Beware! BrightFXPro 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.
BrightFXPro promotes itself as a professional broker, but we saw nothing professional about it. This turned out to be a very inadequate and pointless scammer attempt by what seemed to be either an unfinished broker or an intermediary firm. Read on to see what we mean.
There was no registration process, as we used to it. Instead, users are told to submit a request for and wait for an eventual approval. It’s obvious that we never go ours.
And so, left without an access to a user area, we had no choice but to rely on the website for all trading details.
One thing we cannot forgo to mention is the much limited one -page website of BrightFXPro. Everythin about the broker is contained within a single home page, some legal documents, and the registration area, as well as the user area (if it exists at all). Moreover, there is very little information overall.
BrightFXPro mentions only that it offers currency trading, with no further details on any further available tradeable assets. Yet, it mentions that there are over 17 000 different markets to trade with, but it ever details them. From where we are standing is seem the broker is exaggerating greatly.
On the site we find a 1:30 leverage caps, as well as, what we think, is a reference to a spread value for the EUR/USD at 0.6 pips, but it’s a bit cryptic for us to know for sure.
BRIGHTFXPRO REGULATION AND SAFETY OF FUNDS
The true limits of the site are expresses in the complete lack of any legal or contact details.
First of all, there are no no legal documents. When we clicked on the links to any of the legal provisions, we were sent directly to the top of the website; the broker did not even refresh. It just shifted us back at the start.
Second, the broker not once mentions a regulation nor any contact address. What can we conlcude from out of all this?
Well for one, BrightFXPro is utterly anonymous, making it a real danger to all users that somehow find a way to invest. Also, all money invested is untraceable, and all personal details will be lost.
As we already mentioned, we think BrightFXPro is an intermediary broker, or a so-called introductory brokerage, that serves basically as a façade for either another different scammer broker, or BrightFXPro own fraudulent entity.
Whatever it may be, BrightFXPro is not licensed, and definitely a risk to all!
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.
BRIGHTFXPRO TRADING SOFTWARE
There is an MT4 mentioned on the website, but how on earth can we know for sure that it is offered? There is absolutely no obvious claim to it anywhere!
Aside form the MT4 claim, BrightFXPro also promotes some advanced features like algorithmic trading, trading signals, automated trading strategies, and further strategies. Yet these are nothin but colorful tool with that act as bland ornaments to an very inadequate website. None of these are available!
BRIGHTFXPRO DEPOSIT/WITHDRAW METHODS AND FEES
There is nothing we can say in this section due to the complete lack of payment details. The website was limited enough, but now we truly grasp how narrow it really is. Without these payment details users cannot be told to rely on BrightFXPro.
Just think about it. By not including any payment info BrightFXPro is handicapping itself. It should have at least added some fake details; not that we are condonig this type of behavior.
Ultimately, it seems that BrightFXPro relies on minimalism which is a double edged sword in this industry.
All in all, even if there is a way to invest, and BrightFXPro turns out to be an intermediary to another broker, we completely advise against depositing!
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.