Beware! FXctInvestments.com 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.
FXctInvestments.com has to get some props for its offbeat website design approach, which is something that becomes increasingly rare in today’s FX sphere, seeing the ever lasting rise of shady brokers. Oh yes, FXctInvestments.com is as shady as they get. It’s the website that took us by surprise, but when you isolate this, you will find another illegitimate broker whose ultimate goal reflect that of hundreds of unlicensed brokers that we have reviewed. Nothing of what we are about to say is new or innovative. What we have on our hands is yet another suspicious brokerage, one to be warned about!
Here is our first solid proof that there is something wrong with this broker- we could not create an account, and not for the reason that you might think. The reason here was that the registration process was completely broken, producing an error message of some sort. What an indicative start.
We will have to rely on the website for all the trading and payment details. And as it has been proven to us, we cannot really trust the website!
Unfortunately, the major thing that we learn from the website is that the available trading assets are forex currency pairs, stocks, cryptocurrencies, indices, and commodities, and that the leverage is capped at 1:500 (the most common value for scammer brokers). The company speaks of no average cost of trade.
The website is exclusively available in English.
FXCTINVESTMENTS.COM REGULATION AND SAFETY OF FUNDS
If we have to be straight, and we will, brokers like FXctInvestments.com never provide clear evidence to their legitimacy, nor to their actual operating address.
Yes, in the case of FXctInvestments.com we read in the footer that the holding company Noga commerce EOOD operates from Bulgaria, but the local regulators reveal nothing of value on FXctInvestments.com. It’s one thing to register a company name, and another thing to be licensed to operate an FX broker, more so in an EU member state. Being located in the EU, the broker must hold a license at least from the Bulgarian Financial Supervision Commission, or by some other EU regulator. But all evidence we have gathered reveals a complete lack of an EU license.
The last straw was when we discovered the broker being actually based in Saint Vincent and the Grenadines, as per the contact page of the website. It’s all too well known that Saint Vincent and the Grenadines are the most popular scammer FX base of operation for thousands of unlicensed brokers. Being located there is in no way a cause for celebration.
Judging by what was revealed, there is no way that FXctInvestments.com is currently in possession of a license. It is in fact UNLICENSED, and therefore a risk to all invested capital.
Moreover, the company does not have any legal documents, technically, which acts as another reminder that we are dealing with a scam!
To deposit in an unlicensed broker is the equivalent of throwing your money away for no reason. We always say that the first thing to do when dealing with any broker is to check for a license; this should be your priority! Usually, we would go for either an FCA or CySEC regulated brokers or other respected overseers. These regulators all employ harsh rules and impose very severe penalties on those brokerages that do not abide by the scrupulous rules. Furthermore, some agencies, like the FCA and CySEC, include reimbursement schemes to all users of brokers under their wings. These compensation funds schemes, as they are called, are put into action once broker cannot pay their clients back to bankruptcy. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
FXCTINVESTMENTS.COM TRADING SOFTWARE
We wont take too long: FXctInvestments.com does not have a trading software, or at the least, it has not provided any details on one. Without any details, and without being able to register, we have to conclude that either the broker has no trading software, or has one that is as sloppy as they get!
FXCTINVESTMENTS.COM DEPOSIT/WITHDRAWAM METHODS AND FEES
The minimum deposit does not really surprise us: $250. The alleged payment gateways are limited to credit cards, debit cards, and wire transfer.
The same methods are used for withdrawing. Withdrawal fees when using credit and debit cards are at 5%. Withdrawal processing times range from 1 to 5 days. There are no fees for credit for debit or card withdrawals.
In conclusion, we have not seen a single thing to raise an eye brow. FXctInvestments.com is your mundane scammer broker, making it a definite ignore! Do not invest here!
How does the scam work?
The straightforward way into an investment scam is through the thousands of online ads that flood our browsers and social media sites. These are those familiar ads that promise impossible returns and luxurious lifestyles as a result of investing.
Succumbing to such ads will lead to either the scammer investment site, or to an intermediary source with close ties to this and other fraudulent websites.
In either case, the user will be asked to provide a phone number and probably an email address. The purpose of these is for the reps of the scam to be able to contact the client and push for initial investments. This is the first wave of the fraud, and is usually done by the rookie team.
The second wave is the pros, sometimes those behind the whole scam. These are charming and cunning individuals, whose communication skills can potentially result in the users to invest a second, or third, or even fourth time.
Basically, the scam continuous until the client realizes that she is being scammed. At that moment, when she wishes to withdraw or has questions for the scammer, it is already too late.
The culprits will easily ignore all requests or stall them. There are times when unlicensed brokers even terminate entire accounts, and on rare occasions entire websites are closed!
What to do if scammed?
The safest way to get your money back is to file for a chargeback using your credit or debit card provider. MasterCard and VISA have a chargeback period of 540 days. However, this only applies if you have deposited through a card.
Wire transfers are more difficult to reimburse, although some banks may have a specific plan for such times, so we advise users to directly contact their banks and ask them for help. What’s crucial is for users to change their bank account user names and passwords as soon as possible.
As for any funds invested through a cryptocurrency wallet, be sure that they are lost! Crypto transfers are untraceable!
And finally: never trust recovery agents or agencies. These are fraudsters who will ask for money in return for nothing. Do not trust these!