FxTrading is a forex broker that claims to offer a variety of trading services, including CFDs, forex, and cryptocurrencies. However, there are a number of red flags that suggest that FxTrading is a scam.
Company Overview
FxTrading is not registered with any major financial regulator. This means that there is no governing body to oversee its activities and protect its clients. Additionally, the company’s website does not provide any information about its management team or its financial history.
Does FxTrading Have Any License?
No, FxTrading does not have any license to operate as a forex broker. This is a major red flag, as it means that the company is not subject to any regulatory oversight.
Is FxTrading Regulated By Any Authority?
No, FxTrading is not regulated by any authority. This means that there is no governing body to protect its clients in the event of fraud or financial problems.
FxTrading Pros and Cons
Pros:
- Low minimum deposit
- Variety of trading instruments
- Easy-to-use trading platform
Cons:
Not regulated by any authority
- No customer protection
- Negative reviews from former clients
How Does FxTrading Reach To Their Prey?
FxTrading uses a variety of methods to reach potential victims, including:
- Spam emails
- Social media ads
- Cold calls
The company often targets people who are new to forex trading or who are looking for ways to make quick money. FxTrading promises high returns with little risk, but this is simply not possible.
Technical Details of FxTrading
Minimum Deposit:
The minimum deposit for a FxTrading account is $250.
Trading Platform:
FxTrading offers a proprietary trading platform that is available on desktop and mobile devices. The platform is easy to use and offers a variety of features, including charting, technical analysis tools, and order execution.
Spread:
The spread on FxTrading is variable and depends on the trading instrument. The average spread for EUR/USD is around 1.0 pips.
Leverages:
FxTrading offers leverage up to 1:500. This means that you can control a position worth $5000 with a deposit of only $100. However, it is important to note that leverage can magnify your losses as well as your profits.
Packages and Products They Offer
FxTrading offers a variety of account types, each with its own set of features and benefits. The basic account type is the Standard Account, which offers a minimum deposit of $250 and a leverage of up to 1:500. FxTrading also offers a VIP Account, which has a higher minimum deposit and offers more features, such as a dedicated account manager and faster withdrawal processing.
Withdrawal and Deposit Method
FxTrading offers a variety of deposit and withdrawal methods, including credit cards, debit cards, wire transfers, and e-wallets. The withdrawal processing time is typically 3-5 business days.
What Do Their Previous Traders Say?
There are a number of negative reviews of FxTrading online. Former clients have complained about the company’s high fees, poor customer service, and fraudulent trading practices.
Summing Up- Why Should Not You Trust FxTrading
There are a number of reasons why you should not trust FxTrading. The company is not regulated by any authority, it has a poor reputation online, and it has been accused of fraudulent trading practices. If you are considering trading with FxTrading, I urge you to reconsider. There are many other reputable forex brokers out there that you can choose from.
If Bad Things Happen, Where Can You Get The Quick Solution?
If you have lost money with FxTrading or any other forex broker, you may be able to get your money back through a chargeback. A chargeback is a dispute between a customer and a merchant. If you are successful in filing a chargeback, the merchant will be required to refund your money.
To file a chargeback, you will need to contact your credit card company or bank. You will need to provide them with evidence that you have been scammed, such as screenshots of the company’s website or emails from the company.
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Final Thoughts
FxTrading is a scam broker that should be avoided. If you are considering trading with FxTrading, I urge you to reconsider. There are many other reputable forex brokers out there that you can choose from.
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