It’s of utmost importance to be able to distinguish between genuine crypto exchanges and false websites that are only aiming to get into your wallet. While investing in unpredicted crypto markets bears substantial risks on its own already, you shouldn’t expose your assets to even greater danger by trusting shady platforms. 

That’s why we strongly recommend you read this Xtecoin review before proceeding and before gambling your financial future away.

False Claims All Over

According to the pseudo-legal information published on this site, this exchange operates under the jurisdiction of courts of Malta. That is easily debunked, as the MFSA register doesn’t contain a company under this name, meaning that the conduct isn’t legally operating.

Furthermore, the business also states that they abide by the regulatory rules set by ASIC, yet they can’t be found in the ASIC register. Therefore, their claims pertaining to the AUSTRAC license for virtual asset service providers are also false.

To sum it up – is Xtecoin legit? Absolutely not. The firm is not registered in any country or supervised by any financial authority. They’re as unsafe as the notorious scammers going by the name of Pulse Investments which we’ve previously reviewed.

Victims Bothered Until They Invest

Considering the fact that there isn’t a single one of Xtecoin reviews available online, you can already assume we’re reviewing a completely anonymous entity. 

However, it seems that, since the site activation in 2023, the scam project has been especially focused on recruiting new users from these countries in particular:

• United States
• Brazil
• Germany
• Turkiye
• Spain

Like most of today’s crypto criminals, these miscreants also promise attractive rewards, bonuses, airdrops and free coins in order to entice their potential victims. Offshore schemes like Bullwaves also tend to offer riskier trading conditions and promise higher profits. Therefore, please make sure you refrain from such proposals if boiler room operators ever start pestering you to invest.

Empty Fee Schedule

Usually, when users want to find out more about the costs of a particular service, regulated exchanges will allow them to preview the page dedicated to fees and costs. In this case, the Xtecoin exchange has a web presentation called Transaction and Trading Fees, yet it is entirely empty. 

Instead of a transparent and fair approach, this exchange chooses to stay silent about costs and keep their victims in complete darkness. Legal papers do clarify that various external and internal fees exist, but none of them is known. Only after creating an account, we saw that starting maker and taker fees are 0.075%.

How Ponzi Scheme is Fueled

Rewards for clients that participate in promoting the company are quite attractive. Whoever recruits new blood has a chance to get 40% of the commission paid by their affiliates, while their trading fees are discounted to 0.1%. 

With such enticing promises, it’s natural to have your existing victims work extra hard to acquire new members.

Unexciting Features Don’t Thrill Anyone

Any platform that wishes to expand their user base and fuel more investments has to be able to offer notable features. Sadly, yet expectedly, nothing shown on this crypto portal will motivate you to invest here. Rudimentary tools and questionable security are just some of the reasons never to put your money on the line.

Platform Functionality: Questionable

Easily accessed even without an account, the Xtecoin app is available for previewing. That’s what anyone interested in investing here should do first. Otherwise, you may be led into thinking that this basic terminal has anything valuable to offer. 

Once you preview it on the site, you will quickly realize it’s just a rigged portal used for data manipulation and false profits. Actual trading activities don’t happen when it’s all a part of a simulated scam environment.

List of Currencies

Coins supported for trading include some of the most popular digital assets today. By that we mean BTC, ETH, TRX, XRP, ADA, DOT, DOGE, LINK, NEO, SOL and about two dozen other ones. 

The complete choice in the form of a Xtecoin crypto asset list isn’t available on the site. The offer itself doesn’t seem particularly rich, especially if we remember that regulated major exchanges offer access to thousands of coins.

Immediate Verification Required

After sharing a couple of details like email and password, you can become a proud owner of a Xtecoin login. Once you find your way to the user dashboard, however, you will quickly learn that all of the features are locked until you deposit real cash. 

To be able to do that though, you are expected to verify your identity. Don’t forget that sharing sensitive personal data can cost you more than a few coins, as these cons also tend to steal user identities.

Only VIPs Can Withdraw

Whoever wants to be allowed a payout has to first activate a special VIP status by paying 0.25 BTC. Only then will you be allowed to request a withdrawal.

Naturally, all of the transactions on this site are done through crypto channels which facilitates the scam. Cyber thieves find it easier to transfer funds via crypto as they don’t have to expose their identity in the process. In addition, they will force you to pay all kinds of hidden fees and taxes to be able to request a payout.

No One to Complain to

Relying solely on FAQs for input on how to solve various issues often isn’t enough. Therefore clients need a proper customer support office that will provide advice for problem solving. At least that’s how reputable platforms work. 

In this case, support doesn’t even exist and clients are left on their own to deal with the damage.

I Got Scammed! Who Can Help?

If you were also a victim of the vicious Xtecoin scam, we suggest you act quickly. If you wait too long, the swindlers may disappear entirely and make money recovery practically impossible. That’s why we encourage all our readers to let us know immediately, as soon as the robbery happens. 

The sooner we act, the better. Contact our chat agents and they’ll help you book a free consultation with our asset recovery team.

FAQ Section

What is Xtecoin?

Xtecoin is a part of a greater crypto-stealing scheme that claims to operate legally yet doesn’t.

Is Xtecoin Legit?

No, this project is owned by unscrupulous individuals that run plenty of other anonymous sites like this one.

How to Get My Money Out of My Xtecoin Account?

Since you won’t be allowed to take your funds back, we suggest you contact our financial advisors for support with fund recovery.

In the middle of the holiday season, we’ve got several companies that stood out as fraudsters and have been blacklisted around Europe. One of those is DCMGroup, discovered by the Spanish regulatory body. Read our DCMGroup review to find out everything about the brokerage.

In addition, we strongly advise you not to invest in FXPlanB, DG Flex and Invests360 fraudulent brokers.

What About DCMGroup Regulation?

We’re sure you’ve often heard people saying that you shouldn’t invest with unregulated brokers. Unfortunately, this is true because those types of companies have no intention of giving you any money. They’re established with one goal – to take your money and close their operation. One of those is DCMGroup, a brokerage based offshore in the Marshall Islands, owned by Archax Ltd. It is not registered with GLOFSA or any Tier1 regulators, meaning that it operates without a license. In case of issues, you will have no authority to assist you in getting the money back.

DCMGroup Warnings From Financial Regulators

Right after Christmas, the Spanish regulator CNMV issued an official warning against the DCMGroup scam and added it to the blacklist. 

Not long after, the Norwegian regulator received the same complaints and re-published CNMV warnings on their official web page. Both of these warnings imply that the broker is illicit, and you should avoid it.

Fund Withdrawal Issues With DCMGroup Broker

DCMGroup presents itself as a crypto wallet that provides trading services with the ability to be used as a savings account and resolve all your financial issues. In theory, it sounds perfect. However, once you learn that the company has no regulations and has scammed many, it’s time to start questioning. According to investors, you will see the wallet and the balance for as long as you’re willing to fund it. Once you ask for payout, even if it’s just 1% of the amount you invested, your access to the money will be suspended, and you will have no contact with the company’s employees.

Before investing any money with DCMGroup, think if such a place is good for your funds. If, however, you’re already involved, contact us for assistance.

Areas Of DCMGroup Trading Scam

Most complaints about DCMGroup come from Spain, Germany, Canada, and Romania. Being added to the blacklist in Norway suggests that the company is active in Scandinavia, too, while we’ve seen comments from Australia, South Africa, and more. Wherever you are, it’s important to distinguish between regulated and unregulated companies and go with legit ones.

Traders About DCMGroup Scam

There’s nothing good to say about DCMGroup and its operations. The company doesn’t help their clients or assist them in resolving financial issues, as advertised. In fact, anyone involved is now in more significant issues than ever before. Clients are persuaded to invest their life savings with the company just to discover that getting a refund is impossible.

How Does Online Trading Scam Work?

Whether you sign up for an ad or are approached by the company’s employees via social media, you will be promised impossible results. Of course, everyone in the brokerage will try their best to explain how you can make thousands of dollars overnight, but let’s face it, it’s all just a story. At first, you may even make some profit, just for the account manager to gain your trust. Yet, once you ask for that profit, you will be convinced not to withdraw it or will simply be ignored. This is when you will understand that you have been scammed, and getting the money back is more complicated than it seems.

Also remember the names of the ZES Forex, KadoCapital and Stockcore trading scams and avoid them at all costs! Moreover, always check the background of online trading companies before investing!

Beware of Extra Fees Before Withdrawing Funds

Some brokers, including DCMGroup, may ask you to pay additional fees before being able to withdraw the money. You will hear numerous excuses, such as money necessary for fees and taxes, but you won’t get any withdrawals even if you pay it. Don’t let them fool you and make more money; protect yourself in time.

Scammed by DCMGroup? – Tell Us Your Story

If you were scammed by DCMGroup or a similar bogus broker, let us know. Our chargeback specialists may help you file a dispute and get your money back. 

But What Is A Chargeback?

This is a way for your bank to retrieve the money from the merchant. Contact us via online chat to book free consultations with our specialists. Let’s get your money back before it’s too late!

What Is DCMGroup?

DCMGroup is an online Forex and CFD trading provider based offshore.

Is DCMGroup Regulated?

DCMGroup is not regulated and provides financial services without authorization.

Is DCMGroup a Scam Broker?

DCMGroup is a fraudulent broker that is blacklisted in Spain and Norway.

easyMarkets, formerly Easy Forex, is an online CFD and forex broker. They first began offering financial services in 2003. The broker has two branches, one Australia and one Cypriot. They maintain licenses with both CySEC and ASIC to meet requirements in both countries.

Big Fine for easyMarkets

While they haven’t gotten into as much trouble with CySEC as a broker like ETFinance, easyMarkets has certainly had some trouble with the financial regulator. In 2009, the broker received a major fine from the regulator. They had to pay €45,000 in total due to numerous infractions. The biggest offenses were failing to meet record-keeping standards and their unfair withdrawal policies.

easyMarkets App and Trading Platforms

Traders who go with easyMarkets have several platform options. Of course, there’s the standard MetaTrader 4. The use of this platform is widespread among CFD and forex brokers, with many offering the platform as their sole option. Traders can also try the broker’s proprietary browser platform. This platform fails to meet the wealth of features that MetaTrader 4 offers. In addition to the browser platform, the broker offers the easyMarkets app to traders on the go. This pares down even more options, leaving traders without the tools they need.

Trading Conditions

Our easyMarkets review found their trading conditions to be competitive with other CySEC brokers. They have a good selection of assets between CFDs and forex. Furthermore, they actually have decent spreads. The EUR/USD pair hovers around 1 pip, which is generally what traders are looking for. The broker offers traders leverage up to 1:400 for Australian clients, but they are bound by the ESMA 1:30 limit for European clients.

Getting Started

easyMarkets has a low minimum deposit of $100, below the standard for most similar brokers. They also have a VIP account that requires a deposit of $5,000. Unfortunately, the broker’s good spreads are reserved for VIP account holders. Traders with a basic account have much worse prospects and would be better off elsewhere.

Make Sure You Get What Is Rightfully Yours

Traders might think they’re guaranteed to succeed with a regulated broker, but they could still be at risk. Corrective measures from regulators are commonplace, showing that the brokers can still break the rules. If you’re having trouble getting your funds back from a registered broker, you can contact us today to take your efforts to the next level and implement a chargeback.

TenkoFX claims to be oriented solely on flawless and instantaneous deal execution to ensure top quality trading. Behind the fancy statements and shiny surface lies a dark past of an offshore entity. Although established in 2012, TenkoFX hasn’t acquired a premium license to this day. 

While they were regulated for a while, that license didn’t matter much, considering it came from a Tier 3 institution. For a detailed report on this whole scheme, please read our TenkoFX review fully.  

Legit Once Upon a Time

The owning company of TenkoFX used to be named TenkoFX Ltd then TenkoFX Limited, while their latest name is Tenko Systems Limited. Regardless of all the renaming, the company is the same fraudulent entity from the start. For a while, the broker was regulated in Belize. Their license was valid until 2015. 

After that, the firm continued operating and claiming to be regulated although they were not. The same regulator that has once licensed them has published a warning against this entity for using a false license. FSC from Belize has even called them a fraud openly.

Contact number provided is supposedly located in the UK, but FCA doesn’t have this firm in their collection of supervised entities.

TenkoFX hasn’t got a valid license since 2015 and has been a fraudulent broker that shamelessly defrauds clients, doesn’t respect their privacy or keeps their funds secure. Investments here are inevitably stolen and misused, so beware!

Countries of Operation

TenkoFX has huge experience in dealing with Forex and CFD trading. During the previous decade, they’ve developed their strategies that are efficient in bringing in new customers. By offering high leverage for more educated and courageous traders, but also helpful account managers and investment advisors for beginners, TenkoFX ensures all their customers are attracted. 

Unfortunately, little do the rookie traders know that their investments will be quickly stolen. Suspiciously friendly and affectionate boiler room agents operate for the single goal of extorting money and stealing your personal data for devious purposes of TenkoFX.

Here’s which traders have suffered the negative effect of the unscrupulous business called TenkoFX:

• South Africa
• India
• Indonesia
• United States

Not Many Reviews

Despite years spent on the market, it doesn’t seem like TenkoFX has been excessively active. Their Trustpilot page is basically empty and it’s been a long time since the last review was posted. A couple of ratings were posted, which makes for an average rating of 4.0 out of 5, which is beyond unrealistic for the overall quality of service.

Risky Trading Environment 

There are brokers that legally offer higher leverage, but TenkoFX isn’t one of them. This illicit brokerage brand will easily have you trade under huge exposure which significantly increases your chances for loss. Leverage ratio is set at 1:500 maximum, while it goes up to 1:3 for crypto. 

The spreads are more than attractive, with the starting pips of 0.0. Sadly, when it’s an unscrupulous broker that offers them, we can’t quite trust all of these claims. 

Promotions, Partner Programm and Cashback

Offshore brokers aren’t obligated to follow legislation that rules the EEA and UK. Therefore, they can offer all kinds of bonuses and rewards. 

For example, TenkoFX rewards all clients with significant commission for bringing in new clients. This commission is rewarded from at least 3 referrals and cannot be lower than $10.

Furthermore, the broker returns a part of the funds to its new customers within the first three months of trading. Lastly, if you deposit 1,000+ USD you supposedly get 3 months of trading with liquidity costs of just $10.

TenkoFX Trading Features

The majority of trading on this website is done on MT4, but there’s another platform advertised – Tick Trader. It is inaccessible though.

Starting off is facilitated with the diversified offer of trading accounts and financial instruments to trade. On top of that, you can even choose a risk-free trading period if you wish to explore the conditions further. 

You’d think these features and tools are even solidly helpful, if only they weren’t a product of an unregulated platform. Another defrauding scheme to watch out for is FXFair.

MT4 and Another Mysterious Software

TenkoFX software of choice is MT4. Available for Desktop and Mobile platforms, this superior trading platform is confirmed to be one of the most reliable, fastest and feature-rich. It’s a shame that an illicit brokerage uses this premium terminal to attract customers to defraud them, instead offering genuine service. 

Another advertised software is Tick Trader. However, when you try to download it from the TenkoFX site, you won’t be able to. You see, the page turns to a 403 web error and any download attempt is sabotaged. 

MT4 Available On Mobile

Certainly a way to earn the trust of your customers is by enabling mobile trading. For their exceptionally busy or active clients, TenkoFX provides MT4 for iPhone and Android users. Automatically a plus, but also a reminder that illicit brokers are not to be trusted.

Diverse Portfolio With Forbidden Instruments 

It is known how volatile crypto trading could be. That’s why CFDs on crypto currencies have been efficiently forbidden in the UK and other countries. Offshore brokers can still offer it without legal consequences. Here’s the full list of TenkoFX instrument classes:

• FX Spot CFDs (EUR/USD, USD/JPY, EUR/GBP, USD/CHF, AUD/NZD)
• Cryptocurrency CFDs (BTC, ETH, LTC, SHIB, DOT, EOS, ZEC, XRP)
• Shares CFDs (Disney, 3M, Astra-Zeneca, Caterpillar, Facebook, Netflix)
• Index CFDs (FR40, ES35, JPN225, UK100, AUS200)
• Spot Metals CFDs (Gold, Silver)
• Commodity CFDs (Wheat, Cotton, Coffee, Soybean)

Several Accounts

The packages available at TenkoFX are the following:

• STP – $10
• ECN – $100
• Crypto -$10

Each TenkoFX account is promised to bring some unique features, like floating spreads from 0 pips, unlimited number of trades, transactions and possibility of opening Demo and Islamic versions of accounts.

For an unregulated broker, the offer is quite rich and alluring. 

Once again, we have to remind you that offshore brokers without licenses make their offers especially shiny and nice because they aren’t such in reality. 

Demo Account

Besides the standard three accounts, as well as the islamic accounts, TenkoFX also allows clients trial trading. During a limited time, users can perform risk-free trading with the virtual margin of up to $100,000. This is easily a bait, however, considering the unrealistic conditions that illegal brokers present this way.

Shady Funding Methods

TenkoFX asserts that it offers a variety of ways to deposit and withdraw funds to and from your trading account. Turns out, all these methods are limited to several crypto currencies. Needless to point out once again, these transactions are fully anonymous. 

For the unregulated broker this means a way to avoid legal consequences. For the unsuspecting target it represents a way to surely lose cash and not be able to issue a chargeback! 

We also recommend you to read our thorough review on FirewoodFX, which is known for similar scam tactics. 

Customer Support

The two single ways of getting in touch with TenkoFX support service are:

• Email at [email protected]
• Phone number: +44 114 463 0905

Although the site claims the customer support office is available 24/5, we were reluctant to believe such shallow statements without a way to confirm them. Besides, unscrupulous brokerage websites are known to be far less diligent when it comes to responding to help tickets and tending to clients’ needs with diligence. 

What To Do In Case Of Scam

It’s vital to be aware of the fact that a proper prompt reaction to a scam is the most efficient in the process of restoring your funds. Please feel free to refer to our expert team if you need legal support in issuing a chargeback or dealing with a scam broker otherwise. 

Our Online Chat feature is always active and we do not even charge the first consultation!

FAQ Section

What is TenkoFX?

TenkoFX is an illicit brokerage website previously licensed but now blacklisted by the same authority – FSC (Belize).

Is TenkoFX A Scam Or Legit?

Tenko FX is a scam website that doesn’t follow any legal directive. If you need help to restore your investment with this unscrupulous swindler, contact us as soon as possible.

What Are The Trading Platforms Of TenkoFX?

One major trading software offered is MT4 for Desktop, Android and iPhone, but another terminal, Tick Trader, doesn’t work and cannot be downloaded.

The short-lasting scheme exposed in our Nefinex review focused on stealing crypto investments through various popular traps. Some of them were airdrops, promotions and high returns on crypto investments. While the false claims were everything these fraudsters had to offer, countless were left broke as their crypto assets disappeared.

It would be wise to pay attention to the following lies as we expose the criminals and reveal potential ways for fund recovery.

Illicit in Every Way Possible

The Nefinex exchange failed to provide any legal information on their website. The absence of legal papers was the most evident proof of the company not being a legitimate entity. None of the corporate information was also available. While illicit platforms usually like to present forged data about their legal incorporation, these swindlers didn’t even bother to come off as legit.

Since we could dig up no useful information about this false crypto provider, we tried searching through databases of regulated entities. Alas, FCA, BaFin, CySEC, ASIC and other financial watchdogs have no records of this business. The existence of this entire scheme was questionable to say the least. 

False Promotions on Social Media

With a domain established in April 2024, these schemers sure didn’t hold long before shutting down the Nefinex website and running away with all of the deposits. According to the reports, the majority of victims were located in these countries:

• South Africa
• United Kingdom
• United States

What made investors interested in investing in the scheme were social media posts about free Bitcoins. These seemed to be promoted by famous entrepreneurs and content creators, such as Elon Musk, Mr. Beast and others. 

Deep fake videos of celebrities advertising airdrops and fancy promotions often deceives amateur investors and makes them rush to invest. The results are, unfortunately, compromised crypto wallets and stolen coins.

Anonymous Unrated Platform

It is quite difficult to find any Nefinex reviews around, considering that the project went down less than two months after the installment. Several reviews on Trustpilot, however, confirm our doubts about this dubious crypto portal.

You see, clients that were robbed are expressing their concerns about withdrawals. Others who were defrauded openly admitted to buying into the deal because it looked like famous people promoted it. If you are dealing with similar difficulties, consider contacting our chargeback service.

Key Tactics: Hidden Fees

One well-known technique used by textbook fraudsters like Xpress Fund and many others is concealed costs. These secret fees usually come into the picture when the client wishes to withdraw their profits or the initial investment. The cons will demand upfront fees to release the profits or restore the original deposit.

Another worrisome fact is that no trading costs and commissions are also revealed. Leverage, taker and maker fees and other costs that clients usually have to pay are all carefully hidden.

False Features Lure in Victims

Free crypto coins were just one of the details of the grand scam scheme. The perpetrators behind the Nefinex crypto trickery also claimed to provide the latest trading technology and the most competitive user support. It seems that this couldn’t have been any further from the truth, sadly.

Trading Never Happened

The Nefinex app was advertised as the most recently developed piece of online trading software that does miracles. It was promised to be intuitive and user-friendly yet rich in features and extremely fast. 

However, all it did was lure in unsuspecting victims to invest money. No trading here ever took place and the faulty terminal was just a part of the deception.

Not Many Assets to Choose From

Besides claiming to provide extremely good conditions for buying and selling Bitcoin, Ethereum, and Litecoin, there was no other mention of available assets. 

Popular and established crypto exchanges usually provide access to hundreds, if not thousands, of crypto coins for investing in. These charlatans obviously could do even that much.

Quick Registration

There were absolutely no demands or conditions for creating a Nefinex login. New clients who wanted to sign up could do so just by providing an email address and a unique password. Of course, regulated platforms would demand identity verification and other procedures to be completed before investing.

False digital assets investment portals only want you to invest, so that’s why they don’t make a fuss when it comes to registration.

No Word About Payouts

The Nefinex scam was known for blocking all withdrawal attempts and coming up with various excuses to extort more money from investors. Usually, clients are led to believe that advanced fees are a necessary condition for releasing their profits. 

When more fictitious fees get added to that, there’s nothing left for the clients to withdraw at all. This discourages them from even asking for what is rightfully theirs.

In addition, all of the transactions on this platform were conducted through anonymous crypto wallets. That allowed criminals to quickly misappropriate other people’s digital capital yet remain under the radar.

Contacting Not Allowed

Despite the website presenting several ways to reach out to the user support channel, no contacts were accepted. The company was only trying to create an illusion of having a supportive and dedicated client assistance team. None of that was anywhere close to reality, just like the rest of their offer, similar to FusionLots.

Get Your Assets Back!

Retracing crypto transactions is a complicated and demanding procedure. It requires skill and specialized software solutions that our legal experts have. So if you would like to know more about how you can track your crypto assets and determine where they went, you should contact our blockchain experts.

We offer in-depth explanations on how fund recovery and chargeback work, in addition to the legal help we provide. If you need such help, you should book a free consultation with our legal professionals.

FAQ Section

What is Nefinex?

Nefinex is an inactive crypto trading platform that used to promise high returns and free crypto coins.

Is Nefinex Legit?

No, the business didn’t exist outside of the internet and did not have a single license for their operations.

How to Get My Crypto Out of My Nefinex Account?

Since withdrawals are blocked you should consider looking for professional help with money recovery. We offer such services so contact us promptly.

This little known brokerage platform claims to have the future of online trading in their hands. Based on the false corporate information, we can only say that those are just lies that attract unwary investors and facilitate the scam. 

If you don’t wish to suffer the same fate as those who have lost money to this charade, consider reading this Sol Markets review.

Misleading Legal Details

Sol Markets broker claims to be legally incorporated on two addresses in the UK and Australia. That would mean the firm has acquired a Forex certificate from FCA and ASIC. However, checking both of these registers of regulated online trading companies resulted in no matches.

Our investigation was expanded to other regulatory databases maintained by prominent authorities, such as CNMV, BaFin, NFA, and CySEC. Yet, none of these authorities has ever issued a license to this shady business. 

Operating without a permit means that the conduct doesn’t provide safety of funds, segregated bank accounts or compensation options. Make sure to choose a brokerage that can offer these conditions.

Deceptions and Lies About Profits

Considering the scheme has been active since 2022, it’s only a matter of time before financial watchdogs start issuing public warnings against this dubious platform. Especially because the majority of the traders that have fallen victim to the sham reside in well-regulated countries:

• Spain
• United States
• United Kingdom
• Canada
• Peru

If you start getting suspicious, unsolicited phone calls from alleged Forex professionals who want you to invest in their proposals, make sure to avoid them. These are boiler room agents that promote illicit brokerage websites that steal money from investors while claiming to double the profit or guarantee even higher returns.

Reviews Don’t Reflect Reality

Since there’s no Sol Markets reviews anywhere else online except on Trustpilot, we were immediately suspicious of their origin. Once we started analyzing the content, it was clear that all of them come from review selling networks.

These are other forms of scam and deception that help unscrupulous brokerage firms build false reputations and deceive new clients into becoming their victims. Newcomers are tricked into believing the feedback to come from real customers and are easily convinced to invest, too.

Absurd Costs

Despite legal documents being available even for those who haven’t created a Sol Markets login, they contain no information about costs. The only fee ever mentioned in legal papers is a 10% withdrawal fee on every transaction.

After joining the platform, we tried to obtain information about trading terms from the webtrader itself, but that effort was also futile.

Spreads on some of the instruments were measured in hundreds of pips and kept randomly changing. On the other hand, leverage was mentioned only once in the Bonus Policy, which states the maximum ratio to be 1:100. Novazx also employs a similar strategy, so make sure to avoid them as well.

Bonuses Have to be Requested

After signing up for using the Sol Markets app, traders can only be credited with a bonus incentive if they email the company and ask for it. Concrete amounts are not disclosed. It is, however, explained that the minimum trading volume for credited accounts has to reach a number of lots, which is equal to the bonus amount divided by 4.

Features as Products of False Marketing

Whoever explores the website a little more thoroughly will quickly realize that the firm has nothing of value to offer. Dreadfully expensive accounts promise fictitious and unrealistic benefits, while the trading platform has quite literally gone insane with the parameters. If you value your money even a bit, stay away from this portal.

Bold Claims for a Defunct Terminal

The ridiculously pretentious website describes the Sol Markets WebTrader as “the world’s most famous web-based trading platform.” As if these claims weren’t enough of a joke, the software performs worse than commonly found bogus web terminals. The charts do not move and resemble pictures, rather than functional software.

Discrepancy in Asset Descriptions

The website lists several asset groups, such as:

• Crypto Currencies – BTC, ADA, DOT, SHIB
• Currency Pairs – EUR/USD, USD/JPY, USD/CAD
• Indices – USA 500, CAC 40, FTSE 100 
• Metals – Gold, Silver
• Energies – Oil, Natural Gas
• Futures – commodity and index futures
• Shares – Amazon, Tesla, Netflix

Despite these instruments presented, the webtrader only allows access to cryptocurrencies. It is questionable if these tradable products are indeed available or just advertised.

Accounts Promise Everything

It’s been a while since we’ve last reviewed a platform that has gotten so creative in lying about the features supported. 

Each of the trading accounts sold by this fake Forex dealer allegedly grants access to various benefits. Some of them are professional account managers, guaranteed income, secure trades, personal accountants, insurance recovery, and signals. The prices are only designed in accordance with the following:

• Standard – $10.000
• Silver – $50.000
• Gold – $100.000
• VIP – $250.000
• 1 Million Club – $1.000.000

Payout Requests Process Forever

Sol Markets withdrawal policy is found as a part of the T&C document and comprises several confusing lines. Processing time for withdrawals is claimed to be 30 days, which is simply unacceptable considering today’s technology. 

The minimum withdrawal amount is $50, and credit cards are allegedly the only accepted method for account funding. However, none of this information could be verified. Swapsimple is another swindler that won’t allow any withdrawals, so contact us for help.

Shady Contact Information

There are several phone numbers, an email address and an option to send an online written inquiry to the company’s support office. 

We wouldn’t recommend you share your contact information with this website’s operators, as they may as well start pestering you to invest more. Besides, it is well known that con artists couldn’t care less about their clients’ troubles.

Look For Reliable Brokers!

Victims of the Sol Markets scam shouldn’t hesitate to contact our legal office and get help with fund recovery. Our chargeback professionals are always at your disposal and offer legal advice and guidance.

Other traders should carefully avoid this sham and not fall for the same investment trap as some already have. If you want to have a chance at earning money in financial markets, you have to pick a properly regulated Forex provider. Otherwise, you’re in for a loss.

FAQ Section

What is Sol Markets?

Sol Markets is an unscrupulous online trading portal that sells overpriced services and lies to customers.

Is Sol Markets Legit?

No, the firm is not regulated by any financial regulator, despite their claims about being legit.

How to Get Money Back From Sol Markets Broker?

If you seek help with investment recovery, we recommend you contact our chargeback experts.

If you enter the official website of 365Falcon broker, the first strange thing you’ll notice is the absolute anonymity. In the About Us section you can see two subsections called FAQ and Contact Us. After checking them, you won’t see any data besides the email. Legitimate brokers always mention the name of the parent company, cell numbers, headquarters address and attach files with official documentation. When it comes to 365Falcon, they neglect transparency, which is unacceptable in the financial industry.

What About 365Falcon Regulation?

So, In the case of 365Falcon, we are faced with an impenetrable veil that can hide experienced scammers behind it. In addition, we didn’t find any data on the regulation or even licensing of the company’s financial activities. The databases of the FCA, ASIC, BaFin, CySEC and other reliable regulators don’t contain information on broker supervision. This indicates that this broker cannot be trusted due to the lack of the minimum required data on the owners, as well as the lack of regulation. 

In addition, we strongly advise you not to invest in Capital Index Fund, Ruby Finance and TradeSmart1 fraudulent brokers.

365Falcon Warnings From Financial Regulators

Although we were unable to find regulatory data, we did find a mention of 365Falcon on the FINMA warn list. On February 3, 2022, the Swiss regulator added the broker to its blacklist. FINMA conducts investigations against organizations and individuals that engage in unauthorized financial activities. According to financial authoritie’s claims, if they receive information that an investment company is knowingly or unknowingly acting without authorization, they start an investigation. Therefore, now we can say for sure that 365Falcon is not subject to financial authority.

365Falcon Assets and Trading Conditions

365Falcon trading conditions assume that you are over 18 and can make a minimum deposit of $250. You are given to choose from 4 available account types: 

• Tour for $250; 
• Basic for $10,000; 
• PRO for $100,000; 
• VIP for $1,000,000. 

Unfortunately, the official website doesn’t include a separate section on trading assets. However, the animated picture of the smartphone on the home page shows several options for assets: 

• Forex; 
• Cryptos; 
• Commodities; 
• Stocks.

Nevertheless, depositing more than $250 into an account opened by an anonymous broker is extremely dangerous for your financial independence. 

Withdrawing Issues

Although you can see the Visa and Mastercard logos on the broker’s website, the scammer will most likely prefer to receive your money through shady payment systems. Many 365Falcon reviews from deceived depositors have complained that they have invested in cryptocurrencies and cannot withdraw a single cent. It is known that most scammers prefer crypto transactions as this is the easiest way to misappropriate money. 

Who are at Risk?

While anyone can fall victim to a broker scam, the majority of 365Falcon complaints come from citizens of Germany, the United Kingdom, Ireland and Australia. Although the listed countries have their own financial authorities, people still neglect to verify the data.

Traders About 365Falcon Scam

Most 365Falcon complaints from traders are completely negative. Many customers are dissatisfied with the quality of service: “They are constantly harassing me, being very rude on the phone.” 

Others suffered much more – they lost their money after getting caught into a sophisticated fraudulent scheme. “They will then tell you your money has been sent to an escrow wallet in “blockchain” this too is a total scam.” Clearly, the broker uses marketing gimmicks to lure clients into their web of scams. 

How Does the Scam Scheme Work?

Actually, the scam methods of 365Falcon broker are pretty trivial. First, the company strives to build a credible image with a professional-looking website and beautiful promises. Secondly, for some time after opening a client account, the broker makes you believe that everything is going well and you are making a profit. Finally, after additional investments, the managers disappear and your account is blocked.

Also remember the names of the Assetshaus, Energy Markets and CTX Prime trading scams and avoid them at all costs! Moreover, always check the background of online trading companies before investing!

Scammed by 365Falcon? – Tell Us Your Story

If you have any 365Falcon issues, please contact our managers via online chat. Share your story after signing up for a free consultation. Our team of experienced experts is always ready to help honest investors regain their financial independence. 

But What Is A Chargeback?

During our work, we usually use the fastest and most reliable way to recover misappropriated funds. You have probably heard of the chargeback method. Collect evidence against the broker together with our specialists of the funds recovery department and get your money directly to your bank account!

What Is 365Falcon?

365Falcon is a financial institution offering trading related services. The company is not worth the trust of investors, as it is blacklisted by FINMA.

Is 365Falcon A Scam Broker?

Yes, the company has scammed hundreds of honest investors around the world.

Is 365Falcon Regulated?

No, the broker doesn’t have regulation or at least license.

One of the very unlogical things about the company is a lack of ownership details. Yet, they are keen to talk about the GDPR.

Since 2021, this firm has been operating on European soil, but there are too many irregularities in their services. To find out what could cost you heavily, read this Boney Market review carefully.

Legal info: Is Boney Market legit or a scam?

As the main regulator in Bulgaria, we find the Financial Services Commission (FSC). However, Boney Market is not listed in their database of regulated entities. Non-surprisingly, the situation is the same with even top-tier regulatory authorities, starting with the BaFin, FCA, ASIC and CFTC.

Therefore, all the features this broker offers can be considered fictive, especially funds protection features. In general, the UK traders can sleep tight knowing they could get up to 85.000 GBP compensation with FCA-regulated firms. With the BoneyMarket scam company, you can only get sick.

Who are Boney Market’s clients?

Research shows that Boney Market forex company mainly targets Europeans. Yet, there are some countries on their restricted list. To make the matter funnier, some clients are also coming from those countries, showing us that the brokerage doesn’t follow its own policies. Mainly, scammed victims are from:

• Turkiye
• United States
• Cyprus
• Montenegro
• Canada

Since very few people talk about this company, feel free to leave a comment below. Share with us your experience with the broker or contact us directly if you need refund advice.

Leverage, Commissions, Spreads, Fees and Taxes

If you see a broker from Europe offering leverage higher than 1:30, you know there is something wrong. Instead, Boney Market FX brokerage offers up to 1:400. Not only it’s dangerous, but it can get you into debt, since the negative balance protection feature is missing.

Spreads seem quite narrow according to their presentation. Yet, the presentation is not showing the live data on the platform. Therefore, too cheesy. Important to note is that none of the other fees and commissions are revealed.

Bonuses

One of the key warning signs is the Boney Market trading bonus. Apparently, for every investment you make you could get a bonus. However, without a transparent bonus policy, you don’t know the hidden tricks.

Most likely, the bonus includes a policy that prevents you from withdrawing the funds. To see how that works, read our Exobit review.

Boney Market Trading Features

Practically whole business is based on manipulation and lies. Whoever joins, great. The company is mainly targeting inexperienced traders. 

Yet, there is only one positive thing about the company, which is their trading software. This is a perfect example of why you shouldn’t make a decision on that. Instead, you should do detailed research.

Trading Platforms Available

The software choice of this investment firm is highly popular MetaTrader 4. With all of its features, like social and copy trading, EAs and many more, it’s definitely a proper choice. But, if the company is not licensed you won’t reap what you sew.

Available Trading Assets

Apparently, the company offers 130 instruments from 4 categories. In any case, this doesn’t present any relevant detail to any experienced trader. Generally speaking, nothing that you can’t find with other brokers. The offer consists of:

• Forex – GBP/JPY, AUD/NZD, EUR/HUF
• Commodities – gold, platinum, natural gas
• Indices – DAX30, ASX200, FTSE 100
• Cryptocurrencies – BTC, LTC, ETH

Account Types

In fact, this brokerage doesn’t offer any benefits for higher deposits or trading volumes. Compare it with the Forex Trading Market broker, that shows you directly how much they want from you. In any case, traders can only choose one live account. Of course, none of the trading conditions were transparently revealed.

Mobile Trading App

One of the positive things about this company is the MT4 mobile app availability. This way, all iOS and Android users can use all the features. But if they will enjoy those, we highly doubt. If you think about it, nobody who gets ripped off is not happy.

Demo Account

Apparently, Boney Market brokerage offers a demo account. With $10k virtual funds, you can test your strategies but also their tools and features. However, to get that you need to complete the full registration form. This includes a phone number, so expect to be harassed.

Education

As for education, the company only offers 5 articles about general trading topics. Yet, none of the advanced features are available, such as live sessions or webinars. 

To be honest, even if there are those options, the company is not regulated. Therefore, the outcome could be disastrous.

Boney Market Withdrawal

Withdrawals are the point where it gets interesting. Practically, the company doesn’t reveal any details about it. Since their T&Cs page is not working properly, we can only assume they don’t have it at all. Otherwise, they would expose all their scamming signs.

In any case, withdrawal fees, processing time or methods remain unknown. But with their funding methods like wire transfer and crypto, you can’t expect to get your funds back. At least not from the broker. Only via alternative refund methods.

Customer Support

The company offers phone numbers for offices in 6 countries across the world. Thus, none of those present any credibility to experienced traders. Neither are their e-mails. Especially the one based in the UK.

At least, the company reveals working hours. Support is available between 9 AM – 6 PM. Most likely, Central European Time. In any case, not something promising.

Key Information To Consider About Boney Market?

Primarily, the company is operating on European soil without any adequate regulations. Secondly, there are no transparent legal documents. Lastly but most importantly, they do not offer transparent trading conditions or withdrawal policies.

All in all, you don’t have a single reason to trust this company. If you already did and regrated, contact our refund experts for assistance. Don’t worry, our first consultation is free and doesn’t hold any obligations. Book yours now!

FAQ Section

What Is Boney Market?

Boney Market is a Bulgarian FX and CFD brokerage operating since 2021 without any regulations.

Is Boney Market A Scam?

Absolutely. It’s just a matter of time before regulators start publishing warnings against the company. Primarily because they lack licensing.

How Does Boney Market Work?

They are manipulating traders on different levels. But mainly about withdrawals. If you experience any issues there, contact our refund team for help.

One of the most important things when looking for a trading brokerage is their license. If a company is unregulated, like Clover Markets FX you’re not protected and cannot request assistance from the financial authorities in case of an adverse outcome.

This is why our detailed Clover Markets FX review will deal with the company’s regulatory status, but also other issues. Don’t leave until you read everything.

Legal Information: Clover Markets FX Regulation

In the website disclaimer, Clover Markets FX claims to be a brand of Clover Market Co. Ltd registered in Thailand. Upon checking the Companies House of the country, we found this untrue. Such a company has never entered the local commercial register, meaning it doesn’t exist.

Furthermore, the Forex market is regulated by the local Central Bank, BOT. Their register once again showed no results for this company or their alleged owner. All this means that the company operates illegally, and your money is unsafe.

Who Are the Victims of Clover Markets FX Scam?

Now that we’ve determined whether Clover Markets FX is legit, let’s move on. Let’s see how the brokerage finds victims and where.

Like most scammers out there, they advertise their services through social media channels, such as Instagram, Facebook, and YouTube. However, the links on their website leading to official channels are actually redirecting you to send an email. Therefore, they have no genuine pages, only fake adverts.

According to website traffic analysis, the majority of scam victims come from:

• Thailand,
• US,
• UK,
• South Africa.

Clover Markets FX website domain was registered in May 2020, and the brokerage has been soliciting investors ever since.

Trading Features – CloverMarketsFX Trading Platform and Accounts

Another critical aspect of any brokerage firm is its trading features. If the platform is not good or there is not a wide enough range of trading assets, you might miss out on certain opportunities. This is why we will review everything this broker offers.

Available Trading Platform

According to its website, Clover Markets FX offers its customers the latest distribution of MetaTrader, MT5. It’s an immense platform with a vast number of tools, including EAs and social trading.

Note that none of the icons leading to the platform are functional. Therefore, we cannot confirm whether the platform is MT5 or some poor proprietary software that scam brokers usually offer.

In addition, it’s unclear what trading assets are on offer. For instance, the website advertises over 200 different CFDs but without specifying any. From the online reviews, we understood that you could trade Forex pairs, commodities, indices, and shares. It’s unclear whether crypto trading is available or not.

Mobile Apps

In addition to Windows and macOS, there are Android and iOS mobile app icons. Like desktops, they’re advertised as MT5. However, we weren’t able to access them either, meaning we cannot confirm anything.

Demo Account

Sadly, the company doesn’t offer a risk-free Demo account. In fact, Clover Markets FX login is only possible after investing the initial sum. This leads us to suspect that they really offer MetaTrader platform. As you may know, most MT5 distributions come with a dedicated trial account.

Leverage, Commissions, and Trading Fees

Welcome to another section of the unknown. The company has no dedicated account types and doesn’t specify the trading terms. The leverage is hidden, and so are trading costs.

If you’re wondering how much you should pay for spreads and swaps, we cannot answer. You seem to have no choice but to start the account with the minimum deposit and see for yourself. The only problem is that the minimum deposit is also unknown.

Clover Markets FX Bonuses

The only thing that’s clearly specified is the deposit bonus. After activating your trading account, you can get a 25% deposit bonus of up to $500. With it, you can increase your trading capital.

However, you should be aware that bonuses and other incentives are prohibited by most Tier 1 regulators, such as FCA and ASIC. This is because scam brokers use malicious clauses to prevent their victims from withdrawals. Sadly, this firm has no legal documents that would elaborate on bonus terms.

Clover Markets FX Support Team

The company’s website offers phone number with Thai country code and social media links. However, these links actually lead to sending an email rather than accessing Instagram or Facebook pages.

In addition, there’s no online chat, meaning that instant support is not available. If you have any urgent questions, you can only hope the broker’s call center works 24/7. Furthermore, the reviews indicate that customers who need help with Clover Markets FX withdrawal were ignored and never received the necessary assistance.

Withdrawal Methods – How to Get My Money Back?

Without legal documents, we cannot determine whether there are any withdrawal fees. In addition, we didn’t find a list of payment methods you can use for a deposit or a withdrawal.

All in all, we cannot say that this company is very transparent. Just like InvestusPro, this company is hiding all the relevant information. This is a final red flag and a final reason for you to avoid it.

What to Do If I Was Scammed by Clover Markets FX Broker?

Let us know if Clover Markets FX or any similar unregulated trading brokerage scammed you. Our chargeback experts and CipherTrace crypto analysts may assist you with this issue and find a way to help.

It’s important to act quickly and find the best recovery method. Scammers quickly disappear with clients’ funds, so you must act promptly. Book a free consultation with our financial experts today, and let us evaluate your case in detail.

FAQ Section

What Is Clover Markets FX?

Clover Markets FX is an unregulated Thai-based trading brokerage. If you experience any issues with this firm, book a free consultation with our recovery experts today.

Is Clover Markets FX Available in the United States or the UK?

The company provides its services in both countries without valid financial regulation.

Does Clover Markets FX Offer a Demo Account?

No, Clover Markets FX doesn’t offer a risk-free Demo account for its customers.

The broker FXLiveCapital is one of those you wish you’d never met. The company looks rather solid; the website is designed nicely and drags attention. But just for a while. Once you start reading about the Terms and Conditions, regulations, and more, you will understand this is not a place for your money. 

Read our FXLiveCapital review and find out all about this offshore broker.

Is FXLiveCapital Regulated? – Beware Of Fraud

While the disclaimer tells us that FXLiveCapital is registered as “LLC with the number 25735 BC 2020,” the regulation section states, “the registration number is 884 LLC 2021.” So, mismatch of basic information. And a red flag at the very start. Furthermore, even though the name of the website section is Regulations, we haven’t seen anything about FXLiveCapital’s regulation.

In addition, we strongly advise you not to invest in IndexEvolve, Capital Index Fund and Valiant Markets fraudulent brokers.

Does the Broker Have a Tier 1 Trading License?

Since the company is (allegedly) registered in Saint Vincent and the Grenadines, it implies it has no license. The FSA, the regulatory body of SVG, clearly stated it doesn’t register Forex or binary options firms, only banks, insurance companies, and pension funds. All others should opt for a license in the country of service. 

And according to our review, the FXLiveCapital Forex broker hasn’t done so. There’s nothing with the FCA, ASIC, BaFin, or any Tier1 regulator, as a matter of fact.

Where Is FXLiveCapital Trading Scam Active?

When it comes to the FXLiveCapital trading scam, you can find the broker anywhere. There are very few restricted areas, including Sudan, Syria, North Korea, Saint Vincent and the Grenadines, and Cuba. Every other country is on the list, and most FX Live Capital complaints come from the US, Singapore, and Canada.

FXLiveCapital Trading Reviews – Opportunity or Trading Fraud?

To clarify, FX Live Capital broker is not a trading opportunity. It’s a scheme with no license and no recovery funds. Once you lose your money, there won’t be an authority body in charge to reimburse you, and all you can do is try and get your money back by submitting a chargeback request. 

Our verdict – stay away from the FX Live Capital scam by all means.

What Trading Platforms Are Available? – Trading Software

Without being unfair to the brokerage, we will admit that FX Live Capital’s trading platform is impressive. The company offers MT4 as a desktop app, web version, and mobile app.

FXLive MT4 Platform

MT4 and its successor, MT5, are considered best of the best when it comes to trading software. However, every company determines its own trading conditions, and it can significantly impact the outcome of your trades. For example, FXLiveCapital provides unregulated leverage of up to 1:500, putting your money at risk.

Mobile Trading Apps – iOS & Android Trading

If you want to enable FXLiveCapital login on your mobile device, you can download the MT4 app directly from the broker’s website. You will see the simplified desktop app on the go.

About Prohibited Countries

As we’ve already mentioned, FXLiveCapital has a few prohibited countries, including Sudan, Syria, North Korea, Saint Vincent and the Grenadines, and Cuba. Since the company is allegedly listed in SVG, it’s rather odd it doesn’t provide domestic services. Maybe they simply don’t want to risk being exposed as a scheme.

FXLiveCapital Scam Victims

If you read FXLiveCapital reviews, you will find that victims come from all around the globe. Nothing stops this fraudulent firm from scheming since they know they have no license to lose.

Also remember the names of the EUFinance, Morgan FX Capital and  Radex Markets trading scams and avoid them at all costs! Moreover, always check the background of online trading companies before investing!

FXLiveCapital USA Traders

Unlike others, FXLiveCapital accepts USA traders, so you should be very careful when dealing with this firm since it has no CFTC or any other valid license.

What Products Does FXLiveCapital Offer?

FXLiveCapital offers the following trading instruments:

• Forex (currency pairs)

• Commodities

• Indices

• Shares

• Crypto

Trading Accounts Overview – What The Broker Offers?

There are only 2 FXLiveCapital account types, including:

• Classic – $100

• Professional – $500

Besides, there is an FXLiveCopy Trader account, for social trading, with the FXLiveCapital minimum deposit of $100. You can choose between MAM and PAMM accounts of all types.

Demo Account – Risk-Free Environment

Sadly, FXLiveCapital Demo is unavailable, so you’ll have to pay to check the offer.

FXLiveCapital Withdrawal Issues

Of course, there are a number of reports about withdrawal issues. Since this firm is not legitimate, it has no problems with stealing money and disappearing. And that’s exactly what they did. Once they extort everything you have, they will simply freeze your account and disable access to your funds. 

What Can FXLiveCapital Fraud Victims Do?

If you find yourself scammed by FX Live Capital, let us know. Our chargeback specialists will be more than happy to assist and help you resolve the issue. Contact us via online chat now, and let’s get back what’s yours before FX Live Capital disappears like many before.

Can I Trade Cryptocurrencies And CFDs With FXLiveCapital Broker?

Both crypto and CFDs are available with FXLiveCapital.

Does FXLiveCapital Give a Deposit Bonus When Opening an Account?

FXLiveCapital says to give you a flexible bonus when depositing funds.

Is FXLiveCapital a MetaTrader 4 Forex Broker?

Yes, FXLiveCapital is an MT4 broker.

Does FXLiveCapital Have a Mobile Trading App?

FXLiveCapital provides an MT4 mobile trading app.