Treasure Forex Review – 5 things you should know about treasure180.com

Treasure Forex Review – 5 things you should know about treasure180.com

Rating: 1

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

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You know that a broker is not to be trusted when even your computer thinks they are unreliable – we were warned that the connection is not secure as soon as we opened Treasure Forex’s website. Which, by the way, is obviously unfinished and contains an abundance of links that just take you a bit further down the broker’s homepage without providing any additional information. But the fact that we could not gather any essential information from the broker’s website is not even the biggest problem – from the lack of any regulation to questionable conditions and payment methods, this broker does very little to convince us that they are someone we could actually trust with our money. There is zero doubt that whatever you invest with Treasure Forex would be irreversibly lost – so do the smart thing and stay as far away from this broker as possible.

Treasure Forex REGULATION AND SAFETY OF FUNDS

Treasure Forex does not give a lot of information about who they are on their website – they just mention being based in the UK. If we believe the address we found by accessing the license information on their MetaTrader 5, the company is indeed located in London. However, the register of the UK regulatory body, the FCA, showed zero matches for a company with this name.

UK brokers are generally a great choice because they answer to one of the most merciless financial authorities in the world. The FCA demands only the best of brokers under its jurisdictions – so to obtain a license, a broker has to meet quite a lot of requirements and do everything by the book. If they don’t they risk losing their hard-earned license and with that, their good reputation. FCA-regulated brokers have to hold a minimum capital of at least €730 000 to prove their financial stability, keep client funds in segregated accounts and participate in the Financial Services Compensation Scheme (FSCS) –  if a licensed broker goes bankrupt, their clients could get a compensation of up to £85 000 per client depending on the size of their investment. Such protections are far from unimportant when dealing with potentially huge amounts of money – if you work with someone licensed you can count on a huge degree of transparency and security. Working with scammers like Treasure Forex on the other hand will just turn you into a helpless victim trying desperately to retrieve their deposits.

Treasure Forex TRADING SOFTWARE

Treasure Forex surprised us by offering a functional MetaTrader 5.

We fully support the idea of you giving this renowned platform a try – but do so with a legitimate broker. MT5 is the platform with the biggest number of clients for a good reason – it offers both intuitive interface and a big amount of great trading tools and features. The software offers a variety of trading tools such as Expert Advisors, VPSs that keep your trading bots operating at all times, possibilities for developing your own trading bots and indicators, customizable signals, multiple account usage opportunities, etc.

Treasure Forex TRADING CONDITIONS

We were able to deposit as little as $1 with Treasure Forex – which means that this broker is willing to take whatever you are willing to offer. No minimum deposit amounts were explicitly mentioned on the website. However, if you are interested in opening an account for a tiny amount of money, there are far better brokers to do that with.

We were able to set our leverage between 1:100 and 1:500 – trading with anything lower was not an option. There are a few problems with this – first of all, there is a reason why leverage is often called a “double-edged sword” – high leverage could lead both to huge losses and huge profits. Your level of knowledge and experience, and the market’s volatility are important in determining which scenario is more likely. This is why we would prefer to have the option to set our leverage lower than 1:100. Second of all, no legitimate UK broker could offer you such high rates – there are leverage restrictions in the UK which ban brokers from offering anything higher than 1:30 to retail clients. And this numbers regard the least volatile asset, forex majors. Leverage on other assets like commodities other than gold (1:10) and cryptocurrencies (1:2) goes much lower.

Finally, the spreads we got with Treasure Forex were more than amazing – 0.1 pips on EURUSD. Even the best of brokers are rarely able to offer such spreads without asking for additional commissions. However, scammers often manipulate platforms to make you believe that their conditions are amazing and make you invest more. Soon enough you will notice you are turning amazing profits – but once you try to withdraw, you will establish that these profits are far from actual.

Treasure Forex DEPOSIT/WITHDRAWAL METHODS AND FEES

The only way to make a deposit with Treasure Forex is if you use a cryptocurrency. We got a few different options – Bitcoin, Ethereum, Tether. However, it is not advisable to make any crypto payments if you are not 100% sure that the broker can be trusted. Although many legitimate brokers have started accepting crypto payments because this is a completely legitimate payment method, the very nature of the blockchain technology makes crypto transactions irreversible. This is one quality that is definitely of use to scammers like Treasure Forex – you would never be able to get your money back unless they decide to transfer them back – and as you can probably guess by now, this is not something this broker (and those like it) would do.

HOW DOES THE SCAM WORK?

This scam and those like it are rarely very imaginative – they usually happen in a similar manner which is why it is important to learn how to detect them.

The scam starts with something as innocent as an ad on the Internet – a broker promises you never-before-seen conditions and insane returns of investment – the only thing you have to do is deposit a certain sum. You have heard stories of people making huge profits while trading or investing so you decide to be one of them and open an account with the scammers – providing them with your phone number and email in the process.

After that, they would not leave you alone before you transfer a little deposit. Some of them will disappear right there and then but most scammers are greedy – they will do whatever it takes to make you deposit more and more money, including manipulating platforms and making it seem like you are turning a huge profit.

The problems will start once you try to withdraw – your broker will deny withdrawals under different pretexts including additional taxes or clauses in the Terms and Conditions. Sooner or later, you will figure out something is wrong – but the scammers will be long gone by that time.

WHAT TO DO WHEN SCAMMED?

Be prepared that you might never see your money again – although there are still things you could and should do.

Change any passwords and banking details you have provided the scammers with to avoid further frauds – that includes cases when you have provided them with remote access to your computer. If you have deposited with Visa or MasterCard, that is great news – their policies allow you to ask for chargeback 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 targeting desperate scam victims. Make sure to notify the financial authorities in your country and try to spread the word about such scams – the more people know about them, the less such blatant robberies will happen. Even something as simple as a 1-star Google review could save dozens of people from losing their money.

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1 Comment

  1. They said you have to pay 15% personal income tax to withdraw your money. I’m on the fence now on whether to try. Anybody have successfully withdrawn? Thanks

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