Beware! FewaTRADE 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.
It is obvious that FewaTRADE is not a legitimate broker – with could establish that with one look. They are unregulated, anonymous, and offer very little information about essential trading conditions. All you will get if you open an account with this broker is the chance to trade on a rudimentary trading platform – but the likelihood of you getting scammed is huge. That is why we would advise you to only stick to licensed, established brokerages most of which offer amazing trading conditions.
FewaTRADE REGULATION AND SAFETY OF FUNDS
FewaTRADE is supposedly based in the US but states that “the law of the Netherlands exclusively applies to all legal relationships that FewaTRADE is a party to”. However, the broker is not licensed to operate in either the US or the Netherlands – that is what we established after a few quick register checks:
This broker has not even provided a company name so we were forced to only search the broker’s own name. They are also fairly anonymous – while most established brokerages will make sure to provide you with a ton of company information and statistics, FewaTRADE’s website only featured a few brief paragraphs of text. We were not impressed with the Terms and Conditions either – they were brief, badly formatted and barely featured any essential details.
Since this is an unregulated broker, working with them is hardily recommended – they are not under the supervision of any authority and have not met any requirements.
We would advise you to turn to a regulated UK, EU, or Australian broker instead – this way, you could be sure that there is a strict authority making sure that you are being treated in accordance with all laws, and that certain procedures are being followed. Licensed brokers in these regions are obligated to keep client money segregated which means that you would not lose your deposits in case of unfortunate events, speeds up withdrawals, and serves as proof that the broker would not be able to use your investment for their own financial operations. Negative balance protection is provided – the losses you could suffer could only be as big as the amount of money you have in your account. UK, EU, and Aussie brokers must also maintain a minimum operational capital to prove their financial stability – €730 000 in the UK and the EU, and A$1 million in Australia.
FewaTRADE TRADING SOFTWARE
FewaTRADE offers something that could hardly be called a web-based trading platform:
This is a TradingView chart tracking cryptocurrency markets only with two additional buttons – one for buying, and one for selling. You hardly need a broker to get access to TradingView – the software is available for free on the Internet. Real trading platforms offer far more in terms of charting and analysis tools, and additional features – FewaTRADE’s offer seems ridiculous considering the great platform many reputable brokers can offer.
Check out legitimate brokers who offer leading trading platforms such as MetaTrader 4 or MetaTrader 5. This software has been reigning over the trading world for decades and is unrivaled in popularity. The reasons for that are simple – the software is user-friendly and provides access to both a full charting and analysis package and countless additional features such as Expert Advisors, Strategy Testers, VPSs, signals you could set (or subscribe to those set by others), custom scripts creation functions, a market for add-ons, etc.
FewaTRADE TRADING CONDITIONS
The trading condition information this broker offers is vague, to say the least. The only thing you would be able to trade is crypto – it seems like FewaTRADE is riding the wave of cryptocurrencies’ current popularity. However, as we already mentioned, the broker’s platform looks extremely shady so we are not sure you would be able to trade even that. That is also why we are reluctant to bring in terms such as spreads or leverage – the broker mentioned nothing on these subjects and their platform was too rudimentary for us to trade anything. Still, keep in mind that legitimate brokers in the US can only offer leverage of up to 1:5 on cryptos while those in the UK, the EU, and Australia cannot go above 1:2. This is because crypto is an extremely volatile asset and trading could result in potentially huge financial losses.
The cheapest, Newbie account requires an initial deposit of just $50. You might be left under the impression is a good choice because it is affordable – but investing any sort of money in a scam scheme is hardly worth it. Many legitimate brokers also offer cheap trading accounts – for $100 or less.
FewaTRADE DEPOSIT AND WITHDRAWAL METHODS AND FEES
Unsurprisingly, FewaTRADE only accepts deposits in Bitcoin. It is just like a scam broker to only accept crypto payments and offer no more conventional alternatives such as wire transfers, card payments, or e-wallets. Crypto transactions can only be traced to a wallet address and not to a person which makes them mostly anonymous. They are also irreversible – once such a payment has passed through, you would not be able to get a chargeback. Only use this payment method with reliable companies since all such transactions are final and there is zero chance of you getting your money back – unless, of course, the recipient sends it back voluntarily.
HOW DOES THE SCAM WORK?
This type of scam is really not that complicated – but it has proven to be quite effective and has managed to trick quite a few people. Given such schemes’ growing popularity, it is important to know how to avoid them – so reading the following paragraphs carefully is vital.
The scam starts with you seeing an ad on the Internet for a certain broker’s website. Such websites usually promise amazing conditions and extremely fast profits – but offer very little in terms of license and company information. However, sometimes scammers can be very elaborate in their promise – so you fall for it and provide them with a phone number or an email. There is another option – they might have stumbled upon your contact details somewhere and are the first to make contact. After that, a game of cat and mouse begins – you will be asked to open an account and make a deposit. Keep in mind that these are professional scammers who convince people to transfer money for a living – they will sweet-talk you into depositing by talking about profits and opportunities.
After that, you might indeed see profits and deposit even more money – but all of this is smoke and mirrors, scammers often manipulate results to make you transfer bigger amounts.
At some point, of course, you would want to withdraw your money – and the problems will start. Additional fees or unfulfilled clauses in the Terms and Conditions will appear, and you will be denied access to your money. At this point, you will probably discover something is wrong – and this is when the scammers will drop out of sight.
WHAT TO DO WHEN SCAMMED?
There are a few things you could do if you discover you have been scammed. Chargebacks are possible in some cases depending on the payment method you have used to deposit. Both Visa and MasterCard allow such chargebacks within 540 days while bank transfers and cryptocurrency transactions are irreversible.
Make sure to change all banking passwords. If you have installed any remote access software, remove it immediately – scammers ask their victims to install such software under different pretexts but their endgame is to just get access to your banking accounts and steal even more money.
Notify authorities and share your story with as many people as possible – the more people know about such scams, the less they will fall victim to fraudulent schemes.
Last but not least – don’t trust any so-called “recovery agents” that offer to retrieve your money for a fee – this is just another type of scam, sometimes even conducted by the same people that stole your money in the first place.
