Beware! FXActive.net 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.
FXActive.net is a mess of a broker, but not in an obvious kind of way. The more time we spent with it, the more we realized just how inadequate and poor the entire experience is. Certain sections of the site did not function properly, while also there was a clear overlap of information noticeable all of the time. There is a lot more to be said of this one, so let us not delay. Read on.
There was no way for us to create an account, live or demo, because all links to an account creation tool were broken and were not functioning. We can think of two reasons why that is. The first one being that the website really is half-functioning, and there is no way fixing. The second one is more of a scammer approach. It goes like this: scammer brokers block the registration page to anyone who isn’t chosen by them. Only users picked by the broker have access to a trading area. However, at this point, all we have is to speculate.
We have no choice but to take all the trading and payment information from the website, which is not the most trustworthy source.
The average EUR/USD spread is said to be 2 pips, while the leverage is maxed out at either 1:500 or 1:400. We can’t really put our finger on it, because certain sub-section of the site claim different things. The alleged trading assets are forex currency pairs, commodities, indices, and shares.
The website comes in both English and Spanish, however it seems that the site has a mind of its own. Certain sections are automatically translated into Spanish, meaning that the creators of the website did not do a good job with coding the site. There were even some instances where certain elements of the site were in German.
FXACTIVE.NET REGULATION AND SAFETY OF FUNDS
One of the most important things to note about FXActive.net is that it has been officially warned against by the CNMV, which is Spain’s FX regulator.
Furthermore, nowhere on the website of this alleged FX company does it say that the broker is regulated by an agency. The footer mentions an address in Australia, but this is a long shot, and the local ASIC does not regulate this broker; we made sure of it.
Overall, FXActive.net is very anonymous, and it seems that it targets users without them suspecting it. In other words, the only way to find this broker is if it wants to be found.
The verdict is obvious: FXActive.net is UNREGULATED and a risk not only to your money but also to all personal details that you have provided!
Investing in unregulated brokers is kissing your money goodbye. Always look for a license before investing into a brokerage, most preferably from either the FCA or CySEC, but also from other renowned agencies. These regulators have strict rules and prerequisites that all brokers must follow, or otherwise, penalties or foreclosure may follow! What’s special about the FCA and CySE said that they offer reimbursement schemes to all users of brokers that they regulate, covering their losses if the broker becomes insolvent. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
FXACTIVE.NET TRADING SOFTWARE
We cannot speak of a trading software, because none of the sources on the website work towards bringing users closer to a trading platform. Actually, we found a download link for the MT4 for the OS X operating system, but the file name was that of a different company.
The issue is further complicated by our inability t0 create an account.
FXACTIVE.NET DEPOSIT/WITHDRAW METHODS AND FEES
As seen on the website, it appears that the broker is using the following payment methods: bank transfer, Qiwi, YandexMoney, and credit/debit cards. The Accounts section claims the minimum deposit to be $500.
According to the FAQ withdrawals can take up to 24 hours to be processed, and there are no withdrawal fees. Personally, we do not trust this info. And furthermore, there is no other withdrawal info to work with. Moreover, even the deposit details are not to be fully trusted, for the broker might be lying to its users.
Only financial loss and frustration will result in the usage of FXActive.net. Do not invest your money here!
How does the scam work?
Online ads that seem extravagant, promising impossible returns, are the entry point into an investment scam.
When a user clicks on the ad, he or she will be redirected to one of the following: a scammer broker site or an intermediary website. The user will then be asked to provide a phone number or a phone number.
Giving in to these ads will lead to a deposit, initiated by the first level of fraudsters, whose skill as negotiators should not be underestimated. Once an initial deposit is made, the user has entered the scam.
The core fraudsters, a.k.a “account managers”, will try to keep users invested in the scam until the user does not realize he/she is being scammed. Usually, it takes around 2 to 3 deposits to realize something is off. The fraudsters might pay some profits, just to keep the client invested.
Once the client realizes she is being scammed, the broker would have either closed her account, shut down the entire website, or simply will not allow for a withdrawal.
What to do if scammed?
A credit or debit card scam is one in which users can most easily get their money back, through a chargeback procedure. MasterCard and VISA have a chargeback period of 540 days.
If the user has given the scammers money through a bank transfer then they must ASAP change bank account username and password and only then proceed to contact the bank, asking them for direct help.
Money invested through a crypto wallet is gone for good, because crypto transactions are untraceable!
Users might stumble upon these so-called recovery agents or agencies. They will say that they can recover lost funds in return for a hefty service fee. Needless to say, after the user falls for this, these agents will never be heard of ever again!
Rich Snippet Data