Fxtradingdigitalpay.com review – 5 things you should know about Forex Trading Digital Pay

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

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Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

Fxtradingdigitalpay.com, or Forex Trading Digital Pay, presents itself as a trusted broker that will make our investments in financial instruments easy and profitable. But this low-quality and non-functional website provides no convincing evidence that this is true. Let’s look at the clues that this is not a legitimate financial services provider and how to choose a truly trustworthy broker.

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

Fxtradingdigitalpay.comF does not disclose the name of the company that owns and operates this website. Links to the Terms and Conditions and other legal documentation are blank.

Fxtradingdigitalpay.com claims that the anonymous owner company is based in the UK, but does not give an exact address.

On the website, we see claims that Fxtradingdigitalpay.com holds a licence not only from the  UK Financial Services Authority, but also from the Commodity Futures Trading Commission (CFTC) in the US.

But a check of the regulators’ records shows that this is not true. FCA specifically warns investors that Fxtradingdigitalpay.com is not authorised to offer financial services and products.

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.

If you want to trade on financial markets without being scammed, you can turn to some of the legitimate brokers that actually operate from established financial hubs like the UK. These brokers have to meet stringent requirements for financial stability and transparency of operations imposed by the Financial Conduct Authority (FCA).

They must provide clients with negative balance protection and to participate in a guarantee fund that covers up to GBP 85,000 of a client’s investment should the broker go into insolvency. These brokers are also required to keep their clients’ money segregated from their own operating funds in separate bank accounts.

Fxtradingdigitalpay.com Trading software

Fxtradingdigitalpay.com doesn’t even mention the most important tool for the forex trader – the software. At the time of writing this review it was not possible to register a new account. Therefore, we were unable to determine if Fxtradingdigitalpay.com offers any trading platforms.

It 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 rigged trading platforms to fool their victims that their money is actually being invested. However, this trading is entirely fictitious and the money goes directly into the scammers’ pockets.

Legitimate brokers offer clients a wide selection of trading software, including desktop, mobile apps and web-based platforms. The most widely used platforms in the industry are MetaTrader 4 (MT4) and 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.

Fxtradingdigitalpay.com Trading instruments

Fxtradingdigitalpay.com advertises trading in all major asset classes – currency pairs, stocks, indices, commodities and cryptocurrencies. The latter constitutes further evidence that we are dealing with a scam because the FCA  prohibits brokers from offering trading in crypto derivatives.

Fxtradingdigitalpay.com Spreads and cost of trading

When you visit the website of a legitimate broker you will find proposals for different types of trading accounts suitable for investors with different preferences, as well as detailed descriptions of trading parameters – minimum deposit, order execution method, tradable financial instruments, leverage, spread, swap, commissions, etc.

Fxtradingdigitalpay.com does not provide any information about the terms of the trade it claims to offer. Instead, we see a list of investment plans promising high and guaranteed profits.

A genuine broker will not and cannot promise you guaranteed profits. In fact, licensed companies are obliged by regulators to warn their clients about the high risk of losses when trading financial instruments.

Fxtradingdigitalpay.com Maximum leverage

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. The FCA, like EU regulators, limits leverage to 1:30 for trading in major currency pairs and even lower levels for more volatile assets.

Regulated brokers offer higher leverage only to professional clients who must meet very high standards for capital and experience and forgo the guarantees enjoyed by retail traders.

If you don’t qualify as a professional trader but are willing to take the risk of high-leverage trading, the most viable option is to use the services of an offshore affiliate of an established brand.

Fxtradingdigitalpay.com Deposit and withdrawal methods

Due to our inability to register an account, we were unable to ascertain what payment methods Fxtradingdigitalpay.com uses. Experience has shown that fraudsters direct their potential victims to cryptocurrency transactions that do not allow refunds to be requested.

Legitimate brokers typically offer clients a wide choice of transparent payment methods, including bank transfer, credit/debit cards and established e-wallets such as  Sofort, PayPal, Skrill or Neteller.

Fxtradingdigitalpay.com Minimum deposit

Fxtradingdigitalpay.com requires a minimum investment of 300 USD. For a significantly lower amount, you could open a trading account with an established broker, including the industry’s leading brands.

Fxtradingdigitalpay.com 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.