FXtradewolf Review: Be Careful With FXtradewolf.Com
Like all scam brokers, FXtradewolf tries to present itself as a legitimate broker with a unique offer that should seem ideal to you. But after doing a little more research, we quickly concluded that FXtradewolf is anything but the regular broker we would recommend.
In addition, the only offer of Fxtradewolf is crypto assets, and a very weak trading platform. Besides that, the broker did not provide necessary information about the trading conditions, we do not know what leverage or spreads does the bogus broker offer.
If you want to get acquainted with the details that reveal this company to be an investment scam, read our Fxtradewolf review to the end.
FXtradewolf Compliance and Safety
FXtradewolf states on its website that it is owned by FXtrade Capital Markets Ltd, a company headquartered in Malta and regulated by the Malta Financial Services Authority (MFSA). However, MFSA has issued a warning against this broker, which certainly means that FXtradewolf does not hold the license of this broker.
In addition to all of the above, FXtradewolf says that it also has a license to do business in Australia. The company lists the regulatory body as the Financial Services Commission Australia, but it should actually be the Australian Securities and Investments Commission. Of course, they don’t have a license with ASIC either.
Trading Platform at FXtradewolf
There is no information on the website about what kind of trading platform FXtradewolf broker offers. When we managed to get to the platform, what we found was far from meeting any standards. The only thing that can be traded on the platform are crypto currencies, although the difference between the selling price and the buying price is not displayed.
All this does not surprise us at all. It regularly happens that scam brokers do not have any platform at all, but even if you come across an unregulated broker who actually has good trading software, we advise you not to do business with such a broker.
When it comes to trading instruments offered, FXtradewolf, doesn’t give too much information once again. Poking around the website we discovered that they offer trading cryptocurrency pairs. These pairs include but are not limited to:
Deposit and Withdrawal Method
The information we found on the FXtradewolf website says that there are several deposit options, including
- credit cards,
- bank transfers,
- crypto currencies
But when we scratched a little deeper, it turned out that the only possible way to make a deposit is through cryptocurrencies, which are impossible to track.
The deposit with this broker is $250. One of the problems imposed by fraudulent brokers, including FXtradewolf, is the bonus they give to clients, which prevents withdrawal and requires a certain trading volume.
How the Fraud was Perpetrated
In this case, the broker we researched does it in the following way. Misrepresentation on the website is the basis for reaching the client who has to leave a deposit of 250$ via cryptocurrency. Cryptocurrency is the preffered method of payment because crypto transactions cannot be reversed.
Then the broker awards bonuses to buy himself time, forcing clients to make even more deposits in order to be able to “extract” their earnings. When clients realize that they have been scammed, i.e. that their withdrawal request is regularly rejected, the fraudulent broker sometimes deletes the logs of such clients, sometimes shuts down the entire website, and sometimes simply does nothing, because the client is not in a position to fight with the scammer.
FXtradewolf is no different from other scam brokers. He did everything schematically, as other phony brokers do. The headquarters of the company is not known, nor whose ownership is the website, which only has licenses that the broker does not own.
The trading platform is poor with its tools, and the deposit and withdrawal conditions are, we can safely say, to the detriment of the user. Even if FXtradewolf was a regulated broker we would not recommend this broker to you because of too many disadvantages that it carries with it.
Is FXtradewolf a Legitimate Broker?
FXtradewolf is not a legitimate broker.
What is the Minimum Deposit for FXtradewolf?
The minimum deposit with FXtradewolf is $250.
What Trading Products Are Available With FXtradewolf?
FXtradewolf allows trading with cryptocurrency pairs.