Freserrves review – 5 things you should know about freserrves.com

Freserrves review – 5 things you should know about freserrves.com

Rating: 1

Beware! Freserrves is an offshore broker! Your investment may be at risk.

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Freserrves’s looks and website structure is the one big attractive element. And even we did find it to be decent, but we are not so easily convinced. Once we looked over these elements, we found one of the worst brokers, with ludicrous conditions and scammer legal details. Readers should know that looks don’t count for nothing when one behaves like Freserrves. The following review will uncover all you need to know about this broker.

There was no way to register, since the broker made it its mission not to let us in. Nevertheless, we don’t think that we would have been impressed too much with the user area. And moreover, the web trader was made available even to those that were unregistered. However, we do not know what the trading values represent on this “free” web trader. The broker reveals some account types, but a) rarely do these types of tiers apply to illicit brokers, and b) it may be a demo account or an altogether arbitrary set of trading conditions.

Nevertheless, we found the following. The available assets for trading are forex currency pairs, cryptocurrencies, commodities, indices, and stocks.  The EUR/USD cost of trade is 10 pips, which is funny and impossible to take seriously. The leverage is also on the ludicrous side, indicated as being 1:5, a value usually saved for crypto brokers.

FRESERRVES REGULATION AND SAFETY OF FUNDS

Freserrves pretty much goes down the most cliched road ever. It states to be located in the UK by providing a contact address there. In order to be approved as a legit FX firm in the UK and anywhere else, one need an official recognition from the local regulator. This is even more true in the UK than most other places. The FCA, however, does not include Freserrves in its databank, and so is not regulated in the UK. The address is, therefore, a complete sham. If Freserrves is registered in the UK, it is illegally so.

Another sign that Freserrves is a scam, is found in the terms and conditions. There we are told that users should comply with local laws to access the broker. This is one way to tell users that a license is not needed on the broker’s side, which is completely fake news. It’s a overused rhetorical method to confuse the user.

Freserrves is a scam and unlicensed. Do not invest here!

It would be a big shame to lose all that money to scammers. By registering and investing in an unlicensed broker, you are indirectly throwing your money away for a completely futile and illicit cause. There is no reason to do so. That is why we urge our readers to rely on EuropeanUKUS, or Australian brokers, or any licensed entity for that matter. Licensed entitles are covered by hundreds of requirements, many of them apply financial compensation schemes, and anti fraud practices. In other words, they are the exact opposite of what this broker and others like it stand for.

FRESERRVES TRADING SOFTWARE

We actually like this web trade, but we don’t like the broker, so we do not recommend using it.

We would like to see this one more, since it would be a good starting point for rookie traders as it offers a base on top of which one can build. However, this broker is a scam and thus not worth trading with.

FRESERRVES DEPOSIT/WITHDRAW METHODS AND FEES

According to the site, the minimum deposit is €10,00, and that is for the lowest account type. This is utterly crazy to require such a high deposit. Even more so considering that the broker will never reimburse the client.

According to the account section, each account types has a rather high commission on profits gained form trading. It’s unheard of to have such fees, which are definitely discouraging.

The broker allegedly does not apply any deposit and/or withdrawal fees. However, there are fees, unrelated to payments. These are the standards fees, but it’s not these that worry us. The other fees and charges are the ones that are concerning. They are mentioned but never revealed in full, meaning that they can be anything and can be applied at any time.

Do not invest in this unregulated and scammer broker. It is a risk to all and a scam!

HOW DOES THE SCAM WORK

Generally, the first step to being in a scam, whether a user is aware of it or not, is to bridge the crucial gap that exists between a user and a broker. With legit entities rarely does this go beyond the limits of formality, whereas with scammers they will try to behave as close friends, and will try to sell you as much as they possibly can.

It easy to fall prey to their sweet talk, because as financial instruments grow more complex, so do scammers, and there are surprisingly advanced swindle techniques that will leave you empty handed faster than you know. So make sure to think before you act, and to ask for professional guidance if necessary.

Contact usually begins at the online ads level, and expands to the telephone line relatively fast, depending on how good the scammer is and how susceptible he or she is to manipulations.

The ultimate goal is reached once a scammer successfully causes an initial deposit to be invested. Once this happens the user has become the victim, and from then on the fraudsters will try to retain the client for as long as possible, draining him/her along the way.

On average, it takes 2 to 3 deposits for a user to realize that something very unlawful is happening. By that point however, the broker will cut all communications with the user and will deny all withdrawal requests.

WHAT TO DO IF SCAMMED

The most common action to take is to file for a chargeback, but this happens only if the user has invested with a credit or debit card. That’s why you don’t get many investment frauds taking card payment nowadays. But the good news is that, if money was invested via a card, the chargeback period for MasterCard and VISA is 540 days.

Wire transfer deposits are harder to get back, and the only thing we recommend is contacting the bank to sort things out if possible. Oh, and make sure to change you bank account user name and password ASAP!

Crypto transactions are lost for good, unfortunately. As cryptocurrencies become more numerous and the systems underlining them more complex, scammer are taking full advantage of these aspects, and the end results are very lucrative. So, never trust unregulated brokers with crypto payments.

And then, we have to mention the other type of scammer, the recovery agents. These are either third party fraudsters or extensions of existing swindles, and will provide the seemingly impossible service of tracing your lost money. All they need is a fee for their effort, a sum of money that will be lost once paid.

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