FxCryptoClub Review

Deceiving Traders with False Information

Reviews: 1


Total views: 311

Published: 10 May 2020

Posted by: Anonymous

FxCryptoClub is stated to be a broker company owned by Capcorp Limited. The address of the company is mentioned at the Trust Company Complex of Ajeltake road in Majuro. I was shocked to learn about the fake association details of the company.

Lying about Ownership: 

FxCryptoClub claims to be a part of Capcorp Limited. My FxCryptoClub review finds that Capcorp Limited is into a couple of services but is not into broker services. The address is the same as mentioned on the website of FxCryptoClub. The website of Capcorp Limited does not have any details about FxCryptoClub.

This is an illegal case of clone ownership. The broker falsely claims to be associated with an established group to deceive potential clients. The ownership of the broker is unclear and nothing can be found about the actual parent group. It can be verified at www.capcorp.co/#second

Lying about their History: 

The broker claims that it is working in over 100 nations and has a good history of operations. But the domain of the web portal of the company was registered in the year 2019 only. There are no actual details of the owners of the company. This is the second lie of FxCryptoClub

Weak Governing Area: 

As mentioned earlier, the company provides false details about its ownership. The next fake claim in line is the jurisdiction of the laws of Estonia.

The sovereignty of Estonia is useful only in the case the brokers hailing from the Republic of Estonia only. My FxCryptoClub review confirms that it is irrelevant information provided by the broker to satisfy the trader. There’s no truth in their claims as the company does not have any link with the Estonian region. Instead, it claims to operate from Marshall Islands.

No Regulation in Estonia:  

FxCryptoClub is not working under the financial supervisory authority of the Republic of Estonia. The Finantsinspektsioon is the government agency that is responsible for the financial markets functioning in the region of Estonia.  FxCryptoClub declares to be governed under the Laws of Estonia but is not regulated by Finantsinspektisoon. It can be verified at the link www.fi.ee/en/otsing?keys=FxCryptoClub

No Regulation in Marshall Islands: 

FxCryptoClub also claims to be based out of Marshall Islands. The Financial Services Volunteer Corps is the independent financial supervisory body which aims to strengthen the financial sector of the region. The FSVC has no details about this company and its services. It is clear from the fact that this broker is not registered in the Marshall Islands’ region as well. It can be verified at www.fsvc.org/?s=FxCryptoClub

Warning by DFSA: 

The Danish Financial Supervisory Authority has issued a warning against the illegal operations of the FxCryptoClub. The FSA of Denmark has banned the company from providing any services to the traders from the region. FxCryptoClub does not have the right to provide services in Denmark. You can verify that at: www.dfsa.dk/News/Advarsler-fra-andre-tilsynsmyndigheder

Warning by FMA: 

The Financial Market Supervisory Authority has released a warning against the illegal operations of FxCryptoClub in Austria. The regulatory watchdog makes clear in its warning that the company is not authorized to collect funds from the regional traders as it does not have any license. It can be checked at the link www.fma.gv.at/en/capcorp-ltd-fx-crypto-club/

Warning by CONSOB: 

The Commissione Nazionale per le Societa e la Borsa (CONSOB) has raised a red flag against the false claims of FxCryptoClub. The Italian financial supervisory authority clarifies that this company has no regulation to render its services in Italy and is using fake details to fetch traders. It can be verified at the link www.consob.it/web/area-pubblica/avvisi-ai-risparmiatori?viewId=ultime_com_tutela

The juggling of the information by FxCryptoClub is self-explanatory. It is an offshore unregulated broker which falsely declares to be associated with a reputed company. It is not registered with any of the regional authorities and is therefore, an illegal entity. The traders are advised to stay away from the FxCryptoClub. You shouldn’t do business with such a shady, unreliable and illegal enterprise.

Every broker tries to lure as many traders as they can by the number of trades put on its accounts. The investment firm needs to be under the regional authority so that its operations are audited and the traders are protected against fraud and insolvency. Here, in the case of FxCryptoClub, I am not satisfied with their location details as it mentions to belong to Marshall Islands but is under the governance of Estonian Laws. The group termed as the host company has no direct or indirect link with them. After all this invalid information of FxCryptoClub, let us evaluate the trading facilities of the broker.

Trading Facilities of FxCryptoClub

No MetaTrader 4: 

FxCryptoClub fails to provide the reputed MetaTrader 4 platform to its traders. The broker claims to provide its services on the Activ8 platform. A deep probe into the trading account of the company surfaces the issue of the fixed spread of 3 pips for the EUR/USD pair. It is 3 times higher than the standard spread starting from 0 pips with regulated brokers.

No Demo Account: 

Like many other offshore fraud brokers, FxCryptoClub does not have the provision of a demo account for its traders. Traders are forced to invest in the clumsy high charging live accounts of the company to understand their services.

Lousy Live Trading Accounts: 

FxCryptoClub claims to deal in forex, stocks, cryptocurrencies, metals, and shares. They provide three types of live accounts to the traders. There are no details about the spread and the leverage ratio offered in these live accounts

  1. Micro Account: It requires a minimum initial investment of $500. It is 10 times higher than the minimum initial investment of regulated brokers. The broker claims to provide some other services like the education center, webinars, expert intro sessions, etc. which are irrelevant to the professional traders.
  2. Standard Account: The standard account can be opened with a minimum initial investment of $5,000. It is a mockery of the traders that there is no difference in services offered in this account and the services offered in the micro account of the company except the availability of strategic analysts and the private sessions. A professional trader who invests a huge sum of $5,000 does not need any strategy or learning session from the broker.
  3. Premium Account: The minimum initial investment amount is raised to a whopping $50,000. This account offers no different services from the standard account of the broker.

The three types of live trading accounts of FxCryptoClub are the reason to multiply the gripe of the traders. It is a cruel taunt played by the broker with the hard-earned money of the traders.

Ridiculous Deposit and Withdrawals

The company allows deposits through bank wire transfers and credit/debit cards only. The response time taken by the company to reflect funds in the trading accounts is a minimum of 5 days.

The withdrawal fees lie between a minimum of $25 to $50. The minimum withdrawal amount is set to $250 for bank wire transfer and $100 for other methods.

The broker charges 10% as the dormant fee if the account is inactive for 6 months whereas, regulated broker starts charging the dormant fee after 1 year of inactivity.

In addition to all these counterfeit fees, the company mentions that it can change the fee structure at its sole discretion.

No Customer Service

FxCryptoClub mentions a mail ID and a UK based number to help its 300,000+ traders. It flaunts the option to download AnyDesk, which is remote access software. The traders should never give access of their systems to their broker due to security reasons. There is no facility of 24*7 live technical support given to the customers. The broker does not take any strong measures to ensure regional linguistic support as well.

Online Presence of FxCryptoClub

The website of the broker is fxcryptoclub.cc/. It is a newly established domain. The color contrast of the website is pathetic and the quality of their content is terrible. The broker tries to gain the trust of the traders with lengthy commitments but provides no details about the services.

I am not astonished to learn about the absence of FxCryptoClub from social media platforms. The broker tries its best to run its illegal services by staying away from the reach of the regulating authorities.

Verdict – FxCrpytoClub is a Scam

FxCryptoClub cannot be given more than 0.5 over the 5 point rating scale. The owner, origin, trading services, customer support, and all other details fail to stand the test of legitimacy. It is thus not advised to deal with FxCryptoClub for any type of services.

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