After learning about Fantex brokerage and its downsides, we decided to expose everything to you. Prepare to see a broker with numerous complaints and withdrawal issues without a proper trading platform and without any credibility.
Let’s start our Fantex review and see what the problem is with this company.
|Broker status:||Offshore Broker|
|Regulated by:||Unlicensed Brokerage|
|Blacklisted as a Scam by:||FMA, CNMV, DFSA, CONSOB, FSMA|
|Owned by:||Felicity Group Ltd|
|Headquarters Country:||Commonwealth of Dominica|
|Supported Platforms:||Web trader|
|Cryptocurrencies:||Available – BTC, BCH|
|Types of Assets:||Forex, commodities, cryptocurrencies, shares, indices|
|Free Demo Account:||No|
|Accepts US clients:||No|
Fantex Regulation and Security
Fantex is a brand owned by Felicity Group Ltd registered in the Commonwealth of Dominica. The first issue we had is to confirm that the alleged owner exists since it’s not registered anywhere. However, there’s another brand, Lux Investment, registered under the same fraudulent company.
Afterwards, we couldn’t find Fantex regulation in the FSU register nor any other, such as the FCA or ASIC.
Simply speaking, Fantex is an enormous scam, and you should avoid it by all means.
Fantex Warnings From Financial Regulators
Since this list is longer than the list of available payment methods, for example, we will start immediately.
The broker was blacklisted by the Spanish CNMV and marked as a scam.
Afterwards, the same warning was published by the Italian CONSOB.
Following the warning, Austrian FMA blacklisted both Fantex broker and its owner, Felicity Group Ltd..
A long list of warnings joined Danish DFSA.
And, in the end, a warning from Spain, Belgium’s FSMA stated the same.
Fund Withdrawal Issues
With everything being said, we decided to check some of the Fantex reviews to see what traders are facing. Investing with Fantex brokerage brought in nothing but a vast number of withdrawal issues. For a start, the brokerage takes money from clients via credit card or cryptocurrencies, but once you want your profit, it’s not possible to withdraw any.
In fact, in the Terms and Conditions, the broker stated that in the end, you might end up with less money than you invested, and you may not necessarily get back as much as you invested. Sounds suspicious, right?
Glancing at Fantex reviews, we’ve noticed that the broker is poorly rated. And for sure, there is a reason for such a thing. Besides withdrawal issues, the broker requests a deposit of a minimum of $250 or EUR 250 depending on the country of residence, and there’s only a web trader instead of an MT4 or MT5. Everything from the support team to an alleged large offer of trading assets is just disappointing.
How Does Online Trading Scam Work?
If you ever scrolled through social media and saw a tremendous trading ad showing incredible amounts of profit from only $250, then you already know where it starts. From there, you’re being redirected to some brokerage, and their support team will help you invest initial money. Of course, you’ll be asked for all sorts of personal details, including your credit card number.
After the deposit, you’ll get a call from a financial adviser who’ll go above and beyond to get access to your bank and everything you own. And, conveniently, he will have a financial plan for precisely the amount that you have. If you fall for a well-presented pitch and invest in everything you have… well, it’s not hard to guess the outcome.
Scammed by Fantex?
If you were scammed by Fantex or similar illegal offshore brokerage, do not hesitate to let us know. Our support team will guide you through a chargeback process quickly.
But what is a chargeback?
It’s a way for your bank to recover stolen funds. However, there’s a whole process behind it. Contact our support via online chat and let us know what happened. We will find the best way to assist you in the refund process.
What is Fantex?
Fantex is an online trading brokerage based in the Commonwealth of Dominica.
Is Fantex a scam?
Fantex is a broker that operates without a license from an offshore country.
Is Fantex regulated?
No, Fantex is not legit, nor a regulated trading brokerage and has no authority to provide financial services.