FXVC (Fcvc.com.au) is a CFDs and Forex broker scam to hit the lucrative Forex trading world. FX VC is claiming to offer investors lightning fast trade executions that are unmatched by any broker. Fxvc claims to be based in Australia and offers traders CFDs, Gold, commodities and much more. They also boast of dealing in Crypto currency markets. With all these claims, we had to conduct an investigation of FXVC.
What we always advocate for especially to newbie traders is to always read reviews. Reviews give newbies an idea of what to expect with a Forex product or service. This way, they will go in knowing the dos and don’ts of a Forex broker. With FXVC, there’s a lot to reveal about this Fake broker. What Fx vc has done is lay claims and promises that will entice newbie investors into signing up.
Claims and promises have been used by scammers to entice users to sign up. Scammers know for a fact that we all want to make a quick buck or two. They take advantage of this need by promoting the notion that they can make this work. What they do is entice users into believing that the can make high and quick returns. Folks, don’t be enticed by these claims and promises, scammers will do or say anything to make you sign up.
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According to the disclaimer at the bottom of their homepage, FXVC is owned by Intelligent Financial Markets Pty LTD. They fail to mention the people who actually own and operate this mother company. Why have they failed to mention the CEO or CFO of Intelligent Financial Markets Pty LTD?
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Folks, scammers are good at one thing, being anonymous. Once you see that a broker is anonymous, stay away from them. This is a bad character to have as a broker as it involves crooked characters. FXVC claims to have a registration number 426359 which is simply a random number. They also have put up ACN: 155 185 014 as their licensing number given to them.
Just because a broker posts a licensing number does not mean that it’s true. Australian Financial Services does not issue licensing number in that format. What this means is that these scammers will do or say anything to make the platform look legit. It means that they have also put up a fake licensing and registration number. Now you know that we are dealing with a scam professional outfit that simply wants people to sign up.
If indeed this broker has registration documents, they would have posted the documents for everyone to see. Real brokers usually post their registry documents for everyone to see and for verification purposes. What this means is that this broker is out to simply steal money from unsuspecting investors. Make sure that you ignore their plea to sign up with them as they are an unregistered Forex entity.
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According to their homepage, this broker uses MT4 trading platform for all their needs. Sadly, their MT4 trading platform does not work in any device. This includes Desktop, Mobile, and Tablet devices. Download started developing issues at 57% and this made it impossible to trust their platform.
Another disturbing detail with this platform is that it’s unstable. An unstable platform is bad news for any investors since it leaves users vulnerable. Hackers will easily bypass unstable platforms and steal personal data and credit card information.
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This broker offers users three types of accounts to choose from. They include FXVC Account Pro, FXVC Account Standard, and FXVC Account Islamic. FXVC account Islamic and Standard holders are required to make a minimum required deposit of 500AUD. Honestly; this is way too much considering the acceptable standards of 250AUD. Pro account holders are required to make a minimum deposit of 10,000AUD to start trading.
What we found odd with these accounts is that they have no other details. Apart from the details on their homepage, we have no concrete details regarding these accounts. All what we are told is that maximum leverage is 500:1 and 0.01 micro lots. What are the major advantages of one trading account over the other? These are some of the hidden details that makes this a major Australian Scam.
What we always say is the truth; funds are never safe with an unregulated broker. A red flag we spotted with FX VC is that they fail to mention their depository bank. Where do they deposit all the funds deposited by investors? It pays to know that a broker is depositing money to a known and verified bank. What’s more alarming is that users maybe depositing money straight to the owner’s personal bank account.
Another disturbing detail with this broker is that they don’t segregate accounts. What this means is that this broker is pooling funds in one account. This is a dangerous practice for one reason. In case this broker faces bankruptcy or insolvency, investors will lose all their funds. Another problem is that this broker does not have a compensatory scheme.
A broker should always thrive to be available when needed by users. This broker has a live chat box that stays long to answer. During our investigation, we tried to contact their live chat support team. All what we say was that the platform was calling the live chat support. Problem with this is that there was no one to receive our call. This is clear proof that FXVC wants to remain anonymous for a reason.
Having a broker that will take calls is a good thing for investors. This means that the broker will always answer your queries. With FXVC, this is far from happening; it means users are left alone. This is a classic scam trick where these scammers don’t want any backlash from victims and authorities. That’s the real reason why this broker does not have a live chat support that works.
FXVC is indeed a scam that has swindled hundreds of unsuspecting Forex investors. What this means is that whoever signs up will automatically be swindled. Best thing to do is avoid signing up with this broker. Make sure you ignore all their incoming pleas to register with them. Make sure you warn your friends from signing up with this broker.
What we have proven is that we are dealing with a professional scam outfit. From their level of anonymity to having fake registry details, stay clear from this platform. This is a dangerous platform that authorities should investigate. In order to remain safe, sign up with Tested and trustworthy Forex products at all times.
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