ForexCEC Review: Avoid this Trading Platform

ForexCEC (forexcec.com) claims to help traders go pro thanks to their advanced courses. The platform doubles up as a trading platform and a training entity for traders. Those who have engaged with Forex CEC know all too well the consequences. Chances are, you won’t withdraw even a penny from the platform. ForexCEC is blocking withdrawals from its members. Learn more in our detailed FOREXCEC REVIEW.

A Closer Analysis of ForexCEC

According to the about us page, Forex CEC was established to cater to global trading trends. That’s all that we get from their about us page, and there’s no background or history regarding the platform. We don’t know when the platform started offering trading services.

What we get instead is a platform that claims to offer the best. The platform claims to provide the best ecosystem for beginner traders. And they do so by failing to give members credible information about their objective.

From the complaints we have seen, you won’t get to withdraw funds from the platform. It’s near impossible to withdraw even a penny from forexcec.com. As a result, no member has had the chance to see their profits for the past eight weeks.

The platform doesn’t offer meaningful classes before you even start paying for their tutorials. You can quickly get the reading content straight from the web for free. There’s no actual mentor available for one-on-one classes.

When investing in forex, experts recommend using authentic forex trading robots. These robots offer the best in terms of advanced tools and algorithm trading. So go for robots backed by experts and the trading community.

Without any background and history of Forex CEC, there’s no telling their end game. We believe this is another exit scam. The platform will soon wind up after the expose and an investigation from authorities.

Before you decide to invest in any trading venture, we recommend doing due diligence. Try and find out what makes a platform legitimate from others. It’s what you need to get ahead of the rest.

Accounts ForexCEC

ForexCEC only offers two account types to members. These include Raw and Zero commission accounts. Each of these accounts comes with distinctive features to entice different investors.

Here’s a closer look at each of the two accounts;

Raw Spread Account

You have to make a minimum deposit of $200 to get started with the account. The account comes with a maximum leverage of 1:100. Spreads start from 0.0 pips, with members getting $6 in commission.

Zero Commission

For the Zero commission, members don’t get to enjoy any commissions. Spreads start from 1.0 pips, and the acceptable minimum deposit is $200. In addition, the account promises ultra-fast order execution and flexible lot sizing.

Account features

To the naked eye, both of these accounts seem fair. However, there are a few discrepancies worth mentioning. The platform doesn’t release your profit or the commission set. It’s all a front to get investors to deposit and use these accounts.

Furthermore, today’s regulator doesn’t want any platform offering bonuses and commissions. These platforms often use these commissions to try and get more funds out of members. So the platform will ransom your account due to getting their bonuses and commissions.

The platform will insist on the member paying total bonuses and commissions to grant withdrawal access. Once you do so, the platform will know you want out and continue blocking your account.

Account opening process

There’s also the issue of the account verification process. The platform will wait until you hit the withdrawal tab to verify your account. Before that, you can easily open the account and start trading immediately.

The platform knows too well that members will do anything to get their hands on funds. So you have to send them crucial documents. These include a copy of your ID, bank statements, and credit card information.

We don’t see why the platform needs such documents. Other ways to verify documents, such as a two-factor authentication method. We believe the platform wants to use these documents for different reasons.

Part of why the platform is a huge scare is selling your information to third parties. With the documents mentioned earlier, it’s easy to create a new persona. Cyber experts believe such a platform harvests data and sells them to third parties.

Affiliate and partner programs

Please don’t sign up for their affiliate program, as the platform only wants to take advantage of your connections. The platform will claim to offer a hefty commission for every investor you bring to the table.

Sadly, the platform doesn’t release commissions to affiliates. That’s why no professional affiliate wants to partner with the platform. You lose your credibility and reputation after directing investors to a scam.

Assets and trading instruments

There are four classes of trading instruments found on the platform. These include commodities, forex, indices, and stocks. For example, you trade commodities such as coffee, cotton, sugar, and wheat. Forex trading happens to be at the core of the platform’s activities.

You get to major and minor currency pairs under the forex assets. We noticed that the spreads and leverage changed after several trading activities. It’s clear that the platform also offers higher maximum leverage than 1:100.

Traders also get to trade in the world’s biggest market stage. You can trade indices such as DAX, Dow Jones, NASDAQ, NIKKEI, NYSE, and more. These markets are best for day traders who take advantage of market volatility.

You also get to own a piece of a company for a limited time. The platform offers stocks from leading companies such as Apple and Tesla. In addition, you get to trade company stocks of entities from different sectors such as manufacturing and tech.

Business owner

DNBC Global Markets LTD is the parent company named as the owner. According to the disclaimer at the footer of the homepage, the entity was registered in Mauritius. We know that this is a haven for platforms avoiding strict regulation.

Furthermore, we don’t have any information regarding the CEO or founding members. And this makes ForexCEC an anonymous and unregulated platform. You need to stay away from such platforms or risk losing everything.

There’s no way of recovering funds from an anonymous platform. Hiring so-called recovery agents only put you in more misery. A recent investigation revealed that these agents are part of the scam. It would be best if you stayed away from them.

Contact and support

As you can see, there’s no actual live chat support. Instead, members get a message board where they leave a message. The platform promises to get back within 24 hours. Unfortunately, that’s not the case as some wait for an eternity.

Deposit and withdrawal

Funding your account is fast as the platform avails several depository channels. In addition, you can fund your account using bank and wire transfers. Withdrawing funds from the platform will be your biggest hurdle.

Deposit security ForexCEC

Your funds are far from secure with a platform that fails to guarantee results. The platform in question doesn’t offer any safety net to members. There’s no deposit insurance, and the platform fails to segregate accounts.

License and Registration status ForexCEC

ForexCEC is not a licensed or registered entity. And that’s why we flag it as an unregulated and high-risk investment platform.

Our verdict

Please stay away from forexcec.com.

You should invest in dependable forex robots that offer actual results. It’s the best way to trade and earn with forex.

Do you have anything to add? Please drop a comment or email us with any queries.