FrankfurtFX is a clone website that uses the German Stock Exchange’s name for the wrong reasons. With a minimum deposit of $5,000, this is definitely a broker that is not following set industry regulations. Frankfurt FX is by far one of the most dangerous scams we have so far. The scam artists behind this platform are targeting European investors. By falsifying information, naïve investors sign up not knowing the end game. Learn more in this eye-catching and informative FRANKFURTFX Review.
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A background check of FrankfurtFX
According to their about us page, they sell it as a leading Crypto trading platform. These scam artists are switching to the most profitable market. With Bitcoin prices soaring, investors want a piece of the cake.
Scam artists are taking advantage and ensuring that they do scam naïve investors. It’s our duty and responsibility to protect our readers and ensure the trading world stays safe.
Once you land on their homepage, you will notice FrankfurtFX is using a simple website design. The simplicity gives the impression that this is a legit broker. Before jumping in, there are a few red flags worth exposing.
Frankfurt FX is here not to trade but to deceive investors into depositing with them. We have concrete proof that the platform is a clone website of another scam. Even the name is the same; the only difference is the domain name.
Assets and trading instruments found on Frankfurt FX
The main asset found on the platform is Crypto. A range of Crypto coins is available for trading alongside Gold. These coins include Bitcoin, Bitcoin Gold, Dash, Ethereum, Litecoin, and Ripple. The broker also claims to offer 50 currency pairs with leverage of 1:3.
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On their homepage, the broker claims to offer over 200 indices and stocks. The broker goes ahead and states that there’s a monthly guarantee of 50 percent profit.
When it comes to who operates and owns this platform, the broker suddenly goes silent. It’s a growing concern for regulators who see a rise in anonymous websites. Despite claims that the broker resides in Germany, no evidence proves it.
We are certain that these are offshore brokers trying to penetrate the European market. The mistakes they make include claiming to have regulation from a combination of unlikely regulators.
Comments and feedback from users
Taylor has already lost over 3,500 Euros with this broker. He has been trying to make withdrawal requests for the last two months without any luck. Trading forums from other European countries also have complaints from users.
Most of the complaints are in Dutch and Spanish language which shows the most affected investors. There’s no social media platform linked with this odd website.
Domain history (frankfurtfx.com)
You can look up the domain history of a website to determine its footprint and history. Domain checker tools give an idea of what the website has gone through over the years. According to data, the website frankfurtfx.com went live on August 30, 2020.
Their IP history shows a completely different story about their online presence. There have been a total of 21 changes on their IP address for the past 16 years. It means the website was going under a different domain or name.
FrankfurtFX License and Registration Status
FrankfurtFX is a non-compliant broker and is already on the blacklist of several regulators. CySEC is one of the few regulators who have already flagged the broker for misconduct. The broker is flaunting industry rules by failing to deposit the required capital.
Anyone who deposits with the broker will not enjoy the protection of regulators. Your funds are at risk as the broker does what they think is best for them.
A broker without a valid license can withhold funds for eternity. There’s nothing members can do, considering that the broker is anonymous. Frankfurt FX is not answerable to any regulator, making them immune to prosecution.
That’s why regulators flag them down and later shut down the website due to several complaints. With the domain details above, it’s clear that this is a short-term website. Without regulation, they will change their name and start all over again.
Pros and Cons of FrankfurtFX
FrankfurtFX is furnishing users with four different accounts. The accounts available include Silver, Gold, Platinum, and VIP. For the standard account (silver), members must deposit a minimum of $5,000.
That’s over ten times the set industry standard of $250. Most of the account features are the same, which points to the broker targeting all classes of investors. All have the premium customer support claim, which is far from the truth.
Expect no support from the broker once you sign up and deposit with them. The website does not have a live chat which means you only rely on emails. One problem with emails is that the response might take time.
The broker has a phone number and a Whatsapp group. All of these options give the broker power when communicating. They can easily throw you out of the group and ignore all your calls.
Dedicated account manager
Another feature meant to drive investors into signing up is the dedicated account manager. Sure, we all want attention, especially when it comes to matters investing. The only problem is that there’s no professional account manager.
The broker hires call agents to act as account managers and doesn’t know about investing and trading. You will likely bounce from one account manager to the other before finally giving up.
Their platform is far from being reliable as it sometimes fails to function. When it comes to trading, you should use MT4 and MT5 trading terminals. Their platform also fails to give users a friendly user-experience.
You won’t get the necessary trading tools to help you with your trading. Unlike MT4 and MT5 platforms, where you get advanced trading tools, their terminal is unreliable. The leverage on their platform is also not in line with European trading standards.
Safety of funds FrankfurtFX
Once you deposit funds with this website, you might as well forget about it. No one has made any withdrawals with the platform. Several complaints are regarding the lack of withdrawal as well as rude customer support.
Considering that the broker does not have a legit license, a compensation scheme is out of the question.
Scam or Legit FrankfurtFX
FrankfurtFX is a scam that is waiting to pounce on anyone who deposits with them. Taylor is not the only victim to fall for this trap. It’s best that you stay away or else face the same scenario other victims are going through.
You better stay away from the broker or any website that has the same name.
We won’t be recommending a broker that is on the warning list of CySEC. Instead, we will put it on our blacklist and mark it as a dangerous trading platform.
Consider using reliable brokers who have years of trading experience. It’s the only way to trade safely and earn realistic profit margins.
We wish you all the best.