Beware! CardinalFX 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.
CardinalFX has one of the most inappropriate titles ever to pass our gaze. We could not but associate its name with the phrase “cardinal sin” which is perhaps the most serious and punishable of sins in Christianity. So, is this broker so sinful that it bears “cardinal” as punishment? Or does the broker rely on the other, not so common, definition of “cardinal” as the one beneath the Pope? We believe that the former is more applicable. Please read on to find out all this broker has to offer.
While we were opening an account, we were completing a very simple process that did not really match the intensity of the website. Once signed in, we were presented with a messy user area representing the tree nature of this so called broker. The trading platform turned out to be a sham and was nothing more than a chart provided by the famous amongst scammers TradingView chart provided. These charts are in no way trading platforms, nor are they associated with ht brokers that use them.
So CardinalFX biggest sin might be that it has no training platform. So no trading conditions will not be included. As a result, we cannot inform readers of the spread nor leverage Nor cold we gather any actually tradeable financial instruments.
The languages of the website include over 20 different choices. This would be impressive if not for the google translate. Yes, the broker uses Google translate to translate its website. This is a definite sign that there is something wrong here.
CARDINALFX REGULATION AND SAFETY OF FUNDS
The broker claims to be regulated by CySEC, by the VFSC in Vanuatu, and the FSCA.
It’s a rare case that brokers are regulated by these, or more than 2 regulators, at the same time. Usually, those brokers that can afford such licenses are incredibly professional and very user-oriented. We can confirm that CardinalFX is not licensed by any of these overseers.
There are also be legal documents. When we tried accessing them, the website kept sending us to the sign-up page, and if we were logged in, it kept redirecting us to the home page of the user area.
So, this broker is UNREGULATED, and probably a scam. Such a broker should not be trusted with funds nor with KYC documents.
There is no reason at all to invest in an unregulated broker. The best advice there is, concerning the choice of a broker, is to always check for a license. If the broker has an FCA and CySEC license you are off to possibly the best start, as these are some of the top regulators in the industry. Usually, legitimate FX overseers integrate a set of rules to each of its listed brokers. Brokers form an agreement with them to follow very strict guidelines. Furthermore, some agencies, like the FCA or CySEC, have compensation schemes that reimburse clients whose brokers have become insolvent. As you can see, a regulated broker benefits not only the brokerage itself, but the traders as well.
CARDINALFX DEPOSIT/WITHDRAW METHODS AND FEES
As per the payment gateway area, the minimum deposit is just $1. This has to do with the fact that the only way to deposit is through a bitcoin buying website. not really a depositing method,
The case with withdrawals is exactly the same as the one for depositing. Withdrawals are made through BTC, and if they are done through the same BTC buying website, that means that they are really not possible to process because this is a bitcoin BUYING website. All in all, very scammer features. We are almost 100% certain that users can’t withdraw anything.
As it was expected, from the first look at it, CardinalFX is unregulated and thus a direct risk to all deposits. Do not waste your time and money on this scam!
How does the scam work?
If things feel uneasy or suspicious, then you are probably being scammed. Most fraudsters adapt the same scam structure, however, they might add their own little nuances. The point is, that if you think you are in a scam, then you probably are!
The first step is the online ads. These annoying pop-ups or side distractors are the essence of scammer brokers. It’s through them that the user is lured into the fake broker website. The link of the ad leads to a website or a registration form. Both require the user to write down his or her personal details, like email and telephone number. Do not give these away. The scammers will contact you if you give these details away, and will sooner or later try to charm his/her way into your wallet, by asking you to deposit.
After a deposit is made, and hopefully, it isn’t, then the first step of the same is complete. The following step concerns the account manager, a.k.a the advanced scammers. These individuals are charming convincers, and if they succeed, it means that you have deposited a second time. This can go as long as the user keeps depositing. When suspicious arises, one of these things will probably happen: the broker will delete the account of the user without a reason; the broker will not allow for withdrawals, or the broker will keep finding ways to stall withdrawals.
What to do if scammed?
Filing for a chargeback is the best advice. VISA and MasterCard have prolonged their chargeback time span to 540 days.
If the deposit is made through wire transfer, then change your user name and password as soon as possible. Another step is to contact the bak as they might have a specialized procedure for such cases.
Another crucial advice: NEVER deposit in unregulated brokers through bitcoin or any other form of cryptocurrency. These payment methods are untraceable, meaning that once a deposit is made, it cannot be traced. The money is lost.
Last but not least. recovery agencies are definitely a scam. These programs, or whatever they call themselves, offer help for defrauded users…for a price. Once the fee/tax is collected, these agents disappear, leaving you at a bigger loss.
Rich Snippet Data