FXGate (Fxgate.com) is a cruel CFDs and Forex scam broker stealing from anyone who signs up. FX Gate is claiming to be based in Malaysia which we highly doubt. After receiving numerous email complaints from users who used this broker, we decided to investigate. And this is where we found disturbing issues with this broker. Read this detailed and honest FXGATE Review. This broker has been finally convicted for fraud.
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With claims this broker is licensed by the LBFC, most traders would easily believe them. Why would they not simply check with the regulatory bodies? Scammers know for a fact we all want to make an extra buck or two with Forex trading. What they do is post fake claims and promises to attract online investors. After all, they know they won’t be investigated by these investors. Luckily, we do our thorough research in order to protect our readers from such scam brokers.
These scam artists have created a compelling website which easily entices the eye. It’s no wonder so many investors have fallen for this platform. At first glance, one would easily sign up without having second thoughts. Sadly, this would prove to be a costly mistake as this is a scam website cloning Forex trading services. Stay away from this broker as they have malice up their sleeves. Continue reading this review to find our more regarding the tricks used by FXGATE.
This broker claims to be located in Malaysia. Reading the disclaimer at the footer of their homepage, they don’t offer Forex services to Malaysians. Isn’t this weird? How can a broker be based in a country where they don’t offer Forex services? Who are the founding members of this website? According to their about us page, this brokerage was created by a global connection of traders. Isn’t this throwing people off? Why can’t they give us the exact names of these founders?
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Another disturbing feature with this broker is how well they have hidden their whereabouts. Claims they are based in Malaysia are lies as this broker is an anonymous broker. Chances are this broker is based in the Pacific which makes them offshore based brokers. Offshore brokers are not to be trusted with any deposits. They tend to close shop at their own time without issuing members any warning. FXGate is an offshore based broker who should be ignored by all investors.
This company claims to be licensed and registered by the Labuan Financial Commission. This is the regulatory body which regulated brokers from Asia. A look at their main website reveals no results were found when it comes to their licensing. Just as we suspected, this is another broker who is stealing funds from investors. They are using fake claims to try and show authenticity. Stay away from FX Gate.
If they had any regulatory license, why don’t the search results show FX Gate? These documents they print on their website are posted and edited as PDFs. Why don’t they have any official logo of LBFC? This is another proof we are dealing with a rogue Forex broker. Stay clear from this broker and sign up with industry licensed brokers. FX Gate is using fake registration details to entice investors into signing up.
One of the main disturbing features with this broker is how they have rigged their demo account. Once investors sign up with the demo account, trades are over 98% successful. Even a newbie trader who doesn’t have a clue about trading makes high profit margins. This is simply a sales tactic to entice users into signing up with the product. Remember, funds in demo account are virtual and not real.
When investors see they are making insane profit margins, they go ahead and open a real account. FXGate will insist you deposit a huge chunk so as to rip huge profit margins. All members have lost their first deposit and this broker insists you deposit more. This goes without saying FXGate is operating like a pyramid scheme, watch out!
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What these scam artists have done is ensure users have all channels available for depositing funds. Investors can fund these accounts with UnionPay, Visa, MasterCard, WebMoney, Skrill, and others. Stay away from this broker as they simply want all depository avenues covered. Problem with this broker is not depositing funds, its withdrawing funds. Depositing funds takes less than five minutes which is what they are after. To have a quick way of filling their pockets with cash deposited.
Whoever signs up with FXGate should expect no way of ever getting their money. And this is why we are up in arms against this broker. Make sure to stay away from this broker and sign up with industry backed Forex brokers. With approved and tested Forex tools, your funds are always safe. Make a point of signing up with genuine and trusted Forex trading tools the industry recommends.
How can funds be safe with a broker who refuses to allow withdrawals? Since they are using one account for trading, it makes segregation of accounts impossible. Pooling funds in one account is dangerous and is against set industry laws and rules.
What about handling funds being deposited by users? Is it true this broker is using their own personal account as the main depository account? Which banking institution do they use to bank money deposited by users? And why don’t they insure funds being deposited by users as it ought to be? Stay away from any platform which fails to secure funds. This is a must for all brokers.
Without a question of doubt, this is an offshore brokerage site which is a total scam. When you get a call from their agents, don’t give them your personal details. FXGate is simply a scam brokerage site which wants to steal your money. Sooner or later, this broker will have their pockets full and will close shop without warning.
In order to protect our readers from this scam, we have to add FXGate to our scam blacklist. This will make sure they will know what to expect with this broker when signing up. Warn your acquaintances from signing up with this or any other broker who shares same traits. Always be alert from brokers who use fake registration details to offer Forex services. You now know the tricks used by this broker. Stay away from FXGate today!
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