Abstract：Any Forex investor takes a risk. There is no reason to be careless. Losing money to scam brokers means losing hard-earned cash. Be careful to avoid this. In this part, we'll look at how dishonest brokers, like BRFX Trade, cheat clients and what you can do to avoid becoming a victim.
Anyone who invests in the Forex market takes a considerable risk. But that is no reason to be irresponsible. In this situation, getting ripped off by scam brokers means losing your hard-earned money. By exercising caution, you may prevent this. In this section, we'll look at how dishonest brokers, such as BRFX Trade, defraud their customers and what you can do to prevent being a victim.
A Quick Overview of the BRFX Trade
BRFX Trade (www.brfxtrade.com) was established in 2018 as a forex and CFD brokerage service. Through the organization, regular people can trade in Forex, stocks, indices, and commodities, among other financial markets. Even though the broker doesn't have a trading app, trades can be made using the MetaQuotes-powered MT5 trading platform.
Is BRFX Trade Regulated？
BRFX Trade is registered with the St. Vincent and the Grenadines Financial Services Authority as BR Consulting Group Ltd. (SVGFSA). However, it lacks rules elsewhere. Notably, the SVGFSA is not allowed to give out licenses or keep an eye on forex brokers and other financial middlemen who help people trade online.
Users' reviews on sites and online discussion groups like Facebook, Instagram, and Twitter show that most customers were unhappy with the company. Many customers complain that it's hard to get their money out, while others worry about the broker's slow execution of trades and bad customer service. We've excerpted some of the reviews provided by our consumers for the firm below.
BRFX Trade is it a Ponzi scheme？
First and foremost, BRFX Trade is an unregulated offshore broker, However, the firm is registered with the SVGFSA. Scam brokers like to register outside of the country so they don't have to deal with the legal issues that come with doing business in a country with a strong regulatory agency.
You may believe that this is not always the case. Many legitimate brokers do have offices outside of the country, but they do this to give clients more options, like more leverage, not to scam them. Furthermore, they often possess numerous licenses from major worldwide authorities. However, in the instance of BRFX Trade, the broker is unregulated. Furthermore, the organization has a negative consumer reputation.
Notably, the organization seems to have switched domain names. Visitors to BRFX Trade are led to FXBullion.com. A significant red flag, raising even more doubts about its legitimacy. Perhaps the corporation is seeking to play with individuals under a different guise.
What Is the BRFX Trade Scam？
After a client signs up with the broker, the telemarketing team of the company calls and emails them to ask for an initial payment. Clients claim that the broker offers to quadruple their money in a short amount of time. However, after you have placed a deposit, the personnel are quite skilled at turning their backs on you. The firm seldom responds to emails or returns phone calls.
How to Avoid Signing Up for BRFX Trade Services
The first step is to verify the broker's regulatory status. Choose a trustworthy app that can give detailed information, such as WikiFX. WikiFX has approximately 39,000 regulated and unregulated brokers listed. Support for WikiFX has been working hard with 30 financial authorities from all over the world to solve all of the problems that traders have had with forex trading.
If you have any questions about a certain forex broker, please contact WikiFX Customer Support using the information below.
With the number of scam brokers on the rise, it is best to work with brokers who are regulated by international groups like the NFA, FCA, ASIC, and others. Also, brokers that have been in business for a long time and have a strong reputation are likely to be a safer bet than unregulated brokers. At the very least, you have legal redress if the corporation mistreats you, which is not the case when dealing with a non-regulated organization.
Keep an eye out for future Broker Reviews.
WikiFX may be downloaded via the App Store or Google Play.
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