Beware! FlipFXTrade 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.
There is nothing more frustrating as well as infuriating than a broker that does not disclose information. The point of a broker site is to, mainly, promote its trading conditions as well as the payment prerequisites. FlipFXTrade does barely half of the job, for a simple reason-it’s unregulated and does not seem to have much experience in doing what it tries to do. Or maybe it just does not care, because it knows that many users blindly throw themselves into these types of schemes without a moment of thought. This review is for these novice users. Please read it before investing in FlipFXTrade.
Registering an account turned out to be more professional than we expected, and in the end, we failed to do so. But not for the reasons you might think. What blocked us was the verification process; FlipFXTrade needed time to verify our details. We would never get approved. Therefore we have no other way but to rely on the website for all the trading and payment details.
From the website, we gather that clients are limited to trading with only forex currency pairs, commodities, and indices. This is half of what normal brokers offer, and is not nearly enough. The leverage, we are told, is capped at 1:200, while the spread value has not been detailed anywhere.
FlipFXTrade is available in English and no other language.
FLIPFXTRADE REGULATION AND SAFETY OF FUNDS
If we had to be brief and to the point, we conclude that FlipFXTrade is anonymous and a scam. But we have to go a little deep to see why that is.
The main, and in fact only, source of any help here is in the contact page segment of the website. These are the contact details given to us: USA, UK, and Germany. So we and our readers are led to believe that FlipFXTrade is registered in these three countries, nations that are on the top of the FX food chain globally.
If that were true, then the broker had to be licensed by the FCA in the UK, BaFin in Germany, and the CFTC/NFA in the US, which is by far the most severe and demanding FX nation in the world with only a dozen or so legal FX brokers operating on US’s huge territory.
It might not be obvious to all, but none of these overseers regulate today’s brokerage; the thought of it is laughable. And there is no proof of these agencies regulating the firm.
Furthermore, we find no trace of any legal documents, which acts as the last nail on the coffin here. Without these provisions, the broker can do as it pleases with all its users, and there will be no consequences for it.
The verdict is self-evident: FlipFXTrade is UNLICENSED, and a risk to all.
We find it completely useless to invest in an unregulated broker. All investments will be lost! Always rely on regulated brokers, either from the FCA or CySEC, or the CFTC/NFA, or any other trustworthy license issuer. All these overseers keep record of the brokers’ activities, demand from them reports, require to keep the market integrity stable, and above all, call for the safety and security of all users, their funds and personal details. The FCA and CySEC are special in that they offer client compensation schemes which are applied to users whose brokers cannot pay them back due to financial predicaments. CySEC offers a €20 000 refund amount per person, while the FCA guarantees up to £85 000.
FLIPFXTRADE TRADING SOFTWARE
We didn’t really expect to be any trading software news, and we were right. There is no trading software info to be found. By info, we mean any solid evidence that registered users can trade.
None, whatsoever. As far as we’re concerned, FlipFXTrade has no trading terminal. And even if it did, it wouldn’t be something to write home about.
FLIPFXTRADE DEPOSIT/WITHDRAW METHODS AND FEES
From the website, the only source we have for this type of information, the minimum deposit is $2999. This is, by all means, incredibly high, and it reveals that FlipFXTrade targets only wealthier clients. Of course, since we cannot confirm this to be actually true, we are speaking out of context here.
But we will have to further rely on our wits ith here for there is no other payment information.
The most common payment methods are credit cards, debit cards, bank transfers, some e-wallets, and at imtes crypto wallets.
Withdrawal fees and other fees are present most of the time with scammer brokers, even if the broker at hand reveals no details on these.
We cannot be certain that this information applies to FlipFXTrade Unregulated brokers tend to lie on every turn just to get their own.
How does the scam work?
A fair number of fake online ads lead to scammer brokers, or to intermediary websites that introduce the scheme and its fake benefits.
From these ads users get fooled into entering the broker site, which means that the ads themselves are very tempting, but over-the-top nevertheless.
The next thing that the scammer wants you to do it to give away your phone number or an email address. The idea behind this is for the broker to bridge the distance between itself and the user, in order to keep a closer eye on the user.
Through these contact mediums the scammer broker can easily harass the user and compel him or her to invest. It’s as simple as that.
These reps that keep contacting users are trained to shape the user’s choice and to manipulate. Their one and only goal is to initiate deposits, and to keep the make-believe scheme relevant. This is easily done by revealing profit gains (but never allowing for the user to withdraw it), by promising higher gains, or by simply being too charming to say no to.
We assure our readers that the broker will never allow a withdrawal to process. The client will be left to fend for her own.
What to do if scammed?
The user must rely on the payment systems to eventually get her stolen money back.
The safest bet is a chargeback procedure with the client’s credit/debit card provider. MasterCard and VISA have a chargeback period of 540 days.
If the money was lost through one or multiple bank transfers, users should, first and foremost, change the wire account user name and password. Next, the trader should contact the bank and create a plan of action.
All investments using a crypto wallet are lost. They cannot be traced and are thus the riskiest of all investments!
Users might come across recovery agents, who are nothing more than another brand of scammers. They ask a payment in exchange for returning all of your lost investments! If you pay them, you ill never see your money again!