Beware! FXatgram is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
There is something that makes us uneasy about the website of FXatgram. It doesn’t really spark up trust when you look at it. Most of this is first impressions- the texts seem filler as if there just for the sake of being; there is a third party slide bar with irrelevant asset prices; and the entire website seems monotonous. Read on for a more detailed look into FXatgram.
To register an account, a process of very limited proportions was presented to us. There really is nothing here to suggest a quality of service. Anyway, the truth is that we were unable to register because the broker wanted of us a recommendation code. Usually, these codes are a first sign that the broker you are dealing with is probably a scam. These types of codes are only received by users who have been personally contacted by a representative of the firm. If the rep this the investors is willing to deposit he gives the trader this code. It’s all explained in the last two sections of the review in more detail.
What this means for the review, is that all trading conditions will have to be taken from the website. We have no other choice. According to it, the trading assets are forex currency pairs, commodities, and indexes. A shallow collection of, supposed, financial instruments. Unfortunately, there is no clearance on a cost of trade for any of the listed assets. Nor is there any indication on a leverage.
The website of the broker can be accessed in English, Chinese, French, German, and Italian.
FXATGRAM REGULATION AND SAFETY OF FUNDS
The footer of the website claims that the broker is regulated by the financial conduct authority of St. Vincent and the grenadines (FSA). There are certain things that are wrong here. First of all, the financial conduct authority’s credentials do not spell FSA, but FCA. Second, the financial conduct authority is the UK’s Forex and financial overseer. In Saint Vincent and the Grenadines, the real FSA is the Financial Services Authority, which supervises the international and non-bank financial sector, and not the FX markets industry!
Furthermore, we found on the Home page the ludicrous assertion that the broker is located in Canada. This is yet another untrue statement. To be a licensed FX firm in Canada you must be legitimized by the Investment Industry Regulatory Organization of Canada or IIROC. The official registry of the agency holds no info on FXatgra.
There is no doubt that FXatgram is UNREGULATED, and risk to all investments!
There is absolutely no reason for anyone to trust and deposit in unregulated forex brokers. Always check first if a broker is regulated, and then proceed to deposit! The FCA and CySEC are some of the most popular licensors and we advise users to invest in firms that are legitimized by either of these. Both regulators, as well as all other legitimate ones, have a set of rules that apply to all brokers, and should brokers decide not to follow them the regulators will penalize them either by a fee or by taking their regulation! The FCA and CySEC include a compensation scheme for all users whose broker cannot pay them back, for all kinds of reasons, including insolvency. The reimbursed can go up to 85 000 pounds per person for FCA, and up to 20 000 euros CySEC.
FXATGRAM TRADING SOFTWARE
Judging by the presence of multiple TradignView widgets throughout the website, we can assume that there is no trading platform here. Or, if there was, it would either be another chart by the third party, or a very lackluster platform.
Add to that the seemingly missing trading conditions, like spread and leverage, and we have more evidence to suggest that FXatgram does not offer FX trading at all.
FXATGRAM DEPOSIT/WITHDRAW METHODS AND FEES
The withdrawal methods are the same as the depositing ones. We believe that withdrawal are processed anywhere between 1 and 3 days. The Terms and Conditions speak of commission and fees, but in typical scammer brokers, it never discloses the amount of the fees. Nor does FXatgram make it clear when and why these charges are applied. Just be aware that there are fees applied. However, users should not be too bothered by this because they should not invest in the first place.
There is no reason to deposit here. If you do, the only thing to expect is the loss of money and breach of privacy.
How does the scam work?
Most fraudsters use the same scheme over and over again. However, they might take a different approach to use it, and that is why it is always recommended to take your time with a broker and see if are in the middle of a scam.
Online ads are the first step to getting scammed. These ads promise pure fantasy scenarios, like making thousand in a day while living on a beach house, etc. Those that are tempted will be redirected to a website where they will be asked to give away personal information, most notably email or telephone number. If any of these is given away, the person will start receiving emails or telephone calls that will push him or her to deposit in a given broker/investment scam.
The more advanced scammer, the so-called “account managers” will continue to drain you, through further phone calls. They will convince you to deposit even more. When the client feels like he or she is being scammed, all withdrawal requests will vanish and the broker will stop responding to you; they have disappeared with your money. At times the whole website goes down.
What to do if scammed?
The best advice we can give you is to file for a chargeback as soon as you get scammed. VISA and MasterCard have extended their chargeback time span to 540 days, so there is plenty of time to do that.
Those that have deposited via bank, we advise to change passwords and block any compromised accounts. Or you can contact the bank and check with them.
What’s more, is that users should never invest through crypto with unregulated brokers. Once a deposit is made the user can not get the money back!
Finally, users will find that there are recovery agencies that claim to help users who have been defrauded by scammers. The irony here is that these agencies are also scammer schemes!