Review of the unscrupulous broker FXCoin: opinions of deceived traders
When choosing a reliable broker for successful trading in financial markets, one of the key aspects is protection against fraud. Unfortunately, there is a significant number of cases of dishonest activities in the financial sector today, including the company FXCoin. Many traders have faced issues with fund withdrawals, deception, and dishonest practices by the forex broker FXCoin.
About the FXCoin platform
On the website FXCoin.org, fraudsters carefully replicate the interface of one of the cryptocurrency exchanges and exchangers named “FXCoins.” It is important to note that these are completely different organizations. The forex broker of questionable reputation under the name “FXCoin” employs tactics to attract clients, however, as reviews indicate, all promises of valuable prizes and events turn out to be empty promises.
The homepage of the fxcoins.org portal features a review of promotions offering various prizes such as a 1 million ruble giveaway, an Audi Q7 car, and a trip for two to the island of Cyprus. However, according to customer reviews, all this is just a guise to attract clients. Reviews point out that the prize draw procedure is not conducted.
The FXCoin.org website features 9 main sections in the main menu, including “Trading Information,” “Bonuses,” “Tools,” “Trading Platforms,” “Account Types,” “Event Calendar,” “News,” “Education,” and “Contacts.” The broker also emphasizes its “advantages” such as no commissions (a common scam trap), 24/7 access to the service, and convenient functionality. It is important to note that there are no real confirmations of these claims. It is worth highlighting the assurances of “guaranteed fund preservation and withdrawal,” which, according to trader reviews, are outright lies.
FXCoin Documentation Review
When it comes to choosing a broker, it is important to pay attention to the presence of a license for financial activities. In this case, the “FXCoin” website lacks documents confirming the existence of a license. This signals that the intermediary does not adhere to regulatory standards, posing a serious risk to clients.
The company is registered in Saint Vincent and the Grenadines under number 24768, indicating the status of an offshore broker not subject to strict regulation. The company has offices in Moscow and Tallinn, but there are no documents confirming licenses and permits in these regions.
The company’s document section includes risk warnings, AML/KYC policy, user agreement, and privacy policy. However, according to customer reviews, these documents are presented for show, as the company has a practice of unilaterally changing terms, rendering them void in legal disputes.
Account Types on FXCoin
FXCoin sets a fairly high threshold for opening an account – a minimum of 250 euros. This is a measure aimed at increasing the total amount of client deposits. The first account level, Basic, is available for deposits ranging from 250 to 500 euros and offers a limited set of features, including trading signals and basic educational materials. The second level, Basic+ (500-1000 EUR), is supplemented with 24/7 support and a full training course.
A serious set of features is offered on Gold accounts (1000-5000 EUR), which include analytical materials and a personal manager. However, according to customer reviews, the quality of service leaves much to be desired.
Other account types, Platinum (from 5000 EUR) and VIP (from 50000 EUR), promise special conditions, spread optimization, and individual approach, but details on the so-called “individual conditions” remain vague.
Review of FXCoin Reviews
Positive reviews of FXCoin’s activities are nonexistent, but reviews from deceived clients flood the internet. They share insights into the scam scheme and ways in which the broker deprives them of their funds. User reviews clearly show the inability to earn with this broker and issues with fund withdrawals.
Broker’s Fraudulent Practices
FXCoin is a broker that does not facilitate client fund withdrawals. When funds are credited for withdrawal, clients face deductions, after which promises to resolve the issue from customer support turn out to be empty. The broker also resorts to changing wallet addresses for deposits, creating additional complications for traders. Other scam methods include providing ineffective trading signals leading to deposit loss.
Your Interests Reviews:
- Greesins: review of a black forex broker and reviews of victims
- Review of the scammer Forex.ee: analysis of broker data and client reviews
- Scam broker Arum Capital: detailed review and reviews of deceived clients
Summary
FXCoin is definitely a fraudulent broker that should not be involved with your finances. The broker tries to create the illusion of the company FXCoins, having offices in several countries, but the lack of necessary licenses and permits indicates its unscrupulous activities. Reviews also point to issues with fund withdrawals. We strongly recommend refraining from cooperating with this company and exercising caution.
Author: Ivan Andrienko
