Beware! FuslonFx 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.
FuslonFx tries to convince us that it represents a regulated and trustworthy forex broker with a global presence. But fact-checking reveals that this website is yet another online scam aimed at people without sufficient experience and knowledge of the financial markets. In this review, we will look in detail at the clues that FuslonFx is not the legitimate financial services provider it claims to be.
FUSLONFX REGULATION AND SAFETY OF FUNDS
If a financial services provider is legitimate, you will find on its website clear and detailed information about the company that owns and operates it, where it is based, and what licences it has. Genuine brokers also provide access to a comprehensive set of legal documentation. The availability of such information does not guarantee that it is not false or misleading. But the absence of these elements is very indicative that in all likelihood you are dealing with scammers.
Legal information on the FuslonFx website is sketchy and contradictory. On the homepage we see claims of ‘global regulation’ and specific mention of the European Union.
At the same time, the contact address given is in the United Kingdom.
But the footer of the website lists the owner of the website as the company Top Markets Ltd, which is allegedly based in Hong Kong.
A check of the UK’s Financial Conduct Authority (FCA) and Hong Kong Securities and Futures Commission (SFC) databases shows that Top Markets Ltd is not among the brokers authorised by these regulators. We found no evidence that this company actually exists.
Registering a new account requires agreeing to Terms and Conditions, but the link to the supposed document leads to a blank page. So we don’t know exactly who we’re dealing with, nor what the terms of the deal are. Under such circumstances, it would not be justifiable to put our money on the line.
Before investing your money in financial instruments, it is imperative to make sure you do so through a licensed intermediary and not one of the many scammers lurking online.
Under no circumstances should you trust your money to such anonymous websites full of false and contradictory information. Instead, you can turn to one of the many companies that really work under the supervision of respected regulatory bodies like Cyprus Securities and Exchange Commission (CySEC) or FCA in the UK.
As their customer you will enjoy a number of guarantees including negative balance protection and guarantee for your funds if the broker goes bankrupt, which goes up to EUR 20,000 in EU and 85,000 GBP in the UK. Regulations in the UK and EU include some important measures designed to improve investor protection and promote market integrity and transparency, such as transaction reporting. Regulated brokers are also required to segregate their operational funds from the client’s money.
FUSLONFX TRADING SOFTWARE
FuslonFx promises a choice between a web-based trading platform and the industry-standard Metatrader 4 (MT4) software.
The MT4 platform, which can be downloaded from the FuslonFx website, is registered in the name of a different company, Cfidex ltd, which is based in the Marshall Islands.
This offshore zone does not even have a financial regulator, which is why it is a preferred base for online scammers. But the login credentials provided by FuslonFx do not work for the MT4 platform, only for the web trader. Therefore, we do not know if this offshore company is the real owner of the website.
Here is what the web platform used by FuslonFx looks like:
While the platform has the basic features for placing orders, customising charts and application of technical indicators, it lacks the more advanced functionality found in the, MetaTrader 4 (MT4) and newer MetaTrader 5 (MT5). These platforms have established themselves as industry standard because they offer a wide range of features, including a variety of options for customization, multiple account usage, designing and implementing custom scripts for automated trading and backtesting trade strategies.
It also should be noted that the presence of some kind of trading software is no guarantee that this is a genuine broker. Financial scammers often use trading platforms to fool their victims that their money is actually being invested.
FUSLONFX TRADING CONDITIONS
When registering for an FuslonFx account, a choice of account type is required, but nowhere are the conditions associated with that account described.
Genuine forex brokers provide detailed information about the trading conditions – minimum deposit, order execution method, tradable financial instruments, leverage, spread, swap, commissions. Many leading companies in the industry allow you to start trading with a very low initial deposit, often under 100 USD.
All we see on the FuslonFxF website is the promise of leverage up to 1:500 and bonuses. This in itself is proof that the FuslonFx could not really be the regulated broker it portrays itself to be.
Regulated brokers are prohibited from offering bonuses and promotions. Financial regulators also limit the leverage that can be offered to retail traders. High leverage creates the opportunity for more significant profit, but correspondingly increases the risk of sudden and excessive losses. The FCA, like EU regulators, limits leverage to 1:30 for trading in major currency pairs and even lower levels for more volatile assets.
If you are nevertheless willing to take the risk of high-leverage trading and want to take advantage of bonuses, promotions and prize games, the best option is to use the services of offshore brokers operating under an established brand.
FUSLONFX DEPOSIT/WITHDRAW METHODS AND FEES
FuslonFx allows funds to be deposited via bank transfer, cryptocurrencies and shady payment processors such as PayPound and CardPayz.
Financial fraudsters use payment methods that do not allow the defrauded to request a refund. Legitimate brokers typically offer clients a wide choice of transparent payment methods, including established e-wallets such as PayPal, Skrill, Neteller or POLi.
Since FuslonFx does not provide proper legal documentation, it is unclear what traps the fraudsters may have set. Typically, fake brokers make withdrawing money impossible through huge fees and impossible-to-fulfil traded volume conditions.
HOW DOES THE SCAM WORKS
Fake brokers are a type of scam that has spread especially rapidly in recent years, aided by the excitement surrounding cryptocurrencies. People looking for ways to make money online can very easily come across one of the many scam websites of this type. Scammers are very skilled at convincing people to invest – first small amounts of a few hundred dollars, and then larger sums of money. Some of the scam schemes are quite elaborate and even use trading software to convince victims that their money is actually being invested and even racking up profits.
But when you ask to withdraw those winnings, or even your deposit, you’ll find it’s impossible – you’ll be told that a sudden change in the market has wiped out all your money, or that you have to meet impossible minimum trading volume requirements and pay huge fees and commissions hidden in the terms and conditions. Fraudsters can also simply disappear because they use fake names and offshore shell companies for their operations.
WHAT TO DO WHEN SCAMMED
If you find yourself scammed, the first thing you should do is notify the financial authorities in your country about the scammers’ activities, and spread the word online to warn other potential victims.
Your options for getting your money back are limited. If credit or debit cards were used for the transactions to the scammers, you have the option to request a chargeback. Companies like Visa and MasterCard now allow such requests to be made up to 540 days after the transaction. But keep in mind that if you have provided proof of your identity to the fraudsters, they may dispute that the transaction was voluntary. In addition, fraudsters typically use cryptocurrencies and shady e-wallets that do not allow refunds.
Victims of scams are often targeted by another type of online fraudsters who promise that their money can be refunded for an upfront fee. Under no circumstances should you trust such offers.
