Consider trading with Fortunefx.io broker? Why Fortunefx is a scam? Let’s see Fortunefx.io review to know about this forex broker.
This article promises to share helpful review to support clients/traders in making the right decision. Kindly read to the end and make your verdict.
About Fortunefx.io
Fortunefx otherwise known as Fortunefx.io is an offshore brokerage company operated by DIGITAL C MEDIA with a lot of promises for forex traders. Here, the broker’s registered address shows Suite 305, Griffith Corporate Centre Beachmont, P.O Box 1510, Kingstown Saint Vincent And The Grenadines. More so, the contact information indicates the company is from Hong Kong.
What is more, there are different account packages offered by the broker namely, Green, Premium, Platinum, Business and Executive.
Further, the broker offers different instruments like forex, stocks, commodities, crypto, bonds and indices. Also, it presents a zero spread difference in Buy/Sell.
Deposit and Withdrawal
Fortunefx Minimum Deposit:
Fortunefx deposit is indicated $5000 based on the account type. In comparison, a licensed FX broker clearly spells out its regulation and license credibility with no string of fraud, and clients can start trading as low as $100.
As for the payment methods, the broker appears to accept options like credit cards and bank transfer. Rightfully, you should not consider making any payment with this broker because it is a risk.
For a quick reminder, offshore brokers are commonly known for accepting crypto currencies. For this purpose, payments made through this method are anonymous and can only be traced to a wallet address and not to a specific person. So beware!
Withdrawal process:
On the brokerage presentation, Fortunefx withdrawal process is within 3-5 business days. Howbeit, the firm charges an undisclosed fee on any withdrawal request.
Fortunefx Platform:
Fortunefx platform only offers web based trading platform with no mention of MT4 or MT5 (Industry standard trading platforms). Many scammers have trading software to fool their victims that their money is being invested.
Why use advanced trader such as MT4/MT5? You are certain to have the best features of real-time quotes, financial news and various FX and stock charts, as well as algorithmic trading sessions with the help of specially designed trading bots, called Expert Advisors.
As for Fortunefx leverage, it can get up to 1:200. Truly, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing more money than making more profits.
Won’t you rather trade with a licensed and legit broker? Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK, ASIC in Australia, NBRB in Belarus, CySEC in Cyprus as well as IIROC in Canada which makes client funds safe. They accept traders worldwide…visit their official website
Why You Should Not Trade with Fortunefx.io Forex Broker
First and foremost, Fortunefx.io has no financial authority overseeing its financial services. As far as we’re concerned, we believe this broker is not worth your money because Financial Services Authority SVG does not monitor or regulate forex brokers claiming registered address with the jurisdiction.
Unfortunately, the brokerage is a clear Fortunefx scam whose presentation of St. Vincent and the Grenadines (SVG) governance and regulation cannot be proved. We know SVG financial authority is not known for regulating forex brokers. This is a big warning for traders to avoid losing money with this broker. See excerpt from SVG
Here again, the broker showed us some contact information claiming office address in Honk Kong. A check shows that Fortunefx.io is not listed among the brokers authorized by the Hong Kong Securities and Futures Commission (SFC).
Further, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These are drawbacks for forex traders/ clients to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
Fortunefx.io Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
COMPARE WITH A TRUSTED BROKER
Fortrade
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website
Verdict:
Fortunefx located at Fortunefx.io has appeared to be a trustworthy trading brokerage, however, that cannot be ascertained. From indications, the firm is completely unlicensed and traders are advised to steer clear from such as it likely a platform run by scammers. Thus, we urge our readers to rely on regulated brokers like this or any licensed entity.
In case you found this information valuable, please share with us your experience in the comment section below.
Read earlier reviews on Protector-fx, Forextimeprime brokers
