Beware! TwoVForex.com 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.
Instead of living up the expectations that the website of TwoVForex.com, the broker completely shatters all illusions as soon as one registers and finds out the true purpose of this company. Yes, some of the things we saw we quite liked, like the presence of both the MT4 and MT5 web traders, as well as the decent trading conditions. But it’s all ruined after we discovered that TwoVForex.com is illegal.
After an easy registration we came across a common shady area, overused by hundreds of scammers in the past. It’s a template that is used by many unlicensed brokers.
But at least we accessed a web trader, which is more than we could have asked from TwoVForex.com.
From this trading software we learn that the leverage is capped at 1:100, while the EUR/USD cost of trade is at 1.1 pip. The available tradeable assets are forex currency pairs, cash indices, commodities, indices, equities, and cryptocurrencies. These are undoubtedly very good trading conditions. Yet, because of the position of TwoVForex.com as a suspicious entity, these conditions become pretty irrelevant, and are probably made this good to attract clients.
TWOVFOREX.COM REGULATION AND SAFETY OF FUNDS
The main claim that we have to work with is one that most shady brokers offer, that the ruling jurisdiction is that of Saint Vincent and the Grenadines. Unfortunately, with this country it does not matter whether the broker is incorporated locally or not. Saint Vincent does not have a local FX regulator, and thus it matters not if an FX company is registered there. Literally thousands of fraudulent brokers state that they are registered in Saint Vincent and the Grenadines.
However, the firm gives a second address this one an operational one in India. But, India is a nation where FX trading is popular enough to have its own regulator. The task of overseeing the local industry is the Reserve Bank of India. However, even with an official regulator, the nation has passed many restrictions uncommon to western FX nations, that make it more difficult for investors to trade with certain assets. But, the Reserve Bank is a legit regulator, and it does not have any trace of TwoVForex.com. Moreover, the broker never actually mentions that it holds a license from the bank. The only thing the site claims is that TwoVForex.com is incorporated in India.
It’s only logical to conclude that this company is unlicensed and a risk to all investments!
Always aim to invest in regulated brokers, and not illicit ones. It may not be easy to distinguish them from one another, but there is a way to make the process much easier. The crucial point is to check the legitimacy of the broker’s regulatory or registration claim. If nothing’s there, you close the site and move on to any European, UK, US, or Australian broker, or any other with a legal status. Being regulated is not just encompassed in a simple permission to offer FX trading service. It comes with a ton of responsibilities, most of which are concerned with the way the broker treats its users. Misconduct on the side of the broker either results in financial penalties or in total closures of the brokerage website in question.
TWOVFOREX.COM TRADING SOFTWARE
The suer has access to the MT4 and MT5 web trader version. There is no desktop metatrader here; the link of the sites are irrelevant.
The web version of the MT4 and MT5 is evidently less functional, but is still better than most web traders. Despite the presence of these two superior trading softwares, there is no redeeming this broker. TwoVForex.com remains a risk to all!
TWOVFOREX.COM DEPOSIT/WITHDRAW METHODS AND FEES
The user area reveals 4 individual crypto wallets as depositing methods, as well as a credit/debit card to crypto option, which turned out to be a directly buying crypto options, while the 4 wallets are actually addresses into which the user sends directly money. All this money will be lost without a doubt. The minimum deposit is $1, making it even more tempting to invest.
The withdrawal area reveals the 4 wallets plus internal transfer for withdrawals, which is actually unresponsive. The other major withdrawal information is that there are no withdrawal fees, but we cannot really make this promise to users.
There are no legal documents, and thus no further payment details; the website also reveals nothing further. We are left with the verdict that all investments at TwoVForex.com are risky and will be lost forever.
HOW DOES THE SCAM WORK
Scammers use a couple of tricks that make up a big scheme that has not changed since its inception, meaning that it’s fairly easy to avoid it.
The fraud starts when the broker contacts the user, who has unknowingly provided his or her contact details in the past through some seemingly innocent channel.
Communicating with the broker might seem like a pleasant experience as the other side sweettalks its way to your wallet. The reason why most frauds target non-trading audiences is because they are more susceptible to this kind of verbal manipulation. Otherwise, users might start receiving emails with unbelievable good investment deals, none of which are actually lucrative.
The tipping point is the first deposit that scammers are so eager to sell. After this first investment, the user has fallen into the clutches of the fraudster. Either he will be pushed to invest more by false promises of further “profit”, or the client will want to get back his initial deposit, a request to which he is told that further investments are needed.
On whichever side of the coin you the user is, she will most likely never be able to withdrawal. All withdrawal requests will be denied for a plethora of equally ludicrous reasons.
WHAT TO DO IF SCAMMED
Once scammed, your safest bet is a chargeback. Contact your credit or debit card company and move on from there. It’s good to know that MasterCard and VISA have a chargeback period of 540 days.
Bank investments are more difficult to reimburse but not impossible. Most banks have some sort of strategy for dealing with lost capital, so the client’s best bet is to contact her corresponding bank and proceed from there according to the bank’s plan of action. We also recommend that users change their bank account username and password if defrauded.
As for crypto investments, it is unfortunate to say but there is no real way of getting lost money back through these channels. All crypto investments are untraceable, and there is no telling where the investor’s funds will end up.
Don’t trust recovery agents or agencies. These are either independent scammer looking to charge users “service fees”, or extensions of illicit broker schemes.