Beware! IdealFXexchange is an offshore broker! Your investment may be at risk.
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Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
IdealFXexchange is yet another scam – sadly, there are hundreds of companies like it out there, praying on everyone on the internet. And if you don’t take our word for it, check out what the Spanish regulatory body, the CNMV has to say about IdealFXexchange:
It seems that we need to take a closer look at IdealFXexchange – but before we do, we also need to let you know what the broker’s business model actually is – it offers investment plans with return rates of 50% daily – as you can you see below:
Of course, there is no company out there that can achieve that – IdealFXexchange is simply trying to gather more deposits under these false premises. But the company does not really provide access to any form of trading – therefore, we can use the word “broker” to describe IdealFXexchange only in a very broad sense of the word!
Without further ado, let’s get into the full review of the company:
IdealFXexchange regulation and safety of funds
IdealFXexchange is not regulated – of course, it would have you believe it is – the following certificate can be found on its website:
This document is hilarious, because it is so obviously a bad Photoshop job – first off, the name of the company should be where that gap under the first paragraph is. Secondly, the numbers in the company’s supposed number are not only too big, not matching the size of the rest of the fonts, but also placed off center.
Make no mistake, this is not a real certificate – but even if it were, IdealFXexchange would still be far from a UK licensed broker – the company would need a license from the FCA – the body that actually oversees the markets in the country.
And we know for a fact that IdealFXexchange does not have one – the FCA has banned the provision of crypto derivatives – and yet, IdealFXexchange bases its business model entirely on them.
In fact, the FCA is among the best regulators out there, with strict measures that have been set to prevent scams from taking place – for example the requirement for brokers to report on a daily basis on open and closed trades. Trading with an FCA-licensed broker is a much better idea than using the services of some scam company like IdealFXexchange.
Finally, the fact that IdealFXexchange does not have a license also means that the address it provides, seen below, does not really correspond to where the company can be found.
IdealFXexchange trading software
IdealFXexchange does not really provide any trading software – that is because it does not provide any trading. It would be pointless for the broker to have a sophisticated trading platform like Metatrader 5, really.
IdealFXexchange deposit and withdrawal methods and fees
IdealFXexchange accepts money via various cryptocurrencies – this is not surprising. You see, scammers often only take Bitcoin, because payments made using it are always final and non-eligible for a refund of any sort.
Additionally, we do not know any of the broker’s policies on withdrawals – another trait of scammers like IdealFXexchange is that they do not provide anyone with their Terms and Conditions!
How does the scam work?
IdealFXexchange is not the first, and it will not be the last such scam. It is crucial to know how the scheme works in order to protect yourself from it:
It starts on the scammers website, where newcomers are prompted to register, leaving their phone number in the process. That number will be used to harass them for payments – demanding more and more from them with calls around the clock.
No amount of money will satiate the scammers’ appetite and they will only stop when their victim realizes what has happened and demands a withdrawal – at that point, the scammers simply drop them and disappear.
What to do when scammed?
Have you been scammed by IdealFXexchange or another company like it? Here is how you can stop further losses:
Frist off, get new IDs, credit cards and whatever other documents the scammers had access to issued. Also, remove any remote control software like TeamViewer they had you install on your PC.
Once your privacy is restored, you should contact your bank and see if you can get a chargeback. However, should a recovery agency contact you, demanding upfront payment for its services, do not give them a cent – this is simply another scam.
Finally, consider leaving your thoughts on IdealFXexchange in the comments below – by doing so, you will be helping us raise awareness of one of the scam model – who knows, your comment might even save someone else from getting conned!