Fx-cointrade. com presents itself as an award-winning, regulated broker that is expanding quickly. However, a simple fact check disproves these assertions. Fx-cointrade. com is just another internet scam that preys on those who lack the necessary financial trading skills and knowledge. Let’s see if you can spot these types of con artists.
You should never entrust your money to such unidentified websites that provide contradicting and incorrect information. Alternatively, you may approach any of the numerous businesses that genuinely operate under the auspices of reputable regulatory agencies such as the Financial Conduct Authority (FCA) in the UK.
As a client, you will benefit from several assurances such as protection against negative balances and a guarantee for your money up to EUR 20,000 in the EU and 85,000 GBP in the UK in the event that the broker files for bankruptcy. A number of significant regulations, including transaction reporting, are in place in the UK and the EU with the aim of enhancing investor protection and fostering market integrity and transparency.
HOW DO THEY WORK
We may access a fairly rudimentary web trading platform with limited customization choices and minimal functionality after creating an account. The identical platform has been used by numerous phony brokers that we have come across. Trading software that has been manipulated is being used by scammers to trick their victims into thinking that their money is actually being invested and possibly even making a profit.
You will have access to well-known software with cutting-edge features and versions for a wide range of gadgets and operating systems if you work with a registered broker. In the industry, MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are the most popular trading platforms. These platforms have become the industry standard due to the extensive features they provide, such as multiple account usage, a plethora of customization choices, the ability to build and deploy bespoke scripts for automated trading, and the ability to backtest trade methods.
We weren’t shocked in the slightest that Fx-cointrade exclusively takes cryptocurrency as payment. Most financial scammers use this as their preferred method of payment. This is because, while cryptocurrencies offer a certain level of anonymity, they also prevent the victim of fraud from requesting a return.
While some trustworthy brokers do accept virtual currencies like Bitcoin, they also accept other clear-cut payment options like bank transfers, credit/debit cards, and well-known e-wallets like PayPal, Neteller, and Skrill.
While trading with large leverage can result in larger gains, there is a correspondingly increased danger of abrupt and significant losses. Leverage for retail traders is restricted by all major authorities. The highest level that may be played in the US is 1:50, but it is 1:30 in the EU, UK, and Australia. Only trading major currency pairings is subject to this maximum level; trading more volatile assets will have even less leverage.
Only professional clients who satisfy extremely strict requirements for money and expertise are eligible for higher leverage from regulated brokers; ordinary traders are not granted the same guarantees.
Using an offshore affiliate of a well-known company is the best alternative if you’re not a skilled trader but are willing to take on the danger of high-leverage trading.
Fx-cointrade does not outline any unique requirements for discontinuation. However, these kinds of frauds constantly catch you off guard with additional costs and other ruses to keep you from getting your money back.
IF YOU HAVE ALREADY INVESTED YOUR MONEY WITH THIS BROKER FX-COINTRADE AND YOU ARE IN FEAR OF BEING REFUNDED YOUR MONEY OR YOUR MONEY IS NOT SAFE, PLEASE CONTACT US AT CRYPTOREVIEW.ORG SINCE WE MAY BE OF GREAT HELB IN GETTING YOUR MONEY BACK.