Beware! EnclaveFX 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.
EnclaveFX is simply yet another offshore broker, trying to pass itself as a more legitimate company than it is. Therefore, it would be best to avoid EnclaveFX – and should you need further proof, you can find it below:
EnclaveFX regulation and safety of funds
EnclaveFX is not a regulated broker – in fact, it never claims to be. What it does claim, however, is to have an office at the following address in the UK:
If that were true, EnclaveFX would need a license from the regulatory body of the UK – the Financial Conduct Authority. That would actually mean that the broker is held to a high standard of transparency, with the Authority requiring all of the firms under its supervision to report back on a daily basis on open and closed trades and much more. But, EnclaveFX is not one of these firms – for one, it never claims to be, but what’s more, it does contradict the policy of the FCA regarding leverage, offering much more than the allowed cap of 1:30 for retail traders.
So, EnclaveFX is not licensed and does not operate from the UK, despite lying about it. No legitimate company would behave like that!
EnclaveFX trading software
EnclaveFX provides access to revered trading platform Metatrader 5 – the platform has earned this distinction with its powerful, yet comprehensive automated trading features and much more. Here is what the EnclaveFX distribution of it looks like:
There is nothing off about it – except for the spreads, which are a bit wide for a common FX pair like the EURUSD – moving over the generally accepted threshold of 1 pip. As we mentioned, the leverage of 1:500 EnclaveFX offers is too much – most regulatory bodies have placed caps similar to the FCA, and so most of the companies that offer such amounts are not licensed, so stay away from them!
EnclaveFX deposit and withdrawal methods and fees
EnclaveFX accepts deposits via wire transfers and Bitcoin – both of these are not eligible for a chargeback. Also, EnclaveFX not accepting credit cards is quite shady – legitimate brokers readily take them. Furthermore, while the deposit minimum is stated to be $10, which is in line with what legitimate brokers take to open a micro account, you can only deposit sums of $50 or greater.
Finally, the broker’s withdrawal policy is not something that EnclaveFX has available on the website – therefore, expect withdrawals to be complicated and expensive!
How does the scam work?
At this point, there can be little question about whether EnclaveFX is a scam or not – the company is most definitely running a scheme, and what’s more, an old one. We have seen the exact same scam play out hundreds of times – here is how it goes down:
First off, the scammers get some ads on a social media platform and have them promise incredible returns on investments – and once someone follows them, they are taken to a website like the one EnclaveFX operates. From there, they are prompted to create an account and leave their phone number in the process – this is crucial to the scammers, who will then start bombarding the person with calls, demanding they deposit. And should they do that, more and more money will be demanded by them – the calls will only stop once the victim realizes they are being scammed and either demands to withdraw their funds, or stops depositing altogether.
What to do when scammed?
Should you find yourself scammed by a broker like EnclaveFX, do not despair! Instead, here is what you need to do to limit further losses:
First off, remove all software the scammers had you install on your PC – this includes programs like TeamViewer, which the scammers often use to snoop around your PC without consent. Then, recall what forms of ID and credit cards the scammers had access to – and immediately try and get new ones issued.
Once that is done, and your privacy is restored, you can start thinking about getting your money back – the best way to do that is by calling your bank and having them walk you through your available options. However, should you find yourself contacted by a recovery agency, which demands upfront payment for its services, do not fall for it – this is simply another scam!
Finally, do consider leaving a comment below, describing your own experience with the scam – by doing so you can help us combat it in the most efficient way there is – raising the general awareness of the scheme!