Beware! ShivomFX.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.
The only credit that we will ever give ShivomFX is in the intro to the review, because there is only one thing that it does well. That is presentation. The website has enough details and goofs around the proper amount of times so that more rookie traders will get intrigued and perhaps invest. And it is exactly this that brokers such as ShivomFX.com wish and strive for. This is their bread and butter. Read the review before doing anything else, because all investments in this company are definitely not worth it.
Opening an account is crucial with shady brokers because only by accessing the user area can we get the best trading and payment details. However, ShivomFX.com’s registration page does not work, and therefore, we could not create an account, and must quote the website for all trading and payment information. This would not be an issue if we trusted ShivomFX.com, but we absolutely don’t.
As soon as we started looking at the website, we realized how limited in scale it really is. Everything about the broker is centered around the home page, and there are barely any subpages. In fact, the only relevant subpages that we believe to exist are the registration page (currently unavailable) and the user area.
From this very limited pool of information, we gathered the following financial instruments: forex currency pairs, commodities, stocks, and cryptocurrencies. The Standard Account spread indicated is 2.6 pips, which is useless as a cost of trade. The next best thing is the 2 pips spread blocked behind a $1001 minimum deposit requirement. The leverage is capped at 1:200.
The website of the company is available in English.
SHIVOMFX.COM REGULATION AND SAFETY OF FUNDS
It is said that the broker is incorporated in Saint Vincent and the Grenadines. If you had any hopes for the broker, leave them at the door.
Saint Vincent and the Grenadines is the most popular scammer FX brokerage location in the world, and for two very distinct reasons. One, the nation has no FX regulator, and because of this none of the thousands of registered brokers are locally regulated. And second, the country’s governmental structure allows for easy local business incorporation, which is a goldmine to many fraudulent brokers; the local authorities seem not to pay too much attention that their country is the mecca for scammer brokers.
Another clear sign that the company is unlicensed is the complete lack of legal documents. No legit broker ever had the power to not include legal provisions. Only investment scams have the audacity to proceed in such a manner, and that it why it is so scammer-like to not have legal docs.
The broker is not regulated, is a risk to all, and is a scam. Do not trade with it!
Perhaps the most crucial move a user can make in the process of deciding what broker best suits her needs is to ascertain that the broker is regulated, properly, by a legitmate license issuer (there is a rise in fake regulators). Make sure your broker of choice is a UK, EU, US, or Aussie-licensed entity; there are other perfectly fine jurisdictions where a firm can be authorized, it’s just that these ones are the most developed in terms of providing the best possible trader security. Moreover, some specific regulators also allow for their regulated brokers to participate in compensation schemes which add a very sturdy extra layer of defense. The FCA guarantees up to £85 000, while CySEC guarantees up to €20 000 per person.
SHIVOMFX.COM TRADING SOFTWARE
Revealing that ShivomFX.com is offering a 3in-1 trading software is the equivalent of us telling you that we have the personally know Santa Clause. There is no way for us to prove it, but there is also no way for you to disprove it.
The trading platform at ShivomFX.com is a mystery, and it may not even exist. With the little proof that we have, we tend to believe this.
SHIVOMFX.COM DEPOSIT/WITHDRAW METHODS AND FEES
Due to the limited quantity of information, we found very little of value here that would be useful to readers.
The minimum deposit is $100 for an account type that is quite useless, to be honest, with its 2.6 pips spread. There are logos of payment providers- btc wallet, credit/debit card providers, wire transfer- but we don’t know if any of them are accurate.
This is as far as we get. There are no further glimpses into the payment conditions. There are definitely no withdrawal details to be seen anywhere.
ShivomFX.com is a complete scam and a risk. Stay away from this one!
How Does The Scam Work
We can easily reverse-engineer the scammer process by looking at the whole thing as a series of contained events.
The first of these is falling for one of the thousands of online ads that lead to any number of fraudulent investment websites. The most obvious aspect of such ads is their ability to attract the eye gaze of users since they include glamorous content that we have all dreamed of owning.
Giving in to one of these ads will lead the user to one of two sources: either a so-called intermediary website or the scammer brokerage itself. The former works to introduce the latter, so the principle remains generally the same. The second step ensues once the user provides the crucial contact details that will be used by the firm to solicit funds. Because they are crucial to the scheming process, the broker will put a lot of input into this effort.
The third event is establishing grounds for communication, and a pivotal point for recruiting the user as a depositor. The first deposit is the hardest to sell, and that is why most scammer brokerages have dedicated internal departments whose only job is to entail a preliminary investment.
The fourth even is up to the retainers, or the expert scammers – account managers-, whose job is to keep the user invested as long as possible and to drain as much money out of her. Here is where many, unbeknownst to the user, psychological tricks are used by the scamming experts to really deplte funds from accounts.
The final step is containing the damages, or to put it in the lingo of the perps- to keep the stolen mon ey with minimal collateral damage. Here is where the scammers get cheap. Many will simply ignore the requests of withdrawals- or simply stall them-, or can shut down accounts and even entire websites for the purpose of keeping what they have stolen.
What To Do When Scammed
Fiel for a chargeback! It’s the surest way to get your money back, although not many scammer brokers allow for credit/debit card deposits. They are aware that users can file for a chargeback, and therefore condemn it by either not including cards payment gateways or by penalizing the client when she files for one. Note that, VISA and MasterCard have extended their cash-back period to 540 days.
A popular payment method is bank transfer, and here is where things get tricky. Users should contact the bank to help them out if they get scammed, but there is no real guarantee that the banking institution will be able to help them out. Moreover, change your bank account user name and password ASAP should you get defrauded.
Crypto payments are untraceable and are therefore non-refundable. For these reasons, crypto wallets are the favorite means for investing for scammers.
The last point to make concerns recovery agents whose promises will tempt many a victim. Agents or agencies promising some magical way to recover your stolen funds are separate fraudulent entities.