a hazardous tool, so EU, UK and Australia (coming into effect later this year) imposed a leverage cap on the market- 1:30 as a customer protection measure. Canada and the US agreed on 1:50, so we do not recommend brokers allowing extended ratios due to the absence of adequate regulation, the risks aside. The Swiss brokers, are not leverage restricted, but Switzerland keeps scam away with its capital adequacy requirements- more than 22 mln USD to get an FX license.

FXOptionTrade247 DEPOSIT/WITHDRAW METHODS AND FEES

There is nothing about deposit requirements, withdrawal requirements, funding methods, fees, bonuses etc. The legal documents FXOptionTrade247 provides also redirect to BdSwiss, so the information available is irrelevant in this case. However, they didn’t even care to mention a minimum initial deposit required, showing they are pretty arrogant indeed. 

Overall, FXOptionTrade247 is a pure scam, so stay safe and avoid this fraudulent FX creature.

HOW DOES THE SCAM WORK

A group of scammers usually operates many scam brokers, scam websites and call centres. They rely on the quantity and create as many brokers and fraudulent websites as possible. Then scammers would be waiting for traders and investors with little or no experience to bite. Nowadays, it’s cheap to create a swindling website, and it looks like a profitable strategy, as the scammers carry on doing it.

Firm cloning is the abuse of legit companies names, registration numbers, address etc. By doing so, scammers are trying to gain trust and trick the customers into believing they are dealing with a genuine entity. The firm cloning is an effective way to take off the wary investor’s guard, and it’s a scam tactic that’s becoming increasingly popular. FCA issued 303 warnings for cloned firms in 2018 and 365 in 2019, as the number for 2020 is expected to increase. FCA itself became a victim of firm cloning in July 2020, when fraudster replicated the financial authority website urging companies to register for online invoicing and pay annual fees.

WHAT TO DO WHEN SCAMMED

Unfortunately, no one is immune to fraud. In case you got scammed, you need first 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, call the police if you feel necessary. Seek help actively!

It’s crucial not to rush blindly trying to recover your funds because many scam recovery agencies and individuals are stalking, aiming to double scam the victims. They ask for an advanced payment, but do nothing to help you recover your losses and simply pocket the money you’ve sent!

Share online your experience; it’s important to protect others, as well. Be responsible!

Rich Snippet Data
Review Date
Reviewed Broker
FXOptionTrade247
Broker Rating
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