FxmyTrades Review: Reasons Why This Broker Is Bogus
FxmyTrades is one scammer you could spot from afar. We didn’t need much insight to realize the broker is maintaining a fully anonymous approach. With only a fake UK address provided, you can hardly track this fraudster’s residing location.
The absence of contact information, the company’s history, and ownership convinced us something was wrong with this firm.
So we set out on a quest to bring to light the scam behind this mediocre website. The results of our research are shown in this FxmyTrades review.
|Address||71 Cherry Court SOUTHAMPTON SO53 5PD UK (allegedly)|
FxmyTrades Funds Security and Compliance
If there’s one certain thing to know about every broker, it’s that their offer and services are worth nothing without a license. Like a doctor needs a license to handle patients’ health, so does a broker in order to perform monetary transactions.
It’s no joke to get ahold of clients’ funds and manipulate them in such a way that it only brings profit to the cheater, not the investor themselves.
FxmyTrades attempts to defraud clients by asking for investments that they later put in their own pockets. What enables them to act in such a way? Well, the answer is simple – the lack of a trading license.
But getting one is not an easy thing to achieve. In the UK, for example, where FxmyTrades claims to be located, brokerages have to first invest at least 730 000 GBP. A simplified and cheap website that FxmyTrades hardly boosts this broker’s image of a financially stable company.
Furthermore, implementation of the top security measures is what FCA expects the firms to provide. Segregated bank accounts are the most important ones. Leverage restriction to 1:30 and negative balance protection follow. The clients are also gaining access to the Financial Ombudsman and compensation fund that protects them and offer refunds in case of a dispute.
Don’t even get us started on the transparency issues with this one. Do you know that, in order to stop money laundering and financing of terrorism, FCA demands that brokers submit daily reports on their monetary transactions? FxmyTrades is not one of the first that does it. Their lack of transparency is proof of that.
As you see, FxmyTrades could not possibly follow any of the laws that FCA promotes.
Trading Platform They Used on Their Website
FxmyTrades miserably fails in this aspect as they do in all others. First off, they do not even advertise any software at all, only promise an ultimate trading experience. The shallow website doesn’t provide any download links.
We’d hope to at least see a borderline useless web trader, as with most other amateur online trading scams. But not even that was available. FxmyTrades only had some market changes tracker that displays current price movement on a particular instrument. We all know that this is not software that allows you to place trades and speculate.
FxmyTrades Account Types
Two account types (if they can be called that) are available at FxmyTrades. The client area suggests two available packages and their prices are as follows:
- Starter – $500 (min/max return – $5000/$10000)
- Premium – $1050 (min/max return – $10500/50000)
Unquestionably, depositing $500 seems like a walk in the park when you have a guaranteed return of a minimum of $5000 every day. All that would make for an amazing deal if it was true.
We won’t even begin to question the rationality of this offer – it’s downright imaginary. That’s pretty much all the information about the trading conditions provided. We have no idea what starting spreads or leverage are.
FxmyTrades Deposit and Withdrawal
Now, while FxmyTrades ostensibly has crypto and electronic payment services like PayPal to offer, all of them are down. That is a convenient way to force customers into buying crypto. We’ve already explained countless times how dangerous deposits made in digital currencies are. Their main trait is their irreversibility, which makes them definite.
As already noted, the initial deposit you have to make with FxmyTrades is $500. A little above the average, this amount is still not that bad. But considering there are sites that provide far better conditions for a smaller deposit, there’s no reason to invest with FxmyTrades.
Withdrawals are probably packed with fees and additional conditions, but the absence of legal docs made it impossible to find out.
How this Brokerage Carried Out the Fraud?
FxmyTrades makes their offer sound like a quick money-making mechanism that doesn’t require much effort or investing. When the minimum gain is promised to be at least $5000, investing $500 doesn’t seem like a big deal. But when the profit is purely fictional, even $1 investment is a futile move and a waste of money.
This broker doesn’t disclose concrete trading conditions. That is because trading there is impossible when there’s no trading software. The scheme is only set up to eat up your deposit. Immediate crypto transfer of your investment to the scammer’s pocket makes it easy for them to steal and evaporate into thin air thanks to their anonymity.
Thanks to the diligent and tireless work of the jurisdictional financial authorities, FxmyTrades has had its domain shut down. However, in the broader aspect, this does little to permanently stop the threat they impose.
You’re highly advised to always consult your financial regulator in the area beforehand. Government facilities are equipped with the necessary strategies for dealing with scammers and detecting them in the first place.
Although information and a piece of advice are all we could help you with, we’d gladly provide support if you deem it necessary. Contact us for a consultation and we’ll do what we can to make you feel safer when deciding on a broker-dealer.
FAQs About FxmyTrades Broker
Is My Money Safe With FxmyTrades?
Not a single dollar is safe when put in the hands of an unscrupulous swindler. Because that is exactly what FxmyTrades is, based on their fraudulent nature and activities.
What Is The Minimum Deposit for FxmyTrades?
The minimum deposit required is $500. But do not be fooled. This investment can never pay off.
Does FxmyTrades Offer a Demo Account?
No, you have to invest and open a live trading account. No reason to do that though, as registering on a fraudulent website is a futile move.