Beware! Fidelity Asset Limited 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.
Many happily looking and smiling people greet us from the interface of Fidelity Asset Limited. The question is will you be happy and smiling if you choose to trade with this broker.
Fidelity Asset Limited Regulation and safety of funds
Fidelity Asset Limited claims to be registered and incorporated in the UK Company House which looks credible to people unaware where to go in order to verify the legitimacy of a forex broker. We must tell you that the official regulator for forex brokers in the UK is the Financial Conduct Authority (FCA) which provides licenses and issues regulations for forex trade and you must consider any broker without proper registration as a scammer. Furthermore, FCA has issued a warning that Fidelity Asset Limited is cloning a legit company (image below). Needless to say, trading with this broker is not advisable.
The FCA is a strict regulator for UK brokers and they must jump through various hoops in order to get their license. First of all, forex brokers must be well-capitalised and invest no less than 730,000 EUR as initial capital which among other things serves as a barrier against scammers as they will never spend so much money for the benefit of looking legit. In addition to that, UK brokers must keep their clients’ funds segregated from their own, provide negative balance protection, report transactions on a regular basis for the sake of transparency, keep leverage that does not exceed 1:30 for forex currencies, etc. One of the biggest perks in trading with UK brokers is that they must participate and deduct funds towards the local Financial Services Compensation Scheme from which in case of bankruptcy clients can be reimbursed up to 85,000 GBP per person.
If you want to widen your search, we recommend also exploring the trading conditions in the EU where the regulations for forex trade are similar to those in the UK. The biggest difference consists in the fact that regulated EU brokers must participate in a local investor compensation fund which provides up to 20,000 EUR per client if the broker becomes insolvent.
Fidelity Asset Limited Trading software
Take a look at the image below and tell us if it looks like a trading platform. It does not. Because it is not. After registering an account with Fidelity Asset Limited, this is what you get – a dashboard without a link to a trading platform. This broker does not want you to trade in the conventional sense. Instead, it wants you to deposit money promising you a high and unrealistic return on investment (ROI) which, depending on the trading account you open, can go as high as 33% weekly (as shown in the last image). As if! In addition to this outrageously high ROI, this broker encourages its clients to refer other potential clients with the promise of a bonus that can go as high as 16%. Do you see the big picture now? A most likely high-yield investment program (HYIP) which is a type of investment scam that promises unsustainable high return by paying previous clients with the money deposited by new clients. Such a scheme is bound to collapse on itself as it is not sustainable but when it does, your money will be gone.
We advise you to find a licensed and reputable forex broker (the links we provided in the previous section will help you with that) that offers conventional trading options and offers you good quality software, such as the MetaTrader 4 and MetaTrader 5 trading platforms which are considered to be the best in forex trade. Their high reputation is well deserved as both platforms offer many advantages to the traders. For example, there is the auto trading option, VPS, trading signals, code base with customs scripts, the app market, the financial calendar, etc. We can also sing praises to the excellent variety of charting options which combined with the array of technical analysis indicators help traders predict the future direction of exchange rates and make a profit.
Fidelity Asset Limited Deposit/Withdrawal methods and fees
Fidelity Asset Limited offers 5 accounts with a minimum initial deposit of $1,000 for the Level 1 account and $30,000 for the Level 5 account. For your information licensed brokers do not ask for such a big amount of minimum initial deposit. In fact, they can ask for as little as $1-5.
The ROI system is proportional to the deposit – the more you invest, the higher your weekly ROI is and being an HYIP, this broker has a good purpose to set such a high initial deposit. For the Level 1 account, the weekly ROI is 10%. Grab a calculator and start figuring out how fast your funds will grow. Oh, only if it were real! The amount of the referral commission also depends on how big your deposit is and it grows from 7% for the Level 1 account to 16% for the Level 5 account.
Offering ROI and providing referral commissions is another proof that this broker is not legit. Regulated brokers will never do that.
There is no information on Fidelity Asset Limited regarding the deposit and withdrawal methods and any related fees.
How does scam work?
A lot of people get scammed in different scammers’ schemes not because they are naive but because scammers are masters of persuasion and manipulation. It all starts with unsolicited telephone calls or a flashy ad on the Internet or social media. Sometimes people give up to temptation and invest money in shady schemes made to look legit and attractive and always promising quick and easy money fall. Once you deposit money into any of these schemes, you reach a point of no return! Your money is gone down the scammers’ food chain and you’ll have a lot of trouble recovering it. Scammers will do anything in their power to delay you, so you miss the opportunity to file for a chargeback. They will ask you for this and that document and will find hundreds of reasons not to let you retrieve your money. The trick with offering bonuses in forex trading is one of those as your funds are mixed with the bonus money and it takes a lot of hassle to fulfil the broker’s requirements before you are able to withdraw any funds.
What to do if scammed?
Speed does it! You need to act very quickly if you want to recover your money. Immediately apply for a chargeback if you have made your deposit via credit card. Fortunately, VISA and MasterCard give you 540 days within which to apply for a chargeback.
If you have paid via wire transfer or Bitcoin, chances of retrieving your fund are grim. Anyway, we want to warn you that some of the so-called recovery agents may approach you and offer to retrieve your funds. For a fee, of course! Be cautious when dealing with them as it may be another form of scam! Always check if the recovery agency is legitimate and visible to the public!
Another thing we advise you to do is to immediately cancel any credit cards if the scammers have your CVV code. Also, make sure to erase any programs on your computer that give scammers access to your personal data on your PC.