Beware! Cex Pro FX 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.
Cex Pro FX might seem at times like it was a very decent startup company but we think that this is the exact reaction that the broker wants to create in users. This is ultimately an unregulated broker and a very risky one because it has a very simplified and classy website. We have seen hundreds of sites such as this one and we can always tell if one is legitimate or not. This one definitely is not legitimate and is therefore a risk to all. Read the review to find out how we reached this conclusion and please do not invest anything before you go through each point of the text.
We were able to register in a very short period of time which indicates that the broker can easily attract users who then can very effortlessly invest money. This is the perfect scammer brokerage environment. The user area was very confusing and we can see that not a lot of thought was put into it. Moreover, there wasn’t even a trading software of the classic type to be used. We have discussed this below in the relevant section of the review.
For now, users need to know that’s only cryptocurrencies are available as tradable assets. No matter what’s the website might claim there are only crypto assets to be traded with. There are no leverages to speak of.
The website of the company is available only in English even though there is a sidebar suggesting that there are other languages available.
CEX PRO FX REGULATION AND SAFETY OF FUNDS
There is no doubt that this company is unregulated and a risk. Everything about it suggests that it is illegal. But we do have to take out some evidence.
The first evidence that the broker is illegal is a claim in the footer stating that the company is registered in the European Union and is regulated by the Gibraltar Financial Services Commission. Needless to say, the commission does not regulate the broker as there is no proof of this; we went to regulator and checked with the company itself.
Ask for the European Union claim, the broker would have to be regulated by any European agency in order to be eligible to European investors.
Since there is no further information on a licence we can therefore conclude that the broker is not regulated and is a risk to all investments.
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.
CEX PRO FX TRADING SOFTWARE
The trading software used by the broker is actually not a trading platform but a kind of a menu of cryptocurrency assets that users click on and are redirected to their own small charts. We have attached a small image underneath so that you can see what we mean.
And that is all there is to this trading software if you can even call it a trading software. Actually know that we think about it it does not constitute a trading software. And the fact that users can use only cryptocurrencies as their financial instruments is another clear sign that this is part of the scam.
CEX PRO FX DEPOSIT/WITHDRAW METHODS AND FEES
The only way to take payment information is from the website. This is bad on its own because the broker is not licensed and can therefore lie without any consequences.
What’s even worse is that we will take all the payment information from the deposit and withdrawal policy, a set of documents that always has very questionable payment details.
There is no minimum deposit requirement revealed, while the payment methods according to the policy are credit cards, wire transfer, and a bunch of alternative methods.
Credit cards withdrawals are charged a $35 fee. Bank transfer withdrawals are commissions by $25. And the other Undisclosed methods are charged by $25. Users that do not trade a 250 in turn over the requirement. The minimum withdrawal processing time is between 5 and 7 days.
Overall, Cex Pro FX is not worth the risk.
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.