Flowxseat Review: Flowxseat.com Bogus Company

Flowxseat Review
  • Fund Safety
  • Customer Support
  • Fund Safety
0.5

Summary

Flowxseat does not have a functional trading platform. We find a weird interface that cannot allow even basic executions like exiting the market.

Flowxseat is a crypto exchange and forex broker claiming to be legit and U.S-based. The broker claims to offer margin and spot markets with deep liquidity, advanced funding options, and fast execution. Additionally, the broker claims to use multi-party combination (MPC) technology and cold wallets to ensure the safety of accounts and digital assets.  

Flowxseat Review, Flowxseat Company

However, from our experience, you should never take brokers’ words for it. Some brokers make impressive offers to lure you into their evil schemes. Once you take their bait, they manipulate you to make more deposits to earn higher returns. At the same time, they make it difficult to access your funds, and eventually, they steal your money. The above description perfectly describes Flowxseat. We say this because after scrutinizing its website, we have every reason to believe it is a dubious broker.  

This article exposes some of the disturbing revelations we found about the broker. Also, we share some bare minimum standards to which you should hold brokers. Thus, if you are contemplating doing business with this broker, then this review will be of great use to you. Likewise, the article will illuminate things to look for in brokers for those unfamiliar with forex trade.   

Flowxseat.com Review

Details on who operates this company are unavailable. This suggests a broker who is not transparent in their undertakings. It would not be wise to entrust your investment with a broker operating with 100 % anonymity. This is because you will have no one to hold accountable for decisions regarding your interactions. 

Despite the market having several scammers, you can still find reliable companies. Here are some of the top-rated cryptocurrency investment ventures. The platforms work with experts and operate in full transparency. You will earn passive income without risking your fund safety.

Contact Details

When verifiable, a broker’s location hints at its credibility and, importantly, its regard for the law. Most legit brokers are in heavily-regulated jurisdictions, as they have no problem complying. However, illicit brokers hide their identities by omitting addresses or fake locations. Also, bogus brokers may base their operations on jurisdictions that tolerate scam brokers, such as SVG and Cayman Islands.

Oddly, but not surprisingly, Flowxseat has not given any information about its location. This is a huge red sign that we are dealing with a shady offshore broker. Also, this broker does not provide telephone contacts or email addresses, which suggests that its communication is primarily one-way.

Suppose you have an urgent issue you wish to seek clarification for. In that case, there will be confusion as you cannot get an immediate response.

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Domain Insight of Flowxseat

Flowxseat’s domain expires on September 2023. This is a clear indicator that the longevity of this platform is not guaranteed. This broker does not seem to have any promising future, and traders should steer clear of the broker. Serious investors are not interested in get-rich-quick schemes. They focus on ventures that yield high ROI in the long term.

Also, we notice that the broker has only been in the market for about a month. This implies the broker has a poor track record and lacks a solid reputation to verify whether they are reliable to partner with. Investing with brokers with stable operational experience and reputation is better.

Deposit and Withdrawal Policy

The broker only accepts Bitcoin (BTC) deposits, while the insurance premium is via Tether (USDT). Depositing via cryptos is risky as these transactions are irreversible and hard to trace. This means that you cannot file for a chargeback. Again, even if the broker accepts other deposit methods, it would still be advisable to deposit funds to a broker intentionally withholding identification details.

Flowxseat.com Review, Flowxseat.com Feature

Legit brokers also segregate investors’ funds into separate accounts to only use the funds for the intended purpose. However, this broker has no proof that they segregate funds, further increasing the risk. If it segregates funds, there would be no need for the insurance premium the broker is charging nationals of high risk-score countries such as Iraq and Russia.

Trading Platform

All legit brokers are under obligation to provide reliable trading software. The goal is to ensure investors get a competitive trading experience to optimize their options and trade returns. For this reason, the industry recommends using MT4 or MT5 trading platforms.

Flowxseat does not have a functional trading platform. We find a weird interface that cannot allow even basic executions like exiting the market. If the broker does not enable you to trade, you should not give it a second thought- it is a scam.

Trading Conditions

From the onset, the stipulations that guide and bind the engaging parties should be made clear for accountability reasons. Although the terms of services are there, they are, to a great extent, vague.

The broker provides leverage of 1:100.This leverage signals a lack of regulation since the governing body in the U.S. imposes a 1:50 leverage capping. Low leverage capping protects investors against high-scale losses, more so in times of market volatility. 

Details on the broker’s spreads are missing. You should not take the omission of such crucial information lightly. How else will you tell your profit prospects? The transaction fee is 1% of the deposit. Regarding the applicable fee, premium accounts attract a 2.5 % deduction from the deposit amount. Flowxseat also charges a 3.5 % commission for tax and a 2.5% commission as an insurance premium. 

Flowxseat Licensure and Regulation

 It is prudent to ensure that a broker is under a governing body before investing with them. This ensures that you enjoy the protection the respective financial ombudsman gives, such as guaranteed compensation in case you lose your money through fraud or manipulation.

Interestingly, while the broker states that it operates according to U.S. laws, it also says that it is subject to U.K. legislation. Since the broker claims to be in the U.S., the best way to confirm this is to search for it in the U. S’s commodity futures trading commission (CFTC) registry. However, it is impossible to search for it as it has no license number- another proof that the broker has no authorization to operate in the country.

Considering the anonymous nature of the broker is a dead giveaway of the broker being offshore, the risks of investing with it are even higher. Offshore brokers do not comply with regulatory authorities and are not answerable to anyone regarding how they handle your money. When they swindle your money, you have no one to turn to, as jurisdictional limits make it hard to pursue legal actions. Just imagining the predicament that you will be in if you invest with Flowxseat should be enough deterrence. 

Our Take

With the rising online scamming incidents, it pays to be cautious. Before engaging with a business broker, confirm whether they are regulated. On the same note, ensure that a broker is not offshore, as this exposes you to unnecessary risks. Additionally, scrutinize their website to look for contradicting clauses, falsifications, and omissions, as they are outright signs that a broker is a scammer.

Similarly, confirm whether the broker provides a reliable trading platform to be sure you will trade after depositing. Lastly, ascertain the deposit methods a broker accepts to ensure you can trace the recipient, reverse transactions, and file for a refund if necessary. Any decent broker has to meet all these requirements before considering them as possible investment partners.

If a broker does not meet the bare minimum standard, ditch them and consider more viable and legit crypto company to entrust your investments with.

 

 

 

 

 

 

 

 

 

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