While working with a reputable broker increases the odds of your success, signing up with a dubious one can turn your trading experience into a nightmare. Numerous cases exist where victims lost massive amounts to scammers. This piece discusses how fake brokers like FxMarket365 defraud clients and how you can avoid falling into its trap.
FxMarket365 - A Quick Overview
FxMarket365 (https://fxmarket365.com/) is an offshore broker providing managed investment services. The company claims to have its head office in the United Kingdom. Except for enticing clients to invest in managed portfolios constructed by professionals with maximum returns and long-term success in mind, the company doesn't talk about its product catalog. While MT4 appears to be the supported platform, the firm doesn't allow you access to it. Information concerning acceptable payment methods is also missing on the website, though numerous payment options are viewable after signing up with the broker. The broker doesn't seem to offer any educational resources, and there is no content in the FAQs section. Clients can get in touch with the company using a contact form, email, or telephone.
Is FxMarket365 Regulated?
No! FxMarket365 is not regulated. The company neither claims to have regulations from any regulatory authority nor posts a disclaimer. Therefore, we checked the country's respective regulator website to confirm if the broker holds FCA licenses.
We found the broker was not regulated by the FCA. In fact, the company is on the regulator's blacklist for conducting unauthorized services within the country.
What Makes FxMarket365 A Scam Broker?
From its poor web design to the absence of relevant content, everything seems to come from a sub-standard entity. Although the broker claims to offer an MT4 trading platform, there is no way to access it. It looks like the broker only wants you to signup, add funds to your account and forget your money forever. Further, the lack of a regulatory license and the warning issued by FCA for offering unauthorized services provides enough reasons to consider it a scam broker.
How Scam Brokers Like FxMarket365 Defraud Clients?
Fraud brokers have almost the same way of looting investors. They make attractive pages look legitimate and reassure you about their legal compliance by posting fake certificates. Once clients sign up with them, they start following up and asking for deposits luring clients into false profit-making deals. Notably, scammers are too good at turning their backs after receiving client funds. Besides falling short of their promises, they often blame clients for failing to follow their recommendations. The worst part is that you may face forceful account closure in addition to their unresponsive attitude when contacted.
How To Avoid Scam Brokers Like FxMarket365?
With a little bit of search and due diligence, you can help yourself to avoid falling into the traps of obnoxious entities like FxMarket365. For instance, you can check whether the broker is regulated by tracing its registration number on the related regulator's website. Further, you can read customer reviews about the broker on BrokersView to assess if the company is worth your investment.
FxMarket365 is clearly a scam broker that isn't even good at designing a website to reassure its clients about its competitiveness. We believe if you want to genuinely engage in trading, there is little use in creating an account with FxMarket365. Instead, you should look for other reputable brokers who provide reliable trading conditions with proper authorization.
If you have any questions about a broker, please feel free to contact Service@BrokersView.com.