Another offshore broker is FXsway. The business, though, poses a greater threat than most. That’s because it runs off of a sophisticated website. This gives the client the impression that they are working with an honest and reliable broker. Once you know what to look for with the broker, that illusion is quickly broken. It operates from an offshore fraud haven without a license, which makes it quite dubious. The broker’s trading circumstances are also not that great; its spreads are nothing to write home about, and it exposes its clients to leverage that is too large for the ordinary trader.
Is FXsWay a Licensed Broker?
FXsway is not authorized. It doesn’t assert the reverse to be true and keeps its location a secret. Fortunately, the relevant legislation part of the broker’s Terms and Conditions allowed us to determine where the broker is headquartered.
It claims that the business is based in St. Vincent and the Grenadines, a notorious offshore fraud haven. If you think that statement is a bit overstated, you should be aware that brokers in the nation are not subject to any kind of regulation and cannot be held liable for any of the schemes they operate.
Why Should Not You Trust an Unlicensed Broker?
The main objective of offshore brokers’ operations is frequently to cheat you. That is conceivable because such businesses, which are not regulated, are free to accept your money and misappropriate them, frequently taking all they can. However, even in the absence of a fraud, an offshore broker poses a risk to the client’s money since these businesses lack the resources and executive strength to survive in a market as cutthroat as the forex one. For this reason, you must ensure that the company you are dealing with has a license from the Canadian IIROC, the organization in charge of overseeing the Canadian markets.
Can FXsWay Be Trusted?
The main issue with offshore brokers is that they may prevent you from withdrawing your money. Some of them may put a hold on withdrawals, while others will impose absurd fees in an effort to discourage customers from obtaining their money. In actuality, the majority of reliable brokers nowadays levy no costs for deposits or withdrawals. The only expenses you should anticipate are those incurred by outside parties, such as payment providers.
Warnings From Financial Regulators
We looked through the FCA, ASIC, BaFin, and various other Tier1 registries but couldn’t find any references to the owner or regulation of FXsway. We may thus draw the conclusion that this company is a scam and that our intuition was correct.
What Do Traders Think Of FXsWay?
Traders are not happy with this platform. According to most social media platform conversations and from other scam report websites, we find that traders are continuously reporting this scam.
Platform Offered by FXsWay
The sole trading platform that FxSway presently supports is MetaTrader 4 (MT4), which is used to trade all of the broker’s available assets. As usual, MT4 may be downloaded and used as a desktop application on Windows PCs, as a web trader on any computer’s browser, or as a mobile application.
Country Serving by FXsWay
Since January 2021, the FXsway broker has been operating on the fxsway.com domain. The company primarily conducts business in the UK, Canada, and Australia.
Despite the firm’s home page claiming that it does not accept US clients, we have received a few FXsway complaints from this nation. Does this imply that the broker disregards its own policies? Not for the first time, either.
FXsWay Range of Trading Markets
Although there are just 18 digital currencies, broker FXsway appears to be focused on cryptocurrency trading. Five important markets are available to customers, including:
- Pairs of currencies: GBP/EUR, CAD/JPY, and EUR/USD.
- Indices: S&P 500, NASDAQ, and Dow Jones
- Shares – Amazon, Apple, Google.
- Commodities include gold, grain, and sugar.
- Cryptocurrencies: BTC, LTC, and ETH
You won’t be able to find enticing trading circumstances with FXsway as your broker. Its spreads of 0.9 pip on popular FX pairs like the EURUSD are respectable, but there are other brokers with lower spreads that are equally licensed and reliable.
Minimum Deposit and Withdrawal Terms of FXsWay
Starting a trade with FxSway just requires a USD 10 minimum deposit, and there are no fees associated with either deposits or withdrawals.
The broker only accepts a variety of crypto assets as deposit methods. Be careful who you deposit these assets with because this is typical of offshore brokers who find the secrecy of cryptocurrency deposits and their lack of chargebacks to be quite alluring.
Ways to Make a Deposit
This platform only accepts crypto payment to make a deposit.
Victim of FXsWay Scam? Report Your Story To Us.
In conclusion, we think anyone searching for a bitcoin-based FX & CFD broker should give FxSway some serious thought. Because it is based on bitcoin, there is no need to go via a bank, guaranteeing a far higher level of anonymity for the trader. It’s crucial to remember that this broker is unregulated, which does come with additional dangers. If you have been scammed, report your story to us and we will let you know on how to get back your lost fund.