EminiFX review – 5 things you should know about eminifx.com

EminiFX review – 5 things you should know about eminifx.com

Rating: 1

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

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EminiFX is one of the most obvious scammers in a while, and we don’t really have a clue how it was able to go on for such a long time. This is one of the worst brokers for this year thus far, and the following review reveals why.

There was no registering without providing a sponsor ID, which is only acquired after setting up a correspondence channel between the user and the broker Any communications with EminiFX will lead to investment requests! That’s the scammer’s ultimate goal!

From the site, we gather that the broker offers mainly automated trading, and the user area told they can build a network of friends; this sounds a lot like a Ponzi scheme to us.

There are no mentions of leverages, spreads, or assets. It turns out that without opening an account, we are very limited in terms of details. Due to the inherent nature of the broker, we cannot be sure that EminiFX actually offers any trading opportunities.

EMINIFX REGULATION AND SAFETY OF FUNDS

The address of the broker is in New York, and according to the legal docs, the firm abides by the laws of the State of New York. There are few differences in state laws when it comes down to FX regulations, but the general legal consensus states that all US brokers must be regulated by the NFA and the CFTC. All US brokers are on top of their game and are the biggest of all market trading institutions. To even suggest that EminiFX has a legal presence in the US is insulting to the legacy of both regulators.

Another clear sign that there is no US-based regulation in place is the fact that the broker offers a ton of bonuses. In the US these are unspeakable, and no local broker offers these as their inclusion would be against the local regulations, i.e illegal.

There are no other regulatory or registration details to be seen or considered, but it’s not the end of the story.

Here is where we take out the big guns. A couple of days ago (from writing this review) we wrote a news article on a major US-based scam that had defrauded hundreds out of a total of $59 million dollars. The name of the scheme? EminiFX. Read all about it here. This is the last solid proof that EminiFX is a complete and utter scam, an unregulated broker, and a risk to any invested capital.

Unless you wish to throw your money away for no reason , there is absolutely no incentive for investing in unlicensed brokers. In fact, you would be doing them a big favor by funding their further fraudulent projects. If you wish to trade real FX and CFD with regulated brokers, looks no further that those that are regulated, especially in well known locations such as Europe, the UK, the US, or Australia. The regulators there are pedantic to a ridiculous degree and will do everything in their power to uphold the rights of the user and the integrity of the market industry. It is within their power to penalize brokers and demand client compensation, as well as to set industry standards and introduce new rules and regulation.

EMINIFX TRADING SOFTWARE

We always find that lying about a software is far worse than not having one at all. Well, it turns out here that this is precisely what EminiFX has done. There is a promoted MT4 but with no real links, nor a dedicated subsection to a platform’.

How can we trust it with a software, when in reality it lies about providing one.

What we believe is that there is no trading platform here at all. Instead the broker has lied about it.

EMINIFX DEPOSIT/WITHDRAW METHODS AND FEES

EminiFX offers absolutely no payment details whatsoever. There is nothing on deposits, and even less so on withdrawals. At this point, we seriously asked ourselves what kind of business is EminiFX running here? We aren’t sure that EminiFX is even a broker.

Last but not least, we leave the reader with a very shady fee of $49.99 per month. This service fee is charged sort of like an account maintenance commission. But it’s unacceptable that this fee is so high, and better ye, it’s even more unacceptable that this is the closest we get to any payment information.

EminiFX is a complete and utter scam, and we have nothing else to say about it.

HOW DOES THE SCAM WORK

Getting scammed usually happens without you knowing it. It’s a deceivingly simple process that owes its success precisely because it seems so avoidable.

First, there is the matter of getting in contact with the broker which happens in one of two ways. Either it contacts you, or you it. If it calls, it means that somewhere in your net journey you accidently left a phone number or an email address. Or you were persuaded by the broker to contact it, which is why many scammer brokerage sites looks so appealing.

The hardest thing to achieve, for a fraudster, is to convince a user to invest an initial deposit. Prior to this a certain level of trust must be built, centered around a false sense of rapport. The broker will fake an interest in the user and in the process talk about market and profit opportunities, as well as investment choices. It’s all a part of a retaining strategy that will keep the user invested for at least a couple of thousand dollars, on average, until, eventually, he realizes the scammer pit he has fallen in.

When this happens, the broker will seize all contact with the user, and might even block the client from the website. It will go to great lengths not to return a single penny of the user’s money.

WHAT TO DO IF SCAMMED

The first thing you should do it to file for a charge back. That’s if you have invested by means of a credit or debit card. MasterCard and VISA have a chargeback period of 540 days giving users more than enough time to try to get their money back.

Wire transfer deposits are not as easy to acquire, and the best advice we can give you is to set up a reimbursement strategy with the bank leading the transactions. Most banks have strategies put in motion when these circumstances are met. Furthermore, if scammed via a wire transfer, it’s best to change your bank account user name and password.

Unfortunately, all crypto deposits are most surely lost for good. These transactions are untraceable and therefore once they reach the scammer end it all depends on the fraudsters if you see your money back or not.

Lastly, do not trust recovery agents or agencies. These are either separate scammers trying to get a hold of any leftovers, or can even be an extension of the brokerage scam.

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