Beware! FXPoint 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.
FXPoint is a scam scheme, and we are going to show you why in the following review. It’s a brand of a fraudulent company that’s blacklisted by various regulators worldwide, which undisputably means that you should steer clear of the broker reviewed. We’ll discuss all the details you need to know about this fraud in the full FXPoint review.
FXPoint REGULATION AND SAFETY OF FUNDS
FXPoint is a brand of Grey Matter Enterprise Ltd– a St. Vincent and the Grenadines company that holds no license to operate as a Forex broker. Regulators detected it, including the German BaFin, and issued warnings against the broker, exposing it as a scam scheme, so your funds will be in danger if you deposit.
Regardless of the warning, the SVG brokers are too risky, and this particular case proves our statement. Grey Matter Enterprise is incorporated in St. Vincent and the Grenadines, and it’s even enlisted by the local regulator SVGFSA as a registered IBC. However, the same authority doesn’t license or in any way regulate brokers, so such businesses are free to do whatever they want- defraud clients, for example. Furthermore, the ownership of the SVG companies is not disclosed, which makes scammers overly interested in the Caribbean Island.
Avoid FXPoint, and check the high-rated EU brokers and British brokers, instead. We recommend licensed European companies because they participate in deposit insurance funds- if you trade with a CySEC broker, you can get up to €20 000 in compensation, while with FCA brokers, the protections are up to £85 000 per person.
FXPoint TRADING SOFTWARE
FXPoint provides a basic Webtrader built around a TradingView chart, which shows how reliable the broker is. In fact, anyone can embed such a widget on its website, and this fact speaks for itself. We’ve encountered loads of fraudulent brokers wrongfully using TradingView charts, and FXPoint happens to be one of those.
Speaking of software, we’d like to offer the high-rated MetaTrader4 brokers and MetaTrader5 brokers on both lists. We recommend both MetaTrader platforms as they feature sophisticated trading tools such as Expert Advisors and even a marketplace with more than 10 000 apps.
The EUR/USD spread delivered by the so-called platform is 0.2 pips, but FXPoint is a scam, so don’t get excited by the favourable Buy/Sell difference. Instead, follow the links provided in the review to find real high-rated brokers offering 1 pip or less and avoid the swindling FXPoint.
As to leverage, it’s undisclosed, and we feel obliged to raise a red flag. Trading on hidden leverage means you never know what the risks are, so you can get hit as soon as you open a trade. Beware!
In fact, leverage is very dangerous, and that’s why many authorities intervened and imposed restrictions. Namely, due to regulations, licensed EU and Australian brokers are forced to limit retail clients to 1:30 for FX majors, while Canadian brokers and US brokers can’t provide more than 1:50. On the other end, Swiss brokers are reliable but not leverage restrained, so risk-tolerant traders eligible to open an account in Switzerland can safely go for it. The rest of the high-leverage brokers are either poorly regulated or not at all, so you should be careful with their offers.
FXPoint DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit is $3000, or 30 times more than the regulated brokers’ standards on average. The fundings methods are Wire Transfers, iDeal and some fishy Cashier. Well, all methods mentioned are final, so the unfortunate people who deposited won’t be able to chargeback.
Anyway, since we are reviewing a scam, we’d like to offer our lists with Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have a preferred e-wallet or a trusted payment system.
There are no withdrawal provisions to discuss as the broker refuses to disclose any trading provisions whatsoever. Well, FXPoint is a proven fraud, so we are not surprised to see the broker hiding information about critical trading conditions.
Overall, FXPoint is a scam we just exposed, so make sure to avoid it no matter what.
HOW DOES THE SCAM WORK
In a nutshell, you get enticed by an offer that sounds too good to be true, deposited as instructed by scammers and eventually get ripped off. Actually, the Forex scam is a process that significantly differs from ordinary fraud, which is usually a one-time event. In contrast, in Forex fraud, you are in constant touch with scammers who will manipulate you to deposit over and over again. For example, they will pretend to manage your accounts and will show you incredible profits. Or, if you trade by yourself, they’ll distort market prices to make your account profitable, thus luring you to put even more money in the scheme, promising even greater profits coming.
The scam becomes obvious as soon as you start insisting on getting your funds back. Scammers will reject withdrawal requests for whatever reason and will even instruct you to pay taxes first. It’s 100% a scam if you are required to send money when you want to withdraw. In the end, the cons will simply cut the communication, leaving you with losses too challenging to recover.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is immune to scams. If you get scammed, the first thing you need to do is to consider the secondary risks. Deactivate your bank card immediately and contact your bank and ask for advice.
Report what happened to you, file a complaint, contact the authorities, call the police. Seek help actively!
Then, it would be best if you were careful with your attempts to recover funds because fraudulent chargeback agencies and individuals would be happy to take you for a ride again. They usually ask for upfront payment but will do nothing in exchange.
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