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BenettonFX is a company that has nothing unique to offer. The entity is clearly another scam in the market that is after investors funds. Invest with reliable companies that will never steal from you.
BenettonFx is an unknown brokerage company that introduces itself as Capital Mog Co Ltd that pretends to be operating from Japan. However, a European financial authority ( Polish financial authority KNF ) did blacklist Capital Mog Co Ltd as of 2020. Such a move from a world-class watchdog is confirmation enough that such enterprises are fraudulent entities.
The entity claims to have been licensed by the Japanese financial authority. Based on our research, we found out that the Japanese administration denied being aware of such an entity or merely issuing a license to such a brokerage entity.
After a careful examination of benettonfx website, you will most definitely realize that this broker is not registered in any regulatory body. This should be a major concern for any investor who would have been tempted to trade/invest with this broker.
Apparently, this broker is offering automated trading software. This should serve as another red flag, the reason being such a brokerage website offering automated trading software are well known for their scamming schemes.
The platform offered by this broker is web-based. The platform is also prone to fraud and price manipulation, which is carried out by the brokers themselves. Additionally, the platform was built by the brokers themselves, and the platform lacks functionalities and is unreliable.
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The first glance at their spread ( the buying and selling price to execute a trade ) is relatively low. You would actually be compelled to think of the potential profit you would make with such an affordable spread. Nevertheless, these favorable trade conditions should not be considered by any serious investor.
Before actually trying to invest with this broker, we would advise you to check out the official warning that was published by Polish financial authority KNF, in relation to this particular broker, and avoid losing your investment with unworthy brokers.
The entity has its leverage set to a fixed 1:100, a value that all its clients are not allowed to alter, This should be a concern because this company is actually pushing its traders to a dangerous trading environment. But on the bright side, this move actually helps us prove that this company is not regulated by the Japanese financial authority because the authority strictly set leverage to a ratio of 1:25, as 1:100 is considered to be too risky.
BenettonFx requires its traders to deposit a minimum amount of $500 dollars in the initial deposit, this is actually five times the amount requested by all the legit and regulated forex brokers in the world.
The entity accepts funding of accounts through Credit and Debit cards and wire transfers. Note wire transfers are irreversible, we would wish to make it known to all our readers that wire transfers are usually one way. Instead, we would recommend you to bank card fundings which are much safer as they allow chargebacks for 540 days after the date of deposit.
BenettonFx does say anything about a minimum withdrawal amount, the time taken to process a withdrawal request, or even the amount charged in making a withdrawal.
Unlike all the other regulated brokers who are bound by the law to define all the possible scenarios, this broker says nothing about the dormant account and the fees charged for inactive accounts.
The only thing they talk about is is a $36 charge for any user who has not executed a trade in the last 30 days. Remember their platform actually lacks functionalities to carry out trade, more about trading will be covered in the withdrawal and deposit sections.
Withdrawal And Deposit
As earlier discussed in the trading and condition section users joining this entity are usually required to deposit an initial amount of 500 dollars. Deposits for this particular entity are done through wire transfers and Credit or Debit cards. That’s just a summary of the deposit section since we had discussed deposits in the previous section.
The withdrawal process from this broker is not really clear, and the broker does not really say much about withdrawal. For instance, unlike other FX brokers, this particular broker says nothing about a minimum withdrawal amount, and neither does he talk about fees charged while processing a withdrawal request.
Bonuses, yes, bonuses. BenettonFx offers bonuses to its clients, but there is nothing much that the entity specifies about the bonuses apart from a crazy requirement where the client is supposed to meet a volume of $20000 in trade for every dollar eligible to be withdrawn. But there is a catch, and traders can actually withdraw sums without having to meet this requirement.
In turn, the bonus amount is forfeited, and the sum that had been granted to the trader and the profit that the trader had made is automatically lost.
Aside from that, you should actually know that most of the scamming brokers who offer bonuses do not miss an opportunity to introduce requirements that are not fair to the trader and therefore making the trading conditions for its client a living hell. With all that said and done, the bottom line is, BenettonFX is a fraudulent entity, and this has been confirmed by Polish financial authority KNF, so for the safety of your investment, keep away from BenettonFX.
Regulation and Registration of BenettonFx
Benetton introduced the name of a company by the name Capital Mog Co Ltd. They claim that this company has its headquarters in Osaka, Japan. The company goes ahead to claim to have a license of operation from the Japanese financial authorities.
The Japanese financial authority has however dismissed these claims and says they have never a license to such a company. But as earlier discussed this entity is a fraudulent entity that has already been flagged by a European watchdog.
BenettonFX is not a regulated entity, furthermore, this is a confirmed scammer and no one should actually think of trading with them.
The website benettonfx.com does have a contact information page. We did not actually confirm if the contact details there are valid for reasons such as crooked brokers like the one in context are known to have call centers that would respond to clients that happen to reach out.
Secondly, it would be a waste of time because the entity is already a confirmed scammer and therefore we would wish to urge all our readers to avoid trading or with this particular entity. If you are already trading with this entity we would urge you to try and withdraw your funds if possible before it is too late for you.
There is nothing much we can actually say about this particular broker. Exposing their fraudulent activity and informing our readers about their scamming scheme and keeping all our readers safe from opportunistic entities such as BenettonFX is our number one priority.
Avoid investing in fraudulent companies that will drain your pockets. Nevertheless, most of these companies have no one running them instead they run anonymously. We would urge all our readers to invest in forex companies that are legit and licensed by the relevant regulatory authorities.
We hope that this review you read from us will be an eye-opener for you in your quest for knowledge about BenettonFX. Do check out other reviews from our page to know more about these fraudulent brokers that you need to stay away from.