Scam Brokers

Fastearnings247 – Can You Trust Them?

Chainbits Staff | Publish date: 07/19/2022 (Last updated: May 03, 2023 07:57 AM)

Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.

Fastearnings247 - DO NOT TRADE WITH THIS PROVIDER

2.3/10

$100

Minimum Deposit

updated 2022

Try other platforms

The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.

Try these regulated brokers if you want to start trading cryptocurrencies

Plus500 Review - Regulated broker

Plus500CY Ltdauthorized & regulated by CySEC

try this broker

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://fastearnings247.com

Founded: 2021

Regulations: None

Languages: English

Deposit Methods: Bitcoin

Minimum Deposit: $200

Free Demo Account: No

Number of Assets: 1,000+

Types of Assets: Crypto, Forex, Stocks, ECN

Trading Accounts and Conditions

Fastearnings247 does not offer their clients trading account types. What you are offered instead are investment plans:

Starter: The deposit range is from $200 to $999. The minimum return promised is $1,400 and the maximum is $6,993 at 100% ROI in 7 days.
Basic: The deposit range is from $1,000 to $4,999. The minimum return promised is $7,000 and the maximum is $34,993 at 100% ROI in 7 days.
Advance: The deposit range is from $5,000 to $9,999. The minimum return promised is $35,000 and the maximum is $69,993 at 100% ROI in 7 days.
Pro: The deposit range is from $10,000 to $49,999. The minimum return promised is $70,000 and the maximum is $349,993 at 100% ROI in 7 days.

The broker claims that spreads start from 0.0 pips. The leverage is supposedly a maximum of 1:500. There is no mention of other trading conditions such as lot sizes, order execution methods and so on.

Fastearnings247 – Advantages

There are no advantages to trading with Fastearnings247.

Fastearnings247 – Disadvantages

Given below are all the reasons why we consider Fastearnings247 to be a scammer.

Lack of Regulation

Fastearnings247 provides an address that is in Denver, Colorado in the United States. However, just before that, the broker claims to be registered in Nevis, and that they are a member of The Financial Commission. There are no telephone numbers provided so we don’t really know if the address provided by this broker is actually real or not.

We also need to point out that to be located in the United States, a broker needs to be registered with the CFTC (the Commodity Futures Trading Commission. The broker also needs a membership with the NFA (the National Futures Association). We checked the registers on the authorities’ websites. We did not find any broker or company by this name listed with either the CFTC or the NFA.

As for their registration with the Nevis Financial Services Regulatory Commission (FSRC), that too is fake. The registration number this broker has provided does not exist in the regulator’s database.

All of this proves to us that we are dealing with an unregulated and anonymous brokerage, which means that this is a scam operation.

Plus500

$100

Minimum Deposit

Start Trading

Read Review

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.

AvaTrade

$100

Minimum Deposit

Start Trading

Read Review

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.

Lies About Trading Platform

Fastearnings247 claims to offer 3 different types of trading platforms – the MetaTrader4, the MetaTrader 5 and their own in-house web-based trading platform.

However, after we accessed their client area, instead of seeing at least one of the 3 trading platforms that this broker promised, we saw a trading chart imported from TradingView.com. This chart is imported from free from TradingView.com, but it cannot be used for real-time trading.

We also checked their website to see if there was a link where we could download the MT4 or MT5 platforms (as this broker promised), but there was none.

Once again, this broker has lied about what they offer; Fastearnings247 does not have any trading platform at all!

No Legal Documents

The scam that this broker has perpetrated only gets worse when we realize that they do not have any legal documents in place. They have a link at the bottom of their home page which says Terms (Documents), but when you click on that link, it opens a new homepage! Similarly, if you click on the Privacy and AML links the same thing happens.

The lack of legal documentation tells us clearly that we are dealing with a scammer. The legal document is the contract between you and the broker. If it is missing, then you don’t know what the terms of service are – the costs of trading, the trading conditions, the withdrawal and deposit policies and so on. All of these are critical to ensuring that you are getting a fair deal from the broker.

No Trading Conditions

We would like to point out that this broker doesn’t have a working trading platform, so trading conditions (if they had them) would be just for show.

Having said that, a leverage of 1:500 is much too high, especially since this broker seems to be targeting traders in the United States and in Europe. In these jurisdictions, leverage ratios are severely limited due to the excessive danger attached to high leverages. Thus, the legal allowable limit in the US is just 1:50 and in Europe (the EU) is 1:30.

Furthermore, a promised spread of 0 pips is much too low – unless the fees and commissions being charged are really high. In Fastearnings247’s case, these are just random numbers since the broker does not even have a working trading platform.

Returns on Investments Guaranteed

This broker not only does not have a trading platform, but offers investment plans instead of real trading accounts. These investment plans promise that within 7 days, you will reap great rewards! For example, this broker guarantees that for a minimum investment of $200, you will make at least $1,400 in 7 days.

These are all lies! The forex market is such that 75% to 85% of all trades end in losses. Therefore, there is no way any legitimate broker would promise any returns.

Bitcoin Only Payment Method

The only way you can make deposits with Fastearnings247 is via Bitcoin, which proves that we are dealing with a scammer. Legitimate brokers also offer crypto payment options, but they have a wide range of payment options on offer and you get to choose the one you are most comfortable with.

Crypto payments are irreversible and anonymous, which is why they are a favorite with brokers such as Fastearnings247. Once you have given them your money, there is no way you will ever get it back!

Conclusion

You cannot trust Fastearning247. This broker is a scammer and your money is not safe with them.