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Foptrade is an offshore forex trading platform that claims to offer top-of-the-range trading services. However, little is known about the credibility of Fop Trade or the people who run it. We are deliberating about the safety of an offshore and unregulated platform. With a few members already lodging complaints, we had to dig deeper. You need to know what we found out. Here’s our complete FOPTRADE REVIEW.
The appearance seems to work in their favor as this is an appealing website. With the simple aesthetics, it makes it a perfect trading partner. However, the security of funds is one major issue with offshore platforms.
There’s no guarantee that the platform offers the safety of funds. Without any regulatory framework, we are left with more questions. What happens when the platform goes under? Will members get any compensation from the platform? We highly doubt it.
Despite having a glaring appeal, investors need to do due diligence and find out what others are saying. There’s no positive review on the platform one year after its inception. We only hear of withdrawal problems from members.
To avoid such complications, you need to invest in proven alternatives that offer realistic returns. In addition, you need to invest in a platform that guarantees the safety of your investment. And this is why joining groundbreaking and innovative investment solutions is the way forward.
Foptrade might look legit, but the way they handle users is nothing to write home about. You need to experience the whole platform to find out the misery facing investors. No one has made any withdrawals for the past few weeks.
In our Foptrade.com review, we will highlight all the features that come with the platform. We will look into the pros and cons of investing with Fop Trade. Finally, thanks to our keen eye, we will point out the red flags available on the platform.
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Fop trade offers four packages to its members. These packages include Micro, Classic, Premium, and VIP. Unfortunately, there’s no mention of the available minimum deposit, one of the first shady features to note.
Let’s take a closer look at each of the four accounts
Micro
It’s the most basic account, and users can deposit any amount. We don’t have clear details of what this account type offers in terms of features. You will likely get basic trading account features with the Micro package.
Classic
With the classic account, you get a personal account manager and free training. You also get video tutorials on how best to trade. Other notable features include live professional trading sessions and an MT4 trading terminal.
Premium
Members with the premium package get all the features that come with the classic account. Additional features include automated trading signals and algorithmic trading. You also get exclusive daily market analysis.
VIP
It’s the most exclusive account, and members get all the perks regarding account features. Other notable features for the VIP account holder include one-on-one expert consulting and licensed asset management services.
All accounts get an account manager to help them with the accounting process. The work of an account manager is to guide members on how best to invest. However, it’s not the case with Foptrade’s account managers.
These are call agents who act as account managers and solicit funds from members. In most cases, they will call you with a personal line and claim to have a lucrative investment offer. Then, all you have to do is deposit funds and wait for the profits to mature.
If you make the mistake of funding their offers, you won’t hear from them again. The platform will instead offer another account manager to replace the caller. When you ask them, they will likely claim the account manager is away.
There are five classes of assets available on the platform. These include CFDs, commodities, Equities, Forex, and Indices. Some of the CFDs listed include major cryptos such as Bitcoin and Litecoin.
You also get instruments such as EUBond10 and USBond10. One of the exciting features of the platform is leverage. The platform is in line with industry regulations when it comes to leverage. It’s set at 1:100 for maximum leverage.
Commodities up for grabs include aluminum, cocoa, cotton, lead, Tin, Zinc, and more. Spreads for most of the commodities are set floating. Leverage for all commodities is set at 1:50 with the lot set at 0.4
When it comes to forex assets, the platform offers major currency pairs only. These include EUR/USD and AUD/USD. Spreads depend on the listed currency pair with the minimum set at 3 and a maximum of 20.
We must call out the insane maximum leverage set to 1:200. It’s not acceptable by any means, and regulators are against such leverages. The maximum leverage set by regulators in most jurisdictions is 1:100.
There’s no mention of who owns or runs the platform. And this makes Foptrade an anonymous offshore and unregulated platform. These three combinations make it a huge problem for investors.
You should avoid anonymous investment options for one reason or the other. The main one being the security of funds. Also, if the owner decides to close the shop, there’s no telling whether they will compensate investors.
On their contact page, the platform claims to be committed to offering 24 hours support. However, it’s only possible if they have live chat support, which they don’t. So the only way to contact is to leave a message.
And this does not go well with us as the platform takes ages to respond. We sent an email asking about the withdrawal process and haven’t received any feedback. It’s what members are facing when they ask for a withdrawal request.
Funding your account with Fop trade is fast as there are accessible depository channels. These include Maestro, MasterCard, and Visa. It takes less than five minutes to complete and a day for the funds to reflect in your trading account.
Withdrawing funds with the platform remains the biggest hurdle facing investors. Unfortunately, you won’t get to withdraw funds that easily with fop trade. And this is another red flag we must raise. Investors should get to withdraw funds at any time they wish.
As we said initially, Fop trade is not a licensed platform and does not hold any license documents. Therefore, those who sign up won’t enjoy the protection of a licensed and regulated platform.
The lack of oversight means the platform is free to operate as they please. That’s why they offer high leverage and fail to deposit the minimum capital required to start operating. And this is the biggest flaw of them all.
When investing, look for platforms that have the green light from reputable regulators. These include ASIC, BaFIN, CNMV, and CySEC. Other reputable regulators are CONSOB, FCA, FINMA, and SEC.
Your funds are not safe with an unregulated platform. And this means you won’t get the chance to withdraw funds in peace. Without the safety of funds, the platform is a complete bust and a high-risk investment platform.
Below are the main reasons why we won’t recommend using Foptrade.com
Now you know the risks that come with Foptrade
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