Estimated reading time: 6 minutes
FXTrade18 has recently launched its brokerage platform to target Forex, Binary and CFD retail traders. However, this website appears to be more tailored towards the FX industry and even claiming that it is a corporate entity with proper licensing for conducting an online brokerage business.
Unfortunately, the more we dig deeper into this matter, the more we find discrepancies which every prospective client must know even before contemplating to use FXTrade18 brokerage service.
Perhaps FXTrade18 wants to conceal these things from you. So the only way to know for sure is by reading this unbiased review concerning the platform in question.
FXTrade18 is showing some deceptive patterns which we want traders to learn first before deciding whether or not they will commit their money to this brokerage.
Here’s what you should know about them:
As mentioned before, this platform is an online investment brokerage that targets those who want to trade Forex, binary options and CFDs. Unfortunately, this platform also appears to be a legitimate brokerage when the truth is that they are hiding certain aspects of their business which is making them lose credibility already.
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Note: If your language is not English, you should use the language dropdown menu at the top right hand side of their page to select your language.
Unfortunately, this is something you will never discover if you are inexperienced about these things. The website is already using an elusive veil of falsehood to make it harder for the average Joe to discern whatever is going on behind the curtains.
At the footer of the site, you will find claims that FX Trade 18 is owned and operated by a company called B.O.TradeFinancials Ltd. This corporation is a Cyprus Investment Firm.
Usually when we find such details, the first thing that we normally do is try to investigate whether the said company has any affiliations with the named company. Unfortunately, B.O. TradeFinancials Ltd does not appear to oversee the activities of FXTrade18. At least there is no link between the two.
You see, this information should be easy to retrieve online. Just go to the Cysec Commission Exchange to investigate the details of B.O.TradeFinancials Ltd.
The company registration number for B.O Trade Financials is 295102 (according to records). Unfortunately, this corporate entity does not list FXTrade18.com as their affiliated domain. That would mean that FX Trade 18 is not CySec regulated since the license in question was granted to B.O. TradeFinancials Ltd as opposed to FX Trade 18.
This fabricated assertion is definitely worrying because we cannot imagine what other lie this website has told its visitors.
However, this is not an uncommon thing. There are dozens of illegal Forex brokerages that are operating without any licensing.
FXTrade18 is just a practical example of a Forex brokerage that is operating without a license. Other brokers that have tried to claim affiliation with B.O. TradeFinancials Ltd are BQ Options and many others that we have not mentioned on this website.
This brokerage also attempted to claim that they were regulated by CySec since they were under the authority of B.O Trade Financials. It turned up that this wasn’t the case. It was pure fabrication.
They appear to be offering traders with traditional style investment accounts. Their accounts typically don’t provide a wide range of features. They keep everything basic with the only feature being that you can use them for trading Binary Options, Forex and CFDs in general.
There are over 50 different trading instruments here. Unfortunately, FXTrade18 does not appear to be interested in offering any features that would set them aside from the competition out there.
The maximum leverage that Forex traders can access with FXTrade18 is 1:50, while those trading Binary Options are supposed to enjoy anywhere between 70-85% on trades that end in the green.
It appears that their aim is to try and keep things very basic for those who are aspiring to use their platform.
There are also a wide range of supported deposit method. One can never miss their preferred payment method on the list.
Unfortunately, there are a lot of discrepancies on this broker’s platform. Already we have seen that they are not registered, yet they are still fabricating lies by claiming that their business is Cysec registered. That is quite misleading and also illegal since traders are not supposed to do any business with unregistered brokers.
That’s one reason why you should disqualify them altogether. You are not ready to risk your money on an unregulated broker’s account.
No doubt the fact that they lied about their affiliation with a company that doesn’t know them is enough reason to discredit their operation.
Apparently, some people require more proof or reasons as to why this brokerage firm must never be used by a serious trader who doesn’t want to participate in any kind of monkey business.
FXTrade18 is providing their physical address as 228 Park Ave S, New York, NY. This might imply that they are based out of the US, right?
Unfortunately when we investigated this particular address, we discovered that it was a virtual business address. It does not represent any actual location in New York.
Their customer representatives are able to communicate with traders through live chart, telephone support and email, which is pretty the standard in this industry.
Unfortunately, FXTrade18 is making use of anonymous contact methods with a disclosed phone number +1(267) 798 – 8964. The email address which they have provided us with is [email protected] That email does not really belong to this investment brokerage. One might wonder what is going on here.
It shows that FX Trade 18 is a really deceptive and corrupt brokerage. You should not have any business with these cheats because it is evidently clear that they are into this business probably to scam traders.
How exactly does a brokerage scam traders? It’s simple. These guys control each one of your trades while lying to you that they route all your trades to the market straight away. That is not the case.
By controlling your trades, they have the advantage of widening spreads and doing all sorts of tricks to tamper with your trades, thus making winning nearly impossible. If you win, they lose money. If you lose, they make money. So it’s only fair for these guys to keep playing tricks with your trades. And even if you manage to beat them in their own game, rest assured that FXTrade18 will never process your withdrawal requests.
You have to understand one thing. That FXTrade18 is using extremely deceptive and elusive measures to try legitimizing their operation.
The virtual physical address which they have provided on their site one way through which this Forex brokerage is cheating you.
Their physical location is not really accurate. One would wonder why a legit broker would want to conceal their physical location.
Another thing that should make you concerned is the alleged affiliation with a company that does not even know them.
Definitely these things are a huge red flag. You cannot overlook these things no matter what you decide.
There is no other logical verdict that we can make in this review other than to blacklist this shady FX brokerage service.
Just in case you’re looking for a regulated Forex and Cryptocurrency brokerage, this list will serve your needs well. These companies are highly spoken of. They’ve got stellar user feedback, which makes us think they are the best.
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