FxyTrade Review: Stay Away from FxyTrade.Com Broker
FxyTrade Review, we noticed very vague descriptions of what they do and offer, there is no physical address of their headquarters and no contact information whatsoever.
Besides their complete anonymity, we also noticed that their social media handles are useless, so you can’t check their Facebook or Twitter pages. The icons will just direct you to their “About Us” page.
The lack of important information regarding their credibility is concerning. The fact that FxyTrade hides all of the information along with the names of the “Top European Regulators” that authorized their license should be enough to stay away from this illicit broker.
License and Regulations of FxyTrade
Again, FxyTrade prides itself in being regulated by “Top European Regulators”, without listing the actual regulating jurisdictions. If you checked online if this claim is true, it’d be obvious that FxyTrade is far from regulated.
On their website, you can see that they claim they’re regulated by the Prudential Regulation Authority and regulated by the Financial Authority, which is also false.
In short, FxyTrade is an unlicensed fraudulent broker and should not be trusted with your assets. Why Is Trading with Offshore Brokers Dangerous?
Trading with offshore brokers is dangerous because offshore territories offer great benefits such as complete anonymity and zero control over, among others, forex activities.
This is ideal for those involved in fraudulent trading activities, as there are no authorities to hold them responsible.
In other words, fraudulent brokers like FxyTrade can get your money and do whatever they want with it. There’s no authority to keep them under control, and regulators such as CySEC or BaFin can’t do much if you get scammed by one of those.
Offshore Broker’s Fraudulent Tactics
The tactic of luring people to use their platform is pretty similar, trying to attract people directly or via advertisements promising huge bonuses and gains with little risk.
Representatives of these scamming brokerage companies tend to be somewhat aggressive in their attempt to persuade people into investing.
Their agents are skilled and persuasive, so it’d be easy to fall into their trap if one is not cautious.
Fake Profits and Withdrawal Request Fee
While falling into this kind of trap is fairly easy, getting out of one is almost impossible. Depositing money is easy, but withdrawing it would require a lot of patience and hope.
The withdrawal fee starts at 20%, which is ridiculously high, and one will have to pay it regardless of the withdrawal request’s result.
As if that’s not enough, there’s this “profit fee” which has to be paid prior to the withdrawal request.
Another way to attract people to invest is to promise minimal loss or guaranteed gains.
Tricking people into believing their assets would be a safe and promising low-risk is one way to convince them to make deposits, even though risks of this type of trading are very high, going over 75%. Guarantee gains are not possible as this type of trading is basically gambling.
On the contrary, regulated Forex and CFD traders are obligated by law to clearly state the risks of losing all of their investments.
Trading Platform Available at FxyTrade
FxyTrade claims that its clients will get access to MT4 and that it can be downloaded on smartphones as well. Although promising, the download buttons are, again, not functional.
Instead of delivering the MetaTrader platform as promised, they only provide access to a barely useful and oversimplified platform.
FxyTrade’s platform uses TradingView charts, an independent (and unrelated) real-time data-providing platform.
Deposit and Withdrawal Methods at FxyTrade
According to FxyTrade’s website, Bitcoin, wire transfers, and credit cards are acceptable payment methods.
In reality, though, the actual payment method is available via Kryptova, an unregulated crypto wallet, which is another reason why you should stay away from this scamming broker.
As there’s no chargeback option like with Visa or Mastercard – if you pay with crypto coins, there’s absolutely no way of ever getting your investment back as crypto is untraceable.
We strongly advise you to think twice before taking any risks while investing money. That being said, FxyTrade is a scam and should not be considered an option.
Besides their anonymity and not disclosing crucial information from users, it poses a huge risk if you ever decide to trade with crypto coins and withdrawal issues are almost a guarantee.
On the other hand, if you got scammed by FxyTrade or some other illicit broker, don’t hesitate to reach out as we can assist you by reporting your scammer. Getting your money back is possible.
FAQs About FxyTrade Broker
Is FxyTrade Regulated?
FxyTrade is not regulated. Not only is it unregulated, but their website doesn’t show any contact information, or location information and all the description of the services they offer are vague and not clearly defined.
What is The Minimum Deposit for FxyTrade?
The minimum deposit for FxyTrade is $200, and no details regarding accounts and deposits are provided on the website without registration.
Is FxyTrade a Trustworthy Broker?
This FxyTrade Review provides reasons it should be avoided and addresses all the concerns proving this unregulated Scam Broker poses an investment danger.