Fxy Trade Review – Broker We Don’t Recommend
Fxy Trade seems to provide all the relevant information you might expect to find on the website of a legit and professional broker. But if you look closer, however, soon you will realize that the website is virtually anonymous.
When we talk about good and reliable brokers we do not mention Fxy Trade. They are untrustworthy and dangerous.
There is no contact information whatsoever, no corporate address or corporate background, and the license credentials provided turned out to be completely fake. This all suggests that they are just a scam. So if you thought of investing in them better think again.
What is more, we strongly advise you not to invest in Options Trade Fx, FxmyTrades, and Virtual Fxtrade fraudulent brokers.
Regulation and Fund Security at Fxy Trade
As we said they are dangerous and present themselves as a reliable broker. But that is not the case at all. Fxy Trade claims to be fully licensed and authorized by top European regulators including the FCA in the UK, CONSOB in Italy as well as ESMA, where ESMA stands for the European Securities and Markets Authority (ESMA).
But as you may imagine nothing of that turned out to be true. Not only aren’t they registered anywhere from where we mentioned, but they also aren’t registered at all. Not to mention that the website appears to be completely anonymous as well.
There is no corporate address or corporate background whatsoever, there is not even a contact phone number or an e-mail. We had to dig deep just to find some basic information about them.
Trading Software Available at Fxy Trade
Fxy Trade claims to be offering a time-proven, user-friendly, multi-functional investment platform, and they also mention the industry standard MetaTrader4, which is time-proven, and user-friendly.
But in reality, however, what they have offered, was some overly simplified, web-based platform, with charts taken directly from Trading View, an independent live market data provider, which has absolutely nothing to do with the scam website here. We already said that their website is anonymous, and on top of that they are falsely claiming to have a MetaTrader4 platform.
Someone who does not have MetaTrader4 or MetaTrader5 is a scam broker. Well, 90% of the time. Because those two platforms are the best ones out there and are used by every top broker.
Otherwise, the spreads on the platform looked pretty attractive, floating as low as 0,3 pips for the benchmark EUR/ USD pair.
That, however, certainly does not change the fact that we are dealing with anonymous scammers, which openly try to mislead traders that they are properly licensed and authorized
Deposit and Withdrawal Methods
Fxy Trade says to accept payments with major debit and credit cards like VISA and Mastercard, as well as crypto coins like Bitcoin.
In reality, however, it turns out payments are only possible through some obscure third-party payment provider called “hello.kryptova.biz” and that does not help with Fxy Trade’s credibility either. It screams that it is a scam.
If you opt to pay with Bitcoins on the other hand, bear in mind that your transaction will prove to be completely irreversible, once you realize you have been scammed, which is also the reason why scammers prefer that you pay that way.
Because if you pay with a credit card, you can get your money back. It is hard but it is possible while with crypto it can not be done.
Fxy Trade Account Types
|Broker||Fxy Trade||FXTM||OctaFX||FPMarkets||XM Broker||HFM||FBS Broker|
When it comes to account types it seems that Fxy Trade offers just one. That one doesn’t even have a name and it costs $250 to open. This is suspiring considering most of the brokers usually have dozens of accounts. And even scam brokers tend to have at least three accounts. But this just shows that they aren’t even trying to make it look legit. So we suggest that you stay away from them a consider a real broker.
How the Fraud Has Carried Out
Like many scam brokers, Fxy Trade will make an ad where they will state people have made huge amounts of money by investing with them and using their trading software. Once you have your details, that’s when the scheme tactics begin.
The company’s agents will start by sending you emails which then will turn into constant phone calls. When they get you on the line, agents will do anything and everything in their power to get you on board. And of course, the more you invest the more you will make.
The ultimate goal is to compel the user to invest once, and after that, the trap is fully shut. The client already lost money, and any further investments are a bonus to the broker. All withdrawals will not be available, and even if the broker seems to be keeping a straight face, it’s all part of the scheme.
Sometimes the users will get a small teasing taste of profit, just so they are motivated to invest more. But after that one time is when most clients realize that something is wrong.
The Best Forex Brokers
Finding a good and trustworthy broker can be a hard thing. With that in mind, we have created this table below.
You can find all the important information such as the minimum deposit and regulations. And also, these brokers are what users recommend.
|FXTM Broker||Cyprus, UK, Mauritius||4.5||$10||Forextime.Com|
|OctaFX Broker||Cyprus, SVG||4.4||$100||OctaFX.Com|
|FP Markets Broker||Australia, Cyprus||4.7||$100||FpMarkets.Com|
|XM Broker||Cyprus, Belize, Australia||4.7||$5||XM.Com|
|HFM HF Markets Broker||Cyprus, UK, South Africa, UAE, Kenya||4.3||$5||HFM.Com|
|FBS Broker||Cyprus, Belize, Marshall Islands||4.85||$100||FBS.Com|
Fxy Trade Summary
Fxy Trade can be described as many things. But of course, none of those things are good. So to make the long story short, we are talking about an outright scam, which can not be trusted.
So if you are still considering the website’s seemingly lucrative trading conditions, better think again. Their only interest is your hard-earned money. So please listen to us and do not fall for these scammers.
FAQs About Fxy Trade Broker
What Account Types Does Fxy Trade Offer?
They offer just one type of account.
What Is The Minimum Deposit at Fxy Trade?
The minimum deposit is $250.
Can I Trust Fxy Trade Broker?
No, they are untrustworthy.