Beware! Reserveex.com 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.
Reserveex.com is an interesting broker in that it brings a new side to the unregulated brokerage experience. We know that this might sound like we are advertising the scammer broker community but in the world populated by an incredible amount of scammer brokers when one stands out it is worth mentioning it. However, the company still remains unregulated and a risk. The following review will disclose why Reserveex.com is not worth your money or time. Please do not try to invest before you read the review because we are sure that you will regret your decision later on.
Creating an account was very easy and anyone can do it. Reserveex.com is one of those brokers that allows just about anyone to enter its user area, and invest. Therefore it is open to all types of users. The client dashboard opens after we registered an account and present users immediately with a web-based trading software.
This training software revealed that users can trade with forex currency pairs, stocks, indices, commodities, and cryptocurrencies. The EUR/USD spread is around 2 pips, a value just the silver lining between profitable and unprofitable. The leverage is capped at 1:400 for the highest account type.
The website of the company can be accessed in other English or Italian.
RESERVEEX.COM REGULATION AND SAFETY OF FUNDS
The just of the broker is the following statement that we found in the footer: The company is not available in jurisdictions where its usage would be contrary to applicable law. This might sound like a very sincere and professional statement but is actually a well-thought way to indicate that the company is in no way responsible for being regulated. It is an arduous synonym to being unregulated. How can the users know if the company is legitimate or not in their current jurisdiction if the broker itself has not revealed where it is regulated?
Reserveex.com attempts to bring about a very complicated and unnecessarily overburdening website. Yet with all the texts and completely irrelevant filler contents, there is nothing to reveal a licence. The legal documents are also very lackluster and seem to do no job at all aside from filling up the empty space.
Unfortunately, the combination of useless information, the lack of regulatory details, and a misleading claim about jurisdiction authority lead us to conclude the only logical verdict: Reserveex.com is not regulated and is, therefore, 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.
RESERVEEX.COM TRADING SOFTWARE
We have seen this training software used many times before. All of these previous times the software had been used of course by unregulated brokers. We cannot unlabel this software as one that is commonly used by scammers.
And even if we were to look at it objectively we would not find anything worth of value. Honestly there isn’t too much to do, and we believe that users will get bored very quickly with this one. The main issue with such trading softwares is that they don’t offer anything but the basic features meaning that a user cannot progress and become a better trader while using this particular trading terminal.
RESERVEEX.COM DEPOSIT/WITHDRAW METHODS AND FEES
According to the user area, clients can only invest in the broker by means of a bitcoin wallet. Therefore there is no real minimum requirements; whatever the user invests will be better than working for a scammer company like Reserveex.com.
On the other side users can withdraw by means of a transfer request cards a bitcoin wallet and “other” methods that have not been indicated. Although we cannot see an easy way of retrieving your money once you deposit them here.
There is no payment information on the websites which is not surprising since the state of the broker. Overall this company is completely illegal and is not worth your time and money.
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.