Beware! Atwellglobal 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.
Atwellglobal looks somewhat professional as you open its website, but just a minute of browsing through it is enough to understand that Atwell is nothing else but another suspected scam. The footer reveals no information, the legal documents are hidden, and on top of it all, the brokerage does not provide extensive information about the particular service, except for the quick mention of leverage and spread. Atwellglobal is risky, and we’ll review it in the following article.
Atwellglobal Regulation And Safety Of Funds
Atwellglobal is reluctant to speak about regulations, and we could find no corporate information throughout the website. However, the somewhat camouflaged Risk Warning gave us more details. In the document, Atwellglobal claims to be a company regulated by the Belize regulator FSC, and they even provided a license number – 000261/309. We checked it and could see that the number belongs to XM GLOBAL LIMITED, one of the most renowned brokers. Actually, the entire passage in the screenshot above is false, as Atwellglobal introduces a fictitious company (Atwell Global).
So, with this information at hand, we confirm that Atwellglobal is a clone firm impersonating XM. Atwellglobal is a scam you should avoid at all costs!
That said, we recommend that you should trust your money with regulated brokers only! For example, CySEC (Cyprus) brokers and FCA (Britain) brokers have been proven safe because both authorities impose tight restrictions to ensure the safety of clients’ funds. The mandatory regulations include client account segregation, risk-reducing measures like leverage restrictions, negative balance protection, and increased capital requirements to license a broker (€730 000). But most notably, both CySEC and FCA brokers are covered by deposit insurance funds – clients of Cyprus brokers can claim up to €20,000 in compensation, while UK protections are up to £85 000 per person! On the other hand, trading with fishy unregulated brokers will leave unprotected and vulnerable to fraud, so it’s never recommended to deal with such entities.
And here is the proof that Atwellglobal is a scam broker:
Atwellglobal Trading Software
Atwellglobal gave us access to a MetaTrader 4 terminal supplied by Long Asia Group, a fishy company linked to many other Forex scams. Atwellglobal is apparently one of their latest fraudulent brands, so it’s highly recommended to avoid it.
Regarding MT4, feel free to check our lists with MetaTrader 4 brokers and MetaTrader 5 brokers. The companies on top are adequately regulated and secure so that you can safely use their services. Both MT4 and MT5 are industry-leading platforms known for their stability and the large selection of advanced features like automated trading and analytical tools, reliable indicators, intuitive charting tools, and the marketplace with thousands of Forex apps. MetaTrader is the best, but you should avoid scams like Atwellglobal!
Atwellglobal Trading Conditions
The trading conditions are not good. The only asset class available for trading is Forex, with 23 pairs only, which is certainly not enough. In comparison, legit brokers provide many more classes and instruments – thousands, not 23 only.
The trading costs are unfavourable. The spread is 2.5 pips for EUR/USD, which is around 3 times worse than usual – 1 pip difference or below is the industry standard. In other words, clients of Atwellglobal should pay $25 for a lot traded, while the benchmark is $10 or less. Atwellglobal’s services are not only limited to trading instruments available but also expensive!
The trading risks are enormous as leverage is 1:500 and cannot be changed. 1:500 is risky and should be used cautiously, but never with a suspected scam like Atwellglobal!
Atwellglobal Deposit/Withdraw Methods And Fees
The minimum deposit is $100, which is a standard requirement, but still higher than the affordable brokers, some of which will let you open an account for as little as $5. Feel free to follow the link for more information.
The minimum deposit is not a problem, but things quickly escalated when we saw the deposit methods. Wire Transfer is the only option, and you should send money to the Malaysian bank CIMB, so it goes without saying that chargebacks are impossible. Whenever international transfer takes place, things become much more complicated, and if Atwellglobal defrauds you, there would be no chance of a refund.
As for withdrawals and fees, there is nothing specified, but Atwellglobal showed us enough scam signs to suggest that the brokerage does not process withdrawal requests. Beware!
How Does The Scam Work
Forex scams are not as sophisticated as you might think. The scheme usually consists of a fraudulent website and a scam call centre called a boiler room. Scammers pay little attention to excellence and create scrappy websites as they focus on contacting as many people as possible, and for that reason, their websites are usually substandard and ignorant. And to find victims, scammers use social media, Discord groups, Telegram chats, fraudulent ads, and most notably, they interact with hackers to buy people’s details. What usually happens is that you may receive an unsolicited phone call or a chat on social media by scammers who promote get-rich-quick schemes, guaranteed earnings, bonuses etc.
But the worst part of the scheme unveils after the first deposit. Clients will be fooled with fictitious profits, followed by promises for even more gains and requests for more deposits. In the worst case, victims will deposit again, but if they want to withdraw, they will not be allowed to. In a typical trick, scammers say that clients should pay taxes in advance if they want their money back. If this happens, the fraud becomes more than evident, and victims usually realise they’ve been scammed.
What To Do If Scammed
Inform the authorities first – call the police, contact other regulators and agencies and report what happened. Also, deactivate your cards ASAP and call your bank to inform them about what happened. They’ll give you instructions.
Unfortunately, if you deposited cryptocurrencies, there is not much you can do as these transactions are irreversible. If you used your bank card, you’d at least have the chance to file for a chargeback. However, keep in mind that scam recovery agencies are flooding the market, so you need to be cautious while trying to get your money back.
And lastly, consider sharing your experience to help protect others; we’ll appreciate it!