FXLatam (Fxlatam.com) is a CFDs, Crypto Currency and Forex broker scam to hit the trading world. FX Latam is purporting to help investors trade with confidence at all times. FXLATAM is claiming to give users access to all market platforms. FX LATAM brokerage claims to be committed to making your financial dream become a reality. Complaints we received from a number of users say otherwise. Read this detailed FXLatam review.
These scammers have perfected the art of luring unsuspecting investors into signing up easily. What they first do is create a website that looks too real to users. Once you take a look at what their homepage looks like, you are easily enticed. With images of people in a boardroom, this seems like one has landed to a real brokerage firm. Folks, your eyes should not fool you, there’s more than meets the eye.
Claims and promises are also a big part of a scammer’s bag of tricks. FXLatam is using empty claims and promises to make the platform appear professional. One can also easily see the price chart floating all over the homepage with price alerts. If you notice carefully, the price on these charts never change. Does this mean that the prices of products being traded are fixed at all times? And this is the first red flag we spotted with FXLatam.
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Another disturbing feature with this platform is the fact that there are no details regarding ownership. Disclaimer at the bottom of the page states that this platform is registered in St. Vincent and the Grenadines. By their own admission, they bluntly state that they are offshore brokers. Anyone who signs up with this broker is in a mess.
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Have you noticed that this broker fails to give names of the founding members? Who is the CEO or CFO of this company? Lack of these vital details is proof that we are dealing with con artists. Professional scam artists make sure that they remain anonymous at all times. Sooner or later, this broker will close down shop and leave without warning. Signing up with this broker will lead you to lose of money, stay clear.
According to our investigation, this broker is not licensed or regulated by any financial regulatory body. Disclaimer at the bottom of the page says that this broker is regulated under Media Marketing SAS Registration. They have used the registration number 21-576554-12 to try and legitimize the product. These scammers will do or say anything to make the platform appear legit from the outside.
Why haven’t they posted their registration credentials on any of their pages? A real broker will post their certificates and documents for all to see. Reason why this broker has not posted their certificates is simple, they don’t have any. That’s why it’s imperative to know that this broker is not licensed or regulated by any regulatory body.
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FXLatam is offering users different account types to choose from. There are five different accounts to choose from, Gold, Platinum. Diamond, Emerald, and Crown. Minimum deposit requirement to start trading with these accounts are $500, $1,000, $5,000, $10,000, and $50,000. What we found odd with these accounts is that they all share the same advantages. Why would anyone deposit $50, 000 to get the same advantages as an investor who deposits $500?
These accounts are simply hoax accounts to lure all types of traders. Minimum trading volume with these accounts is the only visible difference. Minimum trading volume starts from $2,500, $10,000, $50,000, and $100,000. With Crown account, users have to call to get information regarding minimum trading volume. Only rookie brokers would come up with numerous accounts that have the same perks. This is surely another Forex scam.
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When it comes to depositing money with FXLatam, this is the only thing they have done right. Investors can deposit money using various channels provided. These channels include Qiwi Wallet, Web Money, Bitcoin, Visa, MasterCard, Bancomer, Webpay and others. This is not a reason to sign up with this broker, we are about to reveal why.
Withdrawing with this broker is a major pain in the back. Most complaints we received are from users who are unable to withdraw their funds. As it turns out, this broker gives excuses as to why users can’t withdraw their money. What this means is that this broker will not allow you to withdraw your money immediately you deposit it. Stay clear from this broker.
FXLatam will not secure your funds since they lack necessary tools to do so, plus, they flaunt rules. Have you noticed that this broker fails to disclose who their depository bank partner is? Where do they bank money deposited by users? It’s highly possible that users are depositing funds straight to owner’s personal account.
When it comes to segregation of accounts, this is not the case with FX LATAM. It means that FXLatam is pooling funds in one account which is dangerous. And this is a huge red flag that we must mention. With this broker, don’t expect that users will be compensated. FX LATAM does not participate in a compensatory scheme.
Another red flag that we must point out is that this brokerage firm does not have a live chat support. Looking at their website, there’s no chat dashboard for users to use. It means that this broker does not want to be contacted. And the reason why this happens is that scammers want to remain anonymous. Stay clear from brokers who have no chat support.
This broker expects users to use send emails when they need answers. Emails make it hard for users to trace these scammers. Anonymity is a dangerous character to associate with especially with any online trading platform. Stay clear from this broker.
Evidence clearly shows that we are dealing with a professional scam outfit. From not being licensed and being totally anonymous, this is a scam waiting to pounce on investors. Make sure you warn your friends and relatives from signing up with this broker. Mark all their emails as Spam and never click on any links sent by them.
Only option left for us is to add this broker to our scam blacklist. Shutting this down will ensure that newbie investors are safe from signing up. Exposing this scam is what should be done by all investors. Stay clear of this broker.
Always sign up with Dependable and Transparent Forex brokers at all times. With Tested and Trusted brokers, users get real profit margins. Efficient and Honest Forex brokers guarantee users a safe trading experience.
Finally, we wish you all the best in your Forex trading experience.
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