Beware! Fibonacci-Trade.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.
Here we have a dangerous broker by the name of Fibonacci-Trade.com, a scam that does a good job of hiding its secret while presenting a solid website. It’s safe to say that readers have come to the right place here, for we are about to disassemble this entity and find out just how much of Fibonacci-Trade.com’s claims are true. So, press on, and remember not to invest before reading the text.
The user area that we accessed was actually good, and yet the moment we registered we were directly driven to the depositing section enlightening us of the broker’s true intentions; it cannot wait for your investments!
We accessed a web trader that revealed the following tradeable assets: equities, cryptocurrencies, indices, forex currency pairs, and metals. The EUR/USD spread is of 1.2 pips, a good value for sure, while the leverage was capped at 1:200. A waste of good trading conditions on a crooked broker.
FIBONACCI-TRADE.COM REGULATION AND SAFETY OF FUNDS
We are told that the broker follows all MiFID guidelines and rule, but this is not a regulator, but a set of legislation written in order to create a more transparent and risk free European FX and CFD trading environment. All licensed brokers must adhere to it, but they automatically do so the moment they get regulated by the relevant local authority. Fibonacci-Trade.com circumvents the local license and directly follows MiFID guidelines, which it does not, for there is no guaranteed safety here. The broker does not claim to be licensed anywhere.
In the legal docs, buried in the shady clauses one finds a claim that the broker is in fact patron of the laws of Estonia, but this is a popular shady claim. We are yet to discover the reason why so many unlicensed brokers use the jurisdiction of Estonia as pretext for their shady activities. The nation has its own regulator, so it doe snot really make sense.
Nevertheless, Fibonacci-Trade.com is unlicensed and a risk to all!
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.
FIBONACCI-TRADE.COM TRADING SOFTWARE
What we have here today is an overall decent web trader.
We have to admit that we like this trading software, and that it’s a new arrival on the market. It has a decent amount of features, and it would be a perfect trading companion for new investors who are jest getting into the business of FX trading. But to be offered as the sole software of an entire broker is to tone everything down, but it’s obvious why Fibonacci-Trade.com offers this software in the first place: to have something for users to hold on to while the broker drains their money; it’s the same old story.
FIBONACCI-TRADE.COM DEPOSIT/WITHDRAW METHODS AND FEES
There are two main payment gateway, through a credit card and a debit one. The minimum investment requirement is $250. This is the truth, because it was taken from the user area, so you know that there the broker has nowhere else hide. These might sound like great payment details, and they objectively are, but the broker is unregulated and so any investments here are risky no matter how good they sound.
The withdrawal area reveals that the payment methods there are credit card and a crypto wallet, but seeing that there is no crypto for depositing, Fibonacci-Trade.com is going against money laundering laws, which is a very clear sign of its illegitimacy.
We also have to mention that there might be some fees, as in the terms and conditions the broker vaguely mentions some charges. But these should not be a worry to users because they should not have invested in the first place. This broker is a risk to all!
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.