Beware! Trustpixs.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.
Trustpixs.com seems like an innocent and subtle broker – two qualities that we find to be very good for any FX brokers. But as it turns out, the company hides a common dirty secret through which it ruins destroys any hope we had for it. Essentially, the firm is a common fraud and a risk to all. Read on to find out more.
We opened a Standard trading account. It was suspiciously easy to do so, which begs the question of whether the broker is desperate for users. It does not matter in the end.
We accessed a user area, and found it quite abundant in options and the like, but then everything was shattered by a rather unnoticeable thing that has probably passed unsees by many.
We discovered that the alleged MT4 offered by the broker is a fraud, but more on this later in the review.
What our readers need to know is that, as a result of this predicament, there is no trading software on which to tango with FX and other assets. There are no applicable leverages and no applicable spreads. In essence, Trustpixs.com does not offer any FX services.
The website is available in English.
TRUSTPIXS.COM REGULATION AND SAFETY OF FUNDS
The applicable law section in the terms and conditions speaks of the Commonwealth of Dominica as being the place where the broker is incorporated. There is no problem with that, the broker company can be anywhere it wants, but to users and traders alike it just isn’t enough to create a stable and trustworthy trading ground. The reason for this is that the Commonwealth of Dominica does not have an FX regulator, and thus all brokers registered in it, and there are a ton, are technically not regulated.
Furthermore, the main home page claims the broker to be regulated by the FCA, ASIC, and the FSCA in South Africa. Do not trust this as it is completely misleading. These are just a set of claims that have no support behind them, making them essentially lies. The broker is definitely not licensed by either one of these.
In fact, Trustpixs.com is not regulated by anyone. It is a risk to all traders, and is probably a scam! Do not invest here!
Only trust regulated brokers. This means that the first thing you should do with any broker you come across that seems interesting is to check for a license. Any UK, EU, US, or Aussie-regulated ones will do, although there are dozens of other great regulators out there! Regulated brokers are bound by the law to be as objective and secure as possible while providing a fair FX trading environment for all users. Any sort of deception or theft will be dealt with heavy fines and other legal penalties that may result in the impound of the entire company. Furthermore, the likes of the FCA and CySEC offer client compensation schemes that give users a financial safety net should their broker fall into insolvency. The FCA guarantees up to £85 000, while CySEC guarantees up to €20 000 per person.
TRUSTPIXS.COM TRADING SOFTWARE
As we mentioned, the MT4 trading software that we found to be offered in the user area is fraud. And by that we do not mean that it is illicit or anything, but that it simply does not belong to the broker,; it’s an imposter.
The MT4 download file is named after some other broker, probably another unregulated one, meaning that all the trading servers belong to it, and not to Trustpixs.com.
We have seen similar cases many, many, times before, and every time it turns out the broker to be a liar. There is no MT4 offered here, and no software at all actually.
TRUSTPIXS.COM DEPOSIT/WITHDRAW METHODS AND FEES
As seen in the user area, the depositing methods are wire transfer, some e-wallets, and a crypto-buying option that seems more like an actual option to purchase crypto than a depositing means. However, one must contact the rep of the company in order to deposit in all but the crypto option, which actually encourages users to “invest” with the crypto wallet.
There was no minimum deposit anywhere revealed, not even on the website.
Withdrawals happen by means of a bank transfer and again a range of unknown e-wallets. There are no important details on withdrawals on the website.
The lack of withdrawal info is a bummer but it shouldn’t bother our readers for they should bother with Trustpixs.com in the first place. This broker is not licensed and is a scam.
HOW DOES THE SCAM WORK
Scams function in much the same way they have worked since their conception. The just of it is as follows: the user gets slapped with false promises, gets to invest into one, and is then left without money.
These false promises take the form of online ads that are very attractive and alluring, so much so that even we find them appealing. And they will continue to evolve!
Some of these ads lead to investment scams, sources where the user will be encouraged to provide contact information that will be used to solicit her into investing.
The whole process of solicitation is where the scammers are best at. Sometimes they have whole teams of trained experts whose day-to-day job is to convince users to invest. They are further motivated by the fact that they receive a hefty commission from each deposit. There are scripts with psychological techniques and tricks that are effective against novice investors that still work to this day, judging by the statistics of how many people get scammed per yearly quarter.
The expert scammers move into position when the user is ready to invest for a second or third time. Here the goal of the game shifts to the quality of the deposit. All subsequent deposits should be higher, and the experts know how to bring about this.
All withdrawals will be stalled or held back, even if at times the users get a taste back- this is used to keep them invested in the scheme. Clients will find they have a very hard time withdrawing!
WHAT TO DO IF SCAMMED
A credit card or debit card chargeback should be the first place to look at. MasterCard and VISA have a chargeback period of 540 days. This method is the most used one, and certain scammer brokers even move to act against it, so be sure to act quick!
getting your money back that was originally lost through bank transfers is hard but not impossible. Users should first change their bank account username and pass, and then contact the bank to set a plan of action with the institution.
Unfortunately, crypto-based deposits are untraceable, and the only way to get them back is from out of the goodwill of the scammers. Safet to say, that scammer will rarely if ever deter from their in-born fraudulent nature.
Finally, do not give your money or payment details to recovery agents or agencies. They will promise to reimburse you by tracing the lost investments but will ask for a service fee. Once the fee is paid, they will disappear with the money!