SavetrustFx review – 5 things you should know about savetrustfx.net

Beware! SavetrustFx 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.

SavetrustFx  is a fairly typical example of a low-effort scam targeting people who are looking for passive income but understand nothing of financial trading. In this review, we’ll look at the clues you could use to identify this common fraud scheme.

SavetrustFx Regulation and safety of funds

We do not find any identifying information on the SavetrustFx website. It is unclear which company is behind this website and where it is based. There are no Terms and Conditions. If you don’t know exactly who you are dealing with and what the terms of the deal are it would be an obvious mistake to put your money on the line.

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.

SavetrustFx claims to be based in the United Kingdom.

But the UK financial authorities have issued a specific warning that this website is not authorised to provide such services.

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.

SavetrustFx Trading software

After registering an account, we get access to a poor imitation of a trading software that lacks even basic features for placing pending orders.

But even if SavetrustFx had a more convincing platform, that would not make this website credible. Fake brokers use rigged trading software to mislead their victims that their money is really being invested. But this trade is entirely sham.

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.

SavetrustFx Trading instruments

SavetrustFx  is advertising cryptocurrency trading, which is further proof that we are dealing with a scam. UK financial regulations prohibit brokers from offering crypto derivatives trading.

SavetrustFx Spreads and cost of trading

SavetrustFx  does not provide information on spreads and commissions. Genuine forex brokers provide detailed information about the trading conditions. Legitimate companies also offer different account types to suit clients with different experience, capital and investment intentions.

SavetrustFx Maximum leverage

SavetrustFx advertises an extremely high spread of 1:1000 for forex and 1:100 for cryptocurrencies.

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.

SavetrustFx Deposit and withdrawal methods

We weren’t at all surprised that the only payment method accepted by SavetrustFx is Bitcoin.

This is 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.

While there are some legitimate brokers that accept digital currencies like Bitcoin, they do so alongside other transparent payment methods such as credit/debit card, bank transfer or popular e-wallets like PayPal, Neteller or Skrill.

SavetrustFx Minimum deposit

SavetrustFx boasts that it requires a minimum deposit of just 500 USD. But this amount is actually much higher than the industry standard. The leading brands in the industry offer beginner traders starter accounts with a very low minimum deposit. You have no good reason to take chances with shady brokers like SavetrustFx.

SavetrustFx 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.