TrueFXMarket – Are They Trustworthy?

Website URL:  https://truefxmarket.com

Founded:  No information was found on the website

Regulations: Unregulated

Languages:  English

Deposit Methods:  Visa Cards, Master Cards, Neteller, and Skrill

Minimum Deposit: $350

Free Demo Account: None

Number of Assets: No information was found on the website

Types of Assets: Currency pairs, Crypto coins, Stocks, Commodities, and Indices

Trading Accounts and Conditions

TrueFXMarket is offering its customers three types of accounts:

•         Beginner Account: The minimum deposit amount is $350.
•         Advanced Plan Account: The minimum deposit amount is $500.
•         Weekly Plan Account: The minimum deposit amount is $1000.

However, there is no further information mentioned on the website related to the conditions of these accounts, spreads, and leverage levels.

TrueFXMarket – ADVANTAGES

TrueFXMarket offers no bonus, incentives, or advantages to its clients.

TrueFXMarket– DISADVANTAGES

• An Unregulated Enterprise

TrueFXMarket claims to be operated and owned by WAYTOCX Ltd, an enterprise which is located in the UK. However, there is no more information provided by the broker on its website.

Moreover, both the TrueFXMarket and the WAYTOCX Ltd do not seem to be authorized and registered under FCA in the UK because when the FCA registered brokers list was checked, there were no entries found related to both of them.

While if you read through the terms and conditions section, it is mentioned that the broker’s main servers are based in Bulgaria and that they operate under the laws of Bulgaria. It means that the TrueFXMarket is an unregulated broker who is misleading customers by giving contradictory information about their regulatory status.

In addition to this, as mentioned on its website, TrueFXMarket is putting all the responsibility on the customer’s end to check whether they are legally trading with TrueFXMarket or not. This is the most common practice of scammers to avoid any accountability. In actuality, it is the broker’s liability to get an authentic regulation.

So, TrueFXMarket is an unregulated, non-legit broker that is offering trading services in the UK illegally. In other words, a scammer.

Plus500

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• Unproven Trading Software

TrueFXMarket offers its customers a web-based platform which is an unproven and unbranded version. This platform gives very basic functions which are not enough to carry trading transactions. So, TrueFXMarket is a non-legit broker with zero credibility.

• False Attractive Commitments

TrueFXMarket makes a commitment to its customers with the statement that “Customers will be on their way to financial freedom”. This is clear proof of a scam because the financial markets are highly volatile with risks so any broker cannot guarantee high payouts other than scammers like them.

Moreover, TrueFXMarket mentions in their clause that the broker can set a positive balance in the accounts. This means that thenot offer negative balance protection to its customers.

Another false attractive commitment that TrueFXMarket is offering is that they will fully manage your account with a promise of a high return of investment. As everyone knows, like all other brokers, TrueFXMarket is also a market maker which means they can earn money only when the trader will lose money. So, it is an obvious thing that if a market maker like TrueFXMarket will manage customer’s accounts, they will be happier to mismanage it and so they can gain profits.

• High Initial Deposit Payments

TrueFXMarket’s doesn’t provide customers leniency in their initial capital. The minimum amount customers need to invest is as high as $10,000. Other regulated brokers only require an amount of $200 on average. Comparing the two amounts, it is clear that this broker is only after high capital investments.

Furthermore, the broker makes it sure that the customer agrees not to make any refund requests because only in this way the customer can get their money back once they have become the victim of an illicit broker like TrueFXMarket.

• Non Functional Website

If you register an account with TrueFXMarket, you will be directed towards the user area. In the user area, there is a deposit option where there are no depositing gateways, and no input options available. This is because either the source is broken or the broker itself is hiding the deposit section only for selected customers.

• Missing Information

TrueFXMarket has not mentioned the withdrawal fee on their website. This does not mean that they do not charge any withdrawal fees. The difference is that the unregulated, non-legit brokers deduct the fees without warning the customer. Moreover, the information about spreads is also missing. Whereas a legit authentic broker will never miss such important information to disclose on their website.

In addition to this, they mention in another clause that they can impose limits or volumes on the customer’s trading account. However, they have not mentioned any further details about it such as what type of limits and volumes will be imposed, on what condition they will be imposed, and how much they will be imposed.

Conclusion

TrueFXMarket pretends to be a UK broker with authentic and legitimate regulatory status. While in actuality they are unregulated, unauthentic, and non-legit brokers operating with a non-functional anonymous website. In addition to this, they put all the responsibility on the customer’s end to check whether they are trading with a legit broker or not, whereas this responsibility should be taken by them. This is a common practice by the scammers.

Therefore, it is better to stay away from such scammers, because your money will be at risk if you will deposit funds with them. Rather, you should choose an authentic and regulated broker like those which are working under the umbrella of FCA in the UK, ASIC in Australia, and CySEC in Cyprus. Those companies licensed under these regulatory authorities have been regulated to follow strict rules and guidelines in order to ensure customers’ funds are protected. This means that your money is more secure when trading with them.

ProLive Trading

2.4

User Experience

3.2/10

Payment Options

2.2/10

Security

2.3/10

Support

2.2/10

Reputation

2.1/10

Pros

• None

Cons

• An unregulated enterprise
• Unproven trading software
• False attractive commitments
• High initial deposit payments
• Non-functional website