FxForTrade – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://fxfortrade.com
Founded: 2022
Regulations: None
Languages: English
Deposit Methods: Credit Cards, Eco Pays, Terrixa, Bank Transfer
Minimum Deposit: $5,000
Free Demo Account: No
Number of Assets: N/A
Types of Assets: Forex, Oil, Gold, Cryptocurrencies, Indices, Stocks
Trading Accounts and Conditions
FxForTrade offers their clients the following types of trading accounts:
- Silver: The minimum funding amount is $5,000. The EURUSD combination spread is 2.7 pips. The spread for the GBPUSD is 3.1 pips. The spread for the USDJPY is 3.0 pips. The margin is 18% per year and the duration is 3 months.
- Gold: The minimum funding amount is $10,000. The spread for the EURUSD is 2.1 pips. The spread for the GBPUSD is 2.5 pips. The spread for the USDJPY is 2.4 pips. The margin is 20% per year and the duration is 4 months.
- Platinum: The minimum funding amount is $25,000. The spread for the EURUSD is 1.6 pips. The spread for the GBPUSD is 2.0 pips. The spread for the USDJPY is 1.9 pips. The margin is 22% per year and the duration is 6 months.
There is no mention of leverage ratios, order execution methods, commissions and other trading conditions.
FxForTrade – Advantages
There are no advantages to trading with FxForTrade.
FxForTrade – Disadvantages
Here are all the red flags that clearly point out FxForTrade’s scam:
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Clone Firm Lying About Regulation Status
At the footer of their website, FxForTrade claims to be authorized by the FCA (Financial Conduct Authority) of the UK and provides a UK address. Next, the broker provides us with a Canadian address along with the claim that they are regulated by the IIROC (Investment Industry Regulatory Organization of Canada) and that they are a member of the CIPF (Canadian Investor Protection Fund). Then, the broker lists an Australian address and claims to be regulated by the ASIC (Australian Securities and Investments Commission). After that, there is a Cyprus address given with the claim that the broker is regulated by the CySEC (Cyprus Securities and Exchange Commission). The broker also gives us an address in Belarus and the license number of their authorization by the NBRB (National Bank of the Republic of Belarus). And finally, FxForTrade provides us with a Mauritius address and authorization from the Mauritius FSC (Financial Services Commission).
For each of these claims, the broker provides us with a license or registration number.
These claims look so genuine that most of us wouldn’t bother investigating them further. But we did.
When we clicked on the FCA registration number, we found out that there is a company called Fortrade Ltd. – at the very address mentioned by this broker. But. There is a huge but here. The FCA has flagged off numerous domains that have used this legitimate company’s credentials and tried to pass them off as their own. And FXfortrade is one of these clone firms. This broker is a clone firm flagged off by the FCA!
We also checked the Canadian license. There is no Canadian address given on that authorization – just the UK address that belongs to Fortrade Ltd (and not this broker).
The Australian license belongs to a company called Fort Securities Australia PTY LTD – a company that has nothing to do with this broker. The Cyprus registration is for www.fortrade.com, and not for this broker (www.fxfortrade.com). There was no information on the BNBRB site and the Mauritius FSC showed that their license has been issued to Fortrade Mauritius Ltd.
None of these licenses belong to FxForTrade. This broker is a scammer and worse, a clone firm!
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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Lies About Trading Software
This scammer’s lies don’t just stop at their regulation status. FxForTrade claims to offer us the MetaTrader 5 trading software. Had this been true, it would have been a big win for this broker.
However, when we clicked on the link this broker provided, we found out that the only thing we were being offered was the demo version of the software – the one that is available on the MetaQuotes website.
Thus, it turns out that FxForTrade doesn’t even have a working trading platform.
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Lies About Trading Conditions
While this broker doesn’t have a working trading platform, so their trading conditions are also just lies, it is necessary to talk about them from an information perspective.
The minimum funding amount is ridiculously high, especially when there are so many brokers in the market that offer accounts at $50 or even less. And then these spreads that the broker mentions are much too high; the cost of trading with FxForTrade would be too expensive – and this isn’t even including the other fees and commissions that the broker has omitted to mention.
And the leverage ratios are missing.
We also do not know what the duration is. There is no explanation about the duration in their account types section. And the margins are mentioned per year, which also do not make sense.
All in all, these trading conditions are not only disadvantageous, some of them are plain senseless.
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Issues with Legal Documents
Like everything else on FxForTrade’s website, the legal documents also look thorough and detailed. However, when you actually go through them, you realized that there are no Terms and Conditions at all!
Legal documents are supposed to spell out all the terms of service – how much it will cost to use that broker’s platform and services, the policies the broker has adopted and so on.
Without these documents, a broker can do what they like with your money and the information that you have provided them about yourself.
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Issues with Payments
This broker does not give any details about their payment conditions – their withdrawal policies, cost of transactions, and so on. This broker only provides general information about their withdrawal and deposit policies.
Conclusion
FxForTrade is a sloppy scammer that cannot be trusted in any way. We would strongly recommend that all traders avoid this broker.
FxForTrade
Pros
- None
Cons
- Anonymous and Unregulated
- Registration Too Easy
- Poor Trading Software
- Issues with Trading Conditions
- Issues Related to Payments
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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