Beware! 99FXTrade is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
99FXTrade welcomes you to its website with a vey unappealing look, as well as elements that come straight from a typical scammer broker. As soon as we opened the site, we saw a third party delivered financial asset slide bar and a Google Translate logo. These here two items tell us so much about the broker at hand, that we can easily end the review here. However, it is always helpful to read these reviews and see why brokers such as 99FXTrade are what they are, and how to protect yourself against these.
The leading dashboard after we registered was quite the mess and indicative of what is to come. The imbalance of colors, the odd placement of tabs, and the, frankly, ambiguous trading platform, all sum up what 99FXTrade really is. One quick look at it should give you a better idea:
As for any trading conditions, as wee shall see, they don’t really apply, because 99FXTrade has decided to take a different road. So, no spreads, no leverages, and no trading assets of any kind.
The languages offered at the broker surpass 30, and are all available through Google translate. This is actually the very first thing we noticed when opening, and from then one everything seemed to follow a similar direction – downhill.
99FXTRADE REGULATION AND SAFETY OF FUNDS
The short Terms and Conditions claim that the company works under English laws. The English FX regulator says differently. The FCA has a database of all the regulated entities that it licenses. 99FXTrade is not one of them.
There is also a certificate of incorporation found on the site that applies to the UK. We did not check if the certificate is real or not, because what matters for a forex broker, or investment firm, is to be licensed by the Financial Conduct Authority. In other words, it makes no difference if the firm is incorporated in the UK. Without a regulation, it is an illegitimate FX regulator.
So, 99FXTrade is UNREGULATED, a risk to all investments, and a scam.
Traders should be trading with risk-free brokers, that hold licensed from renowned and austere agencies, like the FCA or CySec , which have made a name for themselves as some of the top regulators. Readers should be aware that both agencies have adapted very strict rules of conduct, and their licensing framework guarantees safety and security for all clientele. A good example of this is the segregation of accounts which assures that client money and broker money are kept in separate accounts. Furthermore, FCA/CySEC brokers participate in a financial reimbursement scheme that cover traders losses in case the broker becomes insolvent. The FCA provides up to 85 000 pounds per person, while CySEC guarantees up to 20 000 euros.
We cannot stress how short the Terms and Conditions are. It is as if they are not there, and they might as well no be, because there is nothing of importance contained in them. It’s all very generalized talk. What’s more worrying is that there are no other legal documents. So, in reality, there are no binding provisions between user and broker, allowing for the firm to do as it pleases with its registered users! This is a definite sign that the broker is illegal.
99FXTRADE TRADING SOFTWARE
We can say with confidence that there is no trading platform here, a conclusion reached after taking a closer and deeper look into the user dashboard.
What 99FXTrade offers are the notorious investment plans- users are encouraged to deposit some amount that depends on the plan they have chosen. They expect the deposit to accumulate an impossible interest rate. Take a look at the snip below. The Standard plan promises a 300% return in just two days! This is quite literally impossible, because there is no logical source of profit. If these were to be actual, then 99FXTrade would be giving away money and would be on a continuous loss stream.
Not only is there no trading platform here, but the company has the audacity to offer a completely scammer counteroffer that aims to be seen as a surrogate for a trading terminal. This is completely unacceptable.
99FXTRADE DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit is $100. It is no surprise that the only way to deposit is via bitcoin, since this way all payments become untraceable. This is the most popular payment method preferred by illegal brokerages.
We doubt that users can withdrawal. Apart from the withdraw section, there is no indication that the broker ever processes such requests. One look at the section, and you will get the just of it:
As we expected, nothing happened once we clicked on “Complete”. There is a slight possibility that nothing happens because we had not deposited, however we are ready to rule this out completely.
There is nothing else we can give you in terms of payment intimation; the website is of no help!
Scammer clauses are not present here, however we think that with all you have seen, 99FXTrade certainly is not one to abide by any rules, and will without a doubt come with fees and conditions on the fly. The way we see it, this approach is worse than having legal provisions whose goal is to take as much away from users as possible. The 99FXTrade take is becoming more and more popular amongst illicit brokerage firms, and this is cause for concern. The best advice we can give you, other than to never invest in 99FXTrade, is to always check for legal documents within a broker, or any other service online!
How does the scam work?
Users will be in the middle of a scam without even knowing it, that’s how efficient these scams are. Yet, clients will also be surprised that the most utilized scammer structure is laughably easy to grasp, making it predictable. We have dedicated the following section to the reveal of how the scam works.
The internet is filled with ads, it’s the fuel of the industry, and a big chunk of said advertisements are misleading and some are downright deceitful. The ads concerned with unregulated forex brokers are often very promising, and most of the times utilize completely false claims of immediate profit. Those tempted enough will be redirected to a robo-scam website that further guarantees profits. The only thing that separates the user from the unrealistic promises is a fast registration process that requires a phone number and an email address. After inputting this info unsuspecting users will start getting phone calls from illicit broker representatives, whose one and only job is to initialize the scheme by pushing a trader to make that first deposit of around $250. After that’s done, the senior representatives will be calling. These expert scammers are extremely good talkers, and will start working on you to start putting even more money in. They say that the more money invested, the higher the profit will be. At this point most traders start seeing the big picture, and will want to withdrawal their money and get out fast.
However, the scammers have anticipated this development, and are ready to counter any withdrawal request. Typically they find excuses for delaying the request in the legal documents that hold specific clauses for these purposes. The reasons are many. One thing to remember is that all illicit brokerage firms will deny the withdrawal request for as long as they can, because of the imposed time limit traders have for filling a chargeback. Once the crucial due date is not met, any chargeback requests will be denied.
What to do if scammed?
Those of you who deposited using VISA and MasterCard will be glad to know that both companies have extended their chargeback time span to 540 days, especially if the reason for it is an online scam.
Scammers will steal directly from a bank account, if the traders has provided crucial details, like banking password or security code. If it get down to this, be sure to either block the account or change the password.
Sometime victimized users will stumble upon the so called recovery agents that promises to magically reclaim all lost investments, for a fee that is. Needless to say, they will not get back any of the lost funds, and will basically scam you a second time