FCAutomatic Review: a Forex Brokerage Scam Platform

FCAutomatic is a trading company managed by Aboutos LLC, established in St. Vincent and the Grenadines. This is an offshore company where the regulation rules for forex exchanges don’t apply. The online trading company offers investment opportunities in the field of financial markets. The company initially offered crypto services only, but it expanded to offer shares, indices, and forex services due to demand.

Trading for individuals and institutions can be either long or short-lived. The broker is available in three countries, including the US, Italy, and Germany. The company provides a lot of information on the products they offer. They have free lessons for each investment asset they provide. This is a great way of client retention as they know what they are getting into.

Fcautomatic.com Review

FCAutomatic is a well-known broker despite its short-lived existence. This is due to set up a very informative trading platform well. The broker has, however, received some negative reviews from their users. Most of them have rated them with two stars. This is a very poor performance measure as per traders’ reviews. Moreover, this means users will most likely not recommend FCAutomatic brokers to investors. Traders have complained that they end up losing more on opening accounts that are favorable ($50). This broker plays games with the investors. The company staff liaises with retention agents who make sure the trader contributes much more funds in return for promises of better returns. This is just a strategy to get to milk users of more money, and the traders don’t get any returns. For this reason, we encourage traders to only invest in legitimate forex trading companies.

We have also realized many reviewers saying that their trading system keeps malfunctioning every time a trader is almost winning. In this case, they always blame the market but don’t close the trade. This is a habit they have developed; hence traders keep losing. Traders have therefore turned to the debt recovery personnel for help to get their money back. It is sad for brokers to gain everything for themselves while the traders pump in all the money. Their hedging strategy doesn’t work since traders can only initiate a stop loss after 40 -50 pips, which is crazy. This makes you lose more. They don’t easily respond to complaints. FCAutomatic is an unreliable broker. We have noticed that they mainly sell their products to the US and Europe, where there is more traffic in the investment industry.

The Team and Founders

The founders behind the launching of FCAutomatic aren’t known yet. Their identity is unknown; hence traders don’t understand their level of experience in trading. The only known team is that of the support staff that helps investors navigate the platform. For this reason, we don’t know how much we can trust this broker. 

Regulation Status

The FCAutomatic broker isn’t regulated by any regulatory body and thus cannot be trusted. It has its origin on offshore grounds in St. Vincent and the Grenadines. The offshore broker is managed by Aboutos LLC. This is according to the fcautomatic.com site. All brokers with origins in offshore countries are not regulated. They are just allowed to register and operate. As such, they are a risky investment, and funds may be lost through fraud.

FCAutomatic Contact Details

The company, according to the site, is located in 462 LLC 2020 in Aboutos LLC.  The support to investors by FCAutomatic is through their email platform, contact@FCAutomatic.com. The finance department also helps investors make wise decisions that can be reached through their support desk email address finance@FCAutomatic.com. The contact details of the firm are +442036700177. We, however, tried to contact the staff through the phone and realized they use fake identities and lie about their physical location. This means that they will also change their domain in the future without notice.  Support staff in English, Russian, Italian, Spanish, French, and Greek languages.

Domain Insight

The domain fcautomatic.com was registered on 29/06/2020 and is set to expire on 29/06/2021. This is a reasonable time limit for the site. It, therefore not suspicious, but we can only wait. According to whois.com, the company running the domain is based in 1928 E. Highland Avenue. Ste F104 PMB#255 in Phoenix, Arizona in the US. This information contrasts with that of their site where they’ve stated their mother company is located in 462 LLC Aboutos. The domain has a phone number indicated as +1.3478717726. There is inconsistency in the information provided. Inconsistencies only happen when something’s not right.  Also, the domain name provider for FCAutomatic is suspicious and could be a scam too. The broker has only been in existence for a few months and hence cannot be fully reliable. The owner of the website is anonymous on whois.com; the traffic to the site is not trustworthy. Crypto investment, too, makes this broker a high-risk investment.

FCAutomatic Withdrawals and Deposits

The broker provides education to its traders. The education is informative and really reliable before joining the platform. The education provided is based on the different trading strategies that people should use. They include; money and time management, consistency, the advantages of starting small. They also have a demo account. The company provides four types of accounts; starter, standard, VIP, and Per.

All the accounts use the MT4 platform for mobile trading with a spread of 2.5, 1, 0.2, and 0.6 pips, respectively. Furthermore, any available asset is tradable on the available accounts. The accounts have leverages of 1:500, 1:300, 1:100, and 1:100, respectively. The opening balances for the accounts are 500, 5000, 100000 and 20000 respectively.

The deposit and withdrawal methods accepted are cards, BTC, and banks. The withdrawal requests are made within 4-7 days. This is a really long period. The longest it has taken many forex platforms is 5 days. However, the channels don’t always work since investors have turned to social media to complain that each time they try to withdraw funds after winning, they are told to use a different method. This prevents them from getting access to their funds. FCAutomatic is a scam, and we encourage people to avoid them.  The company indicates that the lowest amount transferable is 250 USD; this is a high amount compared to the account opening minimum balance. They also charge withdrawal charges of 50USD for wire transfers and 25 USD for cards. Withdrawal charges for an account with fewer than 200 sales accrue a charge of 10% on the funds being drawn.

Trading Platforms

The broker FCAutomatic uses around six trading platforms. MT4 for desktop, MT4 for Android, iPhone, iPad, web, and FCAutomatic Webtrader. The site is secure; thus, payment methods are safe. However, we don’t see the live trades of this broker, just information on the trading software they use. We cannot give a clear picture of their trading history and their wins and losses. It’s also hard to get their spreads in their trading currencies.

Is fcautomatic.com Legit?

FCAutomatic isn’t legit, as you’ll end up losing money to them. You’ll get nothing for yourself. The company manipulates trades on the MT4 platform and encourages traders to deposit more funds while, in reality, they are just robbing the funds from you. Each time traders try to withdraw; the funds are not available. This is a red flag. If an account accepts deposits, it should accept withdrawals, especially after winning. This isn’t the case for fcautomatic.com. If you continue requesting withdrawals, they end up blocking your account. They encourage people to deposit funds through BTC since they are untraceable, but in credit cards, the investor can do a chargeback through their bank.

Final Verdict

The final investment decision lies in the investors’ hands. Moreover, it is in our interest that every investor trade on legit forex trading platforms to get good worth for their money. We believe that the information we have provided is beneficial in your decision making and you’ll make a good one.

 

 

Tags: FCAutomatic Review, fcautomatic.com Scam Review