FX World Bank review – 5 things you should know about fxworldbankla.com

FX World Bank review – 5 things you should know about fxworldbankla.com

Rating: 1

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

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FXWorldBankla.com, or as it refers to itself – FX World Bank -, does not and cannot meet the requirements that lay the foundations of the modern FX industry. The broker is simply not up to the task, not to mention that its priorities lay in different endeavors. For one, FX World Bank aims at a quick and easy profit, immediately distinguishing it from all legit brokers.

We were not able to register, because the broker requires a phone number. This is a usual business for any legit broker, but we have our initial doubts about this one and so we will not be giving it any numbers.

And so, without access to a user area, we have to rely on the website, which is a source of unreliable information, so keep this in mind. 1:500 typical leverage. So, the leverage is said to be capped at 1:1000 for pro user (min. $50 000), while the typical leverage is actually 1:500. There is a 1 pip average, and no specific spreads. According to the home page, forex currency pairs, commodities, bonds, futures, indexes, and stocks are the tradeable assets.

The website is available in English and Spanish.

FX WORLD BANK REGULATION AND SAFETY OF FUNDS

All we need to know about the broker is that its parent firm is registered in Saint Vincent and the Grenadines, and claims to be regulated by the Financial Services Authority of Saint Vincent and the Grenadines.
The nation is the favorite location for unregulated brokers, because of two main things. First of all, the local laws allow certain practices to be left unpunished, making this the perfect breeding ground for investment scams. And second, the Financial Services Authority of Saint Vincent and the Grenadines is not an FX regulator. It oversees the local banking sectors but does not meddle with FX brokers. Therefore FX World Bank cannot be licensed in the Caribbean country.  It may be registered as a company there, but not authorized to offer FX trading services.

There is another parent firm that is registered in Panama, where the FX regulator is the Superintendencia del Mercado de Valores (the Superintendency of Market of Securities). But there is no proof that the broker is regulated there either. And Panama isn’t the most know broker address in the world, so the rules there might allow for a more shady conduct.

FX World Bank is not regulated and is a risk to all deposited capital.

Investing in unlicensed brokers is a huge risk and a complete waste of money. We urge all readers to check for a license first; this should be their first move when looking for a broker. Any  UKEUUS, or Aussie-licensed broker will do, although each broker has its own peculiarities. Yet, all regulated brokers are prohibited from putting their self-interest above that of their clients, and therefore clients’ safety and security id their top priority. Not to mention that providing a fair trading environment is at the top of their list as well.

FX WORLD BANK TRADING SOFTWARE

Without a proper registration, we could not access the promoted software.

The website reveals that both the MT4 and MT5 are available, but we need proof not just talk! For now, as things develop, we think that FX World Bank is lying about the MT4/MT5 package.

As far as we’re concerned, the user area probably has some web trader that is not worth anyone’s time. Or maybe there is no trading software at all!

FX WORLD BANK DEPOSIT/WITHDRAW METHODS AND FEES

FX World Bank does the unthinkable and forgoes all payment information.

The payment information remains open only to registered users. Usually, unregulated brokers depend on crypto investments and on a range of misleading deposit and withdrawal conditions that are there to confuse the user.

The only helpful information found in the legal documents is that withdrawals are received by the user within 3 days. We don’t really buy into this, for there is no proof of this.

We cannot come up with a different verdict: FX World Bank is a risk to all and a scam. Do not invest in it!

How Does The Scam Work

The scam does not work in mysterious ways, nor in any complex manners. It’s actually criminally simple, which begs the question as to why are investment scams still so rampant?

Maybe to answer that, one must realize that the simplicity of things tends to create a calm that cannot be fostered if one is subjected to complex tendencies.

Clients who enter into these scams are either those that have provided a contact – as a result of online ads or surveys- or users looking for a quick buck. Either way, one is either in or out; there is no middle ground.

The most important job of the broker and its reps is to overcome the user’s reluctance and compel him or her to invest an initial deposit. This is done through long conversations or email correspondence. Usually, the broker will promise high returns, rewards, and the like. It’s crucial for them that the user invests because when that happens the client is invested in the scam, not only monetarily but also mentally. This way, the victim will be more prone to invest in the scheme.

Now, it’s up to the scammer to drain as much money as possible until the client realizes what is happening. Usually, this happens after the second or third deposit, although cases greatly differ.

When the realization that there are unpaid profits, multiple pending withdrawals, and unresponsive account managers comes to the user it may be too late. But there is still some hope.

What To Do When Scammed

Most payments are done by credit or debit cards. So, filling for a chargeback is the safest way to try to get your money back. ISA and MasterCard have extended their cash-back period to 540 days.

The other popular payment method is a bank transfer but it’s much hard to get your money back here. Our advice is to call the corresponding bank and make a plan of action. It’s also crucial to change your bank account user name and password to prevent any possible money drainage!

All crypto-based payments cannot be traced, and are therefore lost! Never invest with crypto wallets in unlicensed brokers. Moreover, these investment methods are the fraudsters’ favorite.

Don’t put your money with recovery agents or agencies. These are either extensions of the scam itself or independent fraudsters. They promise to track down your lost investments but will only do so in return of a hefty fee. Once the fee is paid, they will disappear without a word!

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