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FXTrader Review: Fxtrader.net Awry Forex Scam Exposed

FXTrader Review: Fxtrader.net Awry Forex Scam Exposed

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FXTrader (Fxtrader.net) is another crude Binary Options, CFDs, Cryptocurrency, and Forex scam to hit the lucrative trading world. FX Trader is claiming to be the most respected brand name in the trading world. Such unfounded claims have moved many to sign up not knowing the motive behind the platform. Some members are coming out after having their accounts blocked. Read this genuine and detailed FXTRADER Review and get the truth.

FXTrader Review

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FXTrader Review

Some of the victims of this scam have sent us compelling emails urging us to conduct a thorough review. And a thorough investigation was underway and our findings will shock you. It turns out FXTrader is another online scam platform out to steal from any investor who deposits funds with them. Thanks to our years of investing and trading, we know how to spot a scam from a mile away. Stay away from this platform and never sign up with any of their affiliate programs.

Since the platform is being run by professional scam artists, spotting the traps is hard for novice traders. Professional scam artists target newbie online investors and traders who don’t have a clue in regards to trading. The website is full of lies since these scam artists are using over the moon claims and promises. You will never get any fruitful trading services with FX Trader. These are scam artists who have cloned the website to resemble a real trading platform. And that’s why newbies fall for their trap.

About FXTrader

Looking at their about us page; this is where we spot our first red flag. It seems the about us page has been written by the president and chief executive officer. These are mere empty claims meant to throw off investors. From the posted statement, a number of discrepancies can be seen. No name has been mentioned or where the platform is actually located. You would expect the about us page to share a brief history of the trading platform’s existence. And the red flags don’t stop there.

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Anonymity is a huge problem when it comes to online trading. Ensure you never sign up with any online investment trading platform. These are mere offshore scam artists who will do or say anything to make investors sign up. Who is the CEO or President of FXTrader? Why have they failed to post real names of these executives? The entire platform does not have any real evidence of the platform ever having been in the industry. To be fair, this seems to be a ghost trading platform.

Is FXTrader licensed or registered?

From the look of things, no regulator can register an anonymous trading platform. A closer look at various regulatory bodies confirms our theory. FXTrader is NOT LICENSED to offer any trading services. We reached out to leading regulatory bodies to try and find out whether the platform is dully registered. Some of the regulatory institutions we contacted include ASIC, CONSOB, CySEC, FCA, NFA, and SEC. None of these bodies has ever heard of FXTrader.

According to the contact page, this platform claims to be located in New Zealand. The Forex authorities do not recognize this trading platform. To add salt to injury, the platform does not have any license or registration number posted on their website. No matching copies of their license documents can be seen on this trading platform. And this is why you must stay away from this illicit trading platform. The risks are high as no regulator seems to know the existence of FX Trader.

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Advantages of FXTrader

After a thorough search, we could not come up with any advantage of trading with this platform. The many complaints we have been receiving is proof something sinister is going on. Members are not able to withdraw funds which make this a real nightmare. You would expect a real trading platform to allow members to withdraw even a portion of the deposited amount. With FXtrader, you will never get your money back. And this is why you must stay away from this illicit platform.

Disadvantages of FXTrader

Account types

FXTrader Account Types

FXTrader is furnishing users with two account types. The accounts listed include Corporate and Individual. What is odd with these account types is the similarity in features. Individual account holders must deposit $50 which is the minimum depository requirement. To be honest, this is way too little which means the platform is targeting newbies. The industry has set $250 as the acceptable minimum deposit.

Customer Support

The customer support tab shows clearly their live chat team is offline. During the entire duration of our investigation, the chat box was offline. And this leaves users to use emails and a phone number that never goes through. Scam artists want to limit communication with their victims. And this is the reason why their live chat is offline. And this is why investors should stay away from a platform that hides their true identity.

Demo Account

FXTrader is offering users with a free web trader demo account. The problem with their demo account is lack of honest trading conditions. FX Trader is rigging the demo account to produce high profit win margins. Remember a demo account uses virtual money which is not real. These scam artists want investors to believe they can make the same profit margins with a real account. Ensure a demo account produces realistic results before committing to a real trading account.

Trading Platform

According to the platform page, the platform has a variety of trading platforms. Members can choose to have MT4, MT5, or FXTrader platform which is custom made. Another disturbing feature with their platform is lack proper security features to protect users. These platforms don’t have DDoS protection and SSL encryption. It makes the custom made platform an easy target for hackers.

Safety of funds with FXTrader

Since the platform does not segregate accounts, it means members are depositing funds straight to owner’s bank account. The industry has prohibited pooling of funds in one account. When bankruptcy or insolvency occurs, members should not expect any compensation. FX Trader does not participate in any compensatory scheme.

Scam or legit

FXTrader Trading Platform

Evidence clearly shows FXTrader is a scam which must be exposed for all to see. From the high complaints to having no real address, the platform is a hoax. Mark all their emails as spam and never click on any link sent by their email marketing team. Warn your family and friends from signing up with this ridiculous online trading scam.

Verdict

We will add this platform to our scam blacklist and ensure our readers never fall for this trap.

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Wishing all investors a prosperous trading experience.

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Valforex.com will not be liable for any damages incurred due to the usage of any information displayed on this website. The information and trading guides found on the website constitute the authors’ opinion only. Trading Forex, Binary options and Cryptocurrencies involve high-risk and are not suitable for all investors. Online trading in general, may not be legal in your jurisdiction. It’s visitors’ responsibility to make sure these entities are legal in their jurisdiction before engaging in trading activity… Read More

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