FxQuote247 is nothing but a scam. It’s a boiler room from Eastern Europe, designed to steal clients’ funds and disappear.
If you’re wondering whether we have proof for such accusations, the answer is yes. We’ll show you everything through this detailed FxQuote247 review.
FxQuote247 advertises itself as a fully regulated brokerage firm. Yet, the brief search through registers of FSCA, FCA, CySEC, and FSC Mauritius showed no results regarding FxQuote247 regulation.
Now that we’ve cleared the air let’s talk about what’s true. The company owner is FxQuote247 Limited registered in Bulgaria. As an EU member, Bulgaria complies with European financial laws, including the ones imposed by ESMA. According to it, leverage for retail traders cannot exceed 1:30. Yet, broker FxQuote247 offers up to 1:500, showing us it has no actual license.
Furthermore, our investigation found a connection between this brand and Lacari Group Ltd, registered in Saint Vincent and the Grenadines. The same owner is suspected of running another two scheme brands, proFXcredit and FX-Capitalize.
Let’s see what else we know about the firm and how to recover your money if scammed.
FxQuote247 presented itself as a Bulgarian-based brokerage but without FSC approval. The firm has been banned in the UK and Spain.
As mentioned, FxQuote247 tried hard to convince us it’s a legitimate brokerage firm. The company listed four regulations on its main page – from South Africa, Cyprus, the UK, and Mauritius.
Yet, our search through all the registers yielded no results. In fact, we found warnings about fraud. Therefore, this fake FxQuote247 reputation is nothing but another attempt to steal your money.
This warning was later republished in several countries, including the Netherlands, Italy, and Hungary.
The brokerage registered its business in 2020 and started hoaxing inexperienced investors. Back then, it was less known about all the scams running around, and easier to hook people in.
According to our research, the majority of FxQuote247 trading scam victims have come from:
With the exception of the US, all countries have issued alerts regarding broker scams. Evidently, our investigation was proper, and this notorious swindler defrauded people.
Here we come to another lie. FxQuote247 trading platform is advertised as MT4, one of the best trading software today. In reality, the firm only offers WebTrader.
For your understanding, this WebTrader is a TradingView chart you can find on the internet for free. The broker inserted several indicators and claimed it was sophisticated software.
Unlike this sad attempt of a platform, MT4 and MT5 both contain a large number of TAs, enable social trading, usage of automated bots, and much more. It’s a far cry from browser-based platforms, especially the ones created from several free tools.
Of course, as there’s no actual MetaTrader, there are no mobile apps either.
So far, we believe the answer to this question is, “who cares.” However, for the sake of those who might, here’s the overview of tradable assets.
Considering the lackluster platform, you can have thousands of instruments and still not make any profit.
Once you log in to the software, you can find the spread starting at 2.3 pips for EUR/USD benchmark. This is quite pricey and not competitive. The industry average is 1.5 pips, while some brokers even offer raw spreads.
As it suits a scammer, it doesn’t allow risk-free trading. We registered an account but didn’t get access to FxQuote247 Demo. Instead, the company requested us to pay the minimum deposit immediately.
This is another drawback. Brokerage requires a high initial deposit of 250 EUR. Compared to legit brokers with Micro accounts, it’s far from favorable. And it’s another reason to reject any offers coming from FxQuote247.
Say you want to submit an FxQuote247 withdrawal request. Since the website has been shut down, you won’t be able to do so through your account.
While active, the firm offered only two payment options:
If you have used your card, you have up to 540 days to request a chargeback. In case of a bank transfer, the situation gets complicated as you need to notify your bank’s fraud department. However, it’s still possible, and you shouldn’t give up!
If you feel overwhelmed by all the procedures and feel like you cannot deal with them yourself, contact Global Fraud Protection. We have dedicated chargeback specialists dealing with such matters on a daily basis.
Don’t let scammers run with your hard-earned money. Book a free consultation with us, and let’s do what needs to be done!
FxQuote247 is not a regulated trading brokerage. If you lost money with this bogus scam, we may be able to assist with fund recovery.
Since the company has been banned in several countries and marked a fraud, your funds are unsafe.
The brokerage requires customers to invest at least 250 EUR in activating their trading account.
FxQuote247 is not a regulated trading brokerage. If you lost money with this bogus scam, we may be able to assist with fund recovery.
Since the company has been banned in several countries and marked a fraud, your funds are unsafe.
The brokerage requires customers to invest at least 250 EUR in activating their trading account.
The post FxQuote247 Review 2023 – Regulatory Bodies Exposed The Fraud appeared first on Global Fraud Protection.
