Beware! Alltradesfx is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Alltradesfx is a scam – there is no beating around the bush with this one. The company has been exposed by the Spanish CNMV as one too – here is what the regulatory body has to say about Alltradesfx:
It seems that the broker has been providing its services without authorization from the CNMV. This is far from the only issue with Alltradesfx’s regulation – but before we get into taking a closer look into the company, we need to explain its business model – Alltradesfx does not provide any form of trading. Instead, it offers the following investment plans:
However, such high returns are simply not possible for anyone to achieve – even though Alltradesfx does not mention the timeframe in which they can be achieved, no legitimate institution would grant you 11% ROI even annually! And if Alltradesfx could achieve such high returns, why not just take out a business loan and become rich without any sort of middlemen?
So, when we refer to the company as “the broker” in the review, we are speaking in a very broad sense of the word. With that out of the way, let’s take a closer look at Alltradesfx:
Alltradesfx regulation and safety of funds
Alltradesfx is not regulated – as you saw above, this is a fact that the CNMV confirms. But Alltradesfx also lies about holding a license within the UK, as you can see below:
To be registered in the UK for the services Alltradesfx claims to provide, it would need the approval of the FCA. The FCA is the regulatory body in Britain and it is also among the strictest such bodies out there. UK-licensed brokers need to have at least 730 000 euro to their name, as well as report on a daily basis on closed and open trades in order to prevent any form of fraud from taking place. Of course, this is not the end of the regulations the FCA imposes on brokers, not by a long shot, but the point is that it provides a secure trading environment for all who use the services of brokers under its oversight.
So, is Alltradesfx licensed with the FCA? We looked the company up on the regulatory body’s register:
Predictably, we got no results. Stick to licensed brokers – trading with them over Alltradesfx is going to prove much more beneficial!
Alltradesfx trading software
As we mentioned at the start of the review, Alltradesfx does not provide access to any form of trading – so a conventional trading platform like Metatrader 5 would be completely obsolete.
Alltradesfx deposit and withdrawal methods and fees
Alltradesfx only accepts deposits via various cryptocurrencies – what is common among them is the fact that payments done with crypto are final. It is a common strategy among scammers to only accept such payments, as it means that their clients cannot file any form of chargeback.
And a chargeback would be welcome, given the fact that Alltradesfx does not list any of its withdrawal policies – we cannot know what fees the broker charges, or how big these fees are.
How does the scam work?
There is no denying that Alltradesfx is a scam – and what’s more, we know exactly how the scheme it follows works – we have seen it play out hundreds of times:
First off, someone stumbles upon an ad, promising them incredible returns on investments – and should they follow it, they are taken to a website like the one Alltradesfx runs from. From there, they are prompted to make an account and give away their phone number in the process.
Once the scammers have it, they will start calling around the clock, demanding more and more deposits. These calls will only stop if the victim realizes what is going on and stops pouring money with the scammers.
What to do when scammed?
Does the scenario described above sound familiar? Well, here is what you can do to limit further losses:
First off, recall what credit cards and forms of ID the scammers had access to and get new ones issued. Also remove any forms of remote control software like TeamViewer and AnyDesk the scammers had you install. These steps will restore your compromised privacy.
Secondly, contact your bank and ask them whether you can get a refund in any way. But if you are contacted by a recovery agency, demanding an advance fee for its services do not fall for it – this is simply another scam.
Finally, consider sharing your story below – by doing so you will be helping us raise awareness of the scam!