This FXY Trade review aims to warn you about the dangers of investing with the said firm. While their ads may be promising, their offer isn’t. Just take a look at their poor web presentation, and you’ll immediately understand that something is off.
We have done our due diligence and will be presenting you with facts today.
FXY Trade is an anonymous trading brokerage. The alleged owner is JPT Ltd. However, this name is nowhere to be found. Not to mention that the FXY Trade regulation displayed on the website is fake.
The company says to be authorized by the Prudential Regulatory Authority and the Financial Authority. PRA is a prudential regulation of the Bank of England, while the Financial Authority doesn’t exist. However, PRA regulates banks, building societies, credit unions, and insurers, while the FCA is in charge of Forex trading firms.
As you can guess, FXY Trade is not licensed by the FCA or any other Tier 1 authority, including ASIC, BaFin, and CONSOB. If you have any information about this company’s business, we invite you to share it with us.
FXY Trade is an anonymous, unregulated trading broker. The Swedish regulator issued an official warning and marked the firm a fraud.
On its main page, FXY Trade claims to be a 100% European-owned, operated, and regulated broker. Additionally, they stated that they have a license from the UK FCA, Italian CONSOB, and the EU watchdog, ESMA.
Upon checking these registers, we can confirm that the information is false. Furthermore, it only serves to build FXY Trade’s reputation when, in fact, this company is nothing but a fraud.
According to this notice, FXY Trade is neither authorized by FI nor under its supervision. Therefore, it cannot provide any trading services in the country.
According to our research, the company mainly targets two countries:
This complies with the regulatory warning and the alleged UK license. According to a SimilarWeb traffic report, they’ve had less than 5,000 visits a month, meaning the scam is still not widespread. Your report can help us keep it that way, so don’t hesitate to share your story.
The only thing the site elaborates on is the FXY Trade trading platform. But it’s not such a good thing. Namely, the broker advertises MT4, one of the best software today. Additionally, they promote mobile apps, FIX API, WebTrader, and more MT4 functionalities.
Once you register an account, you can only access WebTrader. It’s a TradingView chart with a third-party graph inserted into browser-based software. We’re unsure if placing trades through this monstrous solution is possible and, if so, how it looks.
Scammers often abuse the name MetaTrader and run on it. They believe they’ll attract more customers if they claim to offer an excellent platform. Don’t fall for it. Click on the provided links yourself, and you’ll see that none of them will give you access to MT4 or MT5.
The range of trading instruments is pretty solid. The company offers access to:
However, this range is insufficient to convince us to invest our hard-earned money with an unregulated fraudster.
The website advertises narrow spreads, starting from 0.1 pips. Other costs are not mentioned, but we believe there are some. All in all, nothing you read on this company’s site can be trusted due to its illegal operations.
There are no FXY Trade account types. This firm didn’t bother to display any potential perks for upgrading an account or even the minimum deposit.
Usually, legit firms offer several options with clearly specified terms, and you can choose the one that feels the most comfortable for your expertise and financial situation. In addition, there’s no FXY Trade Demo account where we would be able to come to a conclusion about anything.
There’s only one deposit option available in the user area: Kryptova. It’s a shady, unregulated crypto wallet with a minimum requirement of $200.
We have to assume that this is the only available method for FXY Trade withdrawal as well, meaning the broker can easily decline your request or accuse you of providing the wrong wallet information. Scammers love crypto transactions as they’re virtually untraceable.
However, there is a way to trace each transfer and find the final destination. It requires expertise and legal aid, but nothing is impossible.
Many victims of the FXY Trade scam report the events to regulators. If you lost your hard-earned money, don’t hesitate to tell us what happened. Our CipherTrace crypto analysts can help you trace your funds and possibly recover them.
Book a free consultation today, and let’s get your money back before it’s converted to fiat and gone for good!
FXY Trade is an unregulated scam, despite its false presentation. If you have already invested your money, we might be able to help you with the issue.
No, the broker provides a basic WebTrader with third-party charts.
No, FXY Trade doesn’t offer its customers a risk-free Demo account.
FXY Trade is an unregulated scam, despite its false presentation. If you have already invested your money, we might be able to help you with the issue.
No, the broker provides a basic WebTrader with third-party charts.
No, FXY Trade doesn’t offer its customers a risk-free Demo account.
The post FXY Trade Review – A Fraudulent, Unregulated Trading Broker appeared first on Global Fraud Protection.
