Beware! TradeFXlance 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.
TradeFXlance uses the same kind of arguments when trying to convince you to become their client as all the other scam brokers out there – “The vision of our founders was to help everybody understand how lucrative, the trading experience can be with the right tools and guidance, and how to benefit from it”, “We go to great lengths to ensure that your trading environment is protected and that your transactions, funds and personal data are all encrypted and secure”, etc. Don’t believe all this smooth-talking – TradeFXlance is an anonymous, unregulated broker who does not give you a single reason to want to trade with them. Read the review to find out more.
TradeFXlance REGULATION AND SAFETY OF FUNDS
TradeFXlance has provided an address in Toronto, Canada but is supposedly an EU broker and is “fully regulated and governed by the European MiFID regulations”.
MiFID (or the Markets in Financial Instruments Directive) is a regulation that aims to standardize the rules EU and UK brokers have to follow, protect investors, and increase transparency. We find it very hard to believe that TradeFXlance is a part of that – the broker goes directly against some important rules all MiFID-compliant brokers are obligated to follow. TradeFXlance tries to present itself as a forex, cryptocurrency, and binary options trading platform – and binary options have long been banned not only all over Europe but pretty much all over the world. Not to mention the fact that no European broker would be allowed to offer you bonuses – which TradeFXlance eagerly does. And transparent is the last thing this broker is – they have provided no phone number or information about their licenses. As for the address, you would have to trust TradeFXlance on that one – you have no way of knowing if they are earnest about their location. With a broker so sketchy, anything could be a lie.
If you want to trade with a licensed UK or EU broker, that is a great choice. Trading with such brokers comes with many protections, and with a huge degree of transparency – after all, they are regulated by some of the strictest authorities in the world. Brokers have to prove that they are stable financially and have a long-term approach when it comes to offering services by maintaining a capital of at least €730 000. The sum can be higher for brokers with many clients. Client funds are kept in segregated accounts the broker has limited access to – this ensures the broker would not be use your money for their own purposes. EU and UK brokers must provide funds for compensation schemes – if your broker becomes insolvent, you will be getting compensation of up to €20 000 in the EU and up to £85 000 in the UK depending on the size of your investment.
TradeFXlance TRADING SOFTWARE
The broker claims that it gives access to a few well-known platforms – MetaTrader 4, MetaTrader 5, and cTrader. These claims turned out to be false – TradeFXlance does not offer any sort of functional trading software which makes it completely pointless to open an account with them. There were no download links for MT4 and MT5 anywhere on the website, and we could not access either of the three platforms from the client area. All we got were a few charts tracking the prices of different assets, mostly cryptocurrencies.
If you are interested in trying advanced trading software like MT4 and MT5, check out these brokers instead. Both versions of the software have become something of household names in the industry – with MT, you will be getting both user-friendly interface that would not intimidate beginners, and many trading tools both newbies and experienced traders would make use of. You can use features like preprogrammed trading bots that trade automatically or design your own bots and indicators with the platforms’ coding languages. You could set up signals for prices going up or down, or subscribe to those set by other traders. And you could customize your trading experience with apps and add-ons from the MT market. Don’t hesitate to give the software a try – you would not be sorry.
TradeFXlance TRADING CONDITIONS
TradeFXlance offers a few trading plans – the minimum amount of money you have to deposit in order to open an account with the broker is $500. This is actually a lot – there are many great brokers who would be more than willing to open an account for less than $100.
As the broker does not offer access to a functional trading platform, it is pointless to talk about spreads or leverage – trading with this broker would be impossible.
TradeFXlance advertises itself as a binary options platform which is a huge red flag. This trading tool has been banned almost everywhere around the world due to the high level of risk it means. Binary options let traders bet on the short-term price of an asset and are much closer to gambling than to calculated risk – there is no analysis involved in this sort of trading, it’s mostly luck-based. Many people have lost a lot of money while trading binary options which has led to the ban.
TradeFXlance DEPOSIT/WITHDRAWAL METHODS AND FEES
TradeFXlance only accepts payments made in Bitcoin. It is not a good idea to transfer money to brokers who only accept cryptocurrency payments – this is scammers’ favorite transaction method for a few reasons. First of all, you can only trace such payments to a certain wallet – but not to a certain person or organization. This makes crypto transactions relatively anonymous. Secondly, all crypto transactions are irreversible – this means you would not be able to get a chargeback unless the recipient decides to send you your money back. Needless to say, scammers like TradeFXlance would never want to do that.
The broker offers a 100% deposit bonus – which once again goes to show they could not be a legitimate EU or UK broker since bonuses are banned in both of these jurisdictions. Scammers often use bonuses as a means of inserting certain clauses in the Terms and Conditions – such that would prevent you from withdrawing funds from your account before reaching a certain impossibly enormous turnover. And when we say funds, we mean all sorts of funds – bonuses, profits, and deposits. However, TradeFXlance has not provided us with Terms and Conditions – clicking on the “Customer Agreement” button only reloaded the homepage – so we cannot say anything more specific on the subject. The fact that a company that claims to be dealing with serious financial operations would not provide you with Terms and Conditions is already bad enough.
HOW DOES THE SCAM WORK?
Read the following paragraphs carefully – such scams have become quite the industry in recent years which is why it is important to know how they work in order to protect yourself from them.
It all starts innocently enough – you see an ad on the Internet for a broker who promises you fast, secure returns and entry into a life of luxury. Maybe you have heard about people earning a month’s pay by trading – so you decide to check out the website, and set up an account. After all, there is no harm in seeing what the company has to offer – and those promises are often extremely attractive. The moment you give the scammers your phone number or email, they will constantly be trying to get in touch with you and make you invest. Keep in mind that these are professional scammers so they can be very convincing. Once you have made your first deposit – and if they don’t run off with your money immediately – the scammers will ask you for bigger and bigger deposits. And you will gladly transfer this money since you will probably be turning a profit – on a manipulated platform.
Once you try to withdraw, however, you will run into trouble – the broker will make up reasons why this cannot happen – be it additional taxes, or shady clauses in the Terms and Conditions. At some point, you will figure out something is wrong – but the broker will be long-gone by then. Don’t count on them returning any of your calls.
WHAT TO DO WHEN SCAMMED?
Keep in mind that, sadly, there is not a big chance of you getting your money back. There are, however, some things you can do – and hope for the best.
Firstly, change all the passwords and banking details you have given the scammers access to. If you have given them remote access to your computer, remove the software immediately.
If you have deposited using Visa or MasterCard, file for a chargeback – both card providers try to fight scams and allow such chargebacks within 540 days. Retrieving money if you have used a wire transfer, or an electronic payment solution is much harder – but still, contact your bank or payment method provider to see if anything can be done.
Notify authorities, and share your story online and in your acquaintance circle – this way, more people will know about such scams and try to stay away from them.
Finally, don’t trust any “recovery agents” promising to hunt down the scammers and retrieve your money for a fee – this is just another type of scam.