Beware! FXNess 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.
FXNess is a broker that should not be confused with NessFX – a legitimate and regulated company. Instead, FXNess is simply an offshore broker that tries to evoke a connection to the legitimate entity – what most regulators call a “clone firm”. This following review is focused entirely on that firm and why it should be avoided:
FXNess regulation and safety of funds
FXNess is completely unregulated and not under anyone’s oversight. The following address the company supplies us with is most definitely fake, or does not accurately correspond to its actual whereabouts:
To operate in the UK, a company needs to have a license with the regulatory body in the country – the FCA. And obtaining one is no easy task – a prerequisite to do so is to have over 730 000 euro to make sure the broker is adequately prepared to take on the notoriously volatile Forex markets – and if it fails, its clients are entitled to a compensation of up to 85 000 pounds per affected person from guarantee funds that brokers are forced to participate in. To deal with scams, the FCA demands all brokers report on a daily basis on open and closed trades, which makes market manipulation thoroughly impossible.
But we know for a fact FXNess does not cover these requirements and that it is not present in the FCA register – we do not need to consult said register when the broker breaks numerous FCA policies. For example, it provides access to bonuses, which the regulator has banned following a streak of abuse from brokers.
We will examine the bonuses FXNess offers later on in the review, but for now, it suffices to say that the broker singlehandedly justifies the FCA ban on them! There is no reason to trade with FXNess when legitimate brokers are so readily available nowadays!
FXNess trading software
FXNess provides access to a web platform that we found to be quite lacking in comparison to industry standard Metatrader 5 – notably, there is no automated trading available. Here is what the platform looks like:
The trading conditions on it are questionable, to say the least. The spreads are way higher than the accepted maximum of 1 pip on FX majors like the EURUSD. The leverage goes up to 1:400, and is also way higher than what most brokers provide. Regulators have cracked down on high-leverage trading around the world, and most brokers that still have it available are ones like FXNess that are trying to attract more clients.
FXNess deposit and withdrawal methods and fees
FXNess claims it accepts deposits via a variety of methods, but none were available to us – but if you have managed to deposit with the broker, we suggest you file for a chargeback ASAP – that might be the only way you can get your money back. Forget about your profits, however – there is a clause in the company’s Terms that makes withdrawing them impossible. Here is the clause in question:
It states that all profits made with bonuses are not eligible for a withdrawal – and the problem is that there is no way to know what money is made using what. This will only lead to the broker claiming all profits fall in the non-withdrawable category!
How does the scam work
There is no other conclusion than FXNess being a scam – and here is how that scam works:
First off, someone stumbles upon the broker’s website – on it, they are prompted to make an account, and required to leave a phone number if they chose to do so. If the scammers get that number, they will start calling around the clock and demanding deposits, only stopping once their victim is bled dry or realizes they are being conned.
What to do when scammed?
If you have been scammed by FXNess, you will need to take the following steps to make sure you do not suffer further losses:
First off, reissue whatever credit cards, forms of ID and so on the scammers had access to. Also, remove any remote control software they had you install on your PC.
Secondly, contact your bank and ask to file a chargeback – if that is impossible, do not trust recovery agencies that demand an upfront payment – they are simply another scam!
Finally, please consider leaving a comment below and telling us of your experience with FXNess – in doing so, you will be helping raise awareness of the scam, which is the best way to combat it!
