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Covey-fx Review: A Disturbing Trading platform

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Covey-fx Review: A Disturbing Trading platform

Covey-fx is a Chinese-default language trading platform that’s just a homepage. Navigating through the other pages is impossible. As a result, there are a lot of missing information on what exactly is happening with Covey FX. And as such, we must expose the scam for failing to adhere to trading practices. Our covey-fx.com review will reveal all the red flags on the platform. That includes the failure to refund members. Here’s our clear COVEY-FX REVIEW.

A Background Check of Covey-fx

There’s no other page available on the platform. So we have to go with the homepage and the claims listed. The platform claims to offer more than 50 major trading currencies. So you get a platform promising members a world-class trading platform, MT4.

That’s not what you get. Covey-fx is a platform targeting naïve investors. And that’s why we have to expose it. If you make a mistake signing up with the platform, you lose everything.

Covey-fx Review: Pros and cons

And that’s why we insist on avoiding platforms that don’t’ resonate well with the general public. There have been several complaints lodged against Covey FX. These complaints center on the platform’s inability to offer decent trading services.

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Those who have signed up with covey FX are ruing the decision. The platform is barely a few days old and has already ripped off dozens of traders. Withdrawing from the platform is no easy task. No member has made any withdrawals for the past few weeks.

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And this raises the question of how traders would fall for the platform. The platform targets naïve Asian and Chinese investors. Those who don’t bother checking the platform’s stats are a target.

Before you invest in any platform, experts recommend doing due diligence. First, try and find out what makes the platform tick. That includes whether the platform is compliant and lets members withdrawal.

Advantages and Disadvantages of Covey-fx

You won’t find any advantage on the platform. As we have mentioned, this is only a homepage, with the only other working page being account registration. Those behind it are not near professional enough.

No professional broker would let their website go live with such horrific features. Unfortunately, the platform also targets Chinese decedents in the United States. We can only feel sorry for those who sign up with the platform.

Before investing in any platform, weigh the pros and cons. For now, the cons outweigh the pros in this review. The broker doesn’t care about the well fare of members. We also suspect that this is an information center.

When opening an account, the platform demands ID pictures. What for? There are other ways of verifying accounts. We don’t see the need to send such vital documents, including bank statements and credit card information.

A transparent trading platform will use the two-factor authentication method. That’s why we see the platform as a high-risk investment option for any trader. In addition, the platform plans to sell your information to third parties.

Accessible Trading Platform

You get the world-class trading terminal, MT4. The platform is compatible with all devices. Members can trade on the go without experiencing any lags. The problem is the results of your trading with the platform.

With the withdrawal, a problem, even using a world-class trading terminal is useless. The people behind this platform only want to take advantage of naïve traders. There are no demo accounts even to test the features set by the broker.

One of the advantages of using MT4 and MT5 trading terminals is the barrage of features. Traders get advanced tools and technical indicators. These are the tools that help traders get better results.

Some of the features to find include one-click options and trading robots. These robots can place trades on your behalf. You also get indicators that help point out where the market is going. That’s why experts prefer using these two trading platforms.

Covey-fx Accounts

Accounts and tiers

Covey-fx fails to inform users of the available trading accounts. We believe the platform offers one trading account for all services. You will notice no mentions of available trading features such as leverage and spreads.

The platform even fails to mention the acceptable minimum deposit with this account. We have a platform that heavily depends on members depositing more funds. It’s’ the type of platform claiming the more you deposit, the higher your chances of winning.

Avoid such platforms as they also fail to quote conditions. You should know the minimum acceptable deposit is $250. Some regulated brokers even accept a minimum deposit of $10.

Regarding leverage, go for platforms offering maximum leverage of 1:100. We suspect covey FX is changing leverage depending on the trading instruments. High leverage puts your investment at risk.

Available trading instruments

There are four assets available for trading. These include energies, foreign currency, index, and precious metals. Some of the energies include crude oil and natural gas. In addition, you get to trade shares of leading energy companies such as Siemens.

The platform avails major currencies only. You don’t get to trade exotic and minor pairs. There are two base currencies found on the platform. These are EUR and USD. The broker pairs them against other major currencies such as GBP.

Business holder

We have little information on who owns and runs the platform. And that makes Covey-fx an anonymous trading platform. As a result, whoever signs up with the platform will likely lose their investment.

There’s no way of recovering funds from anonymous platforms. Despite being a Chinese platform, we don’t know whether it’s’ a corporation or an individual running it. Based on the unknown factor, it’s’ best to stay away.

Client Testimony

Several Chinese investors have lodged complaints with authorities regarding the store. And that makes investing with the platform a high-risk option. Those who fail to check the ratings of this platform end up being victims.

Avoid anonymous platforms as the owner holds all the cards. These owners usually call and ransom your funds. They claim you deposit more funds to get part of your initial investment. It’s’ another way of taking more funds from you.

Contact and support

Are funds safe with Covey FX? NO

There are no direct means of contacting staff members. The platform fails to offer live chat or even a phone number. Instead, there’s a message board when you need to make contact. And that’s how the platform takes advantage and ignores withdrawal claims.

Despite members ranting and sending numerous emails, the platform ignores all of them. Therefore, you must avoid the platform or risk being a target. Don’t’ click on any link sent by the platform.

Client safety of funds Covey-fx

Your funds are far from safe with a platform failing to get a permit to operate. In addition, the platform fails to segregate funds and stores deposits in a single account. It means the owner can decide to close the shop today, and no member gets compensated.

Is Covey-fx licensed or regulated?

NO, the platform doesn’t’ enjoy any licenses from Chinese authorities.

NB: Go for reliable crypto investments backed by experts.

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