Read our Fxtradeplatform review to see if this broker is a scam or legit. Just to clear doubts, this is a fxtradeplatforms.online review.
People have been drawn to the financial market for decades because they offer everyone the opportunity to make money. No matter what your background, or experience, you can also enjoy the fruits of online trading and there are thousands of brokers that exist to cater to your needs.
However, this does not mean that each of these platforms are what they appear to be; scam brokers are just not a myth. They are a reality that has seen many people suffer massive losses and they have only gotten better at exploiting people. This Fxtradeplatform review can show you just how they do that.
If it was so easy to identify the scammers, people wouldn’t fall in their trap on a regular basis. Yet, if you check the numbers, you will find that there is a huge number of victims and despite awareness about these scams, people still end up losing their money to them.
The same can happen to you, if you are not cautious. It is because these fraudsters have learnt to use tricks that most people do not anticipate. They present well-designed websites that offer you all the features you can think of and make tall claims that can draw people in.
Therefore, it is never a good idea to choose an online broker without going through their offerings carefully. You should never take anything for granted because you could end up making the wrong decision, which will only result in losses in the future.
Taking this route with Fxtradeplatform is also the right move the first glance will show you quite a good picture of the brokerage. It seems to be an exceptional choice, given that they have forex currency pairs, gold, oil, shares, indices and even cryptocurrencies available.
You will also find Fxtradeplatform claiming to be regulated in several jurisdictions and offering attractive leverage to every trader. When you combine these features, it sounds like just the package everyone needs to trade profitably.
But, this is just what fraudulent brokers do because their goal is to trick people into handing over their money to them. You will find that Fxtradeplatform is no different because it has also used some great tricks to luring people in, even though it is a scam. What are these tricks? Read on to find out:
False regulation claims
Considering how rampant fraudulent and scam brokers have become, every trader is advised to stick to a regulated and licensed broker to stay safe from them. A licensed and regulated company is authorized by the regulatory body of a jurisdiction and has its activities monitored.
It has to comply with standards and rules, which means it can offer safety of funds and peace of mind to its clients. This is the kind of company you want to deal with and not an unregulated one that can scam you and disappear without warning.
The fact that Fxtradeplatform claims to be regulated in various jurisdictions will certainly impress people. According to its websites, it has its headquarters located in New York, so it is regulated by the US Commodity Futures Trading Commission (CFTC). It also claims to be regulated by the Maltese Financial Services Authority (MFSA) and by the Financial Services Commission (FSC) in the British Virgin Islands.
If you were to take their word for it, then it would mean that you are dealing with a genuine and regulated broker when you sign up with Fxtradeplatform, but this is an outright like. You can start with the online register of the CFTC and not find the broker mentioned. In addition, it also needs to be a member of the National Futures Association (NFA) to operate in the US and a check of its online register will also show you nothing.
Plus, if it was really based in the US and licensed there, then it would not be able to operate in Malta, or elsewhere, as this is also one required to operate in the United States. Nonetheless, you can check the registers of the FSC and the MFSA and not find the name of Fxtradeplatform anywhere. Essentially, this means that you are dealing with an anonymous broker that you know nothing about because you cannot trust anything they say.
Absence of trading platform
The second trick that you will find being used at Fxtradeplatform is when you check out the trading platform they claim to offer to their clients. This is one of the most vital features because you have to use the trading software to execute your trades and it also gives you access to the tools required for doing analysis and making decisions that can affect your bottom line.
There can be now trading without the platform, so it has to be available and has to be a good one and Fxtradeplatform is promising you exactly that. In fact, it claims to offer you two of the best trading platforms in the industry i.e. the MT4 and the MT5, but these are just empty promises because it does not seem to have any platform available at all.
Terrible trading conditions
The high leverage of 1:888 that Fxtradeplatform offers may seem attractive to traders, but you should note that it cannot be offered in the US, where 1:50 is the cap, and in the EU, where 1:30 is the cap. Yet, Fxtradeplatform claims to be regulated in both regions and is still offering excessive leverage that is considered highly dangerous.
Moreover, the minimum deposit that you have to make for opening an account with Fxtradeplatform is $2,000 and this is considered too high. Nowadays, brokers allow their clients to open accounts for as low as $10.
Even if the standard is followed, it should not be more than $200 or $250, but it is 10 times higher. Considering that Fxtradeplatform only supports crypto deposits on its platform, you will not be able to file for a chargeback and get a refund if you are scammed.
The tricks that Fxtradeplatform has used make it apparent that the broker is trying to fool you, which means it should be avoided.