Teamtrustfx review – 5 things you should know about teamtrustfx.com

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

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Teamtrustfx is a fairly typical example of an online scam trying to pass itself off as an established forex broker. In this review, we will look at the clues you can use to identify such scams.

Teamtrustfx Regulation and safety of funds

Legitimate forex brokers provide clear and detailed information about the legal entity that owns and operates them, where it is based, what licences it has and which regulators oversee its activities. Genuine brokers also provide access to a comprehensive set of legal documentation.

Lack of such details or improper presentation of them are always a red flag that we are probably dealing with a scam.

On the Teamtrustfx homepage we see no legal details but standard placeholder text:

Two different contact addresses are listed, one in the US and one with the UK.

The British financial authorities explicitly warn that Teamtrustfx is a scam.

The company listed as the owner of the website is ICO Crypto Ltd, but we find no evidence that this legal entity actually exists. The links to the Terms and Conditions and Privacy Policy are empty.

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 Financial Conduct Authority (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.

Teamtrustfx Trading software

Teamtrustfx promises the industry standard trading platforms MetaTrader 4 (MT4) and MetaTrader 5 (MT5). But after registering an account, we don’t get access to any functioning trading software.

There are plenty of legitimate, regulated brokers who enable their clients to take advantage of MT4 and MT5‘s capabilities.

Teamtrustfx Trading instruments

The website advertises trading in all asset classes, but given the lack of licence and software, Teamtrustfx obviously offers no real trading. Registration requires a choice between different account types, but nowhere do we find a description of the conditions attached to them.

Teamtrustfx Spreads and cost of trading

If you use the services of an established and regulated broker, you can count on advantageous and transparent conditions.

Teamtrustfx Maximum leverage

Teamtrustfx advertises a leverage of 1:500, which is proof that this is not a licensed broker. High leverage creates the opportunity for more significant profit, but correspondingly increases the risk of sudden and excessive losses. All leading regulators therefore restrict leverage for retail traders.

Another such piece of evidence is the claim that Teamtrustfx offers bonuses. Regulated brokers are prohibited from offering bonuses and promotions. Scammers often use promises of supposedly generous bonuses to tie their potential victims to extortionate terms. Teamtrustfx does not provide clear information about the conditions attached to bonuses.

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.

Teamtrustfx Deposit and withdrawal methods

We weren’t at all surprised that the only payment method accepted by  Teamtrustfx is cryptocurrency. Cryptocurrencies are the payment method of choice for most financial scammers. The reason for this is that on the one hand cryptocurrencies provide a degree of anonymity and on the other hand they do not allow the defrauded person to ask for a refund.

Legitimate brokers typically offer clients a wide choice of transparent payment methods, including bank transfer, credit/debit cards and established e-wallets such as PayPal, Skrill or Neteller. If you’re interested in legitimate brokers that accept digital currency payments alongside conventional methods, check out this list.

Teamtrustfx Minimum deposit

Teamtrustfx claims to require a minimum deposit of only 20 USD. But for an even lower amount, you could open a starter account with a leading global brand.

Teamtrustfx Withdrawal requirements

The lack of a publicly available Terms and Conditions or Client Agreement means that scammers may have set many traps such as hidden fees and impossible-to-meet  withdrawal terms.