FxxTrader is another offshore broker on the market. Your money could be at risk with this company. Is FxxTrader regulated? How does trading with this company work? We’ve answered all this and more in our in-depth FxxTrader review.
|Headquarters Country:||Marshall Islands|
|Types of Assets:||FX, commodities, shares, indicies, cryptocurrencies|
- Regulation and Security of FxxTrader
- Warnings From Financial Regulators
- Is it possible to make money with a FxxTrader broker?
- Scammed by FxxTrader?
Regulation and Security of FxxTrader
FxxTrader is a brand owned by TMA Consulting Limited based in the Marshall Islands. According to Terms & Conditions, the website is operated by Bulgarian-based company BONLUKI Consulting Ltd. It remains unclear why one company owns the website and the other one is running it. What is for sure, FxxTrader regulation doesn’t exist in Marshall Islands nor Bulgaria.
When it comes to the security of the funds, there are no guarantees since the company is offshore.
We strongly recommend you avoid unregulated offshore brokers.
Warnings From Financial Regulators
Since we are talking about an unregulated offshore broker that is related to the EU through Bulgaria, we decided to verify if any regulatory body noticed this company.
The UK FCA issued a warning stating that the FxxTrader broker is not regulated and operates illegally in the UK. Furthermore, they invited everyone involved with this broker to report it. The same warning came from Italian CONSOB as well.
Based on our review, we can conclude that the broker is operating illegally in all the countries.
Is it possible to make money with a FxxTrader broker?
When it comes to offshore brokers, this is always the question. The broker is not anywhere near, and there is no regulatory body monitoring it. However, the biggest issue is not to make money; it’s to withdraw it. Suppose you deposit with a scam broker, high chances to see some profits on your MT4 trading platform. But when you try to withdraw this same profit, the problem will arise. Why? Because scam brokers tend to disappear when the payout comes to order.
Based on several regulatory bodies’ warnings, we can confirm that FxxTrader is a scam broker with no license, and there are no guarantees for your money.
We strongly recommend you look for a broker with tier-one regulation such as FCA or ASIC.
Scammed by FxxTrader?
If FxxTrader scammed you, there is a possibility to get your money back. You are not the only victim of FxxTrader broker. You need to file a dispute and request a chargeback. Contact our support via chat immediately, and let’s get your money back! Do not let the scam broker go away for free!
Is FxxTrader a good broker?
FxxTrader is an offshore broker with no regulation. We can say that it is not a good or legit broker.
Is FxxTrader a Scam?
FxxTrader is a broker based in an offshore country, Marshall Islands. The broker has no regulation by any regulatory body for its activities.
Is FxxTrader regulated?
No. FxxTrader is based offshore, in the Marshall Islands and has no regulation by any regulatory body.
Are Funds Safe with FxxTrader?
No, your funds are not safe with the FxxTrader broker. It’s based offshore and has no regulations for its activities.