ETFX Review by Scam Helpers Team
Scam Helpers Team which has done a lot of work in researching for ETFX Review, advises investors not to invest in ETFX, as it is suspected to be a potential scam broker. It is advised to first look at what other people are saying about the company you wish to invest in to prevent being conned by an investment scam plan.
After conducting some research on investing forums and social media platforms, we learned that some people had negative experiences with ETFX and left conflicting opinions about it. You should examine it before making an investment because it appears that ETFX is an unreliable investment company. Read a complete ETFX review, and you’ll see that not all things are as good as they appear. We’re going to expose a scammer.
Website: https://et-fx.com/
Address: 12th and 1st Floors of Room 12 and 1st floor of Kingsgate House, Mahe Island, Seychelles
Warning: Financial Services Authority (Seychelles), Falsely claim to be regulated by the FSA Seychelles
Risk is an integral part of every type of trading. A genuine investment provides the broker with an excellent opportunity to earn a profit if they make the right decisions. We have done profound exploration, looked at various brokers and trading conditions, and prepared a comprehensive list of scam brokers 2023 to aid your decision-making.
We include the name of ETFX here because it is not a legit broker. For fledgling brokers or clueless clients, ETFX will appear as a genuine investment opportunity for unsuspecting users and novice traders.
We are here to expose this broker by providing this ETFX review and share with you the reason for presenting this ETFX review.
Two businesses—one located in Vanuatu and the other in New Zealand—operate ETFX. The competent organisations, the VFSC and FMA, respectively, are in charge of regulating both of them. This suggests that the management team initially chose the Vanuatu licence because it was simple to obtain, but eventually switched to the more respected one.
While Vanuatu is a very well-liked location where pretty much anyone can run a forex broker, New Zealand is much more difficult. These jurisdictions have minimum capital requirements of $2,000 and $1,000,000, respectively. While there are many other technicalities, this should be sufficient to give you a sense of how they treat brokers.
Warning signs of ETFX broker
After taking a look at their website, we found numerous warnings that should be enough for you not to invest in them. Some of the reasons why we include ETFX as an unregulated broker.
ETFX Review: Regulation And Safety Of Funds
Being an unregulated firm is the worst thing, and it makes you an exploitative cheat. ETFX is a scam, and your money is at risk.
By investing your money in an unregulated and unlicensed broker, you are indirectly putting your funds in danger. For that reason, we ask our readers to invest with brokers who have licenses from authorities like FCA, ASIC, FMA, etc. Authorized brokers are covered by many prerequisites, and a large number of them apply anti-fraud practices. As such, they are the specific inverse of what these brokers and others like them represent.
ETFX Review: Deposit And Withdrawal Methods And Fees
There is a reason why these fraudsters, as well as many other scammers, would frequently advise you to deposit in cryptocurrency. You cannot get a chargeback on such transactions because they are entirely irreversible and all of them are recorded in a ledger that cannot be modified later. Depositing money with scam brokers is therefore, rarely a good idea. If you have already invested your money with ETFX, you should immediately ask for a withdrawal as your money is not safe with an unregulated broker.
With ETFX, if you ask for a withdrawal, they will postpone the process by giving some reasons for a long time so you can find no alternative to file a complaint.
ETFX Review: Customer Reviews
Scam Helpers found that ETFX got negative customer reviews and ratings on all other sites, and also got low trust scores among users. With this review and after reading all the negative and positive ETFX reviews, we found that this broker is not regulated and might be a potential scam broker. To avoid these scams, we provide a list of scam brokers 2023 on our website.
Commitments of Ensured Benefits
Any moneymaking promises in the financial market come with a risk. Some brokers will attempt to let you know that their financier can assist you with turning ensured benefits when you utilize their platform.
If you get attracted by such brokers, there’s a chance of getting scammed by them.
How does ETFX Scam Work?
Scammers use many tricks in order to give you the idea that you are earning money easily and rapidly, fraudsters frequently send you some returns first. They can acquire your trust in this way. To extract as much money as they can from you, they frequently ask you to make more investments or to recruit family members and friends to do the same.
They will suspend or close your account when they believe you are unable to invest any more money in the fraud, and you won’t likely hear from them again. In order to appear trustworthy in the eyes of potential customers, many scam companies falsely state that they are headquartered in a regulated jurisdiction by using fictitious locations and regulation licenses.
How to keep yourself safe from scam brokers?
- Do good research about the broker. Go through reviews and pick a broker with positive reviews. A conventional web search can give experiences into whether negative remarks could simply be a disappointed broker or something more serious.
- Ensure the reviews do not contain anything negative about the broker’s withdrawal process.
- If you are happy with your examination on a specific broker, then trade for a while first, and afterward attempt to make a withdrawal.
- If you face some issues, discuss them with your broker. If it doesn’t go well, file a complaint and share your experience online with everyone.
Is ETFX broker Legit or a scam: Conclusion
It is clear from the ETFX review that this broker is not right for trading. We unequivocally encourage all traders and investors to keep away from ETFX and similar brokers. If you really want to trade online, find a broker who is regulated and has trusted and positive reviews.
Also, if you are a victim of the ETFX scam, or other scams like the forex scam, cryptocurrency scam, binary scam, etc., file a complaint here to get your funds back. Scam Helpers can process your complaint and help you in fund recovery. We should begin and determine the matter before the harm is considerably greater. Your one step can save you and other people from being cheated by such brokers.
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