Fxtradewolf Review – The Telltale Signs of a Scam

Fxtradewolf Review

Not everyone has a smooth and enjoyable online trading experience. While there may be certain factors at play, the primary role is that of the brokerage you choose.

It is essential for every trader to open an account with an online broker to trade in the financial markets and there are hundreds, if not thousands, of companies that are marketing their services.

But, it is understood that not every brokerage will be able to offer you the same services. Some may be truly professional, but there are also scam ones, as this Fxtradewolf review highlights.

People may have a general idea of scam companies, but they are usually under the misconception that they will be able to identify them when they come across one. There was a time when fake websites had such obvious warning signs, but those days are long gone.

These days, scammers can create professional and decent websites that make it extremely tough for anyone to figure out what they are really up to. Even experienced traders have fallen prey to their tricks, which means you have to be on your guard.

The key is to not let a brokerage sway you with some wonderful promises, as this is the primary method that scam companies use. They deliberately put together such a package that many traders can find hard to resist and by the time they realize they have made a mistake, it is too late.

If you invest your entire savings, they could all be lost and this can be very disappointing. You can avoid all this hassle if you check a brokerage for any signs of a scam before opening an account with them.

Even though they may not be obvious, there are some signs that will give away the true nature of the broker. The same is the case with Fxtradewolf that claims to offer you access to crypto assets, along with other top-notch features.

However, you will come across some telltale signs that you are dealing with a scam and not an authentic broker. What are they? You can learn more here:

False regulation claims

Dealing with a licensed and regulated brokerage is recommended to anyone who wants to engage in online trading.

It provides a layer of security because such companies are under the oversight of regulatory bodies, which means that their activities are monitored and they are also required to uphold the laws and policies of the jurisdiction and maintain high standards of service.

Hence, you can get quality services when you are dealing with a regulated brokerage, as compared to their unregulated counterparts.

When it comes to Fxtradewolf, you will find that it claims to be owned and operated by Fxtrade Capital Markets Ltd., which is regulated by the Malta Financial Services Authority (MFSA).

Moreover, it also claims to be licensed and regulated in Australia as well, but the regulatory authority it has named is the Financial Services Commission (FSC). There are several problems that you will uncover with these claims.

First off, when it comes to the Maltese regulation, you will find that Fxtradewolf is not under the oversight of the MFSA, as the regulatory authority has actually issued a warning about the brokerage. According to the warning, Fxtradewolf is illegally operating in Malta, which means that it does not have a license to provide its services in the country.

As far as the Australian regulation claim is concerned, this cannot be true because Fxtradewolf does not even know the name of the regulatory body in Australia.

It is called the Australian Securities and Investment Commission (ASIC) and there is no organization by the name of FSC. This is also a clear indication that it is making a false claim about regulation, which shows that the brokerage is certainly not authentic.

Terrible trading platform

Your trading experience with any online broker depends completely on the trading platform they offer because it provides the technology and the tools required for trade execution.

The platform that you come across at Fxtradewolf is further proof that you are dealing with a scam because it is a terrible piece of software that has absolutely nothing to offer to its users. It only has basic functionality and is lacking in the numerous other tools and features that traders require during the trading process.

Most genuine companies would offer their clients the industry standard platforms like MT4 and the MT5 that come with a ton of features and functionalities that can enhance your trading experience. You cannot expect the same from fraudulent companies like Fxtradewolf that only provide a basic platform to support their ruse.

Obfuscation of trading conditions

You need to understand the trading conditions offered by a brokerage before you sign up with them because these will determine the profits you will earn and the costs you will incur during the trading process.

Yet another telltale sign of a scam that you will come across at Fxtradewolf is that the brokerage has not bothered to share its trading conditions at all.

The obfuscation of trading conditions is considered a scam indicator because legitimate companies are always transparent about their conditions. They will be upfront about the spreads they will charge and the leverage they will offer, but Fxtradewolf has done no such thing and is likely to surprise you with excessive leverage and high spreads.

Limited payment methods

When you check out the payment methods that are supported at Fxtradewolf, you will find them limited to three options only. There are no e-wallets supported on the platform and it allows you to make payments via credit cards, crypto assets and wire transfers.

Out of these three payment options, only credit cards are the same way to go because they are eligible for a chargeback. This means you can get a refund if you have made a deposit. The other two methods are final and you will not be able to get your money back if you use them for deposit purposes.

Wrapping Up

These telltale signs can help you decide that Fxtradewolf is not a brokerage you want to deal with in any scenario.