Do not even consider investing with Flextrading FX for a single second; it is a terrible scam attempt. They won’t be able to provide you with favorable trading terms or a reliable trading platform, and you’ll soon learn that any money you deposit with them will be gone forever. To learn more, read the evaluation down below.
Regulation and the safety of funds in flex trading FX
“An officially registered, UK-based cloud crypto mining program that prides itself on the security of its users,” according to Flextrading FX. They were almost definitely registered, though. The FCA, the UK financial regulator that this company is purportedly regulated by, has taken notice of this business since it is sufficiently murky.
As the FCA has noted, this business is not in any way under its supervision and is not authorized to provide services to UK customers. Furthermore, the broker has merely mentioned that they have offices in Seychelles and the Cayman Islands but has not even given an actual address. Due to the lax laws and absence of transaction reporting requirements, numerous scammers frequently favor these offshore sites.
Our recommendation would be to stay as far away as possible from a broker that has such offshore connections (and is not a branch of a globally recognized, reputable brokerage).
Instead, we recommend that you work with brokers who are licensed in the UK, EU, or Australia. These brokers have to send regular reports to ruthless financial regulators who keep a close eye on them. To guarantee equity, openness, and client protection, numerous criteria are in place. Before acquiring a license, all brokers must demonstrate their financial stability and maintain a minimum operational capital of A$1 million in Australia and A$730,000 in the UK and the EU.
You are guaranteed against losing more money than you have in your account thanks to the negative balance protection. Last but not least, all regulated brokers keep client money separate from their finances, demonstrating that they cannot utilize your investment for their gain and safeguarding your deposits if the broker goes bankrupt. If you use an anonymous, offshore broker, you can forget about all of these crucial safety nets because they are only offered by legal, regulated businesses.
Flextrading FX does not provide a usable trading platform; hence, it is impossible to trade with this broker. Opening any kind of account with these con artists is a complete waste of time, especially because the only reason you looked for a broker in the first place was to be able to trade.
Better look into brokers who can truly provide you with a valuable trading platform, such as MetaTrader 4 or MetaTrader 5. Due to their high degree of usability and accessibility, both of these platforms have long been the most well-liked in the sector. MT4 and MT5 have a lot of charting and analysis tools.
They also have some extra features, such as Expert Advisors that watch markets and automatically make trades, a Strategy Tester, the ability to make custom scripts or set trading signals, a market for more trading apps, etc. Don’t be afraid to test out one of these platforms with a reputable, authorized broker.
Talking about spreads, leverage, and trading instruments is useless because Flextrading FX does not provide leveraged trading opportunities. The broker appears to be pushing you to buy one of its investment plans. The less expensive one costs $500 and guarantees 300% returns in 4 hours. This is difficult to comprehend given that even the top investors in our time rarely produce returns of more than 40–60% per year (if they are lucky).
This broker tries to convince you that there are no dangers involved and that you can simply sit back, relax, and watch your investment increase. We can guarantee you that this offer is completely unrepresentative of what will occur and that it is simply too good to be true. It would be like flushing money down the drain to deposit with Flextrading FX.
You should look for a few trustworthy forex brokers that provide trading accounts for around $100.
Deposit/withdrawal methods and fees for FX
According to Flextrading FX, there are numerous deposit options available, including wire transfers, PayPal, PayStack, and CashApp, as well as other well-known cryptocurrencies (Bitcoin, Ethereum, Binance Coin, Tether, Litecoin, Dogecoin, and TRON). To our astonishment, we found out that customers can only make deposits in cryptocurrency.
Such payments are entirely irreversible, so once you deposit, you will never be able to retrieve your money back. This is frequently a favorite deposit technique for shady brokers. Even though more and more brokers are accepting cryptocurrency as a valid payment option, we encourage you to only use this mode of payment if you are certain that you can trust the broker.
How does the fraud occur?
It’s a basic hoax, but it’s fooled a lot of people. Given their expanding popularity, the following paragraphs should be carefully reviewed to prevent such scams.
The scam starts when you see a broker’s website ad online. These websites usually promise good conditions and rapid money, but they don’t provide business or license details. But, con artists may utilize elaborate claims to get your phone number or email.
Another possibility is that they found your contact information and contacted you first. As part of a cat-and-mouse game, you must register and deposit. Remember that they are professional con artists that make their career by convincing others to contribute money. They will utilize promises of rewards and possibilities to convince you to deposit.
After that, you might start making money and put in more money, but scammers usually change results to get you to put in more money.
Naturally, problems will arise when you withdraw your money. You can’t access your money, and there may be additional fees or unmet restrictions and conditions. You’ll know something’s wrong by then, and the con artists will depart.
What should you do If you are Scammed?
If you’re defrauded, you have options. Chargebacks are possible with several deposit methods. Visa and MasterCard allow 540-day chargebacks, unlike bank transfers and cryptocurrency transactions.
Remove remote access software immediately. Fraudsters urge victims to install such software to steal more money from their bank accounts. Tell the police and as many people as you can about the fraud to reduce victims.
Finally, avoid “recovery agents” who promise to recover your money in exchange for a fee; this is just another scam that the same people who stole your money frequently run.
The views and opinions expressed in these articles are those of the source BrokerAudit.com and do not necessarily reflect the official position of ‘Skeptic Files’, which shall not be held liable for any inaccuracies presented. The information provided within this article is for general informational purposes only. While we try to keep the information up-to-date and correct, there are no representations or warranties, express or implied, about the completeness, accuracy, reliability, suitability or availability of the information in this article for any purpose.
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