FXBrokertm – Can You Trust Them?

Website URL: https://fxbrokerstm.com/

Founded: 2018

Regulations: Not Regulated

Languages: English

Deposit Methods: Unclear

Minimum Deposit: Unknown

Free Demo Account: No

Number of Assets: N/A

Types of Assets: Binary Options, Cryptocurrencies and Forex

Trading Accounts and Conditions

While FXBrokertm promises its customers profits on investing in binary options, cryptocurrencies and forex, the broker has not provided any information about the types of trading accounts it offers. They have also not given any information on the trading conditions they have set, so you will not get to know what the leverages, spreads, rollovers, payouts or other commissions are until you sign up with them.

FXBrokertm – Advantages

Considering the complete lack of even basic information, we do not feel that there are any advantages to trading with FXBrokertm.

FXbrokertm – Disadvantages

Here are all the disadvantages of trading with this broker:

• Serious Regulatory Issues

There are so many issues with regard to this broker’s legal standing that it is difficult to know where to start.

First, FXBrokertm is an anonymous brokerage. On its website is an address that is located in the United States. And the broker claims that they are owned as well as operated by a company called Richfield Capital Ltd. However, this company is supposedly registered in Belize.

The thing is, when we checked with the financial regulator of Belize, the International Financial Services Commission (IFSC), we found out that the watchdog has issued an official statement that this broker has no connection to Richfield Capital Ltd.

(Richfield Capital Ltd. operates its own brokerage called Richfield Capital).

Second, FXBrokertm also claims that it is regulated by the US Commodity Futures Trading Commission (CFTC). It also claims that it is regulated by the UK’s Financial Conduct Authority (FCA) and Cyprus’ Cyprus Securities and Exchange Commission.

We checked the online registers of all three regulators, and were not surprised to find that FXBrokertm has lied about its regulatory status.

In effect, what we have here is a broker that has lied about critical legal information and has stolen the corporate information of a regulated broker and tried to pass it off as its own.

This clearly indicates that FXBrokertm is a scammer.

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• No Clarity on Trading Conditions

As we have mentioned at the beginning of our review, we do not know anything about the trading conditions set by this broker. We do not know anything with regard to leverages, spreads or any other costs that you may have to incur to trade on FXBrokertm’s platform.

• Unrealistic Profits Promised

The one piece of information that FXBrokertm focuses on to attract customers are the returns on investment. This broker guarantees that you will get 350% returns on your first investment!

This is an outright lie, since no broker can make such a promise. Licensed brokers have to declare the percentage of their customers who lose in trading, and that number sits between 75% and 85%. And these are some of the best brokers in the business.

Therefore, what FXBrokertm promises is just another gimmick to get people to invest money with them.

• No Demo Account

FXBrokertm does not offer its customers any free demo account. While there are some legitimate brokers who also do not offer this service, when you combine this lack of a demo account with the corporate lies that FXBrokertm has told, it raises huge concerns about the integrity of this broker.

A demo account allows customers to check the trading conditions and platform before they invest real money with a broker. However, scammers avoid offering this free service since it would mean that their possible victims would get to know of their scam before they invest their money with those brokers.

• Lack of a Trading Platform

The one reason why people sign up with online brokerages is so that they can use the trading platforms offered by those brokers. The trading platform is the key.

And since FXBrokertm does not offer a demo account, we created one so that we could check out the platform and, hopefully, the trading conditions. We were surprise to see that this broker doesn’t have a trading platform!

What we got instead was a strange-looking dashboard that had been populated with third-party cryptocurrency data and there was no facility to trade available.

Regulated traders offer their clients a solid trading platform like the MetaTrader 4 (MT4) platform, which gives its users great charting options, automated trading strategies through bots called Expert Advisors, and market indicators.

• ID Verification Required

Under the guise of KYC (Know Your Customer) protocols, FXBrokertm asks you to provide your ID details as soon as you sign up with them. Providing your personal details before you have assessed a broker is tantamount to giving your money away.

This is because scam brokers use your details against you if you apply for a chargeback. They can also use your identification details to refute any charges you may level against them, thereby rendering your complaint invalid.

This is the reason why we strongly advise traders to not give away their identification information to unregulated and anonymous brokers.

• Trading Bonuses Offered

FXBrokertm extends to its customers trading bonuses, which is yet another red flag. Scammers use trading bonuses as a way to rip their clients off. The bonuses look very attractive, however they come with harsh conditions. You will be asked to meet a certain trading turnover target, and if you do not, then you will not be allowed to withdraw your funds.

The catch is that these trading turnover targets are so ridiculously high that you will never be able to meet them. And that’s how you end up losing your money to such brokers.

Conclusion 

FXBrokertm is a scammer, and your money is not safe with them. We would recommend that you look for another broker to invest with.

FXBrokertm

2.7

User Experience

3.5/10

Payment Options

2.5/10

Security

2.6/10

Support

2.4/10

Reputation

2.7/10

Pros

• None

Cons

• Serious Regulatory Issues
• No Clarity on Trading Conditions
• Unrealistic Profits Promised
• Lack of a Trading Platform
• Trading Bonuses Offered