Everything seemed to go smoothly for this broker, until we learned that it used to be licensed, but it had its license taken away. AtlasFXMarkets otherwise has a great look and seemingly good trading details, but only half of that it actually true. There are many a fault here, and the following review will talk about the main ones, really those that matter. Do not invest before reading the review.
We wanted to register an account to get to the bottom of this brokerage, as the user area is by far the most honest place where one can really see the worth of a brokerage. So we completed the registration form, and verified our address. The result of this was a buggy and very shady client portal, revealing just how low the broker had actually sunk.
For one, and this is very crucial, there is no trading software. There is no actual terminal on which registered users can buy or sell assets. Therefore, all the trading material being promoted on the website is completely irrelevant and useless.
The non-usable trading conditions make us question not only the legitimacy of AtlasFXMarkets, but also its stance as a brokerage. We cannot really define it as a broker…
There are no applicable spreads, nor leverages to rely on, and definitely no tradeable assets.
The website is available in English and Chinese.
ATLASFXMARKETS REGULATION AND SAFETY OF FUNDS
We actually spoiled the regulatory status of the broker earlier on in the review, but we will repeat ourselves. Long story short, AtlasFXMarkets used to be licenses but it had it revoked over what we think is a failure to abide by the rules.
The broker’s parent firm, Triumph Int Limited, once held a license from the Vanuatu Financial Service Commission. But, due to what we presume is illicit and forbidden activity or lack of coherence, AtlasFXMarkets was “Struck Off”.
As you can clearly see, it had its license revoked quite a while back, in May of this year.
The problem here is that it still claims to be licensed by the commission, when it clearly isn’t. Well, that’s that; AtlasFXMarkets is UNLICENSED and a risk to all investors. All personal details provided with it are also at a risk.
We cannot know for sure if it is a scam or not, because we do not have the full story of the lost license. However, we don’t recommend sticking around to find out.
We find it completely useless to invest in an unregulated broker. All investments will be lost! Always rely on regulated brokers, either from the FCA or CySEC, or the CFTC/NFA, or any other trustworthy license issuer. All these overseers keep record of the brokers’ activities, demand from them reports, require to keep the market integrity stable, and above all, call for the safety and security of all users, their funds and personal details. The FCA and CySEC are special in that they offer client compensation schemes which are applied to users whose brokers cannot pay them back due to financial predicaments. CySEC offers a €20 000 refund amount per person, while the FCA guarantees up to £85 000.
ATLASFXMARKETS TRADING SOFTWARE
The surrogate trading software is no trading platform at all, but a multitude of different TradingView variations. This, of course, is the notorious third party graph that scammer brokers love to uses. Its usage is mainly meant to confuse newer users.
TradingView does not constitute a trading software! AtlasFXMarkets has no such terminal, and thus cannot be labelled a broker.
ATLASFXMARKETS DEPOSIT/WITHDRAW METHODS AND FEES
The minimum investment requirement as per the user area is $500. The available payment systems are bank transfer, Neteller, and three crypto wallets.
The user area discloses that clients can withdraw their money by means of bank transfer, Neteller, and three different crypto wallets. However, the website claims that users can withdraw only by means of bank. It’s this type of discrepancy that defines the unlicensed broker.
Wire transfer fees will not be issued if the deposit/withdraw is above $500.
The withdrawal process takes up to two days to process.
We can see why AtlasFXMarkets lost its license. It does not deserve one, and the one it had it probably didn’t treat it with the respect it requires to upkeep it. This broker is unregulated and a risk to all traders. It might even be a scam!
How does the scam work?
A fair number of fake online ads lead to scammer brokers, or to intermediary websites that introduce the scheme and its fake benefits.
From these ads users get fooled into entering the broker site, which means that the ads themselves are very tempting, but over-the-top nevertheless.
The next thing that the scammer wants you to do it to give away your phone number or an email address. The idea behind this is for the broker to bridge the distance between itself and the user, in order to keep a closer eye on the user.
Through these contact mediums the scammer broker can easily harass the user and compel him or her to invest. It’s as simple as that.
These reps that keep contacting users are trained to shape the user’s choice and to manipulate. Their one and only goal is to initiate deposits, and to keep the make-believe scheme relevant. This is easily done by revealing profit gains (but never allowing for the user to withdraw it), by promising higher gains, or by simply being too charming to say no to.
We assure our readers that the broker will never allow a withdrawal to process. The client will be left to fend for her own.
What to do if scammed?
The user must rely on the payment systems to eventually get her stolen money back.
The safest bet is a chargeback procedure with the client’s credit/debit card provider. MasterCard and VISA have a chargeback period of 540 days.
If the money was lost through one or multiple bank transfers, users should, first and foremost, change the wire account user name and password. Next, the trader should contact the bank and create a plan of action.
All investments using a crypto wallet are lost. They cannot be traced and are thus the riskiest of all investments!
Users might come across recovery agents, who are nothing more than another brand of scammers. They ask a payment in exchange for returning all of your lost investments! If you pay them, you ill never see your money again!
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