Forex fraud often results in a terrible financial downfall for the victim. However, required safety measures can help you stay safe from scammers like FewaTRADE. This piece highlights how scammers trap clients and make them lose their money.
FewaTRADE - A Quick Overview
FewaTRADE (https://fewatrade.com/) is an online brokerage firm based in the United States. The company claims to have served in the industry for over 15 years. While there is little information on the company's website concerning the product portfolio, it appears the firm only supports crypto trading. The company hasn't shared any information about minimum deposits, supported trading platforms, account types, payment options, fees, commissions, etc. Since there is no dedicated FAQ page on the website, you need to connect with customer support for your queries and concerns. The company is reachable via telephone, email, and web chat.
Is FewaTRADE Regulated?
No! FewaTRADE is neither registered nor regulated anywhere in the world. Since the company claims to have its head office in the U.S., we investigated the National Futures Association (NFA) but couldn't find any mention of FewaTRADE. Therefore, we had serious doubts about whether the company was actually registered and subject to regulation in the USA.
In short, FewaTRADE isn't backed by any legitimate regulatory authority.
What Makes FewaTRADE a Scam Broker?
Everything about FewaTRADE is a fraud, from its purported years in business to its unverified physical address to the terms and circumstances under which it operates. For instance, the company mentioned its foundation year as 2018, yet claims to have served the industry for more than 15 years.
Second, the broker claims to be registered in the U.S. but lists a U.K. telephone number for clients to contact. Think for a while why the company would not list its local number.
Third, the company lacks regulations, meaning your funds with this broker are unsafe. No wonder it might run away anytime, leaving you to regret your decision to sign up with it.
Fourth, unlike legitimate companies who offer a demo account so you may practice and relate the trading environment to live market conditions, the company only allows access to its trading platform if you make a deposit.
Fifth, the company only accepts payments made with prepaid credits. Prepaid credits do not require a linked banking account like credit and debit cards. By using this mode of payment, fraudsters can remain anonymous and thus avoid legal repercussions for their actions. Yes, they may take your money and move on to defraud other people without any trouble.
How Do Scammers Like FewaTRADE Trap Clients?
When you sign up with them, they collect your personal information such as telephone numbers and email. After that, the companies start taking follow-ups via phone or email. Someone from their sales and marketing department pretends to be your dedicated account manager and asks for a deposit, enticing you with false profit-making deals. However, you will notice their attitude changes soon after you make deposits. Besides not answering your emails and phone calls, they sometimes block access to your trading account. Further, they do not process your withdrawal requests ever.
A company without complete and verifiable information regarding its regulation status, operations, and financial standing like FewaTRADE, doesn't worth your investment. Try signing up with a regulated broker instead. Further, it is helpful to check a broker's rating and license with BrokersView before joining it.