FX Quote 247 Review: Transparent Account Types and Pricing
Allegedly connected with another scam brand, FX-Capitalize, FX Quote 247 seems yet another Bulgarian boiler room. However, some regulators exposed it, and we took all the information we could find.
As the company’s website is currently inoperative, we believe that all those scammed could use some information provided in our FX Quote 247 review.
|Regulated by:||Unlicensed brokerage|
|Blacklisted as a Scam by:||FCA, CNMV|
|Supported Platforms:||Web trader|
|Minimum Deposit:||250 EUR|
|Types of Assets:||FX, commodities, indices, shares, cryptocurrencies|
|Free Demo Account:||No|
|Accepts US clients:||No|
FX Quote 247 Regulations and Security
FX Quote 247 says to be owned by FX-Quote247 and has entities in South Africa, Mauritius, the UK, and Saint Vincent and the Grenadines. It also claims to have FSCA and FSC regulations. Once we’ve checked these two registers, we found that both the owner and the regulation are false, making FXQuote247 another shady brokerage.
Beware of FX Quote 247 trading scam and if you notice anything illegal, let us know. When choosing an online trading broker, make sure to find one with a Tier1 license since those are obliged to have a compensation fund for reimbursement.
FX Quote 247 Warnings From Financial Regulators
FX Quote 247 has been exposed by the UK regulator, FCA. They were the first to officially warn citizens and announce that traders were engaged with Bulgarian unlicensed brokerage and not entitled to any compensation fund.
After this warning, we’ve got the one from Spanish CNMV, stating the same.
Fund Withdrawal Issues
As expected, withdrawal issues are nothing new with FX Quote 247. Since the broker is not actually regulated, it feels free to defraud clients, take the money, and disappear. Since the website recently went down, clients cannot access their funds nor reach their account managers or anyone in charge.
If something similar has happened to you, don’t get desperate just yet. If you’ve used your credit card, there’s a chance to file a dispute and request a chargeback. Remember that chargeback is possible within up to 540 days of a fraudulent transaction occurring, so take steps quickly.
Fake FX Quote 247 Rewards
FXQuote247, similar to many others, posted fake rewards, bragging about being the best Forex broker, most secure trading service provider, etc. Whenever you see such achievements, ask yourself how an unregulated company could earn them. Of course, the answer is – they didn’t.
Since these firms never post who the alleged award giver is or where to look for these medals, it’s similar to posting a fake regulation number.
Traders About FX Quote 247 Scam
From the traders’ side, FXQuote247 is a fraudulent firm that refuses to process withdrawals. According to all reviews we’ve seen, none of the investors managed to get their funds back, not the initial deposit and not their profit.
Therefore, you should be well aware that FX Quote 247 is an illicit scheme, and any offer coming from it is potentially dangerous. Also, remember that you’re not entitled to a compensation fund.
How Does Online Trading Scam Work?
Once you sign up with the brokerage, you might see false regulations, awards, headquarters. All this information should imply you’re dealing with a legit company, and your money is safe. Instead of blindly trusting fraudsters, make sure to verify everything you see. Online trading scams are becoming more and more widespread, so instead of becoming the next victim, check it all out.
If you already fall victim to FX Quote 247, make sure not to leave it at that. Take steps to file a dispute and request a chargeback.
Scammed by FXQuote247? – Tell Us Your Story
If you were scammed by FX Quote 247 or a similar bogus broker, let us know. Our chargeback specialists will give you the best refund solution after hearing you out and determining the options.
But What Is A Chargeback?
This is a way for your bank to reverse the fraudulent transaction. For further details, contact us via online chat and book a free consultation with our experts.
What Is FX Quote 247?
Simply put, it is a Forex and CFD online trading provider without a license.
Is FX Quote 247 A Scam Broker?
Yes, FX Quote 247 has been blacklisted in the UK and Spain for fraud.
Is FX Quote 247 Regulated?
Despite false claims, broker is unregulated.