Fischer Partners or Fipt is a Forex scam in the guise of a Nordic financial company purportedly investing in biotechnologies, green energy and real estate. Actually, it took us some time to realise it’s a typical fraudulent FX broker that’s going to steal your money if you deposit. Learn more about it in the following review.
Fischer Partners REGULATION AND SAFETY OF FUNDS
First of all, Fischer Partners says to be Sweden headquartered and regulated by various authorities, including the Spanish CNMV. Well, we researched and found that CNMV issued a warning instead of a license, exposing the entity as fraudulent. So, your funds will be in danger if you deposit as Fischer Partners is an exposed scam. In the following sections, we’ll discuss particular details confirming it’s a fraud.
Avoid Fischer Partners and see the high-rated EU brokers and British brokers on both lists instead. The European FX companies are regulated and covered by deposit insurance funds protecting traders’ money if things go wrong. For example, when trading with a CySEC broker, you can claim up to 20 000 EUR in case of bankruptcy, while the British guarantees are up to 85 000 GBP per person. The deposit insurance funds grant extra protection, so it’s a no brainer if you are eligible to open accounts with Europeans.
Fischer Partners TRADING SOFTWARE
Fischer Partners claims to offer MetaTrader, a statement that’s a blatant lie. We found a download link on the website and indeed got the platform, but it was dysfunctional. In fact, upon registration, we ended up with some fishy Webtrader consisting of a third-party provided chart and a separate trading panel. Well, in such a case, we can reasonably suspect that price manipulation takes place, as the chart works independently from the panel. Beware!
While speaking of software, we’d like to offer the high-rated MetaTrader4 brokers and MetaTrader5 brokers on both lists. The MTs are market leaders packed with advanced features such as Expert advisors, many indicators, and excellent charting tools. The software also includes a marketplace with more than 10 000 apps and third-party developed solutions, which is an unrivalled advantage. Interestingly, MT5 surpassed MT4 for the first time in terms of brokers delivering the platform, but its volumes are still weaker.
The EUR/USD spread was 0.7 pips, which is an excellent Buy/Sell difference, but Fischer Partners is an exposed scam, so don’t even think about it. Instead, follow the links provided throughout the review to get a legit broker offering even more competitive trading conditions.
As for leverage, it’s 1:100, and traders can’t change it by themselves. That’s a scam sign because Fischer Partners knowingly creates a dangerous trading environment where clients can lose their funds very quickly indeed. Also, CNMV brokers are no longer allowed to offer 1:100, which is additional proof that Fischer Partners has nothing to do with Spanish regulations.
In fact, leverage can be utterly risky, and that’s why many regulators enforced restrictions to reduce its usage. Consequently, licensed EU, British and Australian brokers have to limit retail clients to 1:30 for FX majors, while Canadian brokers and US brokers to 1:50. Swiss brokers are trustworthy but not leverage restricted, so experienced and risk-tolerant traders eligible to open an account in Switzerland can safely go for it.
Fischer Partners DEPOSIT/WITHDRAW METHODS AND FEES
Eventually, we have nothing to present here because the broker reveals no trading conditions at all. As already mentioned, Fischer Partners fraudulently pretends to be an investment fund, and we found no Forex accounts information or adequate legal documents. As a result, we can’t deposits, withdrawals, fees, inactivity procedures, bonuses, if any and so on. In addition, after registration, we couldn’t test their deposit system either, so we have basically nothing for this section.
Nevertheless, see our lists with Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have a preferred e-wallet or a trusted payment system. The high-rated companies are well-regulated, and you won’t face scammers, so you can safely open accounts.
Overall, Fischer Partners is an exposed scam, so make sure to stay away from those charlatans.
HOW DOES THE SCAM WORK
The scam usually starts with the deceitful ad, the cold call or the fraudulent social media profile, and once you get enticed, you’ll be constantly manipulated by the con artists. In most cases, the scammers will claim to manage your account and will show you winning trades at the beginning to make you believe it’s worth dealing with them. By doing so, they aim to gain your confidence and trust, which helps them in the following stages.
From there on, scammers won’t let you withdraw profits but will constantly urge you to invest, again and again, asking for much greater sums. Make no mistake about it; those criminals will try to squeeze as much as possible from you, so they’ll advise you to put all of your savings in the scheme.
You’ll probably understand what’s going on as soon as you try to get your money back. At this point, scammers will try to persuade you not to do so and will even shamelessly say that you can’t withdraw unless you deposit once more. If you are persistent and refuse to follow their instructions, they will simply cut the communication and close your account. Then, whenever fraud becomes publicly exposed, scammers will abandon the website and create new ones, carrying on with their criminal activities.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is immune to scams. If you get scammed, the first thing you need to do is to consider the secondary risks. Deactivate your credit card and contact your bank and ask for advice.
Then, report what happened to you, file a complaint, contact the authorities, call the police if you feel necessary. Seek help actively!
Remember, it’s crucial not to rush blindly to recover funds because fraudulent chargeback agencies and individuals are stalking, trying to double scam the victims. They ask for upfront payment, take the money but won’t do anything to help you!
Share online your experience; it’s important to protect others, too. Be responsible
The post Fischer Partners review – 5 things you should know about fipt.se appeared first on TheForexReview.com.