FxCompany

The office began its activities in 2004. It is registered in Mauritius, which is an important factor given that offshore locations are often associated with less regulation and control. Such jurisdictions make it possible for scammers to hide their final beneficiaries and operate without financial reporting.

The company is regulated by the Mauritius regulatory authority. However, it is worth noting that the company’s license was taken away in 2010 due to allegations of fraudulent activities. This raises serious concerns about its legality and reliability.

On the company’s official website, customers could communicate with representatives through:

• internal live chat;
• email;
• telephone.

Support is currently unavailable. Therefore, you can’t count on feedback. In fact, this is evidence of scam FxCompany official website closed due to numerous complaints from defrauded investors.

The broker’s website was available in five languages, and technical support was provided in six languages. Despite these benefits, many customers have expressed dissatisfaction with the company’s services, especially in the context of withdrawals and trading conditions.

The office looks quite contradictory. Signs of illegal activity are present in all jurisdictions. To work legally in the Russian Federation, you must obtain permission from the Central Bank; the scammers in question ignored the key requirement of the auditor. Users’ investments in the platform are not legally protected by counterparties.

Terms of trading with broker FxCompany

The company promises clients a variety of trading accounts, including standard, Islamic and PAMM. In theory, a wide selection gives traders flexibility in choosing their earning strategy. However, regardless of the trading account, investors lose money. Sharaga does not have access to real markets. It trades against investors while maintaining complete control over quotes. This proves the theory that FX Company – ordinary kitchen.

The following trading conditions are stated:

• the broker offers leverage up to 1:500, which is a fairly high level and can increase both potential profits and possible risks. Such large leverage is an indicator of the lack of licenses from European regulators, since it violates EU financial legislation;
• The starting amount for opening a trading account is set at $10, which makes entry into the market accessible to a wide range of investors. It is the loyal deposit requirements that most attract newcomers. They see prospects in FxCompany personal account can be opened with minimal investment, but this is a mistake;
• the counterparty offers to work with spreads from 0.5 points. However, according to customer feedback, in some cases fees can increase significantly, especially during important news events.

Sharaga promises to provide access to the popular trading platforms MetaTrader 4 and MetaTrader 5. These terminals are known for their reliability, extensive analytical capabilities and flexibility, allowing traders to use a variety of trading strategies and tools.

Additional trading opportunities of the broker

The company provides the opportunity to trade in an automated mode, which includes the use of advisors. The option of trading in 1 click and from mobile devices has also been implemented, which simplifies the workflow and makes it more accessible.

Additional features:

• the ability to trade micro-lots, which is convenient for novice traders and those who prefer to minimize risks;
• support for hedging as a risk management strategy;
• multilingual support and site availability in different languages.

It’s difficult to call the support of advisors a serious advantage FxCompany investments end with loss of starting capital. Scammers hide information about liquidity providers, because it is more profitable for them to manage quotes themselves in order to leak promising trades from traders.

Why you can’t contact the FxCompany broker

Many negative customer comments indicate serious problems in the work FxCompany reviews contain evidence of delay or complete lack of payments. Additional doubts among traders are caused by the opacity of trading conditions and unreliable technical support.

Registration of a company in Mauritius raises concerns, since offshore zones are often associated with a low level of security for investor money. Swindlers will deceive newcomers with impunity. It is better to focus on brokers with European regulation.

The forex kitchen’s license was taken away in 2010, which is a red flag. Revocation of permission for brokerage services is often associated with violations of the law or improper activities of the counterparty.

Signs of fraud:

• One of the most obvious signs of fraud is the inability of clients to withdraw their funds. Many users have reported delays in processing cashout requests or their requests being completely ignored.
• There are cases where a company suddenly changes its terms of trade, resulting in financial losses. For example, widening of spreads during the release of important news or unexpected closure of positions;
• A lack of clear information about the company, its terms and policies, and a lack of accountability to customers increases suspicion of fraud.
• numerous complaints that the company ignores customer requests and does not solve emerging problems indicate an unfair attitude towards investors;
• messages about unclear funds being blocked on customer accounts and demands for additional payments to access investments are also signs of fraudulent activity.

Contacting a broker is extremely risky due to serious shortcomings in its activities and numerous signs of fraud. Potential clients should carefully study the counterparty’s reviews and reputation, as well as pay attention to its licensing and regulation, before deciding to cooperate.