Beware! 4FXluxus is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
4FXluxus advertises itself as a luxurious forex trading experience, which in reality is a very hard thing to achieve, and it takes courage to claim you do since if you get it wrong, it will be difficult to build back up your reputation. The question is- does 4FXluxus achieve a luxurious experience, or are these empty statements used to attract an audience base? Read the review to find out.
To open a live account only the basic requirements had to be met. And then we access what seemed and felt like a live account. Usually, to access all the features of the user area as well as the trading platform, the user has to attach all sorts of documents that verify his or her identity to the company. This is done for safety reasons. Those brokers that do not do so, allow for any user to access their client portal, and thus compromising the safety of the company. However, something tells us that 4FXluxus allows for just about anyone to register as a live member because it wants as many deposits as it can get.
We opened a web trading software that looked and felt a lot like the MT4. There, it was revealed that the EUR/USD spread was around 1.5 pips, but bear in mind that we opened a micro account. The leverage was changeable all the way to 1:500, a very common offshore brokerage. There is a roster of financial assets: forex pairs, commodities, shares, futures, cryptocurrencies, and indices
The available languages are English, Italian, and German.
4FXLUXUS REGULATION AND SAFETY OF FUNDS
What these various jurisdictions are, and what regulates the broker itself, are questions left unanswered. The legal documents are broken, and the website has nothing else to offer.
We have no other choice but to conclude that this company is UNLICENSED. Unregulated firms are a risk to all personal information and investments!
There is absolutely no reason for anyone to trust and deposit in unregulated forex brokers. Always check first if a broker is regulated, and then proceed to deposit! The FCA and CySEC are some of the most popular licensors and we advise users to invest in firms that are legitimized by either of these. Both regulators, as well as all other legitimate ones, have a set of rules that apply to all brokers, and should brokers decide not to follow them the regulators will penalize them either by a fee or by taking their regulation! The FCA and CySEC include a compensation scheme for all users whose broker cannot pay them back, for all kinds of reasons, including insolvency. The reimbursed can go up to 85 000 pounds per person for FCA, and up to 20 000 euros CySEC.
4FXLUXUS DEPOSIT/WITHDRAW METHODS AND FEES
The depositing area in the client portal claims that to fund an account the user has only one choice; through wire transfer. We were able to proceed with just $1, which is technically the minimum deposit.
It seems that withdrawals are also achieved only through wire transfer. The website holds no other withdrawal information.
We had issues opening the Deposit & Withdraw policy, which should give us all the needed withdrawal details since neither the website more the user portal area reveals any sensitive withdrawal information. Actually, the only thing we know is that withdrawals are done only through bank transfers.
As a matter of fact, none of the legal documents were available. All their links lead us to error pages. This is just another red flag for the pile that we have gathered so far. There is nothing to keep you invested in this broker, and that is considering the relatively good trading conditions. This firm is unregulated and as such poses a direct risk to a client’s investments!
How does the scam work?
Most fraudsters use the same scheme over and over again. However, they might take a different approach to use it, and that is why it is always recommended to take your time with a broker and see if are in the middle of a scam.
Online ads are the first step to getting scammed. These ads promise pure fantasy scenarios, like making thousand in a day while living on a beach house, etc. Those that are tempted will be redirected to a website where they will be asked to give away personal information, most notably email or telephone number. If any of these is given away, the person will start receiving emails or telephone calls that will push him or her to deposit in a given broker/investment scam.
The more advanced scammer, the so-called “account managers” will continue to drain you, through further phone calls. They will convince you to deposit even more. When the client feels like he or she is being scammed, all withdrawal requests will vanish and the broker will stop responding to you; they have disappeared with your money. At times the whole website goes down.
What to do if scammed?
The best advice we can give you is to file for a chargeback as soon as you get scammed. VISA and MasterCard have extended their chargeback time span to 540 days, so there is plenty of time to do that.
Those that have deposited via bank, we advise to change passwords and block any compromised accounts. Or you can contact the bank and check with them.
What’s more, is that users should never invest through crypto with unregulated brokers. Once a deposit is made the user can not get the money back!
Finally, users will find that there are recovery agencies that claim to help users who have been defrauded by scammers. The irony here is that these agencies are also scammer schemes!