FX Trading Station Review
When you are thinking of signing up with an online broker, you would obviously want to have access to quality trading services, as this can have a direct impact on your performance. Almost every company you come across will promise you professional, quality and impeccable services, which is obviously not true. Moreover, your expectations can be quite different from others when it comes to measuring quality, so you have to do your own research. Plus, there is also a possibility of getting fooled by fraudulent brokers, which happens more often than you would think. This FX Trading Station review gives you the best example of such a scenario.
Most of the shady and fraudulent brokerages that exist in the market today understand that people have become very cautious when they are shopping for a platform. Therefore, they deliberately craft websites and add offerings that people would find hard to walk away from. This is one of the top reasons that people continue to get scammed even today, despite being fully aware that there are cybercriminals active in the space. Unless you are willing to expose yourself to such risks, you need to research a brokerage.
This means that instead of accepting everything they say, you dig in and find out some essentials about their services to ensure you will be provided what you expect and want. This can allow you to enjoy a smooth trading journey and achieve an optimal trading performance. You should do the same when you come across FX Trading Station, a forex and CFD broker that makes a good first impression. It provides most of the relevant information right away and in a concise manner. But, no matter how impressed you might be because of their website, you have to check and research their offerings to make sure it is a quality broker.
As it turns out, FX Trading Station is not what it purports to be. How? You can find out below:
Unregulated and anonymous
Checking the background and licensing information of a brokerage should be your priority because this adds a layer of security. It tells you that you are dealing with a quality brokerage and that you will be provided fair and transparent services that comply with the highest standards and laws. You need to do the same in the case of FX Trading Station because it minimizes the risks of choosing the wrong brokerage.
Unfortunately, you will be disappointed in this regard with FX Trading Station because even though the brokerage presents a phone number that has a UK country code and an address it London, it does not tell you much else. You can scour their entire website and not find any ownership information available and neither have they mentioned anything about regulation and license.
This kind of anonymity can be very troubling because such brokerages tend to be short-lived and disappear with your money without warning. Any good broker worth their salt will always talk about their licensing and regulation and the fact that FX Trading Station does not is a big concern. The fact that they claim to be based in the UK means that it should have a proper license.
Brokerages in the United Kingdom are regulated by the Financial Conduct Authority (FCA) and cannot operate without a license. But, a check of the online register of the FCA shows that FX Trading Station does not have a license.
Lack of trading software
While a brokerage offers its clients a ton of tools and features that are part of the trading process, there is none as important and vital as the software. This is because there can be no trading without the software, since it connects you to the financial markets, executes your transactions and provides you with functionalities that can come in handy. Of course you want to have access to a good platform and you will find that FX Trading Station is promising the award winning MetaTrader5 (MT5) trading platform.
This is quite impressive, but the problem you will encounter on the FX Trading Station is that their download links do not respond. Once you complete the registration process, all the brokerage offers to you is a user dashboard that boasts a ton of information, but there is no trading platform. This means that FX Trading Station does not really facilitate trading at all and it is just a ruse to get you to deposit your money.
No legal documentation
Before you sign up with a brokerage, you have to go through their Terms and Conditions to understand the fees they charge and the policies and laws they follow and expect you to comply with. This is another area where you will be shocked because FX Trading Station does not appear to have any legal documentation on their website at all.
You can go through their entire website looking for some kind of legal documentation, whether it is Terms and Conditions, or a Client Agreement, but FX Trading Station does not have anything. This means that you will have zero idea of what policies they follow, or the charges they may impose. You will definitely have to agree with their Terms and Conditions before signing up, but do this without knowing what they are.
Only crypto payments offered
Another problem that you will come across at FX Trading Station is that the broker does not give you the option of filing for a chargeback in case of any issue. This means you will not be able to get a refund if you think you have been scammed. The only payment method that the brokerage supports is that of cryptocurrencies like bitcoin. This method is popular amongst scammers because it is final and irreversible and the best part is that it also provides anonymity, making it easier for them to disappear with the funds.
Considering the various holes in their story, you can determine that FX Trading Station is not a quality broker at all.