The first thing to mention is that at the time of writing this review, fusionfx24.com was a suspended domain. We can’t access the broker’s website, and its victims are unable to access their funds as well. That was a reason more to dig deep and uncover the scheme in this review.
|Broker status:||Offshore Broker|
|Regulated by:||Unlicensed Scam Brokerage|
|Blacklisted as a Scam by:||CONSOB, FSMA, FI|
|Headquarters Country:||Commonwealth of Dominica|
|Types of Assets:||FX, commodities, indices, shares, cryptocurrencies|
|Free Demo Account:||No|
|Accepts US clients:||Yes|
What About Fusionfx24 Regulation?
Fusionfx24 claimed to be based in the UK. However, it turns out the firm is based offshore, in the Commonwealth of Dominica. Many scheme firms choose offshore headquarters since the regulation is loose, and they don’t need to follow any rules. Furthermore, they’re easier to disappear once they have enough funds, which happened with Fusionfx24.
Why Must a Broker Have a License?
A license obligates brokers to follow specific rules, reduce risks, and keep clients’ funds safe. Offshore firms such as Fusionfx24, are free to do as they like, and once they vanish, no authority body will reimburse victims.
Note that most offshore frauds are back under a different name. If you get contacted by any other firm after being defrauded by Fusionfx24, be well aware it might be the same scheme in the new form.
Fusionfx24 Warnings From Financial Regulators
The Italian CONSOB blacklisted Fusionfx24, explaining in detail how clients were offered to open an investment account and buy/sell financial instruments. All of this by an unregulated firm operating under an unregulated domain.
This warning was later republished by Belgian FSMA and Estonian FI.
Traders Reviews About Fusionfx24 Scam
Fusionfx24 mainly targeted clients from the UK, Italy, and Albania. Therefore, CONSOB was the first to issue a warning after many clients filed official complaints and wrote many negative reviews. It seems that this broker was connecting to clients’ devices through AnyDesk, a remote desktop app, and stealing their funds directly from their bank accounts.
Supported Trading Platforms – Available Trading Software
Fusionfx24 offered only a proprietary WebTrader. It’s the riskiest way to trade since the broker has access to all your funds and personal information through the back of the software they built.
The safest and the best way to trade is by finding a regulated firm offering reputable software such as MT4 or MT5. You will have many trading tools, increase your chances of making a profit, and know that your funds are safe.
Everything About Fusionfx24 Accounts
Fusionfx24 offered several account types. From all we were able to learn, two major ones were:
- Standard – $250
- Professional – $10,000
As you can tell, they’re based on the client’s market experience. Professional account types enabled leverage up to 1:1000, better spread, and more assistance from the company.
Fusionfx24 Range of Trading Instruments & Markets
The offer of trading instruments was pretty standard, allowing clients access to:
- Currency pairs
Besides, noted the names of the Neural 4X, Inertia Finance and FullMarkets trading scams and avoid them at all costs! By the same token, always analysis the background of online trading companies before investing!
Fusionfx24 – Bad Trading Conditions And High Fees
As you had a chance to see, the broker offered leverage of up to 1:1000. If you know that regulators limit it to 1:30 or 1:50 for the Forex market, you can understand at what kind of risk Fusionfx24 was exposing your funds. Furthermore, there’s a ridiculous Bonus Policy requiring you to trade $4 million for every $100 bonus that you receive. Practically, for every $1, you needed to have a turnover of $40,000.
Also, there is an inactivity fee of 100 EUR per month for accounts inactive over 45 days, with additional withdrawal fees nowhere specified.
Fusionfx24 Deposit and Withdrawal Methods
The broker accepted the following payment methods:
- Debit/credit cards
- Wire transfer
The minimum deposit was $250, while the minimum withdrawal amount was not specified. However, with all the hefty fees company’s charging, there was nothing left to withdraw.
What to Do if I Get Scammed by Fusionfx24 – Tell Your Story
Getting your money back from scam brokers is possible. Depending on your payment method, you may need a recall or to make a chargeback, but it’s not all lost.
But What Is A Chargeback?
This is a way for your bank to recover the funds stolen as part of an online scam. Since the procedure is time-limited, you need to act now. Book your FREE consultation and let our experts evaluate your case to help you get your hard-earned money back!
What Is Fusionfx24?
Fusionfx24 is an inactive offshore trading firm offering Forex and CFD trading.
Is Fusionfx24 a Scam Broker?
Fusionfx24 has been blacklisted in Italy, Belgium, and Estonia for scam activities.
Is Fusionfx24 Available in the United States or the UK?
Fusionfx24 was available in both the US and the UK.
Does Fusionfx24 Offer a Demo Account?
Fusionfx24 offered no Demo account, only several Live account types.