FXPOINT broker itself drags attention by being offshore and unregulated. However, its owner is notorious all around Europe and has been accused of scams several times.
Therefore, weve decided to expose this scheme and show you why not trade with FXPOINT or any other brand of the same owner.
-
Firstly, we want to invite you to read our recently updated InstaForex and TradedWell reviews. Your funds are in danger with them!
| Broker Status: | Offshore Broker |
| Regulated by: | No Regulation (Unlicensed Brokerage) |
| Scammers Websites: | www.fxpoint.com and www.fxpoint.co |
| Operating Status: | Active Forex Trading Scam |
| Blacklisted as a Scam by: | BaFin, KNF, CNMV, FSMA |
| Broker Owner: | Grey Matter Enterprise Ltd |
| Headquarters Country: | Saint Vincent and the Grenadines |
| Foundation Year: | 2020 |
| Online Trading Platforms: | WebTrader |
| Mobile Trading: | Yes |
| Minimum Deposit: | $3,000 |
| Crypto Assets: | Available |
| Available Trading Assets: | Forex (FX), Commodities, Stocks, Indices, Cryptocurrencies |
| Maximum Leverage: | N/A |
| Islamic Account: | Not Available |
| Free Demo Account: | No |
| Accepts US Clients: | US traders are not accepted |
| Global Fraud Protection Experts‘ Verdict: | Don’t Invest in This Scam Broker! |
FXPoint Regulation and Licensing – Is the Broker Legit？
As mentioned, FXPoint is an offshore broker based in Saint Vincent and the Grenadines. However, the real problem here is not the brand itself but the owner, Grey Matter Enterprise Ltd. The company has been blacklisted 4 times by different EU regulators for conducting scams.
One of their brands, SolidI nvest, found itself on the list of frauds.
Questions about the FXPoint License – Reputation Problems
After everything being said, it‘s clear whether FXPoint is regulated or not. Since Saint Vincent and the Grenadines themselves don’t have a regulator, weve checked a couple of Tier 1 registers just in case.
FXPoint regulation is nowhere to be found, showing us were dealing with a fraudster you should avoid.
Scam Warnings Against FXPoint
As mentioned, FXPoint owner Gray Matter Enterprise Ltd was blacklisted 4 times. The German BaFin issued the first warning, while the rest came from the Polish KNF, Belgium FSMA, and Spanish CNMV.
Also, the broker has been accused of using Tesler, a fraudulent advertisement showing a trading software that can make $13,000 overnight from a minimum investment of $250. This ad and the company owner were banned in several countries, including Spain and the UK.
FXPoint Trading Platform Review – Trading Software
Like everything else is disappointing, so is the FXPoint trading platform. The broker offers a basic version of a web trader that is a TradingView chart with several indicators. It‘s the worst option because, besides a low number of functionalities, it’s not safe since the broker can access trades and change them according to its own will. Its a guaranteed way to lose your money quickly.
Yes, the broker offers a tight spread of 0.2 pips for EUR/USD pair, but do not just put your money for it since everything else is false.
When choosing a brokerage, make sure to find the one providing MT4 or MT5 as those are the most reputable trading platforms.
FXPoint App – Is Mobile Trading Available？
Since the broker offers only a web trader, clients can access it from the web on their mobile devices. However, the trading app is not available, and checking your trades is rather inconvenient.
Beware of the FXPoint trading scam and do not accept any offers coming from this brokerage.
In addition, we recommend that you exclude FXBullion, Turnkey Forex and IngoInvest from your list of potential brokers to trade.
FXPoint Trading Instruments – What Can I Trade？
FXPoint offers a standard range of trading assets, including:
-
Currency pairs – majors and minors
-
Commodities – both hard and soft
-
Indices – FTSE100, Dow Jones, CAC40
-
Shares – global shares
-
Cryptocurrencies – no information on diversity
As you can tell, the offer looks pretty standard, but since theres no Demo account, we cannot verify how many assets there are or how the trading process looks.
FXPoint Trading Accounts – Account Types
FXPoint provides 5 different account types, depending on the amount of money you‘re willing to invest. Here’s the list:
-
Explorer $3,000 – $5,000
-
Basic $10,000 – $25,000
-
Silver $50,000
-
Gold $100,000 – $250,000
-
Platinum $250,000 – $500,000
As you can conclude from our list, FXPoints minimum deposit is $3,000, about 30 times higher than with regulated companies. Therefore, you have absolutely no reason to start an account with this illicit brokerage and risk your funds. Besides, main trading conditions, such as leverage, are not disclosed, meaning your money is at tremendous risk.
FXPoint Demo Account
Unfortunately, FXPoint doesn‘t offer a Demo account, meaning clients will need to deposit money to check out the platform. And as we mentioned, it’s just not worth your time or money.
FXPoint Withdrawal Issues – Unable to Withdraw Funds
If you‘ve invested your money with this illegal broker, most likely, you’re experiencing withdrawal issues. According to FXPoint reviews, clients cannot withdraw their funds, and once they submit a withdrawal request, their accounts are being blocked. It‘s all due to the broker’s freedom since it doesnt belong under any regulatory jurisdiction.
If youve experienced anything similar, contact us immediately. We will help you file a dispute and request a chargeback.
Scammed By FXPoint Broker？ – Talk To Our Experts Today!
If you were scammed by FXPoint, let us know. Here, at Global Fraud Protection, we specialized in assisting clients in getting their funds back from scam brokerages. If you‘ve made your deposit using a debit or a credit card, you’re entitled to request a chargeback up to 540 days from the fraudulent transaction. Let us assist you with the matter and ensure positive dispute resolution.
Contact our staff via online chat and book yourself a free consultation. We will find a suitable solution for your particular case and collect all the evidence you need.
Leave a Reply