Beware! Trusts FX Market 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.
Trusts FX Market is a broker that advertises trading in Forex, Stocks, Commodities, Indices and Cryptocurrencies. They offer four different account types starting from $300 to $2,000. They do not have a Demo account option, which is the first red flag – all respectable brokers offer one.
The registration form asked for our names, email address, phone number and currency – 8 major currencies, including USD, GBP and EUR. Upon submitting those we were redirected to a login screen, but no confirmation email was sent to our mailbox – another red flag. What is more, after attempting to sign in with our chosen password, a maintenance page was displayed saying we have to wait for an Admin to activate our account. This, however, did not happen during the time it took to write this review, nor in the next few days.
Trusts FX Market Regulation and Safety of funds
Trusts FX Market is an anonymous entity that claims to be headquartered in Illinois, USA but does not provide a physical address or a phone number to contact them. On another page we see a statement leading you to believe they are regulated by the Australian financial watchdog, the Australian Securities and Investments Commission (ASIC) – check it out:
This turned out to be another empty claim since a check in ASIC’s database revealed there is no licensee by that name. We also checked the US regulatory agencies, the National Futures Association (NFA) and the Commodity Futures Trading Commission (CFTC), for this entity, but again to no avail.
All this clearly shows that Trusts FX Market is an anonymous and unregulated brokerage. We always advise our readers to invest and trade with brokers that are licensed and regulated by established and reliable agencies, such as the Financial Conduct Authority (FCA) in the UK or the Cyprus Securities and Exchange Commission (CySEC). These regulators impose strict rules and policies on their licensees: Client Account Segregation requires that clients’ funds are kept separate from the broker’s operating funds, while Negative Balance Protection ensures that traders cannot lose more money than what they invested. Other requirements include a Minimum Operational Capital of 730,000 EUR in order to guarantee the broker’s good financial standing and participation in Compensation Schemes, which provide additional assurance for investors’ funds up to a certain amount (85,000 GBP in the UK and 20,000 EUR in the EU).
Trusts FX Market is not a regulated broker and most probably a scam, however, and they are not bound by any rules or policies imposed by recognized regulatory bodies. We advise our readers not to invest with them as there is no guarantee for the safety of their funds.
Trusts FX Market Trading Software
The broker advertises the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms, but there are no download links available. On their homepage they mention another software, ExpaTrader, which is supposed to be a web-based platform, but since we are not able to log in there is no way to confirm it is an available option. Actually, the broker’s website is full of missing images (marked in red below) and broken links (highlighted in yellow) – a sure sign of a low-level scam.
Respectable brokers provide access to established trading software for their traders, such as the MT4 or MT5 platforms. MT4 is considered the world’s number one platform, preferred by over 80% of users. It offers an intuitive and user-friendly interface, advanced charting and analysis tools, as well as copy and auto-trade options. Its successor, MT5, has some advantages – it allows traders to execute trades on different financial markets through a single account and there is a hedging option. It boasts various features such as additional order types (“Buy Stop Limit” and “Sell Stop Limit”) and a built-in e-mail service in which it surpasses the MT4. Both platforms are available as desktop, web and mobile (iOS and Android) applications as well.
Trusts FX Market Trading Conditions
The broker advertises “Ultra Low Spreads from 0.0”, but as we noted above there is no working trading platform to verify this claim. Considering the unreliable nature of the trading platform, however, we cannot be certain it is not rigged in some way to display lower values. Regulated brokers usually provide spreads between 1 and 1.5 pips for the major, most traded currency pairs, such as EURUSD.
Trusts FX Market offers leverage up to 1:500. Offshore brokers enjoy no restrictions on leverage, but leveraged trading entails significant risks, especially to inexperienced traders. High leverage provides huge profit potential, but also presents great risks to the traders because any losses incurred will be multiplied. That is why, most regulatory authorities impose leverage caps for non-professional traders: in the USA it is 1:50, while for brokers licensed in the EU and the UK it is 1:30. The Australian Securities and Investments Commission (ASIC) also started restricting leverage for major currency pairs to 1:30 from March this year.
Trusts FX Market Deposit/Withdrawal Methods And Fees
The broker claims to offer over 15 flexible funding options in 10 different base currencies. They also state they do not charge any fees for deposit. In the funding section of their homepage we again see an example of sloppy and unprofessional work – there are supposed to be images / logos of payment transaction methods but all the images except Bank Transfer are missing.
Thus we cannot be sure if popular methods, such as credit and debit cards or PayPal and preferred by traders e-wallets, eg. Skrill and Neteller are supported. There is also no information on what the minimum deposit requirement is. Respectable brokers rarely ask for more than $100, and many have micro accounts that you can open with as little as $10.
There are no details on withdrawal or any other fees. The broker does not have Terms and Conditions or any other legal document that provides details on the agreement you will enter into when you sign up for their services. All that confirms again that Trusts FX Market is not a regulated broker and certainly a scam – investing money with them is a huge risk!
How does the scam work?
The most common scams are quite simple and straightforward and involve a multi-level scheme that usually goes by the following scenario. Internet users are lured by the numerous ads promising quick and easy fortunes by trading in the Forex world. When they click on such an ad they are redirected to a website tailored to the continuation of these false pledges, which asks them to register with their personal information. This data is then used by the scam brokers who immediately start to work on getting them to make an initial deposit of $200 – $300 by making even greater promises of big profits.
Once the users make their first deposit, the scam brokers get a fat commission on it. Now the senior scammers enter the scene. They are smooth talkers who will not stop at anything to convince traders that they are on their way to become very rich, if only they follow their advice and deposit more money to trade with.
Sooner or later the users will start suspecting something is not right and will want to withdraw their funds. This will not prove very easy, however. The scammer will do everything to delay their requests, by persuading them now is not the right time, asking for additional documents, or referring to specific withdrawal clauses. This is also part of the scam since the con-artists are trying to delay the users from filing for chargeback with their financial institution, and they miss the time frame for such chargeback, traders will lose their money without a chance of getting it back.
What to do when scammed?
If you’re scammed you should immediately file for a chargeback with your credit card provider. Good news is that VISA and MasterCard recently extended the chargeback period to a year and a half in an effort to combat online fraud. If you deposited with bitcoin or bank wire there is not much chance.
If you provided the scammers with any bank account or credit card details, such as security codes or passwords, make sure to cancel the card and talk to your bank. Also, if you are being approached by any “recovery agencies” promising to get your money back for a fee, do not fall for that. This is a piggyback scam, using the vulnerability of recently defrauded people and their hope the fraud may be reversed, and it will not recover your funds. These so-called agents will collect their fee and you will never hear from them again.
Rich Snippet Data
The Forex Review
Trusts FX Market