Fxlatam Review: Fxlatam.net Unregulated Broker

Fxlatam offers trading services of forex, indices, stocks, and cryptocurrency. It is great for the broker to allow customers to diversify their risks. The more assets you can trade, the better. Our main problem is that this is a scam in the market. Fxlatam.com only changed its domain to Fxlatam.net. 

These two are the same broker—no adjustments made apart from changing their website. Scammers never exit the market. They will only use different names to carry on with their murky business. We urge traders not to share their contact details with anonymous platforms. 

This is because the fraudsters will use the information to give you endless phone calls. They may pretend to be account managers who will help you recover what you initially lost. In your desperate hour, you are prone to accept their offer. Unfortunately, you will only suffer more losses. 

Ensure you conduct thorough research before depositing your hard-earned money in any venture. Here is a list of some of the best forex trading companies. You will earn passive income while you enjoy fund security. 

Fxlatam.net Review

Fxlatam is an anonymous platform. There is no information about the founder or account manager. It is therefore impossible to know if you are dealing with experts. The broker is not offering educational materials to investors. They only feature the latest news in the market. 

It is essential to look after customers’ needs. This is a newly established venture. They are barely a year old. However, this is not an excuse for the company to fail to provide past trading results. The least they can do is publish the past few months’ performances. It would shed light on what to expect.

Fxlatam does not have much traffic coming it’s way. Moreover, during our research, we did not receive clients’ feedback. Unfortunately, we do not know the experience of those who have tried them out. Nonetheless, this being a proven scam, you better avoid the company. It is doomed to fail like Fxlatam.com.

Fxlatam Trading Conditions 

Fxlatam offers a functioning web-based trading platform. The interface is easy to use for beginners. However, expert traders using advanced software will not waste time with the entity. The MetaTrader software is popular in the market, and most investors use the tool.

It has competitive features. Customers can trade automatically. The tools, indicators, and powerful VPS contribute greatly to clients’ success. Investment schemes cannot manipulate the trading activity of the software. Some of the web-based platforms are prone to manipulation. 

The company does not protect investors against negative account balances. Therefore, you could lose more funds than you initially deposited. Furthermore, the venture has not availed sufficient information on its accounts. Their spread is 3 pips for the EURUSD currency pair. 

Fxlatam trading conditions are pathetic. You will have to pay more to open trade. Each lot’s opening price is $10; hence you will pay $30 above the standard price. The best brokers offer a spread of 1.5 pip. There are also genuine companies with better deals than that limit. 

The advertised leverage is 1:200. The cap may seem profitable, but the higher the limit, the more risks to expect. Moreover, since the entity claims to be authorized in the UK, it should adhere to its rules. This is not the case since the approved leverage cap is 1:30. If you want more leverage, you must prove you are an expert trader. 

Withdrawal and Deposit 

Fxlatam accepts a minimum amount of $500. This is on the high end since the average market standard is $200. Nonetheless, you will find a genuine broker with $10 and above. The platform assures clients they can deposit cash via Credit, Debit card, e-wallets, and wire transfer. 

However, it appears the broker is only misleading potential clients. The only available payment method is Bitcoin. Crypto payments are swift and have fewer charges compared to traditional payment methods. However, scammers tend to misuse some of the adorable digital payment features. 

For instance, crypto observes anonymity. The information of the recipient and sender is not available to the public. Additionally, once you make payments, the process is irreversible. Since fraudsters want to misuse the retain all the money coming into their system, the option works best for them. We also are not aware of the minimum withdrawal and applicable charges. 

Fxlatam has an account dormancy policy but fails to disclose the expected charges. However, the broker fails to disclose the duration when the terms take effect. The entity is offering bonuses to customers. These lucrative offers are banned in the United Kingdom. To withdraw the amount, you must meet a 25 times deposit turnover and the bonus. Failure to do that your money will be trapped. 

Contact Details and Customer Support 

The company’s office address shows this is an SVG broker. There is a long list of phone numbers on the site. Additionally, an email address is available. Clients can use either of the two options to reach support. You should note that scammers deactivate their phones when their victims start questioning them about the whereabouts of their funds. 

Invest with legit companies that understand the importance of being transparent. Legit platforms hire professional support. Trade wisely and get the best deals in the market that do not compromise your safety. You need assurance that your query will be resolved in time. 

Fxlatam Regulatory Status

Fxlatam is a venture based in Saint Vincent and the Grenadines. The local financial regulator does not issue licenses to investment platforms. This has become an idyllic spot for the scammers. They run their shady business without fear. Nonetheless, the entity claims the Financial Conduct Authority (FCA) supervises its activity. 

The regulatory of the United Kingdom does not have the broker’s name in its database. The venture is using false information to get more customers. Lying about their legitimacy is a big red flag. 

Fxlatam is capable of saying anything to get more audience. We recommend customers visit their local regulator’s website to check if a scheme is legitimate. The venture parent company is Mayfair Trust Company Limited. The corporate purports to be licensed by the International Financial Services Commission of Belize (IFSCB). 

The Belize regulator has two similar names on its website. Unfortunately, none of these companies have the same license number as Fxlatam’s parent company. This shows how far the entity will go to gain your trust. Your money is not secure on this platform. 

Fund Safety at Fxlatam

A genuine company works with a reputable bank to safely keep investors’ money. The accounts are segregated to ensure the broker does not misuse clients cash. This also facilitates fast withdrawal requests. Unfortunately, Fxlatam is working independently. 

Nobody supervises the trading activities of the platform. Additionally, the broker can leave you high and dry without anyone coming to your rescue. The authority cannot help in tracking down anonymous individuals. 

Moreover, Fxlatam does not have a compensation scheme in place. In most cases, brokers deposit a significant amount of capital. The fund guarantees the platforms can conduct trading activities successfully without misusing customers’ funds. It also shows the entity can survive the volatility of the market. 

In the case of insolvency, traders receive compensation. This is an offshore entity and can change its terms and conditions overnight. No action can be taken against them if they imply hidden charges. You need assurance your cash is in safe hands. You should not invest with shady schemes using false information to lure you.

Final Verdict 

Fxlatam is an offshore Ponzi scheme. We have exhausted the major drawdowns and why you should avoid the broker. The only thing you will get from the company is huge losses. Stick to legitimate forex trading companies in the market. You will get better results without compromising your safety. 

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