Beware! FXokami 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.
FXokami is a fraudulent broker that tries to clone a legitimate company – hardly the most reliable investment choice. This broker does not offer a functional platform you could use for trading but still asks you to sink at least $10 000 into its scheme. Deposit at your own risk – this horrible scam will definitely leave you penniless if it ever gets the chance to.
FXokami REGULATION AND SAFETY OF FUNDS
FXokami claims to be based in Japan but licensed by multiple regulatory bodies worldwide. The broker claims to be regulated as AT Global Markets by the FCA (the UK) and as ATFX Global Markets by CySEC (Cyprus) – these are probably the two most reputable financial authorities in the world. The broker also claims to hold a license from the Financial Services Commission of Mauritius and to have a registered office in St. Vincent and the Grenadines. A company with this name regulated by these financial authorities does exist – however, it is not this one. The FCA has actually recently warned investors that FXokami is a clone of a company that is actually licensed:
The domain, phone number, and email used by the licensed company are completely different. No legitimate broker would try to use someone else’s credentials – this is a sure sign of a scam.
Our advice is to work with brokers licensed in the UK, the EU, or Australia instead. Such brokers are under the supervision of merciless financial regulators they are obligated to report to regularly. There are many requirements meant to ensure fairness, transparency, and client safety. All brokers must prove that they are financially stable before obtaining a license and maintain a minimum operational capital of €730 000 in the UK and the EU, and A$1 million in Australia. Negative balance protection is ensured which means you can never lose more money than you have in your account. Finally, all licensed brokers keep client money segregated from their own funds – which proves that the broker cannot use your investment for its own purposed, and keeps your deposits safe in case the broker becomes insolvent. All of these vital safety nets are only available with legitimate, regulated companies – you can forget all about them if you choose an anonymous, offshore broker.
FXokami TRADING SOFTWARE
FXokami does not actually offer any kind of functional trading software. We were at least supposed to get access to the web version of MetaTrader 4 but we were not provided with the necessary logging-in details. However, we can safely say you would not be able to trade with this broker so do not even try to do so. Their business model seems to be completely different – but a bit more on that later.
Better check out some brokers who offer leading platforms like MetaTrader 4 and MetaTrader 5. Both of these platforms are highly functional and efficient but also quite intuitive and user-friendly. MT4 and MT5 offer a full charting and analysis package – all the technical indicators, graphical objects, and timeframes you might need – as well as many additional features such as Expert Advisors you could use to track markets and trade automatically, VPSs, a Strategy Tester, the chance to set signals for prices going up or down or to subscribe to those set by other traders, a market for additional trading apps, and much more.
FXokami TRADING CONDITIONS
As mentioned, FXokami does not offer the opportunity for leveraged trading. The broker asks you instead to invest in one of its plans – and the minimum amount of money you would have to sacrifice is enormous.
If you invest at least $10 000, the broker promises profits of at least $2000 in just a month. That is more of a lower limit though – you can expect even bigger profits if you decided to invest a bigger amount of money. These profits are guarantees – but the broker fails to explain how it can promise such profits without you taking any risks or any effort on your side. No legitimate broker would dare guarantee profits – the financial markets are far too volatile for that. Moreover, such huge profits would be impossible. FXokami promises 20% monthly returns – when most retail investors would be happy to see 15% annually. Such fast and effortless profits are, unfortunately, simply not possible.
If you are actually interested in turning a profit, you would have to educate yourself about trading and investing and be patient. Check out some brokers who do not guarantee huge profits but actually offer you the opportunity to earn money – on an affordable trading account.
FXokami DEPOSIT/WITHDRAWAL METHODS AND FEES
FXokami claims that it accepts a variety of deposit methods – the truth is that you would only be able to deposit in crypto. The broker allows you to purchase crypto with your credit or debit card on an exchange like Coinbase, Eclipcoin, or MoonPay – you can then use that crypto to deposit with FXokami. You could supposedly also use PayPal – but we were not provided with any payment details.
Scammers would often urge you to deposit in crypto – such payments are irreversible because they go into a ledger that cannot be changed or tainted at a later point. They are also anonymous – you would not be able to trace your payment to a person or a company, just to a wallet. This is the perfect set-up for a scam – anonymity and no chances for the victim to retrieve their money. Be extremely careful when using this payment method and only deposit with reliable people and organizations.
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.
