Fctrading Review – 5 things you should know about futurecurrencytrading.pro

Fctrading Review – 5 things you should know about futurecurrencytrading.pro

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Beware! Fctrading is an offshore broker! Your investment may be at risk.

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Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

 

Fctrading presented us with a slick-looking website – they seemed to hope that this will be enough for us to trust them with our money. However, this broker is an obvious scam – they are supposedly registered at a location where no laws in the sphere of forex trading exist, they have shady clauses related to additional fees and bonuses in the Terms and Conditions, and a reputable financial regulator has recently issued a warning on the broker deeming them to be scammers. Read our review to find out why you should not invest with Fctrading under any circumstances.

Fctrading REGULATION AND SAFETY OF FUNDS

Fctrading claims to be registered in the Commonwealth of Dominica – although that information in their footer was a screenshot from another website.

The bigger problem is that the Spanish financial regulator, Comision Nacional del Mercado de Valores (CNMV) has issued a warning on Infinium Solutions Ltd – the company behind this broker.

The Commonwealth of Dominica is not famous for its strict forex regulations – in fact, the country not recognize forex trading as a separate line of business and therefore there are no laws protecting traders from scams and unfortunate events.

A much better and safer choice would be to open an account with a broker licensed in the UK (by the FCA), the EU (by CySEC or another reputable local regulator like the German BaFin and the Italian CONSOB), or Australia (by ASIC). If you are working with an European or Australian broker, your deposits will  be kept in segregated accounts managed by independent third parties – this means the broker cannot use your investment for their daily financial operations because your money is separated from their own funds. Licensed companies should prove their financial stability and long-term vision by maintaining a certain minimum capital – €730 000 in the EU and the UK and A$1 million in Australia. European brokers are also obligated to participate in compensation schemes which ensures that if a broker becomes insolvent, their clients would could claim compensation of up to €20 000 in the EU and £85 000 in the UK.

If you want to trade safely and know exactly how your money is being handled, your only choice is to trade with a licensed broker.

Fctrading TRADING SOFTWARE

Fctrading provided a download link for a fully functioning MetaTrader 5.

This platform is more than great and is currently the most popular in the trading world – it recently surpassed the older MT4 in number of clients. Why is MT5 a good choice for both beginner, and experienced traders? Because of its intuitive software and the many amazing tools it offers. You could use the platforms own Expert Advisors or design your own with the MQL5 language, get access to a built-in economic calendar, set customizable signals or subscribe to those set by other traders, purchase various trading app on the MT market, choose between 6 pending order types, and much more. So we strongly suggest you try the software out – but with a reliable broker.

Fctrading TRADING CONDITIONS

Fctrading requires $250 to open an account – which is not that high but many legitimate brokers could offer you far more tempting prices these days.

Our leverage was set on 1:200 and we could not change that from anywhere. We would generally classify such leverage as too high – consider that many jurisdictions around the world have imposed restrictions on the leverage brokers could offer to retail clients – 1:50 in the US, 1:30 in the EU and the UK, 1:25 in Japan and even as low as 1:10 in Turkey. And these are the ratios available on forex majors – the least volatile asset. Even the EU and the UK do not allow more than 1:20 forex minors, gold and major indices, 1:10 on commodities other than gold, 1:5 on equities, and 1:2 on cryptocurrencies. This is because high leverage could lead to huge profits and major losses alike. So you should always be careful with your leverage settings – most legitimate brokers, even offshore ones, give you the choice to set your own leverage, and to consider factors like market volatility, and your own knowledge and experience.

The spreads we got on MT5 were more than amazing – a constant 0 pips. However, scammers often manipulate platforms to make you believe you are turning an unbelievable profit – so that you could invest more. But the case is often much different – just try to withdraw those profits and you will see how real they are. A spread of 0.0 pips is almost impossible to maintain so there is surely something fishy here.

Fctrading DEPOSIT/WITHDRAWAL METHODS AND FEES

Although the website led us to believe we would be able to deposit via Visa, MasterCard, bank transfer and Bitcoin, the platform left is the choice between Visa/MasterCard and GameChangers – a less known online payment method. However, some sort of error showed up when we tried to deposit with GameChangers – which left us the option of a credit or debit card deposit. This is actually good – because you could ask for a chargeback within 540 days with both Visa and MasterCard.

Fctrading seems to offer some kind of unspecified bonuses and has a clause in the Terms and Conditions that is almost mandatory for such scammers – you cannot withdraw the bonus or any funds made on account of it before reaching a turnover of 30 times the deposited amount plus the bonus. But who could say which profits were made on account of the bonus and which – of your own investment? Sometimes such scammers would not allow you to withdraw anything at all from your account – even your deposit – because of such clauses. So you should be extremely careful when someone like Fctrading mentions bonuses.

The broker imposes a quite hefty inactivity fee after three months of inactivity – 10% of the amount of money in the account. Legitimate brokers often have such fees but never allow themselves to substract a percentage of your account – a regular inactivity fee would be somewhere between $5 – $15 per month. If a broker substracts a percentage, that fee could theoretically turn out to be hundreds of dollars.

HOW DOES THE SCAM WORK?

Such scams are rarely very elaborate so it is quite surprising that they manage to trick so many people. It seems that scam brokers are not going away any time soon so it would be good to know how to avoid them.

It all starts innocently enough – you see some impressive ad on the Internet promising to make you rich in a matter of months. And you would not have to do much – just invest a small amount of money with broker X. You are tempted so you provide the scammers with your email and phone numbers. After that, they won’t leave you alone before you deposit. Some scammers disappear right after you have transferred any sort of money but most of them are greedy – they will keep asking for more and more money. And you will be transferring because you will see that you are turning huge profits soon enough – it is very easy for scammers to manipulate platforms to make it look like you are doing great. Keep in mind that such people are well-versed in the arts of smooth-talking and convincing – they will charm you into transferring thousands before you know it.

But once you want to get access to all this money you have won, you will have trouble. The scammers will keep making up additional fees and clauses that prevent you from withdrawing – yet. At some point, they will just stop answering your calls and emails altogether.

WHAT TO DO WHEN SCAMMED?

Such stories rarely end well so prevention is key – always do your research, check registers of different regulators, and read Terms and Conditions carefully.

If you have already gotten scammed, there is still hope. Change any passwords you have provided the scammers with – that includes cases when you have given them remote access to your computer. Notify the responsible authorities and contact your bank or credit card provider to let them know you have been scammed. If you have used Visa or MasterCard to transfer money, you can try asking for a chargeback – this is possible within 540 days. Don’t trust any so-called “recovery agents” that offer to retrieve your money for a fee – this is just another type of scam and it would only lead to you losing more money.

Finally, sharing your story with others is important – this way, fewer people will fall into the same trap.

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1 Comment

  1. FCTRADING!!! So I set to ” do not disturb ” again, and so on… it just keeps repeating in a cycle. Because of this, I have developed anxiety, and having thoughts like: ” What if I missing out on important phone calls…?! ” and even some suicidal thoughts. I am not a suicidal person myself, but every now and then I question how on earth I am supposed to live… now… Not only do I have to accept that I am NEVER going to see the money I worked 2 years for, again, and have to ” START ALL OVER AGAIN “, but I will also continue being annoyed by those scumbags until I eventually deposit that liquidity and end up in significant debt. I do not know how I should go on like this…
    In this review, I am NOT GONNA TELL the unoriginal thing to ” never invest in them ” and ” do not recommend them ” and bla. bla. bla. Because when it comes to THIS SPECIFIC ” COMPANY “, YOU DO NOT GET TO CHOOSE WETHER YOU WANT TO INVEST IN THEM OR NOT! THEY WILL ALWAYS ANNOY YOU UNTIL YOU LOOSE AS MUCH MONEY TO THEM AS POSSIBLE! If you hang up on their calls, they will CALL YOU AGAIN! AND AGAIN! AD NAUSEAM! If you block the phone number, they will CALL YOU FROM A DIFFERENT PHONE NUMBER! AND A DIFFERENT ONE! AD NAUSEAM! If you set your phone on ” do not disturb “, you will MISS CALLS FROM YOUR FAMILY AND FRIENDS! …or from a company or organisation that might ACTUALLY BE IMPORTANT! So you will eventually disable ” do not disturb “, and get MORE CALLS FROM FCTRADING! Plus, you will develop mental problems, including anxiety, because you worry that you are missing important calls, and once you realise that those scumbags will BOTHER YOU FOR THE REST OF YOUR LIFE UNTIL YOU GET SCAMMED AS MUCH AS POSSIBLE, you might even develop suicidal thoughts and perhaps even tendencies.
    Instead, I have a completely different advice. IF YOU EVER RECEIVE A CALL FROM SOMEONE SAYING THEY CALL FROM FCTRADING, IMMEDIATELY REPORT THEM TO A HIGHER AUTHORITY, SUCH AS THE POLICE, OR ELSE YOU ARE STUCK WITH THEM 24/7 UNTIL THEY INEVITABLY SCAM YOU WETHER YOU WANT IT OR NOT!!!
    I have reported them to the police about one and a half month ago, and I am STILL WAITING FOR THEM TO GET LOCKED IN PRISON FOR A LONG TIME, where they will be ” annoyed ” by other prisoners for just as long time!
    It´s probably not going to happen anytime soon, as the police in my country is terrible. But if WE ALL HELP EACH OTHER OUT, and report them all TOGETHER, and WE ALL LEAVE HONEST ( i. e. terrible ) REVIEWS ABOUT THEM, THEN THERE IS A GLIMMER OF HOPE THAT WE MIGHT SAVE PEOPLE´S MONEY AND MOST IMPORANTLY, THEIR MENTAL WELL-BEING, FROM THOSE RATS!!!!!

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