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Like many other scam brokers, the FX-FLAT website claims to be a regulated and authorized forex broker. They boast having more than 200,000 clients globally. However, they haven’t provided any evidence to support their claims. This broker serves as a reminder of why you should always check the facts to confirm if a forex broker is honest about their business.
To succeed as a forex trader, you need to select reputable, honest forex brokers. There are many licensed firms offering forex trading services. Therefore, do not rush to register an account before researching more about the broker. Also, gauge their experience in the market to establish if your money will be safe in their hands.
The broker’s website is in Italian, indicating that they are targeting people from this nation. They claim to offer an exceptional combination of a user-friendly platform, low costs, fast execution, and high-level liquidity. They offer three types of accounts, each with unique parameters.
When we checked whois.com, we realized the broker registered their domain in November 2023, and it will expire in November 2024. This short period shows that the broker plans to exit the market as soon as possible.
We didn’t find any meaningful data about the ownership of the firm or its current leaders. Although there are some pictures of people on the website, they could be fake. It was hard to determine who the people in the photos were. The broker is not transparent about its founders and current executives, indicating a tarnished history.
Anonymity serves as a shield against legal ramifications. By shrouding their identities, scam brokers make it arduous for authorities to pin down the culprits behind the fraudulent activities. Additionally, anonymity preserves the illusion of legitimacy. Scam brokers can operate under various aliases, presenting a facade of credibility to unsuspecting traders. Revealing their true identities would shatter this illusion.
The broker has not provided contact details. To reach them, you can write a message, but they require you to provide personal details such as email and phone number. To get a phone call, you have to request them to call you. We found this to be ridiculous for a broker who claims to be customer-centric.
We didn’t find any regulatory license for the broker. Despite their vehement claims about registration, we found that all of them were false, and the broker’s operations are shady.
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They require you to agree with the Terms and Conditions. However, when we clicked the link, it was inactive. Although the website is available in Italian, they have provided a German address.
This inconsistency was a red flag. We didn’t find the name FX-FLAT in any of the reputable financial regulators in Europe. Disturbingly, we found a warning from the German Federal Financial Supervisory Authority (BaFin).
They noted that the firm was operating illegally by imitating the reputable FXFlat Bank GmbH. This is not uncommon for scammers. The Commissione Nazionale per le Società e la Borsa (CONSOB) in Italy has also blacklisted them.
The broker demands a staggering 10,000 Euros as the minimum deposit to open an account. This is too much as even regulated brokers allow retail traders to open a $5 account. The spread is at 0.5 pips, but they haven’t specified the leverage.
FX-FLAT is a fake forex broker masquerading as a top financial company. None of their claims are true regarding the services they offer. Their goal is to steal from people as much as possible.
They have tried to convince traders that they are real, but with close inspection, you’ll see their true colors. As a trader, avoid this scam and instead, trade with regulated, reputable, and transparent forex brokers who will protect your money.
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