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These days, people are very eager to start trading online, considering the lucrative opportunities that can be found in the financial markets, despite the ongoing pandemic and economic problems. However, just because you are excited doesn’t mean that you should abandon caution altogether. You need a broker to begin and this means selecting one carefully, rather than signing up with any option you come across. The markets are rife with scam brokers and they are good at deceiving people with false claims and promises. This Fxprocrypto review reveals just how good they are at what they do.
One of the hundreds of brokers you will find in the market is Fxprocrypto and it has used sophisticated claims to attract people to its platform. But, when you do a bit of due diligence, you can find out how hollow these claims are. The key is to figure out how to identify the scam indicators and save yourself. In the case of Fxprocrypto, you will find out that it is pretending to be a legitimate company to draw people in. The scammers behind it are trying to take advantage of the established name of IC Markets that has numerous regulatory licenses and is well-reputed. How? You can check out the scam indicators in the review below:
False claims of regulation
Since Fxprocrypto is a clone firm, it has presented itself as a broker that’s regulated in multiple jurisdictions. According to the company, it has branches in Australia, Seychelles and is also regulated by the CySEC (Cyprus Securities and Exchange Commission). Of course, you cannot just accept their claims and have to do your due diligence.
First off, if Fxprocrypto does have an office in Australia, then it means it should be regulated by the Australian Securities and Investment Commission (ASIC), which is the regulatory body in the country. However, since they don’t have an ASIC license, it means that Fxprocrypto cannot legally provide its services in Australia.
The next claim of the broker is that it is registered in Seychelles by the name of Raw Trading Ltd. The online register of the FSA (Financial Services Authority) in Seychelles shows that Raw Trading Ltd. does have a license, but the website approved is actually the offshore branch of IC Markets i.e. the broker that Fxprocrypto is a clone of.
Lastly, when you look into the claim of Fxprocrypto being regulated by CySEC, you will discover that the regulator has actually issued a warning against them, which means it is a false claim.
Copied Terms and Conditions
The Terms & Conditions that you will find on the Fxprocrypto website have actually been copied directly from the IC Markets website and this means that they cannot be considered binding for your relationship with Fxprocrypto at all. Any authentic and legitimate broker would come up with proper Terms & Conditions because they indicate the kind of relationship traders will have with the company. As it is a scam, they have not bothered to make an effort at all.
No trading platform
You would expect, considering the website of Fxprocrypto that it would offer you a decent trading platform, such as the MetaTrader 5, but you are doomed to disappointment. The broker doesn’t provide access to any trading at all. They only have a chart on their website, which is no good. Hence, you will not be able to make any trades.
Bitcoin payments only
Another clear scam indicator is that Fxprocrypto only accepts deposit in Bitcoin, which are anonymous and cannot possibly be traced, much less refunded. Cryptocurrency payments are often used by scammers for this purpose only because they don’t want people to be able to track them, or file for chargebacks to get their stolen money back.
Once you take all of these scam indicators into account and understand their implications, it is obvious that Fxprocrypto is not to be trusted for any trading activities at all.