IcFxMarkets Review Interesting Facts About Icfxmarkets.com

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EagleFX Review – 5 things you should know about eaglefx.com

Beware! EagleFX is an offshore broker! Your investment may be at risk.

Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

EagleFX presents itself as “an investment firm that operates as a global broker”. They offer a number of trading instruments, including forex pairs and CFDs on indices, commodities, precious metals and popular crypto coins with leverage as high as 500:1 and the MetaTrader4 platform.

And when we opened a demo account the spreads looked good too – around 0,9 pips for the benchmark EURUSD pair, which, even if calculated with the trading commission of 6 USD per standard lot, is reasonable. A trading commission of 6 USD per lot basically adds another 0,6 pips to the spread, so basically here we end up with 1,5 pips.

And here is the list of the trading instruments as well – we counted 55 currency pairs, lots of which minor or exotic like USDZAR, USDTRY, USDSGD, USDSEK, USDRUB, USDPLN, USDNOK, USDMXN, USDILS, USDHUF, USDHKD, USDDKK, USDCZK and USDCNH, as well as various CFDs on silver, gold, platinum, 11 major indices, oil, natural gas and crypto coins like Ethereum, Ripple, Bitcoin, Bitcoin Cash, Dash, Eidoo, EOS, Metaverse, IOTA, Litecoin, NEO, OmiseGO, Santiment, Tron, Monero and Zcash.

So far so good and yet, we have some serious doubts about the credibility of EagleFX, so if you are about to deposit your funds with them be sure to read the following paragraphs.

EagleFX regulation & safety of funds

EagleFX is owned by EagleFX Ltd., which we are told is based in the Commonwealth of Dominica. And we are given an address – 8 Copthall, Roseau Valley 00152, but not a phone number. So we decided to check the address and we came across several rather intriguing facts about it.

First, by checking Google Maps it turned out that this is the address of a small backwater, country hotel – the Roseau Valley Hotel, which supposedly shelters several other offshore companies, among which Options Tech Limited, which trades under a number of names, including Unitedmarkets4you, United & Equal, UBS Investment, UBS InvestmentOptions Tech Limited, Cryptex Markets and Block Chain Exchange Pro, all of which blacklisted by the Financial Conduct Authority (FCA) in the UK as potential scam brokers.

Also the address – 8 Copthall, Roseau Valley 00152, the Commonwealth of Dominica, appeared in the notorious archive of the Panama Papers, published by the International Consortium of Investigative Journalists (ICIJ), in connection to other criminal activities.

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So basically EagleFX has a pretty shady background.

Also we should mention the fact that EagleFX is not e regulated. The authorities in Dominica does not regulated forex and CFD brokers, but that does not excuse EagleFX for not applying for a license by a well known regulator such as the FCA in the UK, or t he Cyprus Securities and Exchange Commission (CySEC) especially if they want to target customers in Europe.

EagleFX deposit/withdrawal methods and fees

We understand that EagleFX accepts payments with major cards like VISA and MasterCard, bank wire and bitcoins. No popular e-wallets like Skrill and Neteller are accepted however, and that is worth to be mentioned, because of the new anti – scam policy adopted by Skrill. According the new policy the Skrill partners only with properly licensed brokers. As we already noted EagleFX is not a licensed broker.

Otherwise the minimum deposit requirement is reasonable – just 10 USD.

How does the scam work?

If you have ever wondered how so many people on the internet lose substantial amounts of money while trying to make some profitable investment, here is how it usually happens. Most commonly you will happen to come across one of the so called robo scam websites like Bitcoin Profit and Brexit Trader, which are especially designed to lure potential investors. Most of those sites are all about a video ad, where you will be told you can get instantly rich, if you only invest a small sum with some innovative software, no strings attached.

And if you do register, leaving your e-mail and phone, promptly you will be transferred to the website of a unregulated, offshore scam broker, where you will be invited to deposit about 250 USD.

And at first everything will seem fine. Your trades will be amazingly successful and pretty soon your money will almost double. That however is just part of the scam. Your account will simply be manipulated so that latter you will be more susceptible to the idea of investing more.

And that is exactly what your “senior market adviser” will tell you on the phone – if you really want to make some big money, you will surely have to invest more – like at least 10 000 USD or so. And believe it or not, but on that stage most people do invest that kind of money without ever realizing they have been scammed until the day they decide to withdraw some of their cash.

And than, it suddenly turns out withdraws are not possible, because of some minimum trade volume requirement, linked to a welcoming bonus. The excuses might be various, but in the end they will all come to the same – scammers will not be paying anything back.

What to do if scammed?

If you are a victim of a scam the chances to get your money back are pretty slim. And yet the best possible action is to file for a charge back with your credit card company. Fortunately both VISA and MasterCard currently will allow clients to file for a charge back within 540 days of their deposit.

Beware as well that some scammers might try to steal money directly form your bank account. So if by any chance you have shared your credit card number or online banking password, immediately change the password and block your credit card.

And finally, do not seek the assistance of the so called recovery agencies. They will not recover you a single penny, but will rather make you pay some fees in advance and basically that will be the end of the story.

TheGreenFX review – 5 things you should know about thegreenfx.com

Beware! TheGreenFX is an offshore broker! Your investment may be at risk.

Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

TheGreenFX is an interesting looking broker that offers some seemingly reasonable trading terms, with a leverage capped at 1:500, and an average EUR/USD spread of 1.5 pips which is just about the most common cost of trade in the industry. The broker offers the everlasting MT4 trading terminal.

THEGREENFX REGULATION AND SAFETY OF FUNDS

The footer claims that the holding company, Green Trade Holding Limited is located in the Marshall Islands, a location known for its affiliation with suspicious brokers, most of which offer shady trading trading conditions. The crucial thing to note here is that the Marshall Islands have no financial regulator, which immediately renders TheGreenFX an UNREGULATED broker, which is a total risk for any trader that wishes to invest any capital. The fact that a brokerage firm is registered somewhere does not mean that is holds a license from that particular place. With no license TheGreenFX can say what it wishes, meaning that it can easily trick users into believing false claims, which in turn open them for the forthcoming scammer schemes. And even though TheGreenFX shows some promise, because of the lack of a license we cannot in any way recommend it.

Traders should be trading with risk-free brokers, that hold licensed from renowned and austere agencies, like the FCA or CySec , which have made a name for themselves as some of the top regulators. Readers should be aware that both agencies have adapted very strict rules of conduct, and their licensing framework guarantees safety and security for all clientele. A good example of this is the segregation of accounts which assures that client money and broker money are kept in separate accounts. Furthermore, FCA/CySEC brokers participate in a financial reimbursement scheme that cover traders losses in case the broker becomes insolvent. The FCA provides up to 85 000 pounds per person, while CySEC guarantees up to 20 000 euros.

THEGREENFX TRADING SOFTWARE

We used a web version of the MT4. Users can also download the full desktop trading platform that is far more superior to its browser counterpart. Nevertheless, the MT4 is abundant in trading options that accommodate all of the trader’s needs: Expert Advisors, one click trading, multiple order types, superior chart management and customizable trading indicators (and many more). The platform also allows for VPS’s, letting the auto trading bots to trade without worrying that their job will be interrupted by a power failure or net crash.

Accounts are burdened with commissions. The STP account has a commission of $3 per lot (100k units), the ECN has a tax of $1 per lot, and the Crypto account type takes a 0.2% fee.

THEGREENFX DEPOSIT/WITHDRAW METHODS AND FEES

According to the client portal the ways to deposit funds are as follows: Credit/Debit card, UPay, Payeer, Qiwi, Blockchain, and Money Box. The minimum deposit is $50. Withdrawals are done via the same methods that deposits are made through. However, there is no mention of deposit or withdrawal fees anywhere on the website. The lack of info does not mean that the broker is not capable of launching incoming fees; it it unregulated after all, meaning that it can do as it wishes.

We strongly advice traders to only deposit the minimum deposit, or better yet – not deposit at all! As for the withdrawals, scammers are known to either deny such requests, or impose incoming and unexpected charges.

How does the scam work?

Users will be in the middle of a scam without even knowing it, that’s how efficient these scams are. Yet, clients will also be surprised that the most utilized scammer structure is laughably easy to grasp, making it predictable. We have dedicated the following section to the reveal of how the scam works.

The internet is filled with ads, it’s the fuel of the industry, and a big chunk of said advertisements are misleading and some are downright deceitful. The ads concerned with unregulated forex brokers are often very promising, and most of the times utilize completely false claims of immediate profit. Those tempted enough will be redirected to a robo-scam website that further guarantees profits. The only thing that separates the user from the unrealistic promises is a fast registration process that requires a phone number and an email address. After inputting this info unsuspecting users will start getting phone calls from illicit broker representatives, whose one and only job is to initialize the scheme by pushing a trader to make that first deposit of around $250. After that’s done, the senior representatives will be calling. These expert scammers are extremely good talkers, and will start working on you to start putting even more money in. They say that the more money invested, the higher the profit will be. At this point most traders start seeing the big picture, and will want to withdrawal their money and get out fast.

However, the scammers have anticipated this development, and are ready to counter any withdrawal request. Typically they find excuses for delaying the request in the legal documents that hold specific clauses for these purposes. The reasons are many. One thing to remember is that all illicit brokerage firms will deny the withdrawal request for as long as they can, because of the imposed time limit traders have for filling a chargeback. Once the crucial due date is not met, any chargeback requests will be denied.

What to do if scammed?

Those of you who deposited using VISA and MasterCard wil be glad to know that both companies have extended their chargeback time span to 540 days, especially if the reason for it is an online scam.

Scammers will steal directly from a bank account, if the traders has provided crucial details, like banking password or security code. If it get down to this, be sure to either block the account or change the password.

Sometime victimized users will stumble upon the so called recovery agents that promises to magically reclaim all lost investments, for a fee that is. Needless to say, they will not get back any of the lost funds, and will basically scam you a second time.

GoldFxTrading Review – 5 things you should know about goldfxtrading.com

Beware! GoldFxTrading is an offshore broker! Your investment may be at risk.

Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

GoldFxTrading is a unregulated forex and CFD broker offering several account types with a leverage of up to 1000:1 and the MetaTrader4 platform.

Trading instruments include over 30 forex pairs with some exotic currencies like Swedish Krona, Norwegian Krone and Turkish Lira, as well as CFDs on gold, silver, platinum and palladium, coffee, copper, corn, sugar and wheat, natural gas, oil and some indices.

Besides, the MetaTrader4 platform that we downloaded from GoldFxTrading website was branded with the name of another company – FAH Investment LTD, not GFT, the company that is said to own the website, and that is unusual.

GoldFxTrading regulation & safety of funds

GoldFxTrading says to be owned and operated by a company called GFT, with a contact adders in London. They also say to be licensed and authorized by the Financial Conduct Authority (FCA) in the UK, but that is simply not true. We diligently checked the FCA registers and were unable to find neither the name of the broker, nor the name of the company there.

The fact that GoldFxTrading wants to mislead their potential clients that they are regulated is sufficient to make us believe that most probably this is a scam.

Have in mind that trading with unregulated brokers has always been associated with an unreasonably high risk of loosing your money to scammers.

Trading with properly regulated brokers on the other hand is safe, as they are all subject to strict financial oversight.

FCA regulated brokers for example are required to maintain at all times at least 730 000 EUR with which to guarantee all payments toward traders. Also FCA brokers are required to provide a negative balance protection to their customers, to keep their money in a segregated form their own account, to file regular reports, to allow external audits, to refrain form offering trading bonuses, to offer leverage not greater than 1:30, and even to insure traders funds by participating in a client compensation scheme. Thus, if a broker files for bankruptcy, all traders’ accounts will be covered for up to 50 000 GBP.

GoldFxTrading deposit/withdrawal methods and fees

GoldFxTrading is accepting payments with credit or debit cards like VISA and MasterCard and bank wire. They also say то accept e-wallet payments, but do not specify which e-wallets.

The minimum deposit requirement is 500 EUR for their Basic Account, and this is twice higher than the deposit most brokers ask for as an initial investment.

And be aware of any trading bonuses that may be offered to you. Trading bonuses are always linked to some trade volume requirements, that a scam broker may change on its own discretion. That is exactly what GoldFxTrading say:

How does the scam work?

Quite often scammers hunt for victims through the so called robo scam websites like Crypto Revolt and Bitcoin Evolution. If you stumble across such a website you will be greeted with a nicely cut video ad, telling you a story of how you can get fabulously rich by investing with an innovative trading platform or an app. All you have to do is fill a simple registration form, leaving your e-mail and phone. And than you will be promptly transferred to the website of а unregulated, offshore broker where you will be asked to invest about 250 USD.

Besides, in the beginning trading with the scam broker might seem like a lot of fun – your trades will be surprisingly successful and soon the money in your account will almost double. That, however would not be real – your trading results will simply be manipulated, so that latter you will be more easily tricked into investing a larger sum.

And about the same time as well, you will surely receive a call from “your senior account manager”, who will basically explain you, that if you want to make some real cash, you will simply have to invest more – like at least 10 000 USD.

Chances are that you will invest those money as well and will not realize that you have been scammed until the very moment you decide to withdraw some of your funds. Than it will suddenly turn out you can not, because of some trade volume requirement, possibly linked to the welcoming bonus you have so carelessly accepted in the first place. Certainly it could be something else, but the bottom line will be the same. Scammers will not give you a single penny back.

What to do if scammed?

First and most important immediately file for a charge back with your credit card company. The good news here is that in an effort to reduce the risk of online fraud both VISA and MasterCard extended the period in which, you will be able to do that to 540 days.

Be aware as well that sometime scammers may try to get to your bank details in order to steal money directly form your bank account. If for any reason you have given away your credit card number or online banking password, be sure to immediately block your credit card and change the password for your online banking service.

And one final note. Do not trust the so called recovery agencies. They will not recover you a single penny, but will just collect some money in advance and will leave you even deeper in to the red.

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