FX Wealth Hub – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
FX Wealth Hub - DO NOT TRADE WITH THIS PROVIDER
2.5/10
$100
Minimum Depositupdated 2022
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
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://fxwealthhub.com
Founded: 2022
Regulations: None
Languages: English
Deposit Methods: Crypto Wallets
Minimum Deposit: $500
Free Demo Account: No
Number of Assets: Unclear
Types of Assets: Currency Pairs, CFDs on Shares, Indices, Cryptocurrencies, Energies
Trading Accounts and Conditions
Here are the trading account types offered by FX Wealth Hub:
- Starter: The deposit range is from $500 to $2,999. You are promised a 5% daily interest on your investment.
- Silver: The deposit range is from $3,000 to $4,999. You are promised an 8% daily interest on your investment.
- Gold: The deposit range is from $5,000 to $7,999. You are promised a 10% interest on your investment.
- Ultimate: The deposit range is from $8,000 to $9,999. You are promised a 13% daily interest on your investment.
- Platinum: The deposit range is from $10,000 onwards. You are promised a 15% daily interest on your investment.
All we know about the trading conditions is that the broker offers a leverage of 1:1000 for forex trading and 1:100 for cryptocurrency trading.
FX Wealth Hub – Advantages
There are no advantages to trading with FX Wealth Hub.
FX Wealth Hub – Disadvantages
Here are all the disadvantages we have uncovered while investigating FX Wealth Hub:
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Lies About Regulation
Everything that FX Wealth Hub has claimed about their regulation status is a lie.
First, there is absolutely no information about the entity that runs this website. We do not know the name of the company, where they are based or even how we can contact them. If you click on the Contacts link, you are immediately taken to your email so that you can send this broker an email. There is no telephone number at all.
This indicates that this broker is anonymous.
Secondly, this broker claims to be based in the US and provides a so-called business license issued in 2010.
To operate legally in the United States, a broker needs to be regulated by the Commodity Futures Trading Commission (CFTC) and simultaneously needs to be a member of the National Futures Association (NFA). Without both these conditions being met, a broker cannot operate legally in this country.
We checked the online database of both these authorities and found out that there was no broker or company by this name listed with either of them.
All of this tells us that we are dealing with an anonymous and unlicensed broker – a scammer. And if you deal with them, then you will lose all your funds.
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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No Legal Documents
Another red flag that indicates this broker’s scam is the lack of legal documentation. Legal documents are the contract between the client and the broker and if they are missing it means that the broker can do what they like with your funds – and your personal information, for that matter.
These legal documents tell you exactly what the broker is offering your – their services, the kind of platform they have, their trading conditions, their fees and commissions, policies and so on. So, if you sign up with a broker who does not even have these documents in place, you are completely vulnerable.
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Blacklisted by CNMV
We are not the only ones to have noticed this broker’s scam. The CNMV (National Securities Market Commission), the Spanish financial regulator, has blacklisted FX Wealth Hub for operating illegally in their jurisdiction.
There can be no better proof of this broker’s scam than this warning issued by one of the top regulators in Europe.
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No Trading Software
FX Wealth Hub claims to offer both the MT4 and MT5 trading software. However, these claims too are just more lies. There are no download links to these two platforms anywhere on this broker’s website.
We usually create an account with the broker we are reviewing so that we can see for ourselves what that broker actually offers – is what they promise actually what they deliver. However, while we were able to open an account, we were unable to proceed any further as we needed administrator approval to gain access to this broker’s client area. Since we did not get that approval, we could not check for ourselves whether FX Wealth Hub even had a real trading platform or not.
Having said that, considering the fact that there was no link provided anywhere on their website, not even to a demo account, we can say with a lot of confidence that this broker most probably does not even have a trading platform at all.
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Unclear Trading Conditions
Another sign of this broker’s scam is the lack of clarity on their trading conditions. This broker states that the minimum deposit requirement is $500, which, by the way, is rather excessive, especially once you realize that many highly reputed brokers allow you to open an account with them for as little as $5!
And the only other piece of information that could be relevant is a detailed chart of the leverage ratios offered for various asset classes; this table of leverage ratios is presented on the broker’s home page. From this, we know that the maximum leverage is 1:1000 for forex pairs and 1:100 for cryptocurrencies. Both of which are much too high – and illegal in the jurisdictions that this broker targets.
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Guaranteed Returns
FX Wealth Hub promises daily returns on your investment. This is an impossibility in the forex and crypto trading world. The nature of the market is such that the majority of traders lose money while trading; the profits are few and far between.
Legitimate brokers are required – by law – to advertise how many of the trades carried out on their platforms have ended in losses. Statistics show that 75% to 85% of all trades are losses. So, to make such a promise is a clear indication of a scam.
Conclusion
FX Wealth Hub is yet another scammer and if you invest with them, you will lose your funds.
FX Wealth Hub
Pros
- None
Cons
- Lies About Regulation Status
- No Legal Documents
- No Trading Software or Conditions
- Blacklisted by CNMV
- Guaranteed Returns
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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