FXtrade777 is a forex broker that has been accused of being a scam. There are many negative reviews from customers who allege that FXtrade777 has poor customer support, slow withdrawals, and manipulative trading practices. In this review, we will take a closer look at FXtrade777 to see if it is a legitimate broker or a scam.
FXtrade777 is an international broker that lets you trade a lot of different forex pairs and CFDs on stocks, indices, precious metals, commodities, and even cryptocurrency. They use the MetaTrader4 platform and offer different account types.
Forex, and CFDs on commodities, indices, and stocks are some of the instruments that FXTrade777 offers. It uses the MetaTrader 4 software, which is used by most traders. Silver Wolf Limited, the company that runs the FXTrade777 name and website, is based in the Marshall Islands, which are a popular place for people to go to escape the rules of the real world
Does FXtrade777 Have Any License?
No, FXtrade777 does not have any licenses. This is a red flag, as all legitimate forex brokers should be regulated by a financial authority.
Is FXtrade777 Regulated By Any Authority?
No, FXtrade777 is not regulated by any financial authority. Five forex brokerages, including FXTrade777, have been warned by Italy’s financial regulator CONSOB. The broker also has a pretty bad image.
Pros and Cons
- Not regulated by any financial authority
- Many negative customer reviews
- Allegations of poor customer support, slow withdrawals, and manipulative trading practices
How Does FXtrade777 Reach To Their Prey?
FXtrade777 uses a variety of methods to reach out to potential customers, including:
- Cold calling
- Email marketing
- Social media marketing
- Search engine optimization (SEO)
The company also uses a variety of sales tactics to pressure customers into depositing money, including:
- Offering bonus accounts
- Promising high returns
- Guaranteeing profits
The minimum deposit required to open an account with FXtrade777 is $250. This is a relatively low minimum deposit, which may make it attractive to new traders. However, it is important to note that FXtrade777 is a scam broker, and traders should not deposit any money with this company.
They have the well-known MetaTrader 4 (MT4) trading software, which can be used on a computer, the web, or a mobile device. We found another strange thing about FXTrade777’s MT4 when we downloaded it, besides not being able to log in as a test user. Instead of Silver Wolf Limited, which is meant to run the business, a company called FXTrade Index Limited runs the website.
There could be a conflict of interest because the broker only gives set rates and says in its terms and conditions that it acts as a Market Maker. Also, FXTrade777 has very high spreads—more than 2.5 pips on EUR/USD for both Micro and Standard account types—when compared to most fixed-spread platforms, which offer spreads of 2 pips for this match.
They offer high leverage. This means that traders can control large positions with a small amount of money. However, high leverages can also be very risky, and traders can lose more money than they have deposited.
Packages and Products They Offer
This company have many types of live trading accounts, including the ones mentioned above, as well as VIP and Islamic accounts. To be Sharia-compliant, Islamic accounts don’t allow any swaps or rollovers. However we were not able to open a free test account with this provider.
Minimum trade size
3 pips, fixed
2.5 pips, fixed
1.5 pips, fixed
1 pips, fixed
Withdrawal and Deposit Method
This website offers a limited number of withdrawal and deposit methods. This can make it difficult for traders to withdraw their money from their trading accounts.
What Do Their Previous Traders Say?
There are many negative reviews from previous FXtrade777 customers. These reviews allege that FXtrade777 has poor customer support, slow withdrawals, and manipulative trading practices.
Summing Up- Why Should Not You Trust FXtrade777
FXtrade777 is a scam broker. There are many red flags, such as the fact that it is not regulated by any financial authority and has many negative customer reviews. Traders should avoid FXtrade 777 at all costs.
If Bad Things Happen, Where Can You Get The Quick Solution?
If you have been scammed by FXtrade777, there are a few things you can do:
- Contact your bank or credit card company and file a chargeback.
- Report the scam to the authorities.
- Seek legal advice.
You can also contact us for a free consultation call. We can provide you with recommendations for recovery services that can help you recover your lost funds.
File A Complaint Against Scam Broker's
FXtrade777 is a scam broker. Traders should avoid FXtrade777 at all costs. If you have been scammed by FXtrade777, there are a few things you can do, such as contacting