Beware! Folks Vision 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.
Are we supposed to feel the hype once we see the BMW? Or are we to laugh at the expense of the broker and its efforts to dazzle users? We won’t do either. What we will do is say that relying on too many visuals aspects is one of the most well knows signs that the broker is hiding something. And we think that Folks Vision definitely us up to some fishy stuff, although not many users might think that way, making this broker successful in attracting an audience. This review is for them. Reading it may save you a great deal of time and money.
The registration process was simple and fast, and we were granted access to a user area. It took us a while, but we were able to access an MT5 desktop trader with a live account, although the ease of creating a live account worried us- no legit broker would give us so much freedom after barely even verifying who we are.
The MT4 gave us the following assets to trade with: forex currency pairs, commodities, cryptocurrencies, and indices. We opened a Standard account, and on it we read a EUR/USD cost of trade of 1.7 pips on average. The leverage is capped at 1:200.
The website of the company is available in English and no other language.
FOLKS VISION REGULATION AND SAFETY OF FUNDS
Folks Vision asserts what hundreds if not thousands of others have said before it: that it is incorporated in Saint Vincent and the Grenadines, and that if operates according to the local laws there. The Caribbean country does not have an FX regulator nor does it have a well-put legislation as to what companies can come and stay, making Saint Vincent and the Grenadines one of the best breeding grounds for FX investment scams! Not only is Folks Vision not licensed there, but is may also be a scam using the country as a scapegoat.
Another sign of the unregulated broker are short and unhelpful legal documents, and of these Folks Vision has, ironically, plenty. The shorted these provisions are the fewer legal ties the company has to the broker, meaning that it can act as it wants with the user and manipulate her for its needs.
There is no reason to beat around the bush: Folks Vision is not regulated, and as such is a risk to all investments!
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.
FOLKS VISION TRADING SOFTWARE
Folks Vision did impress us when we discovered that it had included the MT5 as part of its repertoire, but our opinion of the broker did not change one bit.
Paying for the MT5 is easy, and so is illegally installing it. We are saying that the inclusion of the MT5 is not a redeeming feature of Folks Vision, and it never will be. This broker is first and foremost unlicensed and a risk to all!
FOLKS VISION DEPOSIT/WITHDRAW METHODS AND FEES
From the user area we gather that users can invest by wire transfer, a bitcoin wallet, and a tether wallet. There is no minimum deposit, i.e the client can invest as little as $1.
The withdrawal area reveals a 5% commission on all bank transfers and a 24-hour processing timespan.
The company does not disclose too much payment info, although what we found out is technically enough to satisfy.
That does not mean that Folks Vision is worth investing in. The broker is unlicensed and a risk to all, even though it does show some potential. If Folks Vision wishes to fix its errors we are sure that it can attract a loyal clientele. For now, though, best not to invest in it.
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.