How Not To Fall For A Forex Scam | is a BIG SCAMM WITH FAKE REGISTRATION. (FXCL) Markets Ltd. is compensated by the spread. Leverage may increase gains or losses.
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. You should make sure you understand the risks involved, seeking for independent advice if necessary.

Registered by the Financial Services Authority (‘FSA’) number 1637 CTD 2018. FXCL Markets Ltd. registered office: Suite 305, Griffith Corporate Center, P.O. Box 1510, Beachmont, Kingstown, St. Vincent and the Grenadines.

Base information about Forex SCAM company:

Real adress in Philipines and company name is:

Company Name: Outstrive
Address: 3rd Floor 399 Enzo building, Makati, Philippines
Phone: +1 (347) 891-7520

Top managment of stealer who scam money of clients:

Juan Belleza Jr
Team Leader
2056 D Kahilum 1 Barangay 870 Zone 95 Pandacan Manila, Philippines
639776459387 / 639155292409

Lea Jean Belleza
2056 D Kahilum 1 Barangay 870 Zone 95 Pandacan Manila, Philippines

James Tulabot
Team Leader

Allen Roel Costales
Sale Manager
522 Tanglaw St. Mandaluyong City Barnagay Plainview

Kristoff Salazar
Sale Team Leader
Unit 1414 Kumagawa Bldg River City Brgy 880 Sta. Ana Manila, Philippines

Xanty Octavo
Sale Manager
8137 Yabut Street Guadalupe Nuevo Makati City , Philippines

Virgilito Dada
Account Manager

Elton Danao
Sale Manager
639175048891 / 639991854086

All of this persons need be condemned and moved in Jail.

!!!!!STOP STEAL Philippines MONEY!!!!!!

For our 2022 Forex Broker Review we assessed, rated, and ranked 39 international forex brokers over a three-month time period resulting in over 50,000 words of published research. Most of the time the award will say, “Best broker 2015,” and the news outlet won’t be viewable, or it is an unreliable outlet. Scam brokers will purposely post fake awards from a few years ago because they’re harder to verify than a 2019 award. At all costs, avoid brokers who do not give you the necessary money stealers credentials. You want someone you can trust to administer your account. Do your homework and look into governing agencies to see if a forex broker has a strong legal standing in the forex market. If you are unable to retrieve funds from your account, it may be time to start thinking about your investment. If a broker gives you a hazy explanation or an ambiguous apology when this happens, you should reconsider your investment or, better yet, withdraw before losing more money.

A phoney Forex broker will always be able to talk a good game and they will offer traders amazing spreads, and promise of significant returns, some even going as far as to provide fake testimonials. The single most important thing a trader can do to avoid being scammed is to learn to trade on the Forex market and understand the market properly. Beginners must ensure that the broker chosen has actually made the money they have claimed and due diligence is the key. Traders should make use of demo accounts and learn to make long term profits first before trading for real. In truth- it is a skill that can take years to master and any claim that states ‘you can make money quickly’ should be avoided. Traders should never take at face value the claims that are made by brokers as the gospel truth and must take the time to make their own analysis.

How to avoid Forex scams

However, it does not take a black swan catastrophe to drive brokers out of business. There are many people who work on the outskirts, appear to be legal, and then disappear the next day. Furthermore, there are many brokers who are legally compliant but do not act in the best interests of their clients. So, with that in mind, let’s go over some of the warning signs of a broker scam. Vector Securities Investment Company provides a comprehensive range of financial services in the forex markets to its clients. The broker “Vector Securities” has turned out to be a con artist. This company has stopped meeting its duties to customers and partners, as well as paying payments. “Vector Securities are arrogant crooks,” one consumer stated in a review.

However, the main aim of scammers is to get your money or personal details. Everybody likely to be a victim of a scam that is why you have to know how to protect yourself and spot fake offering. The best thing that you can do to avoid a forex scam is to educate yourself. The more you know, the less likely you are to be taken advantage of. Unsolicited and persistent marketing is typically a sign of fraudulent behavior. If you find yourself being pushed to purchase a product or service with little information and time, it may be a scam attempt. You may come across forex funds that promise guaranteed returns on your initial investment. Fake funds will boast abnormally large annual returns that seem very enticing.

There are Three Sorts of Forex Scam Brokers Who Are Blacklisted

So when you are promised returns to double your money quickly when trading forex don’t be fooled. You should know that the risks of losing your money are enormous. The scammers manipulate the crypto platforms and instead of buying real crypto you are buying thin air that, appears to be crypto on your screen. When you are ‘trading’ your crypto, no one is actually buying it from you. The computer screen is just programmed to look as if someone is buying your cryptocurrency. My broker does not rely on its operation around additional services like binary options, PAMM, etc. In addition, authorities protect clients by the compensation schemes that recover client’s investments in case of the company insolvency. And of course, the regulatory body overseeing constantly how exactly the broker delivers its operation to the clients thus can detect if the things going wrong and take necessary action. After a few days the support team sent me email that my profit was over boosted so I have to upgrade my trading account to their suggested level up upgrade. And I said that they deduct the $1000 Level upgrade from my suspended $5300 profit.

If you can get money transferred from a trading platform into your personal account then that is amazing. What is more amazing is if you can repeat that process many times after the first. Why that doesn’t happen is because of how the trading software has been designed to work. In the mean time the brokers go home with fat fists of money gained from their practice. USD after the company notified me it was ready to be transferred back.

So, if you have proper education on forex, you can identify the offering and decide for yourself. Typically, scam brokers put the trap on traders in different ways. So, it is important to know the types of scams and the ways to avoid them. Unregulated brokers do not have to report to a governing body. Beyond posting a bad review online, there is little you can do because these brokers have no legal authority to answer to. However, the Forex broker lacks the necessary FCA license to do so.

The most notable cases of financial frauds are well-known. Some frauds have such an overwhelming effect, that get named after their creators. For example, a Ponzi money-making scheme was named after Charles Ponzi. Did you know that over $5.3 trillion is traded every day on Forex? Foreign Exchange market allows taking advantage of market moves all day long, all week except Saturday and Sunday. The good news – traders definitely don’t need to be a victim if they know what to look out for. In the U.S., look for brokers registered as a Futures Commission Merchant with the CFTC and an NFA member.

How do I know what regulatory bodies are legitimate?

Issues of this nature should be resolved and explained to the trader, and the broker should also be helpful and display good customer relations. One of the most detrimental issues that may arise between a broker and a trader is the trader’s inability to withdraw money from an account. Charles is a nationally recognized capital markets specialist and educator with over 30 years of experience developing in-depth training programs for burgeoning financial professionals. Charles has taught at a number of institutions including Goldman Sachs, Morgan Stanley, Societe Generale, and many more. As we have already mentioned, people working on these articles are experienced market analysts who are well versed in multiple types of trading. They know the market inside out, they are happy to share their knowledge with you and is glad to have them on its team. Read what we have to say and protect your investments by expanding your knowledge. These factors make the market very volatile and risky to engage in if you don’t know what you’re doing. The Forex is also the largest global trading market with $5 trillion on average being traded by Forex traders each day.

These scammers often position themselves as forex brokers. Unlike legitimate brokers, their main objective is to steal their clients’ money. Nevertheless, we do not advise trading with offshore brokers, and in case you still insist choose International entity of the reputable Brokers that hold additional regulations licenses for better trust. To be fair, a large number of forex scam cases are a result of weak trading and not scam brokers.

Often victims are manipulated into taking out bank loans and pushed into financial ruin. These systems go by the names; Bitcoin Code, Bitcoin Revolution and Lucrosa just to name a few. The software creates an account for you at a scam broker, and then tells you to make a deposit and you will start making money. There are many complaints about Forex, Crypto and Binary Option Brokers and the complaints are for a variety of reasons. Investors using a licensed and regulated broker, rarely have withdrawal problems. “If most traders would learn to sit on their hands 50 percent of the time, they would make a lot more money.” The following list of brokers are Unregulated Brokers Reviews or the Brokers to Avoid companies, which we do not recommend trading with, due to their unlicensed operations.

It simply closed its doors and shut down their website. My total loss to the binary trading scam system is $400,000 AUD. The industry is one melting pot of many brokers that systematically do their little bit to suck your funds out of your bank accounts. When you deal with an unregulated broker, you are essentially taking the corporation at its word. Different countries have different agencies that supervise the activity of financial services companies in order to avoid fraud. The Cyprus Securities and Exchange Commission is one such agency . To register with the commission, a firm must demonstrate that it has at least EUR 730,000 in capital to assure long-term stability.

You’ll notice that nowhere in this picture is a regulatory body mentioned. The “about us” pages on the site link to an account login prompt. Nowhere on the site is there any mention of regulation or company history. If it wasn’t enough to steer you away from the company, their trading conditions are deceptive. Nothing comparable to the ones listed on the website is available in the broker’s demo account. Maxi Markets is suspected of providing financial services or products in the United Kingdom without our permission. Learn why you should be wary of doing business with this unlicensed firm and how to protect yourself. All firms and individuals in the UK who offer, promote, or sell financial services or products must be authorized or registered. Strategy One Ltd., an offshore corporation established in St. Vincent and the Grenadines, owns MaxiTrade. Exaggerated returns on tiny investments are a common indicator of a Forex scam.

  • Sometimes some forex trading scams take a step ahead to look more real.
  • So, the person will then tell his friends about the profit and make them believe.
  • Delays in deposit transfer to account which creates panic and you have to hedge at higher levels.
  • Signal sellers are companies or individuals who charge to provide advice on when to buy and sell a particular currency pair.
  • If Tenkofx is a no-withdrawal broker, there is most certainly an issue with their licensing.

We have some information about owner of (FXCL) SCAM company and its may be resident of USA: Alex Teplitsky

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