FX808 Review: Exploitative Firm and Tricky Payment Means

Hiding in plain sight and sporting a valid UK registration number, this company is a dangerous predatory entity that operates without authorization. Everything you see on their website is just smoke and mirrors, intended to keep victims spending more money.

Don’t let your money go to waste – read our FX808 review to learn more about recovery options!

Registered & Unlicensed

At first glance, the FX808 broker may seem like a legitimate entity. After all, their registration information is entirely correct. An entity called FX808 Limited was indeed found at the UK Companies House and was incorporated in April 2024.

Veteran Forex investors, however, are aware that registration doesn’t equal regulation, which is exactly what this business lacks. To be eligible to sell online financial services, a firm needs approval from the country’s main regulatory body, the FCA. This company is not only unregulated, but also blacklisted by this authority for conducting Forex trading activities without legal supervision.

Affected Nations

Since the scheme doesn’t have a particular preference when it comes to the customers’ location, area and nation, it’s no surprise to see them targeting traders all over the globe, especially in:

• Austria
• Germany
• United Kingdom

The website itself went live in April 2024, around the same time the company was registered. Although this may seem like a relatively new project, be sure that the people running it are well experienced in all kinds of fraudulent schemes. That’s why we always advise our readers to immediately contact us if they face withdrawal issues.

Fabricated Reviews

It’s simply impossible for a company that is recently registered, as well as blacklisted, to receive positive feedback. That’s why no FX808 reviews on Trustpilot should be trusted. 

Oftentimes swindlers, desperate to give off an impression of legitimacy, resort to posting fake reviews. This is yet another deceptive strategy used in order to fool traders into thinking that the platform is safe for investing. Misleading information is one of the most efficient weapons in scam circles today, so always double-check the facts and take everything with a grain of salt.

Cunning Ploy

With the crypto craze and huge expectations related to AI technology today, these schemers have decided to use both of these concepts to manipulate traders. 

The website will attempt to make you believe that “real quantum trading” and other super sophisticated analytical tools can easily make you rich. Needless to say, these are just baits and blatant lies thrown in front of inexperienced traders who are looking to make a buck without much effort. 

Overly risky investment deals that promise too much are never destined to succeed. Their entire purpose is to force you into unplanned spending and then block your withdrawal attempts.

Account Types and Creation

The FX808 trading scheme offers several account types, which are quite similar to those offered by fraudsters like Ecofix.

These are so-called tiered accounts, where higher accumulated deposits allegedly unlock various perks. These range from increased leverage to reduced use of swaps. The attached price tags don’t justify the costs though:

• Standard – 2,500€
• Premium – 5,000€
• Pro – 10,000€
• Elite – 50,000€

After creating a FX808 login account, clients are immediately prompted to upload KYC documentation. While this can be circumvented, these prompts become increasingly obnoxious as time passes.

Laughably Bad Software

What you get with the trading app is a barebones WebTrader, bereaved of any functions other than asset selection and buy/sell orders. Pricing charts are streamed directly from the swindlers’ own server, which questions their validity.

The advertised “Quantum Trading” based on “Advanced AI solutions” is just a bunch of buzzwords put together to sound impressive. It’s nothing but empty promises from a notorious liar.

Grand Total of 6 Instruments

Forget about building an advanced trading strategy with risk mitigation. Here, instead of the 190+ advertised assets, you get 6 trading instruments, 4 of which don’t load in the app. There’s an extended list, but you can’t actually access any products from it.

Without further ado, here’s the complete offering:

• Trading instruments – CN50/USD, XAU/USD, KER.PA, TGSGY, EUR/USD

Hidden Trading Costs

You’ll quickly notice when dealing with a faux broker that they don’t talk about costs too much. This lack of transparency, present with this con and other hoaxes like Belfrics is by design.

Still, some trading parameters are available. For instance, leverage ranges from 1:30 to 1:300 depending on the account type. This is a blatant violation of UK regulations, which caps leverage at 1:30.

Spreads also depend on the type of account and range from 1.0 pips to 0 pips floating. The stop-out is set at 20%. Fees, commissions, swaps, and taxes are never mentioned, and the site does not contain a Terms document.

Dubious Payment Pathways

Whether you want to deposit cash or withdraw any amount from this portal, you will be forced to do so via some shady third party processors. 

Expectedly, cyber criminals always tend to team up with other suspicious service providers to share profit and ensure their scam strategy works. Therefore, we strongly advise against sharing your personal details and any payment information with the owners of this fraudulent terminal. 

In addition, the FX808 withdrawal policy is non-existent, so there’s no way to learn anything about how much time is needed for payouts to be processed or what fees apply.

Shady Support Options

The main support channel available for customers is a Telegram chat service. Con artists have purposely picked this app because of its robust encryption, which allows them to hide their whereabouts.

Other methods include a phone number and email, but the firm has a reputation that nobody actually answers these.

Got Scammed? Talk To a Professional!

Last question we have to respond to as we’re nearing the end of this review is: “is FX808 legit?” There’s no answer more straightforward than this: no, the broker is unregulated and unreliable for any kind of investment.

Online con schemes have become a constant threat for any rookie investor. If you believe you, or someone you know, has invested with any such shady platform, feel free to contact our team. We are available around the clock for your convenience.

FAQ Section