TradeFXSamurai is a typical scam popping out with its shiny website filled to the brim with fraudulent claims. It pretends to be a British FCA regulated broker offering the best possible software with the most competitive trading conditions, but precisely the opposite is true. In reality, it’s an anonymous FX creature that can’t deliver anything whatsoever but asks for your Bitcoins. That’s a scam, and we are going to discuss the details you need to know about it in the full TradeFXSamurai review.
TradeFXSamurai REGULATION AND SAFETY OF FUNDS
TradeFXSamurai is introduced as FCA regulated in the UK, but we quickly disproved their false claims. Upon a quick research, we found no licensed companies associated with this so-called broker, so it’s unlicensed, i.e. risky to deal with. Other than that, the entity we are reviewing unveils nothing about itself, and it’s indeed totally anonymous and illegal. Consequently, we can conclude that your funds will be in danger if you deposit because TradeFXSamurai is unregulated and a 99% scam scheme. We’ll discuss why in the following sections.
Avoid it and consider the high-rated EU brokers and British brokers instead. We recommend them as they are competently regulated and, most importantly, covered by deposit insurance funds. Namely, if you trade with CySEC brokers, you can claim up to 20 000 EUR in compensation, while the British protections are up to 85 000 GBP per person. Europe is safe, and it’s worth opening accounts with companies holding EU or UK licenses.
TradeFXSamurai TRADING SOFTWARE
TradeFXSamurai has no trading software whatsoever. There aren’t downloading links, and upon registration, we ended up with an informative chart only. TradeFXSamurai can’t offer any services but pretends to be a top broker and asks for deposits. That’s a scam!
Speaking of software, check the high-rated MetaTrader4 brokers and MetaTrader5 brokers, which are also delivering the best distributions available. We recommend MT brokers as their terminals are packed with sophisticated features such as Expert Advisors, complex indicators, and excellent charting tools. MetaTrader also comes with a peerless advantage- a Marketplace with more than 10 000 apps and other trading solutions, which is an unrivalled advantage.
As TradeFXSamurai has no platform, we can’t discuss real-time spreads and leverage levels. Nevertheless, it claims to offer spreads of 0.2 pips, but that’s simply fraudulent marketing, so no further commentary is required.
As for leverage, the broker mentions nothing, but we need to outline some restrictions imposed by regulators due to its risky nature. Namely, licensed EU, British and Australian brokers have to limit retail clients to 1:30 for FX majors, while the US brokers to 1:50. On the other end, high-leverage offshore brokers are poorly regulated or not at all, so you’d better be careful with their offers.
TradeFXSamurai DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit is $500, or 5 times more than the regulated brokers’ standards on average- around $100 on average. In addition, too many regulated companies are now letting people open accounts and start trading with real money, which is a good reason to avoid TradeFXSamurai.
The single funding method is Bitcoin, so the broker is obviously reluctant to deal with chargebacks. We claim so because Crypto transactions are final and non-refundable, so people who deposited with this sham are certainly going to lose their money to fraud. In terms of safety, it’s always better to fund trading accounts via Credit/Debit cards as it’s possible to chargeback for up to 540 days after the transfer, depending on the case.
Nevertheless, 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 competently regulated, and you won’t see scammers if you choose among the high-rated ones.
As for withdrawals and transaction fees, there is nothing available. That’s because the broker reveals nothing in the FAQ section, and its links to legals actually redirect to the Home Page. That’s a pure scam!
Overall, we just exposed TradeFXSamurai as fraudulent, so you should avoid it.
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 a thing to help you!
Last but not least, share online your experience; it’s important to inform the public about scams. Be responsible!
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