FxCryptoClub Review: a legit forex scam
| General Information | |
|---|---|
| Broker Name: | FxCryptoClub |
| Broker Type: | forex |
| Country: | Marshall Islands |
| Operating since year: | N/A |
| Regulation: | N/A |
| Address: | Ajetake island, MH96960 |
| Broker status: | Unregulated |
| Customer Service | |
| Phone: | +442080893079 |
| Email: | [email protected] |
| Languages: | English |
| Availability: | 24/7 |
| Trading | |
| Trading platforms: | N/A |
| Trading platform Time zone: | N/A |
| Demo account: | yes |
| Mobile trading: | yes |
| Web-based trading: | yes |
| Bonuses: | N/A |
| Other trading instruments: | N/A |
| Account | |
| Minimum deposit ($): | $250 |
| Maximal leverage: | 1:400 |
| Spread: | N/A |
| Scalping allowed: | N/A |
The possibility of a scam looms over almost every trade in Forex. Especially if you are dealing with an unregulated broker company. FxCryptoClub is one of them.
FxCryptoClub is an offshore forex and CFD broker
Its website looks very professional. Thus it has full potential to mislead many traders. We have some significant concerns regarding FxCryptoClub, which will be highlighted below.
FxCryptoClub Red Flags
FxCryptoClub Regulation: An offshore broker
Through the website of the brokerage, we discovered that the company behind it is registered under the name CapCorp Ltd. Moreover, it is governed by the laws of the Marshall Islands. We want to remind our traders that the Marshall Islands are an offshore zone.
Generally speaking, forex and CFD brokers incorporated in such offshore zones are not regulated and are not to be trusted. In fact, most companies that choose to register on such sunny islands do that to cut legal corners and run investment scams.
Nonexistent Trading Conditions
The required minimum deposit is double the standard of $250, which is relatively high, but there is supposedly a wide range of trading options. Furthermore, the leverage extended to traders is quite generous at 1:400, but the spread of 3 pips on EUR/USD is just about what we would consider favorable.
MetaTrader platform is unavailable
We always view the lack of the standard MetaTrader 4 trading platform as highly suspicious and very malicious. While Activ8 can be regarded as a substantial choice of a platform, the MT4 is the industry’s leader. Also, most of the traders prefer it. Meta Trader offers numerous features and options, with excellent charting and useful analysis tools.
FXCryptoCLub deposit and withdrawal methods
we stumbled upon worrisome provisions of the broker’s Deposit and Withdrawal policy documents uploaded on the website. It appears that FxCryptoClub charges pretty substantial withdrawal fees.
Those clients who have not traded at least 200 lots will be charged an additional 10% of the withdrawal amount. This is unfavorable to traders, as it means undertaking additional risk.
Trading with an unregulated brokerage is quite risky, and this is why we always advise traders to put up only the required minimum deposit, instead of risking a more massive amount with no certainty. Afterward, they may also try to withdraw a small amount to check for any unexpected fees or delays. Such costs and delays are usually the signs of a scammer.
FxCryptoClub Review: Conclusion
FxCryptoClub is a typical offshore broker, waiting to steal your money and likely a total scam.
The broker is registered offshore; all of its activities are not transparent and trustworthy. The rules and details of the offers that the company makes are hidden from the trader. The Austrian financial regulator has blacklisted the broker.
As always, we recommend that you only deal with licensed forex brokers.
Here is a summary on all you need to know about forex broker FxCryptoClub:
- An offshore broker
- Not enough info on trading terms
- MT4 unavailable
- high spreads and initial deposit
- Weird and confusing withdrawal fees and requirements
- Blacklisted by Austrian FMA
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers. Do your own research and trust your guts.
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Unhelpful customer service
Disappointing and unhelpful customer service. Do not use their services, I won’t recommend this broker.
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Not a good broker
Not an ideal forex broker. Signals are poor and withdrawals are always slow.
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Manipulate trades
Manipulates trades. I have lose so much money on this.
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Bad company
Bad trading company. They gave me a hard time on withdrawals.
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Unresponsive customer service
I traded with this broker for a few months but closed my account due to unresponsive customer service. I have lost a lot of money just because I can’t connect to them for help when I needed support.
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I lose money
Based on my observation for the past 3 months of trading with them, signals are not profitable. I actually had so much losses.
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