TexTrade Review – FSRS Regulatory Body Doesn’t Exist!
Investing with the TexTrade monkey business is not a lucrative endeavor. The broker is fully anonymous, presents fake company information and above all, falsifies license info for deceptive purposes. Several firm information aren’t enough to piece together an impression of a company that has nothing to hide.
You see, all the TexTrade website speaks of are some over-the-top security measures, best liquidity, instant transfers and the biggest choice of instruments. As if fake boasting around isn’t what all scammers do. Please consider reading this TexTrade review first if you’re still having second thoughts about this swindler.
|Regulated by:||Not regulated|
|Is This Company Safe?||Illicit brokers are not secure!|
|Have Warnings from:||N/A|
|Registered in:||Greece (alleged)|
|Trading Assets:||Forex, CFDs, Crypto|
|Free Demo Account:||Not available|
|How to Withdraw from This Company?||Withdrawals are impossible without legal support|
Fake Regulatory Info
In order to get you to believe their credibility, TexTrade has made up a license by a fake regulatory body – Financial Services Regulation Scheme (FSRS). This isn’t a real authority, and the license is, therefore, forged.
Furthermore, the company address should be Greece, where Hellenic Capital Market Commission (HCMC) is supervising the financial markets. However, TexTrade doesn’t appear in their database of regulated entities. Moreover, they do not appear in the FCA, CySEC, ASIC, NFA and BaFin registers, either.
By all means, TexTrade is an unregulated financial services provider. Deposits aren’t placed in segregated bank accounts and the broker has free access to all your capital invested. This con also doesn’t implement any of the mandatory measures like leverage cap, negative balance protection and compensation fund. Same with other offshore entities – FxxTrader being one, too.
Most Compromised Traders
TexTrade has established a worldwide coverage. These questionable services have been made available for practically any trader in any area in the world. Here’s where the scam is most active:
- United States
Although completely innocent-sounding and customer-oriented, this brokerage house is not what it claims to be. However, always friendly and talkative boiler room agents will make sure that you believe TexTrade is your way to financial independence. Sometimes the truth hits right after you make a big investment, sometimes it takes months.
If you’re in a situation where you see your funds stuck with a false broker website, contact us promptly so we can work on retrieving your funds.
True TexTrade Costs
The overly simplistic website only seems half finished and contains a single webpage. All the company info, trading details and other essentials are crumpled up in one place.
Absolutely no legal docs describe what general taxes and commissions are, as well as the trading fees, including swaps and leverage. TexTrade shows zero transparency when it comes to one of the most crucial elements of every brokerage conduct.
FxOnUs is also reluctant to reveal any of this crucially important aspects!
Poor or Unknown Trading Equipment
On one hand, TexTrade is convincing you to invest, while on the other they have nothing of value to offer. MT4 is just for show, as the scammer doesn’t have their dedicated trading server. The other tools and trading add-ons are ghostly equipment and there’s not one customized trading account. Who is motivated to invest?!
Industry Standard for a Platform
TexTrade makes a smart move to enable MT4 as their main trading platform. The download links are given for the Windows version, as well as Android and iPhone devices. All things considered, it is a plus that the premium platform is enabled, but you can’t log in without credentials.
It is not new to see a scam offer the most popular software – it’s one of the ways they attract victims. However, even the latest word of technology is useless in the hands of a fraudster.
Mobile App From MetaQuotes Stores
What is even worse than the swindler website offering a Demo MT4 for desktop, is the same lie in the form of a mobile trading app. Another proof that the broker hasn’t established their own trading server. You can go directly to MetaQuotes stores by yourself, you don’t need to be linked by a sly scammer.
What Can You Trade?
Even the available financial products are a mystery with TexTrade. The first website line you’re welcomed by is a promise about being able to trade 1700+ currencies, CFDs on indices, commodities, stocks, ETFs and bonds.
Then other groups of instruments are mentioned, like 72 currency pairs, 487 CFD contracts, 14 trading indices, and 45 cryptocurrency pairs. We can’t tell which of them is true.
No Account Types
We’d understand if the broker offered a single account type. However, we cannot say anything positive about a broker dealer not explaining even that one package. The minimum deposit is also unknown. What is probably the most frustrating is the fact that you can’t open an account at all if you don’t have a Promo Code.
How Do TexTrade Withdrawals Work?
If you’re wondering about the minimum withdrawal amount, fees and processing time, we have to disappoint you. This information is not available anywhere on the site. Another alarming sign of transparency rules breach.
It wouldn’t be strange if the only transferring method was crypto. This allows the cons to keep their identity unknown while making it impossible for you to process a payout.
Customer Support Doesn’t Exist!
There isn’t a single way to get in touch with this broker. TexTrade support may as well not exist at all when they’ve given no way to reach them. Communication channels are always given, even if they’re fake. This dastardly scheme shows none.
Stay Away from TexTrade
For the sake of your finances and a good night’s sleep, we’d recommend you to find a regulated and well known broker instead of one faking licenses. If you’re already facing issues with TexTrade, nothing is still lost.
You should contact our support service promptly and book a consultation with one of our legal experts. They can give you directions about what to do next to restore your investment. And don’t forget – the first appointment is always free!
What Is TextTrade Trading Platform?
Advertised trading platform is MT4 for Windows, Android and Apple phones.
What Are TextTrade Payment Methods?
TexTrade doesn’t reveal their payment channels available.
Is TextTrade Regulated?
No. The broker fakes a regulation with a false regulatory body and doesn’t actually have a valid brokerage license.
Are Funds Safe With TextTrade?
Because of the absence of any legal directive, the broker can’t make your funds safe.