Have you come across the name of FXWpro while searching for a good online broker for your trading needs? There has been a sharp increase in the number of companies providing their trading services and you will have plenty of options at your disposal. Of course, every company is going to highlight their services in order to bring more people to their platform. This is something you will notice in the case of FXWpro as well, which advertises itself as your ultimate trading partner. According to them, it is a reliable and trusted broker that’s located in London, meaning it is authorized by the Financial Conduct Authority (FCA).
Along with this, FXWpro also offers leverage that goes as high as 1:1000, ultra-low spreads, and even risk-free accounts that offer guaranteed profits. This sounds very reassuring, but it is not until you go through this FXWpro review that you realize the truth. Let’s check it out:
Regulation and Licensing
FXWpro claims that it is owned and operated by a company called Sovereign Star Trade Finance Ltd., which is based in the UK, and is duly licensed and authorized by the country’s regulator, Financial Conduct Authority (FCA). But, the reality is that the broker has absolutely nothing to do with the company at all. In fact, it is a clone website that has used the name, address as well as license details of a regulated and licensed UK business as a way of scamming investors.
As a matter of fact, FXWpro has used the details of a company that doesn’t have a website and this makes it even more difficult to identify the real scam. But, it becomes obvious very quickly when you go through their website. First off, you will not find any Terms & Conditions on their website, never mind that you will be required to agree with them when signing up, so you have no idea what you will be agreeing with.
Another problem that you will discover about FXWpro is the leverage they are offering to their clients. They are offering traders leverage between 1:100 and 1:1000 and this is another clear indication of a scam. How? This is because, as mentioned above, the broker claims to be regulated by the FCA. But, if this was really true, then they wouldn’t be offering such high leverage at all because this is not permitted by the regular due to the risk associated with leverage.
One of the clearest indications of a legitimate and professional broker is the availability of the MetaTrader trading platform, as it is the top one that can be found in the market. While there are other platforms that do exist, they don’t come close to this one. Therefore, it is not surprising that FXWpro does not offer it to you. Instead, they have a web based trading platform, which is nowhere close to the MT4 or MT5 in terms of performance.
A glaring issue that anyone can sport with FXWpro is that they are offering their clients risk-free accounts for trading. You need to understand that there is no such thing as being risk-free when you are trading in the financial markets. The markets are generally volatile and that’s how they help people in generating profits. As per FXWpro, they use artificial intelligence to help people in enjoying high profits without any risks and that’s just not possible. Remember, if it sounds too good to be true, it really is.
Remote Desktop Applications
If you check out the ‘useful tools’ on the FXWpro website, you will realize that they ask you to install remote desktop applications like AeroAdmin, TeamViewer and AnyDesk. If you share your installation details with them, you will give the scammers access to your home PC and everything you store on it, including your online banking passwords and credit card data.
After you have studied FXWpro and its offerings, it becomes obvious this broker shouldn’t be trusted at all.