FXTrader is an unlicensed Forex and CFD broker allegedly based in Auckland, New Zealand. FXTrader offers trade in Forex, Bitcoin and Options on popular assets – currency pairs, oil, bond and stocks. FXTrader is furnishing investors with two account types named Individual and Corporate. The minimum deposit to open the most basic account is $50. FXTrader purports to offer wide variety of trading platform including webtrader, MT4 and MT5. Leverages are variable but extends upto 1:1000.
What is FXTrader (FXTrader.net)? Either is FXTrader scam or legit?
FXTrader is considered not safe, as it is new and not regulated and licensed by top-tier financial authorities, like the CySEC in Europe, UK FCA, the Australian ASIC and the US CFTC. For more details, please continue reading our FXTrader review below.
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FXTrader Review
- Aforementioned, FXTrader is unregulated as they should be regulated if they want to target customers on regulated markets like the European Union, including the U.K, Canada, Australia or the U.S.
- Unlicensed brokers like FXTrader do not have to report to a governing body. This means that if they scam you in any way, whether it be “glitches” or “malfunctions” causing server slippage in their system, or you go to make a withdrawal and they don’t process it (steal your money), you are out of luck. Beyond posting a bad review online, there is little you can do because these brokers have no legal authority to answer to.
- FXTrader claims to offer MT4 and MT5 trading platforms – something that turned out not be true.
- Bear in mind that a legit forex license is the only reason you can trust an online broker, because otherwise, for the safety of your funds you will have to rely entirely on the integrity of the people, who have collected your trading deposit.
Since now it is clear that FXTrader is a scam, so we have Blacklisted FXTrader.net.
Questions to ask to avoid a forex trading scam
- Is the broker regulated?
- If regulated, how trustworthy is the regulatory body?
- Is the broker offering profits or rewards for opening an account?
- Is the broker offering a cash bonus for opening an account?
- Is the broker offering automatic trades or signals to guarantee profits?
- Is any credible information about the company included on its website, such as company history, financials, headquarters’ address, or similar?
- If awards are cited, can I verify their authenticity?
- If a big corporate sponsorship is promoted (e.g. athlete sponsorship), am I doing my due diligence to ensure the company can be trusted?
Is FXTrader Scam or Legitimate Forex Broker?
FXTrader Broker is not a licensed broker.
Scam Expert Advisor uses a simple method to determine if a Forex broker is legitimate or a scam broker. We look to see if the broker is licensed and regulated by anyone of these regulators; FSCA South Africa, FCA United Kingdom, ASIC Australia or the US CFTC.
In our reviews, we keep reiterating that regulation is the most clear-cut indicator of legitimacy and the best trust-creator in the business. We encourage our readers to invest funds only in properly licensed brokers in order to exclude any risk of foul play.
Review Verdict: FXTrader is an Offshore Broker. Your Money is not safe
FXTrader scam broker is unfortunately nothing new on the market, there are many similar brokers, like 247GlobalTrade, Luxstar Group, SuperFXTrade, Pais Capital Group. They all work the same way. They do not have appropriate licensing.
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Conclusion
As usual in such cases our best advise is to deal only with properly regulated brokers, like the ones licensed and authorized by the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) or the Australian Securities and Investments Commission (ASIC).
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