Amplixx Review – Can you Trust this Broker?

Amplixx Review

There are countless stories on the internet about people getting scammed online, one way or the other. Signing up with fraudulent brokers is one of the most well-known tricks that these cybercriminals use because it can help them attract a lot of victims. Of course, this means that anyone thinking about signing up with an online broker has to be extra cautious because they need to find one they can trust. The challenge is being able to figure out when you are being lured and when you are dealing with a trustworthy broker. Reading this Amplixx review can help you understand the signs of a fraudulent broker.

Yes, it is a must to be able to know and identify these signs because scammers have gotten very sophisticated when it comes to creating fake platforms. Those who are not familiar with the issues will not be able to see past the illusion they create and by the time they realize the truth, it is already too late. You want to trade in the financial markets in order to make money and not to let fraudsters steal your investment. Therefore, it is necessary to be careful and not just open an account on any platform.

It is better to spend a little time into researching the broker you are contemplating and only after you are sure of its authenticity should you go ahead and register yourself. Yes, it may take some time and effort on your part, but it can save you from a great deal of problems down the road. Plus, it also enables you to have the kind of trading experience you are after. This is definitely true in the case of Amplixx, which is one of the brokerages you will find.

Sure, Amplixx may look like any other online broker because the signs are not immediately obvious, but all it takes is a closer look for you to see just why the company cannot be trusted. Let’s get started:

Operating from a scam haven

First things first, you need to find out where a brokerage is based because this can help you check the regulatory authority of the jurisdiction to know if it is regulated and licensed. Every experienced trader will tell you that you should only use the services of a licensed and authorized brokerage because this will give you protections that unregulated companies cannot offer. More importantly, scam brokers are never regulated, so this is the best way for you to avoid falling into a trap.

The problem with Amplixx is that the brokerage claims to be based in Saint Vincent and the Grenadines, which is otherwise known as a scam haven. Why? This is because authorities in the jurisdiction have clearly stated that they do not regulate the forex industry, so anyone can set up their operations there and not have to worry about following any rules. There is no accountability and no laws, rules or regulations applicable.

Thus, you will not be able to enjoy any of the protections with Amplixx that you can get with a brokerage regulated in some other jurisdiction like the United Kingdom, United States, Australia, or more.

Warning issued by the CNMV

The fact that Amplixx is operating from an offshore jurisdiction where there are no rules is already a concern. Sure, not all brokerages based there are scams, but they are definitely shady and could up and disappear without warning. However, you can rest assured that Amplixx is a scam because there has been a warning issued about the company from the Spanish regulatory authorities.

Indeed, the National Securities Market Commission (CNMV) has issued a warning against Amplixx and has stated that the company appears to be operating in Spain without a license. It is not authorized in the country and is still offering its services, which is common for scammers. You will find that the broker offers its website in Spanish as well, which clearly shows that it is targeting people in Spain.

Excessive fees and bonuses

It is understood that you need to check the Terms and Conditions of a broker before signing up in order to know what you are agreeing with. Doing so with Amplixx gives you more reasons as to why you should not choose their services at all. You will find that the broker is charging excessive fees for making simple withdrawals from their platform.

First off, you should note that most authentic brokers these days are waiving off withdrawal fees altogether as a show of good faith. While it is not necessary for a broker to do so, it does not mean that Amplixx should be charging such excessive withdrawal fees either. Other than withdrawal, you will find that the broker also has some obscene inactivity charges. It is downright unreasonable and no genuine brokerage would ever charge something like this.

Moreover, you will also find that Amplixx has also imposed a turnover requirement that you have to comply with before you are permitted to make withdrawals. It is also offering bonuses, a practice that is forbidden in most regulated jurisdictions, and they also come with strings attached.

High spreads

You need to check the trading conditions of a brokerage before opening an account and here again, Amplixx gives you reasons to steer clear of it. The minimum deposit for its first account tier starts at $250, which may not be very high, but given that lots of brokers are now allowing micro accounts with a deposit as low as $10, it does seem very high.

Secondly, the spreads at Amplixx start at 3 pips, which is twice as high as what you can find on other platforms, showing that the brokerage is certainly not a competitive one. These spreads can eat into your profits, which you don’t want.

Bottom Line

The fact that Amplixx is not regulated, has been blacklisted by a reputable regulatory authority and is not a competitive broker with its high spreads and fees is enough for you to see that this broker does not deserve your trust.