FRXE (Frxe.com) is another merciless CFDs, Crypto Currency, and Forex broker out to cause havoc in the trading world. FR XE is conducting Forex trading services with ill intent. After signing up with this platform, expect nothing else but a rough treatment. Why is this broker stealing from investors? After receiving numerous email complaints, we decided to investigate. Make sure to read this honest and detailed FRXE Review for more.
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What has been a major concern is how members are losing a substantial amount. Some individuals have lost over $20,000 with this platform. How does a broker allow their members to lose such a huge amount? After visiting their homepage, it’s clear we are dealing with a professional scam outfit. By posting fake claims and promises, investors are led to believe they are dealing with a legit broker. And this is where we have to draw the line with FRXE. A certified scam!
Professional scam artists will create a visually compelling website to try and trap investors. Claims and promises have been made to try and sell this platform. Imagine a broker who guarantees stable profits every 21 days. Scammers offer over the moon incentives to try and fool investors. After conducting a thorough investigation, we found some disturbing details. How can a broker have a website which lacks proper security features? Isn’t this a huge red flag?
One of the biggest issues we have with this broker is their level of anonymity. Who are the founding members of this platform? Is it possible to get the actual names of people running this website? Lack of hard evidence to link anyone to this site is proof we are dealing with a scam. FRXE trading LTD is the company which claims to be behind this platform. Have you noticed how this platform fails to give actual names? How do they expect users to trust an unknown entity?
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After looking at their company’s information, something was amiss. How can a company be totally unknown? After checking with company registrar, we found no company with this name. It means we are dealing with a rogue broker who must be exposed. A broker who hides their identity details is not to be trusted with funds. Did you know members are depositing funds to an unknown third party? Stay away from this platform and simply because of their anonymous nature.
Notice their website lacks details regarding licensing details? Most regulatory bodies don’t have any broker licensed under this name. What we did was trying and contact some of the leading regulatory bodies. Regulatory bodies such as ASIC, CySEC, FCA, and NFA have no broker registered with this name. Dealing with an unregulated and unregistered broker is dangerous. Why has their website failed to list details concerning their licensing? A real broker will post their licensing credentials.
Lack of any copies of their licensing is proof we are dealing with a rogue broker. Stay away from this broker and always go for licensed brokers. What is happening with FRXE is a case of offshore brokers trying to feign legitimacy. How can a broker without a license offer legit Forex trading services? Anyone who signs up with FRXE is bound to lose some valuable assets. Make sure you stay away from any broker who shares such characteristics. Stay away from scam platforms!
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What we noticed odd with their demo account is in regards to the results. Never have we ever seen a demo account which makes over 99% successful trades. It means we are dealing with a scam artists who are rigging their demo account. Ask any expert trader, no one can make such profit levels. Even automated robots find it hard to reach the 90% mark. Why is it hard to reach these winning levels? Market prices change at will and without warning, predicting becomes next to impossible.
What these professional scam artists hope for is to entice users to sign up. Most newbie traders will want to mirror the results shown. Their next step is to open a real account with FRXE. And this is when they fall for the well laid trap. Demo accounts use virtual money to trade which is not real. Opening a real account requires users to deposit real cash which is dangerous considering who FRXE really are. Simply ignore all pleas to sign up no matter results produced by their demo account.
MT5 is their preferred trading platform. What we did was trying and testing how their MT5 platform works. And this is another area where we were left wondering about the broker’s ability to deliver. In order to test how well this platform works, we had to download it and check for compatibility issues. Download stalled at around 18% which means we are dealing with an unstable platform. Unstable platforms are bad news for any broker who uses them. Hackers can easily steal funds by simply gaining access to unstable platforms.
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FRXE is furnishing users with three different account types to choose from. These account types include Micro, Standard and Institutional. Micro accounts are for newbies, Standard is for pros and institutional is for ECN holders. What we found odd is how these accounts have the same trading features. How can a broker offer trading accounts with same trading advantages? It means we are dealing with a broker who lacks professionalism.
How can funds be safe with an anonymous broker? Safety of funds is not guaranteed by a broker who lacks proper security layout. Did you know users are depositing funds straight to owner’s personal bank account? Make sure to clarify security of funds before signing up with a broker. Where do they bank money deposited by members? Lack of this vital information is proof we are dealing with a fake platform.
Another troubling issue is segregation of accounts which is not followed. Merging of assets in one account is extremely dangerous. In case of bankruptcy, don’t expect anyone to compensate you. FRXE is not insuring funds deposited by members.
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After going through all evidence gathered, we are sure FRXE is a scam. Ignore all pleas to sign up with them. Joining their affiliate programs is also strongly prohibited. Make sure to sign up with industry backed trading tools and experts at all times.
Adding this platform to our scam blacklist is what’s need to be done. Stay clear of this shameful broker.
Wishing everyone a successful trading experience with legitimate trading options.
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