FewaTrade Review – Your Money Is At Risk With This Broker
The FewaTrade Review will spit facts about this copycat scammer, whose sole intention is to steal your money. Despite analyzing countless similar schemes, these fraudsters never cease to amaze us with the lengths they go to.
Anyways, this case will be cracked using valid arguments against the illicit broker so stay tuned. First, we must address the most important issue, which is the lack of a license.
|Broker status:||Unregulated Broker|
|Regulated by:||Unlicensed Scam Brokerage|
|Blacklisted as a Scam by:||N/A|
|Owned by:||OliNo Energy B.V.|
|Headquarters Country:||100 William St, New York, NY 10038, USA|
|Minimum Deposit:||100 USD|
|Cryptocurrencies:||Yes – Bitcoin, Ethereum, Ripple and Litecoin|
|Types of Assets:||Forex pairs, CFDs, Crypto|
|Free Demo Account:||No|
|Accepts US clients:||Yes|
Is FewaTrade a Safe Company Or a Scam?
Not only is FewaTrade a preposterous scammer, but it is also a copycat. The phony shamelessly used the website of yet another fraudulent broker known as FidnaFX. There’s also mention of a certain Axos Trade FX on the home page. Moving on, we’ve got a fake US address and a UK phone number, side by side.
Additionally, the legal section of FewaTrade says that the provider operates under OliNo Energy B.V. Upon searching for this company, we’ve found one such entity based in the Netherlands.
Here you can see that the company has no “children,” i. e. subsidiaries. So, there’s your proof that FewaTrade is unlicensed and risky.
Dealing with FewaTrade is not recommended. The firm is unlicensed and has many negative reviews.
Why Is Trading On a Licensed Broker’s Platform Preferable?
We’ve checked the websites of top Tier 1 regulators that could be associated with this fraud and found nothing. No info on FewaTrade on the UK’s Financial Conduct Authority (FCA) or the US Commodity Futures Trading Commission (CFTC) and National Futures Association (NFA). Never trust con artists like this one and instead opt for licensed providers.
What Platforms Does FewaTrade Offer? – Available Trade Software
You know when teenagers start caring about the latest fashion and begin to wear similar shirts or put on popular sneakers to show off? Scammers aren’t that different. They all go to the TradingView website and pick up a couple of charts to seem legit.
In addition to that, they brag about offering the “No. 1 Trading Platform” when all they really have is an awful and recycled web-based trader. Plus, there’s no demo account available to allow clients to see the platform before using it.
What Can I Trade?
The listed trading assets are more or less the usual – Forex currency pairs, commodities, indices, stocks, etc. A special emphasis was placed on cryptocurrencies, which include Bitcoin, Litecoin, Ethereum and Ripple. Allegedly, you can trade on a PC, tablet or mobile phone.
The “Crypto” section is where the scam broker really starts tearing into its own lies. Now, Meta Trader 4 is suddenly mentioned for Bitcoin trading. If the fraudster really had Meta Trader 4, wouldn’t it be logical to display it on the very first page? After all, that is the leading software in the game.
What Do We Know About FewaTrade Account Types?
There’s no information at all regarding the broker’s account types. Naturally, we assume that there are none. At least FewaTrade isn’t getting ahead of itself and is aware of the limitations that accompany its scheme. The fraudster’s one and only goal is to get that $100 initial deposit.
Can a Trader Use a Demo Account?
There’s no demo account available. Why you might ask? Because the scammer has nothing to offer, no trading platform for you to check out. Its plan is to persuade you to invest the minimum deposit. Once you do, it’s game over and you’ve lost.
Deposits & Withdrawals
Here we see an old-fashioned textbook scam. Pre-paid credit! FewaTrade cannot be serious! Of course, this type of credit is not linked to any bank account, thus the process is completely anonymous and perfect for fraud. As you may have imagined, that’s the only relevant piece of information on the unscrupulous broker’s website about payments.
The only thing we’ve found is a “Live Payouts” section designed to fool you into believing Fewa actually pays clients. This table was made in a clever way to randomly generate these fake Bitcoin payments.
What Is Known About FewaTrade’s Trading Conditions?
This section gives rise to uncertainties, mainly due to insufficient data. What we do know is that the leverage can be set at 1:20. Most crypto exchanges reduced the allowed leverage from 1:100 to 1:20 to avoid a regulatory storm so our scammer actually managed to get it right this time, probably accidentally.
Spreads weren’t disclosed, they were simply described as “competitive.” For Ethereum trading, a margin of 50% must be met.
Why Do Scammers Prefer Cryptocurrencies?
Nowadays, even kids learn how to hide their phone numbers when doing prank calls. The same goes for scam brokers. They prefer crypto because it is hard to track down and allows them to remain anonymous. From the shadows, they prey on unsuspecting victims’ wallets.
Scammed by FewaTrade Broker? – Let Us Hear Your Story
We feel for you if you’ve been scammed by this fraud, especially considering the pre-paid credit condition. Your only hope is the police in this case. However, we can mitigate your pain by reporting the scammer!
The main takeaway here is to never trust such liars that do not own a license. Instead, always look for transparency when giving your money to a provider.
What Is FewaTrade?
FewaTrade claims to be a broker that’s part of OliNoEnergy B. V.
Is FewaTrade a Scam Broker?
FewaTrade is indeed a scam broker because it is unlicensed and fake.
Is FewaTrade Available in the United States or the UK?
The broker provided a US address and a UK phone number, implying that it mainly targets individuals from these two countries.
Does FewaTrade Offer a Demo Account?
FewaTrade does not offer a demo account on its website.