Beware! AtlasFx 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.
AtlasFx.co is a forex broker trading in stocks, forex, cryptocurrency and shares. However, the Financial Conduct Authority (FCA) that regulates forex brokers, has issued a warning that this is an unauthorised firm that uses the details of a genuine FCA-regulated firm.
AtlasFx.co Regulation and safety of funds
The whereabouts of this broker do not show on the company’s website. However, as we explained above, this broker is not licensed and furthermore is miming a licensed company. With the FCA warning, we have sufficient proof to think that this broker is a scammer and trading with it will put your funds at risk (screenshot below)
If you want to find a really genuine and licensed broker, you need to check if it is registered and regulated with the financial services authority of the respective country. Legit and licensed brokers in the UK should be regulated by the FCA and for that purpose, they need to meet a range of rigid requirements to prove that they are not scammers. For that purpose, they must have an initial capital of no less than 730,000 EUR, report on a daily basis their transactions, offer leverage that does not exceed 1:30 and last but not least, contribute to the local Financial Services Compensation Scheme that guarantees up to 85,000 GBP per person if the broker becomes insolvent.
Similarly, the legit and regulated brokers in the EU must have the same amount of initial capital and they must contribute to the local Investor Compensation Fund from which traders can be compensated up to 20,000 EUR per person in case of bankruptcy.
These are excellent conditions for traders and if you are looking for a forex broker, we suggest that you use the links above to check them out and select one that suits your trading goals.
AtlasFx.co Trading software
AtlasFx advertises on its website, that its trading software consists of the MT4 and a web trader. However, due to broken links on the company’s website, it was not possible to register and open a trading account with this broker.
We want to say a few good words about the MetaTrader 4 which is one of the most excellent trading platforms and is favourite number one among 80% of the brokers despite its ‘ancient age’ of 15 years. MT4 offers a package of trading tools and instruments that has no rival. It’s got an auto trading option, a code base with customs scripts, VPS, trading signals that can be obtained for a fee, an app market, etc. This trading platform also offers a charting package that is hard to surpass and that contains many technical analysis indicators, such as Fibonacci retracement, moving averages, Bollinger Bands, etc., that help the trader predict the future direction of exchange rates and make a profit.
However, as it is in the case with this broker, an excellent platform cannot compensate for the fact that we are dealing with a scammer here.
AtlasFx.co Deposit/Withdrawal methods and fees
To its clients, AtlasFx offers 4 different account types – Starter, Classic, Pro and VIP. The minimum deposit amount for the Starter account is $250. This initial deposit amount seems quite high compared to the fact that legit brokers ask for as little as $1-5 as an initial deposit. The next two accounts start at $1,000 and $10,000 respectively. The VIP account does not have an initial deposit and is probably upon negotiation between the broker and the trader.
This broker does not provide information about the payment methods traders can use to make a deposit or a withdrawal.
From the information provided on the company’s website, we find out that the withdrawal processing time is up to 5 business days and that placing a withdrawal request can be a lengthy process – clients who wish to withdraw money from their account must print out a withdrawal request, fill up the information, sign and scan and then email it. Have fun guys!
Dormant accounts are considered those that stay inactive for 3 months and the broker applies 10% fee each month. We must say that this is overkill! Legit brokers charge a fixed amount for dormant accounts, not a percentage which can result in the trader having to pay a lot of money each month in the form of fees.
As most scammers do, this one also offers bonuses which are subject to heavy to fulfil requirements. In this case, to be able to withdraw money from their accounts, traders who accept bonuses must execute a minimum of trading volume which is 30 times the deposit plus the bonus amount. Imagine how this is going to mess up your account and affect your withdrawal options! For your information, licensed brokers never offer bonuses or other incentives and this is the distinctive sign between them and the scammers.
How does scam work?
No one wants to be duped by scammers, but it happens all the time because they know how to manipulate people. As they say in one popular song “sweet dreams are made of this” and this is what scammers rely on – creating in people’s mind a sweet dream of being rich! Scams usually start by unsolicited telephone calls or ads on the Internet or social media promising quick and easy profit. It is easy to fall into scammers’ trap and once you make a deposit, you are done for! Scammers won’t let you get away easily even if you realise that you are being scammed. They will try to delay you when you try to withdraw your funds by asking you to provide this document or fill out this form, etc., in order to make you miss the deadline when you can file for a chargeback.
What to do if scammed?
You need to act very quickly. First of all, if you have made a deposit using a credit card, you must immediately file for a chargeback. Fortunately, VISA and MasterCard allow for 540 day period in which you can file for a chargeback. This is the good news. The bad news is that if you have made a deposit using bank wire or Bitcoin, the chances of you getting your funds back are nil!
Another thing you can do is cancel your credit card if the scammers have your CVV code. Check your PC and erase the software that gives scammers access to your personal data.
Be careful, because even doing all that we recommended, your unfortunate experience with scammers may not be over. There are so-called recovery agents. One of those may approach you offering to recover your funds for a fee. Do not trust them and always check the legitimacy of the recovery agent and the agency.
Also, be aware that some “victims” of a scam may post comments after the review, saying how they lost money and how a recovery agent helped them retrieve their funds. They will even put the contact info for this so-called recovery agent. Do not trust them either as it is another case of a scam!