FXReino (Fxreino.com) is a CFDs and Forex scam broker claiming to make investors rich within a short time. FX Reino is offering users claims and promises that include 500:1 leverage and comes with a deposit of $10. Complaints have been sent to us by some users who have been swept clean by FXREINO. This is why we deiced to conduct a full and thorough investigation. Here’s what we found out.
What we always say in most of our reviews is that never open an account without reading reviews. Reviews were created so that users can know more about a product before committing themselves to it. FXReino has used some dirty tricks to lure unsuspecting investors into signing up with them. Here, we are about to reveal all the lame tricks that these scammers use to get people to sign up.
Claims and promises are what scammers use the most for their bag of tricks to work. Scammers know that we all want to make an extra buck in our lives. This said and done, they take advantage of this need by claiming to have answers. What they do is make claims and promises that seem so good and thus, investors sign up. Some of these claims are purely lies and made to entice users. Find out more in this detailed review.
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FXReino is apparently owned by Evest Group SV LTD, this according to the disclaimer at the footer of the homepage. They also add in that this firm is registered in St. Vincent and the Grenadines. What they admit is that they are an offshore brokerage firm which is a problem in our eyes. According to the disclaimer, they have a registration number 25182 IBC 2018. Folks, we will reveal more on this below.
First red flag that we spotted with FXReino is that there’s no clear detail regarding the owners. Who actually owns Evert Group SV LTD? Why have they failed to name the CEO or CFO of the mother company? If we knew the people behind this platform, it would make verification easier. These scammers don’t want to be names anywhere for a reason; they simply don’t want the backlash from victims.
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FX Reino is not licensed or Regulated by any regulation body that we know off. What this means is that they have no authorization to conduct any Forex transactions. Third parties who give consent for FX Reino to conduct Forex business are at risk of being scammed. No regulatory body will help recover money lost since users are dealing with an unregulated entity. And this is where we draw the line.
A legit Forex broker ensures that they post their regulatory documents for everyone to see. Where are the Licensing documents for FXReino? They surely don’t have any and that’s why they fail to mention or post them. Folks, this is a dangerous platform to use as they will close down shop without warning. Always go for brokers that have been regulated by bodies such as FCA, CySEC, and FSA.
According to their homepage, this brokerage firm uses MT5 trading platform. For a Broker to be considered effective, their platform must be compatible with all devices. What this means is that a platform must be compatible with Desktop, Mobile, and Tablets. Problem we encountered with their platform is indeed a red flag. This platform could not be downloaded on any of our devices which is a huge disadvantage.
What this means is that their platform stalled at 57% when we were downloading. This is proof that we are dealing with an unstable platform which is bad news for investors. Unstable platforms have been known to be the center of attraction for hackers. Hackers take advantage of unstable platforms to steal personal data and credit card information.
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FXReino is offering users three types of trading accounts to choose from. Users can choose from STP Account, ECN Account, and I-ECN Account. STP Account holders are required to make a minimum deposit of $100 to start trading with FX Reino. This account comes with spreads and 0.00 lot commission. ECN Account holders must make a minimum required deposit of $1000 to start trading.
I-ECN Account holders must make a minimum required deposit of $5000 to start trading. This account comes with a commission of 30% per lot. Problem with all these claims is when it comes to required minimum deposit. Why did they initially claim to make $10 as the minimum required deposit? What made them change this price tag? Folks, FXReino is a professional scam group that’s out to take your money.
With an offshore broker, your funds will never be safe and this is another red flag. What we found out will most likely shock you when it comes to funds safety. To begin with, this broker fails to mention their depository bank. Where do they bank all the money being deposited by users? Another red flag is that users maybe depositing money straight to the owner’s personal bank account.
FXReino is not following the simplest of rules; they don’t participate in a compensatory scheme. What this means is that users will never be compensated in case of Bankruptcy and Insolvency. And this folks is a huge red flag and reason enough not to deposit with them. FX REINO does not segregate accounts which is another flaw with this broker. What this broker is doing is pooling funds in one account.
When it comes to their demo account, this broker has taken scams to the next level. Once you sign up with their demo account, you will most likely make over 90% successful trades. This broker has rigged the demo account intentionally to lure users to sign up with a real account.
A real account is different from the demo account as it requires users to deposit real money. What these scammers do is give users wrong information and news so that they can lose money. Once investors lose money, they share the spoils with other rogue brokers. And now you know better than to sign up with a rogue Forex broker such as FXReino.
FXReino is indeed a scam that’s simply wants you to deposit money with them. Evidence that we have clearly shown confirms this statement. From the level of anonymity to being Unregulated, FX Reino is surely a scam. Folks, you are not to sign up with this broker unless you are in the mood to lose money. Make sure to warn your friends regarding this broker and don’t enlist in their introducing broker program.
Option we are left with is to add FXReino in our scam blacklist. What will happen next is that this platform will shut down and save investors the agony of losing money. Make sure to ignore all incoming emails sent by their email marketing team. Mark all their emails as Spam and never click on any links sent by them.
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We wish you all the best in your online investments, remember to always remain safe at all times.
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