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101FX Review: 101fx.com Culprit Forex Scam

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101FX Review: 101fx.com Culprit Forex Scam

101FX (101fx.com) is a brutal broker who is out to openly steal from anyone who signs up. 101 FX is claiming to offer 101% deposit bonuses to any investor who opens an account with them. Are these claims true? A further investigation has revealed this is another rotten online investment platform. Members are crying foul after being asked to pay back the bonus. Read more on this detailed 101FX Review.

101FX Review

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101FX Review

Antonio recently opened an account with this broker and deposited a sum of $10,000. Filled with excitement, he was sure he would make profits since he has an idea of trading. After taking a few hits, he decided to cut his losses and ask for the remaining balance. At the time, Antonio has lost $3,000 and was asking to withdraw $7,000. Time went by without getting the green light to withdraw funds. And this is where trouble started as his account has been closed and contact blocked.

101FX is openly refusing to allow members to withdraw funds among other troubling issues. After depositing $1,000 Jane was sure she would get the 101 deposit bonus as promised. After having her account open, she called and asked to see her deposit bonus reflect on the account. Up until now, her account has been closed indefinetly and her money not recovered. These are scam artists who are clearly stealing from unsuspecting investors. And this review is all about exposing their dirty tricks.

About 101FX

These scam artists have cloned a legit trading website and are conning people. Professional scam artists will create a visually compelling website to entice investors to sign up. Why do investors sign up with rogue platforms? In most cases, they are lured by the over the moon claims and promises. A welcome deposit bonus of 101% is clearly alluring to most investors. Is this even possible? It means they are matching your deposit and adding something extra. Who does this in business? Giving away free money?

Most investors are opening accounts and funding them due to the deposit bonus. Thanks to our years of trading experience, we know how to spot scams from a mile away. A huge problem with 101FX is anonymity. Who are the people running this website? Why have they failed to give names of founding members? These are scam artists who will do or say anything to ensure investors deposit funds. Claiming to offer a huge deposit bonus is one of the many well laid traps.

Is 101FX licensed or registered?

Another red flag with 101FX is lack of proper information regarding license and registration. Due to their anonymous nature, we don’t know where their jurisdiction lies. To properly verify their licensing status, we contacted leading regulatory institutions. They included ASIC, COSNOB, CySEC, FCA, FSA, NFA, and SEC. These regulatory bodies have never licensed or ever heard of 101 FX. It seems we are dealing with an unauthorized entity with no clear legal status.

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What about posting their license number if they have any? These scam artists know experts will try and verify their licensing number. And this is why they have failed to post any details regarding license details. Their whole website lacks any information regarding licensing or terms and conditions. These are scam artists who are targeting unsuspecting investors as well as newbies. Now you know signing up with 101FX is operating with an illicit online investment platform.

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Features of 101FX/ Advantages

Sadly, we could not find any advantage with dealing with a rogue platform. These scam artists have managed to create an impression they are a true brokerage firm. Most investors have signed up hoping to make some extra profit. Dealing with 101FX is a dangerous play as they will take your money and run away. A huge problem with anonymous platforms is you can’t recover these funds. Where can you start? Their address is a fake as they claim to have offices in Belize. Offshore brokers are not to be trusted.

101FX Broker Review

Disadvantages of 101FX

Demo Account

These scam artists have ensured users don’t get a demo account. A demo account helps newbie traders to know what to expect with a platform. In fact, users are signing up blindly not knowing what to expect. These scam artists have taken advantage of this loophole by laughing all the way to the bank. A good platform will insure they offer a demo account for users. None of this makes any sense. They are simply profiting from unsuspecting investors.

Deposit and withdrawal

Another interesting issue with 101 FX is lack of proper information regarding depositing and withdrawals. How do members deposit funds? Does this mean they only accept bank transfers? Other members paid using PayPal and UnionPay. These scam artists will make sure they have your money as long as you are willing to deposit. Withdrawing these funds still remains a major issue with 101FX. Stay away from such platforms.

Trading Platform

101 FX claims to use MT4 trading platform and urges investors to download it on their website. A further investigation reveals we are dealing with an unstable platform. Did you know hackers can easily take over 101FX? Lack of proper security features is another problem with this broker. They fail to install even the most basic of security features on their website. SSL Encryption is vital in any online trading platform. These scam artists are not worth your money or time, stay away.

Types of Accounts

What account types do they offer? Can they tell users the features of trading with their accounts? What are the benefits of using each account? These are questions you should ask before signing up with a brokerage firm. Clearly, these scam artists have left out this vital information for a reason. They are targeting newbie investors who don’t have a clue in trading. And this is why we must expose them.

Are funds safe with 101FX?

Did you know investors are depositing funds straight to owner’s bank account? These scam artists are getting money without breaking a sweat. Ensure you stay away from scam artists who will put your funds at risk. Lack of DDoS encryption is also another problem we are facing with 101 FX. They clearly are not putting investors’ funds safe with lack of proper security protocol.

Is 101FX a Scam?

After checking all the details, we are sure 101FX is a scam. Mark all their emails as spam and resist from joining their affiliate programs. Warn your family and friends from joining this illicit brokerage firm.

Bottom line

101FX license and regulation/registration

Adding this broker to our scam blacklist will aid in protecting our readers. Authorities should investigate and shut down this website.

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Wishing you all the best in your Forex trading experience.

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