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Fxtradeservice is fooling investors into depositing and later blocking withdrawals. Here’s the full fxtradeservice.com review.
Fxtradeservice claims to offer free risk trading and also boasts of having multi-regulated status. However, we found that the platform is a complete hoax after digging deeper. No regulator gave the platform the green light to operate. As a result, we have a platform with no way of providing a safety net for investors. Those who have invested with the platform are facing a hard time. Here’s what we found out in our clear FXTRADESERVICE REVIEW.
On the about us page, Fxtradeservice claims to be a pioneer in online trading. Unfortunately, there’s no talk about it, as the platform seems to lose steam as days go by. No expert or regular trader has heard of the platform in Europe or the United States.
FX Trade Service claims to commit to creating a dynamic and innovative trading experience. Its core value includes a client-oriented approach and putting the client first. The platform also claims to have an efficient team running it.
We have a platform that offers a resilient infrastructure coupled with high leverage and low spreads. However, after dissecting the platform, we can safely say that this is a load of crap. There’s no fair trading taking place on the platform.
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For the past few weeks, members failed to withdraw funds from the platform. As a result, no one gets to go home with their winnings. When asked about the problem, the platform offers no answer.
That’s why regulators plan to issue a warning regarding trading with the platform. Those who dare sign up end up losing their entire investment. In addition, Fxtradeservice is a platform not worth trading on as it’s a scam.
Experts recommend doing due diligence before signing up with such platforms. You need to know what you’re getting yourself into before committing funds. Also, try and find out the experiences of other users before signing up.
Accounts and trading tiers Fxtradeservice
Fxtradeservice fails to mention the available classes of accounts available on the platform. We can deduce that the platform offers two distinctive accounts for binary and forex trading. Each of these accounts provides a different array of features.
Here’s a closer look at these two accounts;
Binary options accounts
The account promises users a wide range of trading tools and an award-winning trading platform. In addition, you get a promise of getting automated and fast trading solutions. The account also promises members over 100 indicators.
Forex trading accounts
The platform also offers the trade on the go service for the forex trader. Members get a promise of enjoying tax-free spreads and a highly regarded trader execution. There’s also a promise of a low minimum deposit.
The platform offers one account for each trading asset. The problem with these accounts is that there are no apparent features. For instance, there’s no quote on acceptable leverage and spreads available.
Regulators have stated acceptable leverage if you’re new to trading. For example, the maximum leverage in Europe is 1:100. Retail traders in the United States enjoy maximum leverage of 1:50.
There’s no quote on spreads available on these accounts. The advanced risk management tools don’t help much in the long run. The accuracy of the trading bots is in question after a series of failed trades.
Members don’t get a demo account that would help them test the platform. A demo account gives members insight into what to expect with the features. Unfortunately, that’s not possible as the platform fails to offer a demo account.
Assets and trading instruments
There are only two classes of trading instruments available on the platform. These include binary and forex trading. Unfortunately, binary trading is only available in selected countries for most parts. As a result, the asset is not as popular as it used to be.
You get to trade major and minor currency pairs. These include major pairs such as EUR, GBP. JPY, and USD. Sadly, there’s no quota on the leverage or spreads of these assets. So traders are going in blind.
Despite claiming over 30 assets, most are only found via mobile trading. These include commodities, crypto, indices, and stocks. There’s no mention of the features that come with these assets.
Awards and accolades
We see a platform claiming to have won several accolades. These include Best CFD Broker TradeON Summit 2021 and Best Broker Asia I F X EXPO 2021. Unfortunately, all these are false awards as the platform downloads award logos.
The platform was not even a nominee for these listed awards. That shows the extent to which the platform will go to try and fool investors. These awards are just used to sell the platform as a credible investment option.
There’s no information on who owns or runs Fx Trade Service. And that makes Fxtradeservice an anonymous investment platform. So naturally, you don’t want to fund an account with an unknown entity.
Recovering funds from an anonymous entity should be the last thing on your mind. Unfortunately, those who claim to hire recovery agents lose more funds. These agents don’t have the mandate to freeze bank accounts.
Despite claiming to have offices in Canada and the States, these are false addresses. The platform only uses these locations to try and appeal to investors in the region. It also wants to appear as if the platform is compliant with strict regulations.
To sell the platform as rewarding, there’s a client testimony section. In this section, the platform reviews what seems to be successful traders. Mind you, and there’s no positive review anywhere on the web regarding the platform.
No independent website hails the platform as a success. And this goes to show that the platform doesn’t have any footing in the industry. The platform doesn’t even have social media accounts. That’s a bummer and shows a lack of professionalism.
Compliance, License, and registration Fxtradeservice
Fxtradeservice does not hold any license document to prove compliance. No regulator gave the platform the green light to operate. We have a platform failing to follow a set legal framework.
Without proper rules, the platform is free to instill harsh trading conditions. That means the platform might set high leverage and abnormal trading conditions. It’s what’s happening on the platform.
You need to check with regulators to confirm whether a platform is compliant. These credible regulators include ASIC, BaFIN, CFTC, CNMV, CONSOB, CySEC, and the FCA. Others include FINMA, NFA, and the SEC.
Contact and support
Don’t expect any contact or support from the platform. It doesn’t have direct communication lines with staff members. There’s no listed phone number a member can use to call staff members directly.
We see a platform desperately trying to control the communication lines. You need to test the availability of staff members before joining. The problem with FX Trade Service is that the platform blocks communication as soon as you deposit.
Deposit and fund safety Fxtradeservice
Your funds are far from safe, with a platform failing to offer a meaningful trading experience. For example, there’s no security of funds as the platform fails to segregate accounts. In addition, members don’t enjoy negative balance protection.
Final judgment fxtradeservice.com
Please stay away from fxtradeservice.com
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