Beware! TradeFxMarkets 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.
TradeFxMarkets is a suspicious offshore business creature apparently targeting Indian customers, and we claim so not only because of the domain name. As usual, when dealing with shady offshore entities, we encountered a series of fraudulent claims that certainly undermine the broker’s credibility. TradeFxMarkets is unreliable, and we’ll show you why in this review.
TradeFxMarkets REGULATION AND SAFETY OF FUNDS
TradeFxMarkets is a brand of Market Viewer Limited, a company registered in the non-transparent tax haven St. Vincent and the Grenadines. The jurisdiction is infamous for the lack of adequate financial regulation, and the local authority SVGFSA doesn’t license Forex brokers. In essence, the companies registered on the island are virtually anonymous and, more often than not, involved in fraudulent or other criminal activities. That’s why SVG is bustling with scammers, and it won’t get any better unless the country put some efforts to improve transparency and regulation.
However, TradeFxMarkets claims to hold offices in Dubai, so to legally operate there, it needs a license issued by the local regulator DFSA. Well, it doesn’t have one, so your funds won’t be safe if you deposit because the broker is illegal and unregulated.
Avoid it and better consider the high-rated EU brokers and British brokers, which are adequately regulated and, most importantly, covered by deposit insurance funds. Hence, if you trade with a CySEC broker, you can claim up to 20 000 EUR in compensation, while the British protections are up to 85 000 GBP per person. The guarantees ensure an extra layer of protection, so it’s worth opening accounts with European companies.
TradeFxMarkets TRADING SOFTWARE
The TradeFxMarkets’s trading software is a matter of suspicions. For one thing, the Client Area we accessed is inferior- it’s only possible to deposit, and that’s pretty much everything about it. Still, a Trade Now button redirects to another suspicious website where clients need to register once again to access the platform. Well, after another registration, we ended up with an inferior terminal, which we can’t even confirm as functional. The disgraceful trading software is an argument enough to avoid this otherwise suspected scam.
Instead, consider the high-rated MetaTrader4 brokers and MetaTrader5 brokers, which are delivering the best Forex software and excellent trading conditions. The MT platforms are packed with sophisticated features such as Expert Advisors, complex indicators, and first-class charting tools. MetaTrader also comes with a Marketplace where traders can find more than 10 000 apps, which is an unparalleled advantage.
The EUR/USD spread is the best possible- 0.1 pips, but it’s useless on such a flawed platform. In fact, it’s impossible to execute a trade, which says it all. Fortunately, the FX market is highly competitive, so you can quickly find legit brokers offering tight spreads of 1 pip and below simply by following the links provided throughout the review.
The leverage remained unknown. The broker doesn’t even utter a word about it, and upon accessing the so-called platform, we couldn’t get any information either. That’s a red flag because leverage carries high risks, and traders should always be in control of the level they deploy. In fact, it is so dangerous that many authorities regulate it to restrict its usage and reduce traders’ risks. As a result, EU, British and Australian brokers have to limit retail clients to 1:30 for FX majors, while Canadian brokers and US brokers to 1:50. Overall, most high-leverage FX companies are poorly or not regulated at all, so you’d better remain sceptical.
TradeFxMarkets DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit is said to be $100 via PerfectMoney, but that’s probably not true because it’s only possible to fund trading accounts via the Indian payment processor Razorpay. Well, the broker also claims that Skrill and Neteller are optional, but that’s falsehood either. In fact, whenever they contact you over the phone, it might turn out that there are plenty of options, but the inconsistency is indeed evidence of a scam. TradeFxMarkets is evidently aiming to hide something, and that’s fishy.
While on funding, check some Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have trusted payment systems. The companies topping the lists are adequately regulated, and you won’t face scammers if you choose among the high-rated ones.
TradeFxMarkets doesn’t specify minimum withdrawal amount and fees, but generally, there will be charges incurring. The request processing is said to take place within 2 days, but we can’t take their word for it because we’ve already encountered too many false claims.
The broker claims that bonuses are generally available but doesn’t specify anything in the Terms. It’s mentioned that there is a separate Bonus T&Cs document, but that’s a lie too. More false claims and more evidence of a scam. Too much already!
Overall, TradeFxMarkets is unregulated, which is more than enough for you to stay safe and avoid this suspicious broker.
HOW DOES THE SCAM WORK
Today, the Internet is plagued by scammers and their deceitful deals. It all starts when you click on an appealing fraudulent offer and provide your e-mail and contact numbers. Scammers, as seasoned manipulators, would ring you at once, insisting that you should start investing as soon as possible. During the phone call, you’d be presented with bonuses, promotions, risk-free offers, Bitcoin opportunities, and anything else you could possibly imagine. Scammers would claim to work with reputable firms, banks, governments, and so on, trying to make their business appear legit. Those thieves lie big time and would promise you anything to gain your confidence and get a deposit from you.
However, the first deposit is just the beginning. Day by day, scammers would carry on asking for funds. If you lost, they’d persuade you to put more money and recover the losses. If you are profitable, you’d be asked to put more money and increase the gains. The headaches start as soon as you ask to take your money back. The scammers would do whatever it takes to discourage you and would even urge you to deposit again if you want to withdraw. The scammers’ mantra is “give me your money”, they’d push you to transfer more money over and over again for no obvious reason. Urgency is a treacherous sign, so if someone forces you to invest ASAP, that’s a scam.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is safe from scams. If you get defrauded, the first thing you need to do is to protect yourself from further risk. Deactivate your card immediately, contact your bank and ask for advice.
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!
Remember, it’s crucial not to rush blindly trying to recover your funds because fraudulent fund recovery agencies are trying to double scam the victims. They ask for upfront payment, take the money but don’t do anything to help you!
Last but not least, share online your experience; it’s important to inform the public about scams. Be responsible!