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 is an unregulated broker who claims to be based and authorized in the UK. This broker probably displays a fake address, as it is not licensed by the local financial regulator of the United Kingdom. FuslonFx also doesn’t specify anything in particular about its trading conditions and openly lies about offering MetaTrader 4. In fact you can use only a simple web-based platform with it. Be careful when seeing such brokers as they are most probably fraudsters and FuslonFx bears all signs of scam possible. Keep reading the full review for more details.
Regulation and safety of funds
FuslonFx claims to be globally regulated and points out its address to be in the United Kingdom. No phone number is to be found however. Of course we checked the registers of the Financial Conduct Authority of the UK and found out that FuslonFx isn’t on the list. See for yourself:
It is also mentioned that FuslonFx is a trade name of Top Markets Ltd, a company that is authorized by the Hong Kong Securities and Exchange Commission. First of all, the name of the official regulator of Hong Kong is in fact the Securities and Futures Commission (SFC). Secondly, FuslonFx isn’t really regulated by them, nor is any company with the name of Top Markets Ltd. So, you see, this broker makes everything possible to mislead its customers with false statements.
Bear in mind that if you invest with an unregulated broker, no financial authority can help you in case things go wrong. Usually, licensed brokers provide some client protection, as they are obligated to participate in compensation schemes. If the broker goes bankrupt, a relevant authority can issue you a compensation – up to 85 000 GBP in the UK and up to 20 000 EUR in most EU countries. However, don’t expect such perks with brokers like FuslonFx, as they are totally unlawful.
FuslonFx also claims to use segregation of accounts for funds protection, but we highly doubt this statement. As we already mentioned, unregulated firms don’t follow any requirements and play by their own rules.
Trading software
FuslonFx claims to offer MetaTrader 4 as its trading software. However this statement happened to be false. As we registered we were presented to a simple webtrader that has nothing to do with MetaTrader. Take a look at it:
As you see, this is a web-based platform – you can open it on your desktop or mobile and use basic indicators and tools. There’s nothing special in particular and certainly that can compete with the industry standard MetaTrader 4 or MetaTrader 5.
Most reputable brokers usually rely on more sophisticated trading platforms like MetaTrader 4 and MetaTrader 5. They are proven to be the best piece of software for trading purposes nowadays and have been downloaded by millions of people so far.
MetaTrader 4 and MetaTrader 5 happen to be the most popular trading platforms around the world. Both brokers and traders praise them for a good reason, mainly because of how secure and stable they are. You can always rely on them to execute your orders promptly and efficiently. Not only that but all the essential information such as transactions and your IP address is encrypted.
MetaTrader 4 and MetaTrader 5 have some outstanding features but the best one according to traders are the Expert Advisors. These bots have one particular task – to search for certain conditions and to start trading the moment they find them. A truly unique feature that only MT4 and MT5 can brag about.
MetaTrader 4 and MetaTrader 5 are perfect for beginners as well for more advanced traders. You can keep your knowledge up to date with a variety of educational resources and daily forex news. They are also very easy to navigate – you don’t need any previous experience in order to use them. MT4 and MT5 can be downloaded on different devices like PCs, smartphones and tablets.
Unfortunately not long ago Apple removed both of them from its AppStore so MT4 and MT5 can’t be downloaded on Android devices anymore. We really hope this measure is temporary. As for the users that have already downloaded the app, they can continue using it but without any future updates or upgrades. MetaTrader 4 and MetaTrader 5 can still be installed through Google Play Store.
Trading conditions
FuslonFx stays silent about its trading conditions in general. There is no data about its types of accounts, nor about the leverage and minimum deposit you can use.
When we started our registration, we were asked about the usual information – names, country, email and so on. However, we also had the chance to choose a type of account – Micro, Premium, Pro, VIP and Zero Fixed. So we opened a Micro account even though we were absolutely clueless as to what this account offers.
After we entered our account, it turned out that the leverage we can use is 1:100, which is way too much. Note that any leverage of such extent would be very risky. In fact the leverage limit in the UK is 1:30, whereas this in Hong Kong – 1:20. Once again, FuslonFx operates against the rules.
If you want to trade with higher leverage, we suggest looking at some of the offshore subsidiaries of reputable forex brokers here.
On its website the broker promises tight spreads from 0.2 pips for forex pairs. On its trading platform you can see a spread of o.1 pip for EURUSD, which is also advantageous to be honest. Nevertheless, this can’t compensate for the fact that this broker isn’t authorized to offer financial services and certainly doesn’t make it credible. There are plenty of genuine brokers that offer tight spreads under 2 pips.
There is no information about the minimum deposit this broker requires. Just keep in mind that the standard amount for the sector is around 250 USD and any higher requirement would be absolutely unnecessary. Some reputable brokers even offer micro accounts with a minimum deposit as low as 10 USD for instance.
Deposit/withdrawal methods and fees
On its website FuslonFx points out three payment methods you can use – Visa, Mastercard and PayPal. Take a look:
However, after we opened an account and tried to add funds to it, things turned out to be completely different. There was bank transfer, crypto transaction and credit/debit card payment but with Cardeta, CardPayz, GatewayServices and PayPound. Take a look:
Again, nothing of what FuslonFx promises happens to be true. As you see everything on its website is either misleading, or completely untransparent, so just avoid investing here for your own safety.
There is no data about the fees upon payment, but again, given the fact that this broker isn’t licensed and displays false statements all the time, do expect high fees upon every withdrawal or deposit.
How does the scam work
Never underestimate online scammers as they happen to be unexpectedly inventive and come up with different ideas on how to deceive people literally every day. Most importantly, remember that offshore brokers don’t have any intention to actually invest your money and don’t care about your prosperity. Their only goal is to make you invest as much as you can and then drop out of sight completely (with your money of course). There are some techniques that are a red flag, so if you come across them, just flee as fast as you can.
Firstly, scammers would try to reach out to you via email or phone, so providing such information carefree is not a good idea. If they succeed in getting this material however do expect a lot of phone calls and emails that contain their promise to double your investment – “risk-free” indeed.
They might also guarantee a very high return on investment without any hard work from your side. This sounds ridiculous already – any investment on the forex market holds more or less risk and requires some knowledge. In fact regulated brokers are obligated to post a warning about trading risks on their websites.
The next step in scammers` fraudulent practice is to manipulate their trading software and make it look as if your funds are being invested and you make huge profits at the same time. This is also a lie with no doubt. Scammers just want to make you invest a “little more” again and again and will take advantage of you as much as they can.
They might also offer some kind of welcome bonus just to make you get in the game. Note that such bonuses come with strings attached – a very high volume requirement you certainly won’t be able to achieve. Not only that but reputable brokers in the EU are restricted from offering such bonuses or promotions exactly because of this malicious practice.
Unfortunately most people realize that all of the above is a lie when it’s too late. Once you try to withdraw any funds from your account you will find out that this is impossible. First however scammers might ask for a certain fee upon the withdrawal request – 10% or even 20%. Note that most reputable brokers don’t ask for a fee at all. Anyway, there’s no point in paying this fee, because even if you do, you still won’t be allowed to withdraw your money. Therefore you may end up losing everything.
What to do when scammed
Certainly there are some Dos and Don’ts when it comes to online scam.
Your first move has to be to turn to the bank that issued your credit or debit card in case you paid with one and file for a chargeback in 540 days. If you have used Skrill, Neteller or PayPal you can also open a dispute. Unfortunately crypto transactions are irreversible and anonymous as we already said, so they are not eligible for a chargeback.
It’s also 100% sure that you shouldn’t turn to people on the internet who suggest restoring your stolen funds in exchange for a certain fee. These people are most probably also fraudsters, so don’t take the risk of losing even more money!
