FXPesa (Fxpesa.com) is a CFDs and Forex scam broker intending to steal funds deposited by investors. FX Pesa is another rotten Forex brokerage firm to hit the lucrative Forex trading world. With claims of offering $150 welcome bonus, it’s no wonder investors have fallen for their trap. Promises used to entice users include having extremely low entry point to taking full control. Read this detailed FXPESA review and know more.
For a safe and easy trading experience, always sign up with creditable and well known Forex experts. Match the quality and results with excellent and worthy Forex professionals who are esteemed. Sign up with Forex brokers who are Dependable and Trustworthy at all times. Ensure you always have the right trading partners with you. Go for Forex brokers who are above board in all their dealings. Above board Forex brokers will deliver desired trading results.
An offshore broker cannot be trusted with funds and FXPesa is a good example. Newton signed up with this broker and deposited $5,000 in order to start trading. After depositing, he was left to trade alone and made losses of $2,000. He decided to call it quits and asked the firm to release his funds. Even today, Newton is still asking for his remaining balance of $3,000. FX Pesa is refusing to give Newton funds and has completely ignored his pleas.
An investigation was underway to determine what made FX Pesa make this rash decision. Newton claims that their Support team has ignored him and cancelled his trading account. He has no access to his trading account and thus, can’t trade with this broker. What we have found out is Newton is not alone. Hundreds of complaints have been sent to us by other traders who are facing the same problem. This proves that FXPesa is up to no good, they are stealing funds.
Disclaimer at the footer of their homepage claims EMG Securities is the company behind FX Pesa. Based in Nairobi, Kenya EMG Securities has adamantly refused to be part of FX Pesa. On a statement released on their website, EMG Securities has warned investors from signing up with FX Pesa. This broker has been using the company’s name to lure investors to sign up. FXPesa is trying to legitimize themselves by using a company registered by local market authorities.
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It’s always safe to sign up with industry approved brokers who are dully recognized by authorities. FXPesa is a fraudulent broker who will do or say anything to lure investors into signing up. Another disturbing detail we noticed with this broker is how well they have remained anonymous. No one can tell who is actually running this site or the real owners. This could as well be a front for financing the next terrorist attack. Investors have been warned.
Claims that FXPesa has been licensed by the Capital Markets Authority of Kenya are unfounded. A search done on their homepage reveals that there’s no broker registered under that name. A list of licensed brokers clearly shows no information regarding FX Pesa. And this is proof this broker is creating a fake profile. Beware of fake brokers who have no license and still ask for deposits. FX Pesa will shut down without warning and leave with your funds.
FXPesa website does not have a documentation page where users can verify licensing and registration claims. Why would a broker fail to issue their licensing and registration documents? Reason is this broker has no licensing and registration certificates to show. What this means is FXPesa is transacting Forex business illegally. Relevant authorities should look into this broker and shut their operations down. This is the only way to protect investors from this broker.
Users are enticed to use a rigged demo account for hidden reasons. Exposing why this broker is using a rigged demo account will help open investors eyes. A rigged demo account is meant to trick investors into believing they can make real money. 95% of trades with their demo account are rigged to produce winning results.
Depositing money with a real account in order to start trading is the last thing anyone would try to do. Brokers who rig their demo account have one thing in common, they are scammers. This is a well-known scam tactic that professional scam artists use. Ensure you always check trades made fall into the realistic realm.
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FXPesa has three different platforms users can choose from. These platforms include mobile, trader, and MyFXPesa platform. What we did to test these platforms was to download their platform on our devices. And this is where we faced our next hurdle with this broker. Download stalled at around 25% which means we are dealing with an unstable platform. An unstable platform is bad news for any investor using it. Read on to find the reason why.
Information such as Credit card details and personal identity can be retrieved using unstable platforms. Hackers have been stealing personal data from traders using unstable platforms. This isn’t the first time traders find themselves in a fix after their bank accounts have been swiped clean. Ensure you stay away from any of their platforms due to security hazards they pose.
Where does FX Pesa bank money deposited by users? Why has this platform failed to post legal documents to prove their authenticity? An investigation reveals investors could be depositing funds straight to owner’s personal account. Stay away from this broker.
When it comes to segregation of accounts, this broker does not plan to do this. And this is an extremely dangerous practice from any broker. What this means is FXPesa is pooling funds in one account. Users should not expect any compensation from this broker, not even a penny. This broker does not take part in a compensatory scheme.
Another disturbing detail with this broker is lack of a professional chat service. Bot service does not fully answer questions set. Ensure you stay clear of this broker.
Mark all their emails as Spam and never click on any links sent by their marketing team. Warn your family and friends from signing up with this illicit broker. Hackers are using these links to steal personal data from PCs. And this is where we draw the line with FX Pesa and its fake brokerage services.
Evidence gathered leaves us with no other option but to classify FX Pesa as a scam. Adding this broker to our scam list will hopefully make authorities to investigate this broker. All investors know have necessary information regarding this broker. Stay away from it and never deposit any funds with them.
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Lastly, we wish you all the best in your Forex trading experience
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