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Fxmytrades is a dangerous broker. We doubt the company will survive more than a year in the industry. The scheme lacks a regulatory form. They target investors from strictly jurisdiction areas. The platform allegedly originates from the United Kingdom. However, we suspect this is another ploy to be seen as a transparent scheme.
The company is mainly dealing with forex trading services. They, however, fail to provide their trading conditions. Joining the broker is an unwise decision. There is no hope of investment activities taking place. The only guarantee we can give you is money will be lost.
Fxmytrades made its first digital footprint in August 2022. The firm lacks a trading history. It becomes unwise to join them without knowing how a venture has been performing. A broker needs to avail audited results. It instils confidence in customers. Another red flag is the domain name timeframe—the scheme targets being in the market for only one year.
Scammers do not permanently exit the market. Once exposed they will spice up their financial narrative. Come back using a new domain name. The people initially running the Ponzi scheme are the same ones with the new scam sites. The only way to save yourself from their deception is by acquiring relevant trading knowledge. Otherwise, you will suffer devastating losses.
Fxmytrades may appear like the real deal. The broker speaks highly of its trading activities. However, the company fails to credit the team. We are unaware of the individual’s qualifications, their appearance or whether they are reliable. It is essential to know the people handling your money.
Furthermore, the law mandate all brokers to operate in full transparency. They must submit the names of the account manager and financial analysts. This helps the authority to track down the individuals if misconduct arises.
Fxmytrades only has an SSL certificate. The document will not protect you from the scammer’s wrath. Ponzi schemes use intriguing adverts. They are mainly targeting novice traders that want to get rich overnight. The companies guarantees high profits. However, the firm will cut you off when it comes to delivering their claims.
Ponzi scheme used multiple phone numbers to cold call their victims. They may sway you to believe their lies if you are not careful. Invest with legitimate forex trading brokers. These are companies with a sound reputation in the market. You stand a chance to receive passive income without exposing yourself to unimaginable risks.
Fxmytrades guarantee access to superior trading software. You will notice this is a bluff until you access the user area. The website uses trading charts. You cannot use the charts to place the trade. It is point blank there is no trading activity taking place on the website.
Top-rated forex companies have a MetaTrader interface. The venture has two trading accounts. The trading conditions are not featured. Therefore, it is hard to tell the leverage, spread, and commission to expect. The start-up package takes a $500 deposit. The amount is above the market standard.
You should not waste your cash with a Ponzi scheme. Not when there are multiple genuine forex trading brokers in the market. The financial bodies approves a leverage ranging from 1:30 to 1:50. Be weary of high limits as the risks are high. The average spread is 1.5 pips. Once you have an insight into what to expect, it becomes easy to choose the best broker.
Fxmytrades highlights various funding methods. Investors can either use PayPal or crypto payments. There is nothing wrong with digital currency payments. Only scammers misuse the anonymity feature. Senders cannot trace the recipient of funds. You cannot issue a chargeback once you hit the deposit button.
The minimum amount you can cash out is $1000, which is absurd. Legitimate schemes will allow you to withdraw any amount you desire. The broker does not mention anything about the fees. However, this does not mean there are no charges. Scammers are full of surprises.
The company contact details indicate the office are in the UK. Other relevant information is missing, like the parent company behind the website. The support is available via email and phone calls. However, there is no assurance the team is professional. We cannot find customer feedback regarding their experience.
Fxmytrades mandates traders to provide personal data. Proof of identity and address is needed when you are opening an account. Avoid sharing critical data with shady platforms. The scheme uses random addresses. It is also most likely the firm will deactivate the phone number.
The moment customer starts to question the company. They will be cut off. Ponzi schemes only interest is traders cash. On the other hand, when you work with genuine platforms you have peace of mind. Your query shall be resolved on time. You can get back to trading without a problem.
Fxmytrades would need a license to collect money from United Kingdom citizens. The Financial Conduct Authority (FCA) is the body overseeing the operations of investment schemes. Their database lacks the entity’s name. We do not recommend dealing with an illegitimate entity. The risks are not worth the take.
FCA requires brokers to deposit 730,000 EURO capital. Scammers cannot afford the amount. Additionally, the Ponzi schemes are looking for ways to defraud more people. You cannot earn from their website. These ventures are likely to pay out their affiliate marketers. Anybody else will lose their cash.
Offshore companies rarely survive market volatility. It is only a handful of such schemes that are genuine. Investing with regulated companies offers you protection. Your data is also secure.
Various countries have different requirements for brokers. The tough measures are in place to ensure the trading environment is conducive. Licensed schemes are transparent. You can also count on them for long-term services.
Fxmytrades is a platform targeting your hard-earned money. The website can change its terms and conditions without issuing a notice. The moment you request a withdrawal, hidden charges are likely to arise. The venture is also expected to exit the market prematurely.
The scheme does not partner with a reputable bank. Therefore, users’ funds can be used for united selfish gains. Legitimate companies must report daily trading activities to the agencies. However, there is no evidence of investment services or products on the platform.
Fxmytrades can manipulate the market price. Genuine companies are reputable since they have audited results. You will find their existing customers endorsing them. Fxmytrades does not have customers review. The authority will not be able to help the scam victims to recover their funds.
Fxmytrades.online ensures it covers its traces. The scheme is using a fake office address. Their level of anonymity if baffling. Avoid brokers that do not take your privacy and security serious. You will be saving yourself from a lot of trouble.
Fxmytrades is a proven Ponzi scheme. The website should not be considered a genuine company without a trading tool. There are better investment ventures in the market. Ensure your safety is guaranteed before opening an account. Avoid shady anonymous offshore firms.
Check out these genuine forex companies in the market. These are transparent, top-rated firms. They treat customers professionally. You will earn passive income while diversifying your portfolio.
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