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Is TRUSTFX a scam broker?
The forex broker and CFDs provider TRUSTFX is allegedly based in Switzerland. It has several trading instruments that can be assessed by four types of trading accounts. Let’s dive in and research this broker.
The broker has Starting, Development, Progressive, and Investment account types. The service can be availed by the minimum deposits of $250, $2000, $5000, and $20000 respectively. The maximum leverage allowed is 1:10, 1:25 and 1:50. The spreads are fixed at 3 pips. The fascinating fact about this broker is that it provides more than 500 trading instruments. It provides all the currency pairs available in the market. CFDs on metal, energy, oil and most of the commodities. It also provides trading with all the prime cryptocurrencies under the sun. The MetaTrader offered is provided by the third party. MT is the most trusted trading platform but the third party involvement is unattractive. This broker also offers a web-based trading platform but it is uncomparable with MT. The minimum deposits are acceptable.
The TRUSTFX is owned by an anonymous company. Even agreements, terms and conditions do not mention any owner. There are unacceptable and confusing terms and conditions. It mentions that the trader agrees to the withdrawal of funds only after one year. So trading profit is not shared with the traders by this broker. This broker offers bonus but is condition bound. The $1000 bonus will be offered after a successful trading volume of $20 million. Isn’t it strange? Furthermore, these terms and conditions can be changed according to the convenience of the broker. There are several cases when the broker refuses trader from withdrawing bonuses. This is the huge hint to consider TRUSTFX a potential scam broker. The major payment gateway Skrill recently announced its anti-scam policies. This gateway is missing from the TRUSTFX. This also furnishes sufficient information about the scam nature of this broker. The payment is accepted only by cards and bitcoins. The broker does not have a valid license to be operated in the European Union. The spreads provided are higher and increases scam risk. There is a huge difference in offered leverages and leverages on actual trading conditions. On the website, it offers 1:10 to 1:50 leverage but in reality, it is 1:500.
Is TRUSTFX scam or legit?
The TRUSTFX is not licensed. There are several discrepancies in offered trading conditions and original trading conditions. Dubious bonuses, strange terms, and conditions are unacceptable. This broker has all traits associated with the scam and can be a potential scam broker. Avoid TRUSTFX and secure your funds.