Trading FXP Review
While the financial markets have always enjoyed popularity, cryptocurrencies have pushed it to new heights. More and more people are jumping into the markets because of these digital currencies and this has also led to a huge demand for online brokers that can provide you access to these financial markets. You will come to see that there are numerous platforms that exist these days, but not all operators are legitimate. Scammers have also become rampant and this means caution should be exercised. Signing up with a random platform is a mistake because you cannot predict how it will turn out.
The problem is that most scammers have become extremely sophisticated and their offerings are often hard to resist. An excellent example is Trading FXP, which is advertised as a Bitcoin-based platform, as this technology is extremely popular nowadays. They claim to offer leveraged trading to their clients on various digital assets, including Bitcoin, Litecoin, Ethereum and Ripple. They are promising attractive returns and leverage as high as 1:100. But, are they capable of delivering what they promise? You need to go through this Trading FXP review to know more:
Regulation and Licensing
If you take a look at the details of Trading FXP, you will find that they have mentioned an address and contact number in the United States. This means that they need to be regulated and licensed in the US in order to offer trading services. But, if you check the Terms & Conditions on their website, you will find some contradictory information. They are registered in either Seychelles or St. Vincent and the Grenadines. The problem with these areas is that they are offshore zones and businesses do not get proper licensing there.
In fact, these offshore destinations are a favorite spot for scammers and fraudsters to set up their operations because setting up and registering a business is cheap and easy. If Trading FXP was indeed based in the US, it would be required to register with the Commodities Futures Trading Commission (CFTC) and this is no easy task. There are a lot of requirements to fulfill and it doesn’t appear that Trading FXP has gone through this process.
It is obvious that you are investing in the financial markets for making money and Trading FXP advertises daily profits to its clients from 2.5% to 15%, depending on the investment plan you select. They are offering multiple investment plans to their clients and guarantee returns in each account, but the percentage varies because the investment requirement of each account also varies. This sounds very appealing, but the problem is that it is simply not possible to promise guaranteed profits in the financial markets.
It doesn’t matter in which market you trade, whether it is the forex or the cryptocurrency market, they are highly volatile and a lot of risk is associated with them. Even professional traders are known to suffer losses, so there isn’t any way for anyone to guarantee returns. It is just a tactic used by scam platforms to attract clients and this is exactly what Trading FXP is doing. You should immediately steer clear of such a broker because they are not authentic.
The trading platform is one of the most vital features that brokers offer to their clients, so you would want to know what you will be provided. In the case of Trading FXP, you will find that there is no such trading platform given, which is a red flag. It is considered the primary tool given by a broker and if that’s missing, then how will you trade? There is some client area provided by Trading FXP and it is not even enabled for trading, which means your money will most likely be trapped and you will not be able to do anything about it.
Once you have gone through the review, it becomes clear that Trading FXP is a scam broker and not legitimate in any way.