FXX Trader Review: Another Offshore Unregulated Broker

FXX Trader is a forex broker that calls itself one of the most reliable companies in the space. However, this is far from the truth. Investing in this company would be a bad idea. You will end up losing your money to mysterious people on the Internet.

You are better off sticking with trustworthy and regulated forex brokers. Only such companies can help you safeguard and grow your investment. Moreover, they operate with complete transparency and professionalism. You will never regret choosing such companies.

In the meantime, ensure you do enough research before investing your hard-earned cash. That is the best way to avoid falling victim to companies like FXX Trader. Ensure you check all the company’s aspects to verify that it can deliver on what it promises. Additionally, ensure that the company is operating within legal boundaries.

Luckily, we have done the research for you. This review will cover the various aspects of FXX Trader to show you why you should not invest in this company. The transparency level is terrible, and it has no regulations. 

Fxxtrader.com Review

FXX Trader is trying to lure in customers by promising one of the market’s best trading platforms. The company claims to offer an MT4 trading platform. This is one of the most popular trading platforms among seasoned traders. 

While this may be good, we can assure you that this company does not have its own platform. Only a web-based platform is available. Still, this is not from FXX Trader. Another shady third-party company is behind this platform. We have no idea why FXX Trader would want to associate itself with a shady company.

Further, the company claims to offer a variety of assets to trade. This allows traders to spread their risk of investment across various markets. However, this perk does not matter when coming from a shady forex broker.

Furthermore, the transparency level in this company is abysmal. The company is offering forex education, but it does not introduce us to any of the educators. You should never take training from unknown individuals. At the very least, a professional company will provide you with the trading results of its educators.

In terms of customer support, this company provides various channels to reach them. You can call the team at +442080683329. Additionally, you can email customer support at support@FxxTrader.com. While this may be good, there is no guarantee that the company will pick up your calls or respond to your emails.

FXX Trader Trading Conditions

There is no way this is a company operated by professionals who know what they are doing. There is no mention of the spreads this company offers to clients. You may decide to invest and find out that the spreads are too high for your liking.

Additionally, this company is offering maximum leverage of up to 1:300. This shows that FXX Trader does not care about regulatory restrictions. FXX Trader claims to have an office in the UK. However, the UK caps leverages at 1:50.

Such high leverages expose traders to more risk than necessary. Do not invest in this company unless you are okay with losing tons of money.

FXX Trader Deposit and Withdrawal

FXX Trader does a good job of providing several payment options to its clients. The company supports bank cards, e-wallet transfers, and bank wire transfers. Most of these payment options are safe as they allow you to make chargebacks in case of any problem. 

However, you should not trust a company simply because it supports safe payment options. There are still a lot of ways you can lose your money to scammers.

In terms of withdrawals, the company claims to have the fastest withdrawal processing time in the market. They assure clients they will process withdrawals within three to four business days. While this may appear fast, it does not compare to what regulated companies will offer you. Moreover, many companies lengthen the process to get the clients tired. Once you are exhausted with the process, it is easier for the company to steal from you.

Founders and Physical Location

The identity of the founders of this company is a mystery. There is no introduction of the team anywhere on the website. There are no names or faces. Additionally, the company does not have a social media presence. Only people running illegal operations hide from the public.

There are too many risks involved in investing in mysterious people on the Internet. They may take off with your money, and you will have no idea who to look for. Moreover, it is impossible to track these people down.

The address of this company’s headquarters is also a mystery. The company provides its address as Shelton Street, Covent Garden, WC2H 9JQ, United Kingdom. However, the terms and conditions of the website provide two different locations. The company has an address in the Marshall Islands and Bulgaria.

These are some of the shadiest locations when it comes to forex brokers. Companies operate from such locations when they are evading regulatory restrictions. Such jurisdictions have very loose laws. This makes it easy for companies to register and operate.

Moreover, we cannot confirm that this company has an office in the United Kingdom. The design of its operations makes this an illegal operation in the United Kingdom.

Regulation and Fund Safety

A company’s regulatory status gives us some needed insight into what to expect from the company. In most jurisdictions, unregulated companies are illegal operations. FXX Trader is one of the newest illegal operations in the market. This company is operating without a license from a regulatory body.

Even worse, the FCA has this company on its warning list. This means that the company is offering financial services in the UK without the approval of the FCA. Enough people have already lost their money to these scammers. Do not be the next one.

Moreover, the company does not have the proper banking setup to protect your funds. There is no mention of the bank that FXX Trader uses to store client funds. Additionally, the company does not claim to have segregated bank accounts.

Further, there is no evidence of systems’ protection. There is no mention of the software or hardware that FXX Trader uses to keep out invaders. This means that hackers can easily access and steal your funds. There are just too many ways to lose your funds with this company.

Final Verdict

FXX Trader is a forex broker that is operating without a license. This is an illegal operation that does not care about servicing the needs of clients. These people are only in the market to steal people’s funds. Your investment will not be safe in the hands of these scammers.

Furthermore, we have no idea who these people are. There is no introduction, and their base of operations is a mystery. Stay away from FXX Trader if you don’t want to lose your money.

If you are looking to invest in the forex market, there are better companies that will give you better services. Invest only using trustworthy and regulated forex brokers for your peace of mind. Such companies have been in the market longer, and they have the trust of thousands of traders.

 

Tags: FXX Trader Scam Review, Fxxtrader.com Review