Beware! TokenFXmarket 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.
TokenFXmarket is not a worthwhile broker in any sense of the word – the company is not licensed, lies about it and does not provide us with its Terms and Conditions. If you are a savvy trader, this should be enough to deter you from trading with it. If you still wish to, however, we have exposed TokenFXmarket in a bit more detail. Before we step into our review of it, however, we need to make a small disclaimer – we could not open an account with TokenFXmarket. Once we filled the form in, we got the following e-mail:
There were no questionnaires to fill whatsoever, so we have no clue what TokenFXmarket is talking about. But needless to say, the company never finished this audit, and we could not access its platform. Still, there are far more than enough reasons to avoid TokenFXmarket – laid out below:
TokenFXmarket regulation and safety of funds
TokenFXmarket claims to have an office on the following address:
Rest assured – there is no way the company is licensed to operate in London. That is because it contradicts policies the regulatory body of the UK has placed on the leverage amount available to Forex brokers – it is restricted to 1:30, and TokenFXmarket provides amounts of up to 1:500.
The FCA also demands that all brokers comply with various rules – for example reporting back on a daily basis on open and closed trades to continuously affirm they are not engaging in any scams. Without a license, however, there is no way that TokenFXmarket can prove even that, so you would be best advised to stay away from the company.
TokenFXmarket trading software
On its website, TokenFXmarket claims it provides access to the Metatrader 4 platform – however, without being able to register we could not download it. Therefore, we cannot actually be certain what software TokenFXmarket provides, as it already lied about its regulation.
Metatrader 4 is the industry standard when it comes to trading software – it boasts powerful automated trading features, packed into an intuitive interface. That is why we doubt that a shady broker like TokenFXmarket actually provides it.
TokenFXmarket deposit and withdrawal methods and fees
There is not a single word about what kinds of deposits TokenFXmarket accepts – and not a single word about what withdrawal fees there are.
This is quite shady, as the way you deposit directly influences the available chargeback options you have – and without knowing the fees TokenFXmarket imposes, the only way you can get your money back might be by filing for a refund!
How does the scam work?
At this point of the review, it should be obvious that TokenFXmarket is up to no good – the broker is certainly a scam, and what’s more, it follows the following scam pattern:
First off, someone stumbles upon an ad on a social media platform, promising them incredible return rates on deposits. Should they follow it, they are taken to a website like TokenFXmarket’s own, where they are prompted to register, leaving their phone number – note that we did the same with TokenFXmarket, even though the broker never opened an account for us.
That number will be bombarded with calls, demanding more and more money – and they will only stop if the victim realizes they are being conned and tries to get a refund. At that point the scammers simply cut them off and never contact them again.
What to do when scammed?
If you have been scammed by TokenFXmarket, or another broker like it, the best course of action would be to recall what forms of ID, credit cards and so on you provided the scammers with and get new ones issued ASAP – also do not forget to remove all desktop sharing software from your PC!
These steps should restore your privacy – but to restore your money, you would need to turn to your bank and explain your predicament to them. They will walk you through whatever options are available to you. However, watch out for recovery agency scams – they might contact you and promise to recover deposits at the cost of an advance fee – rest assured, this is simply another scam!
Finally, do not hesitate to leave a comment below, describing your experience with the scammers – this way, you can help us raise awareness of the scheme, and hopefully protect more people from it!