SuitsFX’s main website holds incredible claims. This company is allegedly in business for 35 years, and their servers are claimed to be protected by armed and armored guards. Needless to say, these are all complete falsehoods. The company doesn’t exist, and likewise doesn’t have any regulatory license.
Even so, the scammers behind SuitsFX have managed to defraud a large number of people. Read more about this online fraud in our SuitsFX Review.
SuitsFX is an anonymous company that doesn’t clearly say where their company HQ might be. We are aware that SuitsFX mainly operates in various nations of the EEA, as well as the UK and Canada.
In order to provide any finance related services, a Forex broker like SuitsFX alleges to be, must have relevant licenses in all jurisdictions.
No financial regulator we checked, including the FCA, New SRO, BaFIN, FINMA, FSMA, CySEC or ASIC have any information about SuitsFX in their registers. For us, this is proof that SuitsFX is not a licensed entity, and does not conform with regulatory standards.
Many financial regulators have imposed strict trading conditions, such as requirements for segregated bank accounts, or maximum leverage. Clients who deal with unregulated entities like SuitsFX are subject to much greater trading risks.
We can clearly see that most of these testimonials were written by Review Seller Networks, which we will talk about in more detail a bit later. For now, let’s take a look at some of the bad impressions:
“ […] I put my money and when was try to withdraw the funds they mesmerizing to put more money, they pressure me with threats as I will freeze my account. I expose them here in the internet.They beg me , special manager names James as broker..please remove the review and I will give you the money back. […] He promise to give me Bitcoin Ethereum 800 usa dollar. He gave me a fake Token with 0 value. This people are total Conartist and scammer. […] “
“ […] The “financial advisor” will tell you that the amount of money in your account isn’t enough for the Quantum AI robot to trade (which is why I wanted to try using this robot which they said is 91% accurate and developed with Elon Musk) […] “
Because SuitsFX is an illicit firm, they rely on Review Seller Networks to boost their online reputation. You’ve probably noticed all the fake advertisements we’ve talked about previously.
SuitFX employs Boiler Room Agents as well. Don’t consider these Boiler Room Agents to be polite telemarketers, however. Their main goal is to squeeze as much money as possible from you.
They pester their marks endlessly, and many people invest with fraudulent companies just to make the phone calls stop. If you have deposited funds with SuitsFX, consider booking a free consultation with our team of recovery experts.
One of the outrageous claims that SuitsFX makes is that they have over 35 years of experience! Online trade was first launched in 1996, and many of the early adopters of this technology are current industry giants.
Furthermore, the main website of SuitsFX Scam, suitfx.com was launched in 2023. Here is where the scam is most prevalent:
Charts for many trading instruments show unrealistic drops and spikes in value. There is no mobile app available at SuitsFX, which is all the better if you ask us.
To make their service seem safe and secure, SuitsFX claims to operate two distinct dedicated servers. These alleged servers don’t only have digital security implements, but are also safeguarded by an “armed and armored security service”! Doesn’t that make you feel safe?
You won’t find descriptions of these instruments on the website, so we pulled them out of the Web Trader instead:
The account types offered by SuitsFX are the staple of the scam business. They are so-called tiered accounts. On paper, more expensive accounts will give you some trading perks and discounts or bonuses.
In reality, SuitsFX is a machine for stealing money, and the real difference between account types is in their cost:
The SuitsFX fraud also offers a demo account with $100 000 in virtual assets for risk-free speculation. Although having a demo is good for practice, the SuitsFX demo comes with a caveat.
Once you elect to switch to a real account, you can’t use the demo anymore. The demo also features different trading conditions you find with a live account, making the demo nearly useless.
Depending on the different trading account tier, you can expect various trading costs. Spreads start with 1.8 Pips for the cheapest account, and drop to 0.4 Pips for the most expensive one.
Likewise, leverage varies from 1:100 to 1:400. Of course, more expensive accounts allow for larger leverage so you can burn through your deposit more quickly.
The company does not disclose the different fees or commissions, including the deposit and withdrawal fees. Since there is no Terms and Conditions document, you can expect many hidden charges.
Different welcome bonuses are allotted to different trading accounts. The cheapest, Bronze account yields a 4% bonus, while the Diamond will be allotted as much as 25%.
Bonuses are banned in many jurisdictions, including the UK and EEA. This is enforced because fraudulent companies like SuitsFX abuse the bonus policy to block withdrawals.
SuitsFX claims to process all withdrawals automatically, but this still requires 3-5 business days. It’s not clear why the automatic withdrawal system would be constrained by work hours. The only available financial channel is cryptocurrency transfer, which makes both deposits and withdrawals untraceable.
With such vague withdrawals and bonus policies, SuitsFX can invent any reason to prevent their clients from withdrawing. If you have issues with SuitsFX withdrawal, you may contact our team of recovery experts for help.
SuitsFX is a completely anonymous Forex broker. There is no information about who owns the company, or where their corporate HQ might be situated. The company does not have any regulatory license, which means they are an illegal entity.
For help in recovering assets lost through SuitsFX, contact our legal professionals. You may reach us via the live chat at any time, and book a free consultation. Let’s fight back for what is yours!
No, SuitsFX is completely anonymous, and doesn’t have any kind of license for the business they are offering.
SuitFX allegedly offers trading Forex, Cryptocurrencies, Stocks, Indices and Commodities.
Don’t fall for the trap! SuitsFX is an illicit brokerage that has a reputation of stealing client funds and blocking withdrawals!
No, SuitsFX is not a regulated entity! For help with asset recovery, contact our legal professionals via the live chat and start a chargeback process.
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