Beware! FX Wonders 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.
FX Wonders is a terribly inconsistent broker. Literally, every webpage is filled to the brim with conflicting pieces of information. For example, depending on the webpage you landed on, the minimum deposit will be either $50, $100 or $500. Well, reliable brokers simply don’t do that- leading their clients up the garden path. FX Wonders lies about too many things, and we are going to discuss the deception in the following review.
FX Wonders REGULATION AND SAFETY OF FUNDS
FX Wonders is a St. Vincent and the Grenadines broker, so it’s an unregulated high-risk entity. SVG is a shady offshore jurisdiction with no authority responsible for licensing or controlling Forex brokers, so your funds won’t be safe if you deposit with FX Wonders. Indeed, the island is bustling with scammers, and that’s only because of the transparency and regulation deficit.
As FX Wonders is apparently fraudulent, you can consider the high-rated EU brokers and British brokers, which are adequately regulated and, most importantly, covered by deposit insurance funds. Namely, if you trade with a CySEC broker, you can claim up to 20 000 EUR in compensation, while the British protections are up to 85 000 GBP per person. The deposit funds guarantee an extra layer of protection, so it’s worth opening accounts with European companies if eligible to do so.
FX Wonders TRADING SOFTWARE
FX Wonders provides excellent trading software- MetaTrader4, but the trading conditions are terrible. The EUR/USD spread we encountered was massive- floating around 6 pips, which is a highly non-competitive Buy/Sell difference. Moreover, we have to raise a red flag because the broker shamelessly lies about it- they claim the difference varies between 0.0 and 0.8 pips with the Standard account (the one we opened). Anyway, the spread forms some trading costs, so the lower it is, the better for clients. As a comparison, most of the regulated brokers offer spreads of 1 pip or less, so it’s useless wasting your time with suspected scams like FX Wonders.
Instead, you’d better consider the high-rated MetaTrader4 brokers and MetaTrader5 brokers, which are delivering much more favourable spreads. We recommend the MTs because the platforms are packed with sophisticated features such as Expert Advisors, complex indicators, and excellent charting tools. MetaTrader also comes with an unrivalled bonus- a Marketplace where clients can browse through more than 10 000 apps and other trading solutions.
The leverage levels are also a matter of deception and inconsistency. According to the Home Page, the leverage can be up to 1:00, but on the Account Type page, we found them stating the maximum is 1:30. Well, both are not valid because while we were opening an account, we could choose between 1:100 and 1:500. FX Wonders is a filthy broker, and that’s what it is. You’d better ask yourselves if it’s safe to deposit when they are lying about literally everything. That’s a scam!
On the other end, though, the most reliable brokers in the industry are leverage restricted, and that’s because of the massive risks involved. Namely, licensed EU, British and Australian brokers have to limit retail clients to 1:30 for FX majors, while Canadian brokers and US brokers to 1:50. High-leverage offshore brokers are poorly regulated or not at all, so you can quickly end up being defrauded. Beware!
FX Wonders DEPOSIT/WITHDRAW METHODS AND FEES
The same goes for deposits. As already mentioned, FX Wonders stuffed its website with conflicting pieces of information, so they actually fail to specify the minimum deposit requirements. We’ll assume the minimum is $100, but that doesn’t mean it’s true. The funding methods are said to be Credit/Debit cards, WebMoney, Wire Transfers, Skrill and Neteller, but again, we can’t take their word of it.
However, as FX Wonders is apparently a scam, we’d like to offer our lists with Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have trusted payment systems. The companies topping the lists are adequately regulated, and you won’t face scammers if you choose among the high-rated ones.
The minimum withdrawal is said to be $100 free of charge, but we can’t validate this either. Information about other provisions is not available because the broker doesn’t even have legal documentation—yet another red flag we need to raise.
Overall, FX Wonders is an unregulated offshore broker, and that’s an argument enough to stay away from this otherwise deceitful entity.
HOW DOES THE SCAM WORK
Today, the Internet is plagued by scammers and their tricky deals. It all starts when you click on an appealing fraudulent offer and provide your e-mail and contact numbers. Scammers, as seasoned manipulators, would ring you at once, insisting that you should start investing as soon as possible. During the phone call, you’d be presented with bonuses, promotions, risk-free offers, Bitcoin opportunities, and anything else you could possibly imagine. Scammers would claim to work with reputable firms, banks, governments, and so on, trying to make their business appear legit. Those thieves lie big time and would promise you anything to gain your confidence and get a deposit from you.
However, the first deposit is just the beginning. Day by day, scammers would carry on asking for funds. If you lost, they’d persuade you to put more money and recover the losses. If you are profitable, you’d be asked to put more money and increase the gains. The headaches start as soon as you ask to take your money back. The scammers would do whatever it takes to discourage you and would even urge you to deposit again if you want to withdraw. The scammers’ mantra is “give me your money”, they’d push you to transfer more money over and over again for no obvious reason. Urgency is a treacherous sign, so if someone forces you to invest ASAP, that’s a scam.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is safe from scams. If you get defrauded, the first thing you need to do is to protect yourself from further risk. Deactivate your card immediately, contact your bank and ask for advice.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing, call the police if you feel necessary. Seek help actively!
Remember, it’s crucial not to rush blindly trying to recover your funds because fraudulent fund recovery agencies are trying to double scam the victims. They ask for upfront payment, take the money but don’t do anything to help you!
Last but not least, share online your experience; it’s important to inform the public about scams. Be responsible!