Beware! SpeedyExchange 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 no denying that SpeedyExchange is quite the smart and unique name for a broker. It’s easy to look for, and it is easy to remember which is always a very good thing especially for unregulated brokers. What’s even more dangerous about this company is that it actually feels and looks quite decent even though it is the exact opposite of legitimate. This is only due to the fact that the broker retains some of the most popular aspects of any fraudulent broker. The first thing that comes to mind is the design of the website the way that everything has been rearranged, as the images and the texts. It is difficult to explain because we have seen this many time and our readers have not had the experience we have had. Once you start detecting patterns it will begin to make things clearer.
One of the most popular ways that we have discovered to find out if a broker is regulated or not is the account creation process. Here the process is the most common registration process utilised by unregulated brokers. It’s something like a templates that 80% of all brokers use. And this it has become a very clear sign that the company is not legitimate.
Opening an account was very easy and we were redirected to a very familiar webtrader in no time. Nevertheless, we were able to get pretty accurate trading conditions which is saying a lot considering the broker is illegal. We learn that users can trade with forex currency pairs, cryptocurrencies, indices, commodities, bonds, stocks, and ETFs. The EUR/USD cost of trade was around 3.7 pips. The leverage given to us was 1:200. Overall, the Spread is way too high to be considered profitable in anyway, making the trading conditions unacceptable.
The websites of the company is available only in English.
SPEEDYEXCHANGE REGULATION AND SAFETY OF FUNDS
The most important parts of the review will also be the shortest because there is nothing to actually reveal.
The closest thing we get to any semblance of a regulation is a mention on the website that the broker is registered in the United Kingdom. However, this does not tell us much.
To be able to offer legitimate forex trading services in the UK one absolutely must hold a licence from the FCA. SpeedyExchange has no proof that it holds a licence and we did not find any proof outside of the website.
In conclusion the broker is unregulated and the state of the company is in shambles. Company is definitely illegal.
Investing in unregulated brokers is basically throwing your money out of the window. They will very rarely return your money, and even if that happens it would cost the user an incredible amount of headache and time.
That is why we encourage users to only trade with regulated brokers. Please, once you enter a broker that you think is worth investing in always check for a license before doing anything else.
We recommend UK, EU, US, or Aussie brokerage firms. All such regulated brokers are very trustworthy and offer safe and secure trading grounds.
Furthermore, agencies like the FCA and CySEC offer user compensation funds that are applied only when the broker at hand is not able to pay back to user due to insolvency. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
SPEEDYEXCHANGE TRADING SOFTWARE
One of the most popular trading software has been used here. We see this website used almost on a daily basis by many unregulated brokers. It combines well a strong visual side with a couple of very impressive trading options.
These are pending orders timeframes live TV and news feed, and other charts and trading experience optimizes. We can see that the software is quite good but it will gets tiresome for more experienced users.
SPEEDYEXCHANGE DEPOSIT/WITHDRAW METHODS AND FEES
From the user area we learn that clients can invest in the following payment methods: Bank transfer. There is no other payment method available, no matter what the website might claim. And there seems to be no minimum deposit requirement. The user is encouraged to invest directly into an account. The minimum deposits is either $250 or $10,000. It all depends on which subsection of the websites you visit. These two sums of money are incredibly different from each other, making the truth even that’s more important. But we do not know what the true minimum deposit is.
The withdrawal area of the user dashboard reveals that clients can take out money by means of bank transfer credit cards and a bitcoin wallet. From the legal documents, we learn that the minimum withdrawal is $500 for wire transfer and $100 for credit cards. There are no fees connected to withdrawals.
Overall this broker is a complete risk and unregulated scam. Please do not invest in this broker.
How does the scam work?
It’s almost ironic that’s one of the most popular ways to get scammed by a forex investment fraud is incredibly simple to grasp. If you look at it constructively, the way a scam works is that it follows a couple of incredibly simple steps that nevertheless take a lot of experience and authority to pull off.
In fact, investment scams are so effective not because of the way they are structured but because the people that are behind them are very talented at human manipulation. They have an arsenal of psychological and behavioral tricks.
Indeed, the hardest part of any scam is to actually be introduced to the scammer in person which happens most of the time by phone but it can also occur by email correspondence.
The quickest and most effective tool they have is online ads. Fake and misleading ads are ubiquitous over the internet. They continually evolve into becoming more and more legitimate-looking while retaining their complete scammer nature. Everybody has seen at least a couple of these ads: they promote a carefree life, luxurious products on the go, beautiful women, and other very expensive and realistically unattainable stuff.
Behind these ads are the investment scammers. Once you end up on the website you will be asked to provide a phone number or an email address for the sole purpose of being contacted by the broker.
The representatives of the scam will ask you to invest. He or she will use an array of tactics to make you invest. This is a solicitation and nothing else. Investing an initial deposits will build trust with the scammer and can potentially lead to more and higher investments.
If the user continues to invest and trusts the broker, he or she will continue to invest money that will be very hard to retrieve.
And once the time comes to actually get your money back or at least withdraw a profit, the true scammer nature of the company will reveal itself. The broker will either block your accounts, close off all communications with you, shut down the entire website, or stall all requests. At times it can even pay you back a percentage of your deposit and profits in order to create a false sense of security.
What to do if scammed?
Now, the quickest way to get your money back is to file for a chargeback with your credit or debit cards provider. However, this applies only to those users that have actually lost money by means of a card. MasterCard and VISA have a chargeback period of 540 days.
Bank transfers are harder to get back. First of all, we always encourage users to immediately change their bank account username and password. And then to contact the bank itself and try to find a solution to the problem together. The banking institution might have a specific section that deals with similar issues.
One sure way to lose all of your deposit is to invest in a regulated broker via any sort of cryptocurrency. Even in today’s world, crypto transactions are untraceable making crypto deposits the most popular investment gateway used by unregulated brokers. All funds invested through a crypto wallet are definitely lost.
And a warning to all readers! Do not trust the self-proclaimed recovery agency or agencies whose promises of returning all your funds are as misleading as the broker scam itself. They will take the initial fee charged for the false services and will disappear with the money.