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Fx-Bid.co Review: A FINMA Blacklisted Platform

Fx-Bid.co Review: A FINMA Blacklisted Platform

Fx-Bid.co is yet another unknown forex trading platform promising heaven to traders. However, the platform is, without a doubt, a scathing trading platform. You will lose your funds with FX Bid.co. Those who have invested with the platform are now ruing the decision. It would be best if you stayed away from it as no one gets to withdraw. FXBID.CO is not your average cup of tea. Learn more in our clear FX-BID.CO REVIEW.

A Brief Overview of Fx-Bid.co

Fx-Bid.co Review

With claims of helping investors become the best traders, Fx-Bid.co has nothing going on. When you land on their homepage, you get a German-default language. Instead, what we have is a clone platform from another previous scam.

Evidence of the clone is found at the disclaimer on the footer of the homepage. There’s a quote that members have to sign up with Swissquote. And this is one of the many red flags we spotted on the platform.

It would be best if you were vigilant when investing with online platforms. FX Bid.co is one of those platforms that will take your funds and run. We believe this is another crypto and forex exit scam. It’s waiting for the right time to exit.

As an investor, you need to sign up with leading investment solutions. First, you should invest with a proven platform that offers investors a genuine way of investing. Then, start earning real profit with groundbreaking investment solutions.

FX Bid CO will only bring misery to your life. Hundreds of investors have been complaining about the platform’s harsh trading conditions. We will expose the red flags and help you avoid such in the future.

Your priority when looking for a viable investment solution is the safety of funds. However, it would help if you did due diligence before signing up with any platform. Try and find out what others are saying about a platform before you sign up.

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Accounts Fx-Bid.co

Fx-Bid.co does not indicate the available account types on the platform. As a result, investors are signing up blindly, not knowing the features. And this gives the platform a chance to take advantage of naïve investors.

Without proper investment choices, the platform will instill harsh trading conditions. It all starts when the platform asks for more deposits. The platform will claim, the more you deposit, the higher your chances of winning.

And that leads to investors signing up. You will also get a promise of making a certain percentage each month. These guarantees are enticing as the platform promises high ROI when you invest.

You should know the acceptable trading conditions when investing in Forex. The minimum acceptable deposit is $250 in all jurisdictions. Any platform asking for more and isn’t regulated is taking advantage of you.

Fx-Bid.co Account Types

Account Features

Other crucial features are missing from the platform. And this ranges from account managers to trading conditions. You should be aware that platforms offer account managers for free.

Others use account managers to take advantage of naïve investors. For example, you will get calls asking you to invest in a company’s stocks. Instead, the account manager will claim to have personally invested with the company.

You might be led to believe that this is insider trading. Well, the company stocks are just a mirage. The account manager is not vested and only wants you to buy imaginary shares. These are the sweep guys used to entice investors.

As a trader, you should ask for acceptable leverage on the platform. Leverage should be 1:100 as maximum, especially in Europe. In the United States, leverage is set at 1:50 for retail traders.

Regulators have moved in to help protect investors and traders from high leverage. With high leverage, you are bound to lose a large number of trades when you lose. So the benefactor is the platform, and thus the move to ensure fair trading grounds.

Account Opening Procedure

We also have a problem with the account opening procedure. The platform will wait for you to click the withdraw tab and then ask to verify your account. When opening an account, the platform will use normal channels.

That means you will have to share your address, contact, and real name. With that information, you get an account where you receive an email asking you to fund it. After funding, you can now deposit and start investing.

When confirming your account, the platform starts to go astray. You have to send vital documents as proof of verification. These include a copy of your ID, bank statements, and credit card information.

We believe the platform is harvesting banking data from members. There’s no telling what the platform will do with your funds. So it’s best to stay away from the platform and avoid sharing sensitive information.

Business holder

Information on who owns or runs the platform remains a mystery. And this makes Fx-Bid.co an anonymous investment platform. It would be best if you avoided anonymous investment ventures. The platform doesn’t even mention the brokers behind it.

We have no information on who is held responsible for funds. As an investor, you should know the part liable for funds. The platform is holding public funds as such, should be more transparent.

Contact and customer support

Are Funds safe with FX Bid CO?

When finding out the right investment platform for you, test how fast the platform responds to emails. It would be best if you also tried whether the contact details work. For example, with anonymous platforms, they usually post virtual phone numbers.

The platform wants to control the communication channels. The platform will quickly call you, thanks to the contact details you shared. However, once you invest, the calls will stop coming. You might even get locked out of your account after funding.

Funding Accounts

There are several funding methods available on the platform. These include bank and wire transfers. For those with crypto assets, the platform will try and redirect you to a different wallet. You will have to exchange crypto to fiat using their terms.

We don’t recommend funding accounts with this platform. No member gets to withdraw funds which is a problem. The platform ought to allow traders to enjoy the fruits of their labor. Instead, the platform locks you out.

Fx-Bid.co License and Registration

Fx-Bid.co is not a licensed or registered platform. It would be best if you stayed away from platforms that don’t have a valid license. Your funds are at risk, especially if the platform is anonymous. BaFin is the regulator that regulates German investment firms.

You should check and confirm with authorities to confirm a platform is compliant. Check with reputable regulators such as ASIC, CNMV, CONSOB, CySEC, and the FCA. Others include CFTC, FSA, NFA, and the SEC.

Regulators work to ensure all parties follow protocol. Without a regulatory framework, the platform is free to instill harsh trading conditions. An excellent example is having high leverage that puts your funds at risk.

There’s a warning out from FINMA regarding this platform. A warning is proof enough that the platform is a dubious forex trading platform. So you should stay away from it and block all contacts from them.

FINMA License Warning Fx-bid.co

Safety of funds with Fx-Bid.co

Safety of funds is out of the question with the platform. You need a platform that helps investors get the best out of trading. A platform that fails to segregate funds is a high-risk investment platform. Insurance cover for deposits made by investors is out of the question.

Verdict

It would be best if you stayed away from FX-BID Co as it’s a high-risk and no reward platform.

The best way to invest safely is by using tested platforms. So go for DeFi and Masternoding, as other investors are profiting from it immensely.

If you have any questions, feel free to leave a comment or email us.

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