Beware! NewConcept-FX 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.
We are happy to say that NewConcept-FX is a full scam and a risk to all. Why are we happy? Because it was very easy to review such a limited and shady broker, because of just how familiar it is to 90% of all unregulated brokers we usually review on a daily basis.
NEWCONCEPT-FX REGULATION AND SAFETY OF FUNDS
The most important claimed made by NewConcept-FX is that is is allegedly a broker based in the United Kingdom with an FCA license to boot. This is such a blatant lie, that we didn’t even have to check the UK watchdog’s website to know that this statement is 100 percent a lie. The likes of NewConcept-FX can never even dream of being regulated nor registered in the UK.
As for the other legal claims, well let’s just say that they are even more over the top than the UK one. And what can be more ludicrous than that? Well, NewConcept-FX states to be licensed in the United States, Canada, and Australia, all major forex hubs with some of the most relentless regulators around. We don’t even have to get into too much detail, because it would be ridiculous to even think that a broker looking and playing out like NewConcept-FX can be registered let alone regulated in either of these jurisdictions.
Without further ado, NewConcept-FX is completely unlicensed and a risk to all. Do not invest here for you will lose it all.
Think about it for a second. An unregulated broker is free to do whatever it wants, with very few repercussions, for the time being. Unlicensed brokers are in a constant rush to steal as much money as they can get their greedy hands on, and then eradicate all traces of their existence, until they pop up as a different scam under another name. It’s the scammer cycle. Investing in any unregulated broker is a risk and it will always be a risk.
On the other end of the spectrum, you have your legal and regulated brokers, those that actually have put countless efforts and manhours into crafting the best version of their vision for an FX broker. We recommend the top of the top, those located and regulated in any European, UK, US, or Australian jurisdiction, but clients should not underrate some offshore regulators as well. Regulated brokers stick to scrupulous regulations and rules whose point is to make sure that all users are treated equally and that there is no shady business going on.
Make sure to check for a license each time you stumble, whether by accident or on purpose, on a new broker.
NEWCONCEPT-FX TRADING SOFTWARE
NewConcept-FX actually offers the MT5, and we are as surprised as you. Yes, the MT5 is one of the best, if not the best, trading platform of all, and its existence here is by far the best part of the broker. However, by the looks of NewConcept-FX, we cannot recommend using the MT5 here.
Moreover, the download file was way too shady to open, with the possibility of some hidden malware always looming around the corner.
So, the MT5 is here, but we do not recommend it. In fact, don’t do anything here. Focus on legit MT5 instead.
NEWCONCEPT-FX TRADING CONDITIONS
We were not able to register, because the broker wants way too many personal details, all of which will be misused by the company; we do not recommend signing up here.
Even if we wanted really badly to get a hold of trading conditions, we had absolutely nothing to show for. NewConcept-FX is very inconsiderate and provides absolutely no trading information whatsoever. Actually, even if the broker had any details it would still be a risk and a scam, so it really does not chance the big picture.
But it’s still a nuisance. There are no available financial instruments available, no spreads, and no leverage values. Seeing that the MT5 is available, we must concede to the fact that NewConcept-FX offers trading, but they still remain a scam and a risk to all!
If you want to trade with a good FX broker, then you should look to the likes of these high leverage brokers.
NEWCONCEPT-FX DEPOSIT/WITHDRAW METHODS AND FEES
We really cannot stress enough how limited the pool of information offered by this broker is. Unfortunately, there are absolutely no specific payment details to talk abut here today. We lack a minimum deposit value, all payment methods for both deposits and withdrawals, and the fees are unrevealed. With scammers like NewConcept-FX you can expect fees and commissions out of nowhere without warning.
Usually, scammer rely mainly on crypto methods or bank transfer since these two methods, the former especially, are untraceable, and thus any money sent through them will be lost, with little or no chance of getting them back.
Readers should not rely on this scammer broker. Instead, look to this list of low minimum deposit brokers to try out.
How does the scam work
It’s crazy to think that the scammer process has been the same for years now, probably more than a decade at the least. It follows the same principles that have not changed over the years, but only adapted to modern tendencies, such as the crypto boom, NFTs, fin influencers, the metaverse, and more.
The phalanx of the scammers, the proverbial spear with which they lead the charge , has always been either misleading ads or direct solicitation over the phone, preferably, or via email or social media channels. Here scammer have evolved over the years to sound more convincing and to include increasing more tempting opportunities. There are dozens of different means by which a fraudulent broker can attract a user, and it all happens over some kind of technology, be it a phone or a PC.
The most suspenseful part for any scammer is to convince any one user to invest for the very first time, which is why call centers are always looking for enthusiastic and charismatic dealers, both illicit call centers and legit ones. An initial deposit can be retrieved by falsely claiming lucrative opportunities, by pretending to be someone else – like a rep of a legitimate investment company or regulator -, by being devilishly charming, and even by blackmailing.
Once the initial deposit has gone through, the user has fallen for the trap and is now ready for phase two, which is to leech as much money from him or her until his/her senses realize that something is not quite right. Usually, this happens after profits are withheld, or the broker does not keep its promises, or stalls all withdrawal requests.
Essentially, the client will not be able to withdrawal any of the invested capital and will be forced to look for an alternative. On the broker’s side, the firm may shut its website, or at least draw all communication with the user to a sudden stop.
What to do when scammed
The best thing you can do is to file for a chargeback with ones credit or debit card provider, just make sure that the broker does not charge for a fee for a chargeback since some do really do that. The chargeback period for MasterCard and VISA is 540 days, giving users a lot of time to try and get his money back.
Wire transfers are harder to get back, since there are certain restrictions depending on the bank and the jurisdiction in which the scam took place. We advice users to change their bank account user names and passwords, and then swiftly contact their bank for further assistance.
Crypto investments are untraceable and therefore lost forever if invested in unregulated brokers. That is the reason why you will see more and more scammer offering exclusively crypto-based payment methods.
If you stumble on a recovery agent or agency do not trust them, nor should you send them any money. They will promise to bring back your lost funds but will require a fee for their “services”. Obviously, these are scammers and will take even more of your money.
