FXPlace: traders’ reviews on cooperation with the company
Reviews of FXPlace by Traders
At FXPlace, we aim to help traders achieve their financial goals by focusing on a significant experience. The company takes pride in its 5 years of successful operation. However, finding reviews about it seems impossible, which raises doubts about the objectivity of this claim. Our review will provide information on trading conditions, as well as legal aspects related to this financial broker.
Main Facts about FXPlace
FXPlace claims to have 5 years of experience in financial markets, but indications of evidence have not been found yet. Information about the domain history suggests that the project fx-place.net was launched in September 2022, confirming doubts about the duration of its operation.
The company’s contact information links it to Investing Space LTD, raising questions given the lack of a positive reputation for this parent company. Reviews mention FXPlace’s dishonest policies, lack of information about project leaders, and negative comments from traders about failure to fulfill obligations.
Legal Nuances
Operating under the FXPlace brand is the offshore company Investing Space LTD with an office in Saint Lucia. Despite claims of full regulatory compliance and possession of an IFSC license, checks have shown that the broker operates without the appropriate license. Information about previous projects of the parent company Investing Space LTD points to its negative reputation and activity in CIS countries without legal basis.
FXPlace is absent in the Russian-speaking space, but this is a temporary phenomenon. Considering Investing Space LTD’s presence on the Central Bank of Russia’s blacklist, it becomes evident that this broker lacks legal status to operate in Russia and other CIS countries.
Trading Conditions
FXPlace offers a wide range of trading instruments, including CFDs on various assets. Despite promises of comfortable trading and an innovative platform, traders express concerns about manipulation of the trading terminal and potential capital loss. The lack of a demo account and information on the company’s solvency also raises doubts.
- 1,000+ assets for trading,
- entry threshold starting from $250,
- minimal commission fees,
- support for experienced traders and analysts,
- bonus offers and promotions,
- online webinars for trading education,
- bonuses ranging from 10% to 100% of the deposit,
- daily market reviews,
- trading signals, and other services.
How Scammers Operate
FXPlace employs bonus offering strategies for traders but conceals the conditions for their redemption, often leading to difficulties in fund withdrawals. Such actions can create challenges for investors and result in capital loss.
Final Thoughts
FXPlace carries the risk of fraud and a lack of seriousness towards its clients. It is advisable to be cautious and careful when considering cooperation with this company, given the lack of reliable information and negative reviews about the parent company. It is recommended to exercise caution and avoid potential risks.
As a novice investor, I have faced several disappointments with FXPlace. Firstly, the broker’s fees and commission charges seem considerably high, especially when compared to other brokerage firms. This becomes a burden for beginners who are just starting out with smaller investments.
Secondly, contrary to their claims of providing exceptional customer support, my experience has been rather unsatisfactory. There have been instances when I had to wait for an excessive amount of time to get simple queries resolved, which can be frustrating and time-consuming.
Thirdly, their platform is not very user-friendly, particularly for beginners. They provide limited educational resources which makes it difficult for someone with no prior knowledge to learn and understand the functioning of financial markets.
Lastly, the withdrawal process is very tedious and time-consuming. The company seems to have numerous processes and verifications in place before they authorize withdrawals, which often leads to delays. Even after all these procedures, following up with them to get your own money is quite taxing.
Overall, the experience of partnering with FXPlace was troublesome due to their complex platform, high fees, poor customer service, and tedious withdrawal process.