Beware! Fxinvestment.trade 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.
Fxinvestment.trade is just another offshore broker that promises great conditions and asks you to trust them without providing any proof of their reliability. In fact, we are completely sure of the fact that this is just a horrid scam. Read the full review below to find out more.
Fxinvestment.trade REGULATION AND SAFETY OF FUNDS
Fxinvestment.trade is based on the Marshall Islands. This is pretty much all the essential information the broker provides on its website – that website was just a homepage with a few paragraphs of text and a registration form. The fact that the broker is based in this specific country makes us distrust them even more – the Marshal Islands does not have a financial regulator let alone one that deals with regulating forex brokers. Setting up a company in the country is fairly easy and pretty much anyone can do that over the Internet without even having to visit the country. This makes all brokers registered on the Marshal Islands fairly suspicious – unless they are a branch of a big, established international brokerage that chose to open an offshore branch. Fxinvestment.trade is definitely not a subdivision of any big broker. This is an anonymous company that is not supervised by any financial authority and as a result is not obligated to follow any laws or meet any requirements. Trading with such a company is a risky endeavor – even if they are not scammers (and you have no guarantees that they are not), you would still not be entitled to any protections.
The situation when it comes to brokers based in the UK, the EU, or Australia is completely different. Such brokers are obligated to follow the law strictly, conduct business in a fair and transparent manner, and provide many protections to their clients. With such a broker, you can have zero doubts that someone – a respected financial authority – is taking care of your best interest and making sure that everything is in order. Licensed brokers must always keep client money in separate bank accounts – this proves that client money and broker money would not mix and therefore ensures that you would not lose your investment in case the broker becomes insolvent. Negative balance protection should be mentioned as a vital element of such brokers’ offer – you cannot suffer losses exceeding the amount of money you have in your account. Licensed brokers are obligated to prove their financial stability by maintaining a minimum capital of a certain size – €730 000 in the UK and the EU, and A$1 million in Australia. However, that sum can be bigger for those brokers who have many clients to tend to.
The only way to trade safely and turn a profit is to work with a regulated enterprise – putting your money in the hands of scammers will surely result in huge losses.
Fxinvestment.trade TRADING SOFTWARE
Fxinvestment.trade offered the choice between not one but two barely functional types of software – a rudimentary web-based platform and the generic web version of MetaTrader 5 that you could access for free from the MetaQuotes website.
The platform you can see above is extremely simple and provides access to no useful tools and features. The offer of some sort of MT5 terminal was more tempting – the problem was that the sort of terminal this broker offered was not connected to any sort of market and probably just serves as bait. MT5 is a favorite platform to many and one of the most priced platforms in the industry – scammers sometimes try to use this good reputation to their advantage by offering some sort of MT5 terminal, be it a completely generic one.
Turn to a broker who can actually offer access to MT5. This platform is still fairly good for beginners while also offering an extensive charting and analysis package, additional features such as Expert Advisors that track markets and trade in accordance with an algorithm, VPSs you could purchase to keep EAs operating even when your computer is off, the chance to develop your own trading bots and indicators, a community chat where you could exchange strategies with other, a built-in economic calendar, a multi-threaded Strategy Tester, and much more.
Fxinvestment.trade TRADING CONDITIONS
Fxinvestment.trade asks for a minimum deposit of $250 in order to open a trading account. Such an amount is completely acceptable – but few brokers would ask for even as much these days. Opening a basic account with a top service provider for as little as $10 is completely possible – check out this list of brokers who offer affordable trading accounts.
We did not get to learn a lot more about the trading conditions offered by this broker – they chose to remain silent and just ask for your money while at the same time providing very little essential information. However, the broker did mention offering binary options trading which is another huge red flag. These days, it is mostly scammers who offer this trading instrument – binary options trading is strictly banned almost everywhere around the world because it is much closer to gambling than to calculated risk and has led to huge losses for many traders. Especially if the broker they have chosen to trade with was an insolent scam.
Fxinvestment.trade DEPOSIT/WITHDRAWAL METHODS AND FEES
Fxinvestment.trade supposedly accepts the following deposit methods – Visa, Western Union, MoneyGram, and a number of cryptocurrencies (Bitcoin, Ethereum, Litecoin, and Tether). However, in order to deposit with MoneyGram or Western Union, you would have to contact the broker and ask about additional details – at which point we suppose they would urge you to deposit in crypto. Scammers adore crypto but not for the love of innovation – such payments are both anonymous and irreversible which means that once you have deposited, you would not be able to get a chargeback or trace your money. Only transfer money with this payment method to reliable companies and people. If you have used a Visa card to deposit, contact your card issuer as soon as possible – it is easy to get a chargeback on such payments within 540 days of the transaction and retrieve your money. However, the best protection is still to not deposit with scammers in the first place.
Fxinvestment.trade offers bonuses. However, be sure to read the Bonus Terms and Conditions carefully when such scammers mention any sort of promotion – there are always strings attached. In this case, you would have to reach a turnover of 3 times the initial deposit plus the bonus in order to withdraw the bonus or any profits.
If you fail to reach that turnover within 3 months, your bonus and profits will be taken away. If you wish to make any sort of withdrawals before reaching the threshold – including of your own deposits – you would have to pay a fee of 20%. No legitimate broker would try to deny you access to your deposits or profits in such a way – this is a trick only a scam broker would employ to prevent you from withdrawing your money too soon. You would be thinking that you are trading successfully with the help of the bonus – when in reality your money will disappear as soon as you deposit it and that is the reason why you will be denied access to it.
HOW DOES THE SCAM WORK?
Such scams are not only becoming more frequent but they are also surprisingly effective – which is why the first and most important step if you want to protect yourself from them, is to understand how they work.
You stumble upon a broker on the Internet – that broker promises to make you a rich, successful trader in no time. You are curious to see what forex brokers are all about – after all, you have heard stories of people becoming rich by trading – and provide the scammers with your phone number and email. After that, you would not be left alone before you have deposited – these people are seasoned scammers and will convince you to transfer money in no time.
This will not be enough though – the broker will keep asking for more and more money, and since scammers often manipulate profits and platforms, you might even be happy to invest because you would be thinking that you are turning a profit.
Once you try to withdraw, however, the problems will start – the broker will start denying withdrawals because of certain clauses in the Terms and Conditions, because of previously unmentioned fees and taxes, etc. At this point, you will find out that there is something wrong going on – but the scammers will be long-gone with your money before you can do anything.
WHAT TO DO WHEN SCAMMED?
Do not get desperate and do not employ any so-called “recovery agencies” that promise to track down the scammers and retrieve your money for a fee – this is just another type of scam.
What you should do is notify the responsible authorities in your country and contact your bank to let them know that you have been scammed. Change all your banking passwords and remove all remote access software the scammers had you install under false pretenses – they only wanted access to your computer and your banking systems.
If you have deposited with a Visa or MasterCard card, you might be able to retrieve your money – both card providers allow chargebacks within 540 days of the transaction so contact your card issuer as soon as possible.
Finally, make sure to share your story with as many people as possible to let them know that such scams exist and how they work. This way, others can avoid losing their money in the future.