Beware! TradingFXP 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.
TradingFXP is yet another shady offshore broker – we have covered all of the shady aspects of its service. But, before we step into actually reviewing TradingFXP, we need to make a short disclaimer – the company is a broker in a rather wide sense of the word. That is because it hardly offers any trading instead the company has a strong focus on investment plans. Here is what the most modest investment plan with TradingFXP looks like:
A daily return rate of 2.5% is impossible – no matter what the company says. No-one can achieve such high turnover rates. As for trading, it is only possible through TradingFXP’s random trade feature, which you can see outlined below:
You can put an amount of money on a random asset picked by TradingFXP’s trading software. We do not believe that TradingFXP trades with this money at all – it is far more likely it simply pockets it.
With that out of the way, let’s take a closer look at TradingFXP:
TradingFXP regulation and safety of funds
TradingFXP is not regulated – the company is registered in St. Vincent and the Grenadines and the Seychelles, as you can see below:
What’s notable about these jurisdictions is that they do not regulate their markets – making them very attractive for scammers of all kinds. You are better off sticking to brokers licensed in a more legitimate jurisdiction, like the EU – they are bound by a strict set of rules to prevent fraud. Just to give an example, EU-licensed brokers are required to report on a daily basis on open and closed trades, which makes it impossible for any of them to manipulate prices or engage in any other form of foul play.
TradingFXP trading software
The company does not offer trading software – this is because it does not really offer trading. We have showed you its Random Trade feature already, and there is not much else you can actually do once you make an account with TradingFXP.
Compare that to actual brokers which let you trade for yourself using a real platform – usually some variation of the industry standard Metatrader 5, which has earned that distinction for its user-friendly interface and powerful automated trading features.
As for leverage and spread, these terms are not even remotely applicable to TradingFXP, because you cannot place trades on your own with it.
TradingFXP deposit/withdrawal methods and fees
TradingFXP accepts a range of deposit methods – from conventional ones like credit cards to more obscure ones like Bitcoin. Note that if you deposit with a card you will be entitled to filing a chargeback within 540 days of any transaction – while all Bitcoin transactions are final. As for the minimum deposit amount, the broker sets it at $500 – much more than what legitimate brokers require to open an account – $100-200 at most.
There is not a single word in TradingFXP’s Terms and Conditions about what fees it charges. Of course, it would be foolish to assume that this means the company does not charge any – rather, it is more likely it does not wish to disclose what the fees entail and what they are owed on with you.
How does the scam work?
TradingFXP is running a very simple, and yet efficient scam – it starts when the would-be victim clicks on an ad promising a very profitable investment opportunity. These ads take them to a website much like TradingFXP’s own, where they are prompted to give out their personal information, like a phone number. Once they do that, they will be harassed relentlessly by the scammers, who will try and get the poor victim to deposit money.
These people are really efficient at breaking down their victims. And once they deposit, more and more money will be requested. If it appears the victims is profitable, the scammers will urge them to keep depositing, that now is the time to invest. Should they appear to be losing money, the scammers will pledge to recover it – all they need is more deposits. This goes on until the victim stops depositing – at this point, the scammers drop it and cease contact.
What to do when scammed?
There is nothing embarrassing about falling prey to such a scam – anyone is vulnerable. There are a couple of steps that can be taken – first off, uninstall any desktop sharing software the scammers had you install – programs like TeamViewer are often used by them.
Change any personal documents you gave access to scammers to – credit cards, IDs and so on. What’s also worth trying is filing a chargeback if you have deposited with a method that allows it.
Finally, do not fall for further scams! If contacted by a recovery agency which can restore your profits, but demands upfront payment, know this is another group of scammers, which have no intention of doing so – they are only concerned with pocketing your deposits.
Rich Snippet Data