SuperFXTrade is an unlicensed Forex and CFD broker that is operated from Seychelles under Affort Project S.A. As at now SuperFXTrade is claiming upto 3million weekly turnover, 237 clients and 18% profit per client. SuperFXTrade offers a web-based platform, all you have to do is open an account, activate the account and make a deposit. After which, SuperFXTrade will do the work for you.
What is SuperFXTrade (superFXTrade.com)? Either is Super FX Trade scam or legit?
SuperFXTrade 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 SuperFXTrade review below.
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- Aforementioned, SuperFXTrade 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 SuperFXTrade 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.
- We confirm that SuperFXTrade is a scam, SuperFXTrade claims to be registered in Seychelles by the Financial Services Authority – something that turned out not to 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.
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 SuperFXTrade Scam or Legitimate Forex Broker?
SuperFXTrade 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: SuperFXTrade is an Offshore Broker. Your Money is not safe
SuperFXTrade scam broker is unfortunately nothing new on the market, there are many similar brokers, like Bac Finance, 247GlobalTrade, Trading Aureo. They all work the same way. They do not have appropriate licensing.
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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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