This Fxonet Ltd review will analyze the broker’s operations, focusing on red flags and tips for recovering money from scammer.
Fxonet Ltd Overview
- Website: https://www.fxonet.com/international/
- Website Availability: Yes
- Headquarters Country: P.B. 1257 Bonovo Road, Fomboni, Comoros, KM.
- Owned By: Fxonet Ltd
- Blacklisted by: Financial Services Agency(Japan)
- Domain Age:
- Name: FXONET.COM
- Registry Domain ID: 2850859817_DOMAIN_COM-VRSN
- Registered On: 2024-01-30T09:52:03Z
- Expires On: 2027-01-30T09:52:03Z
- Updated On: 2024-07-29T08:50:45Z
Fxonet Ltd presents itself as a forex broker designed for beginners and seasoned traders alike. Although it seems to be a good deal on the surface, an in-depth analysis of its operations yields several red flags, casting severe doubts over the platform’s legitimacy and the security of client funds.
Lack of Regulation: A Serious Warning Sign
One of the most disturbing problems with Fxonet Ltd is that it lacks regulatory control. The broker is not regulated by any legitimate financial regulator, which is paramount to providing honest trading and safeguarding investors. Unregulated brokers tend to lack accountability and leave clients at risk of fraud and financial loss.
Opaque Company Background
Transparency is essential when assessing any financial service provider. Nevertheless, Fxonet Ltd provides little information regarding its ownership, management, or operational background. There is no reference to a verifiable physical office address or recognizable executives behind the firm. This lack of transparency is a standard practice among scam brokers to avoid accountability and make it challenging for users to pursue legal action.
Suspicious Trading Conditions and Hidden Fees
While Fxonet Ltd promotes close spreads and an easy-to-use platform, it does not clearly define its fee policy, complicating traders’ assessments of potential costs. Traders have complained of surprise charges and a complicated withdrawal process—both characteristic actions of unscrupulous brokers.
Since there is a lack of regulation, lack of transparency, and reported issues by users, Fxonet Ltd presents several red flags. Traders are highly recommended to steer clear of this broker and move to platforms that are fully licensed and transparent in their dealings.
Avoid These Popular Online and Financial Scams
Scammers have various ways to get into the minds of people and take away money from them. Here’s the list of scams:
- WhatsApp Scams: Scammers pretend to be officials, friends, or investment consultants. Their task is to lead the victim to invest in fake schemes or attempt phishing.
- Telegram Scams: Scammers create bogus groups and pose as real businesses to promote fraudulent investments, fake giveaways, and Ponzi schemes.
- Ponzi Scams: Their promise is of high returns and low risk, which is paid by new investors to earlier ones until the scheme collapses.
- NFT Scams: Scammers create bogus NFT projects, artificially inflate the price of NFTs, or simply dupe buyers into purchasing worthless digital collectibles.
- Amazon Scams: Fake Amazon representatives trick users into leaking personal details via fake order confirmation emails, refund scams, or phishing websites.
Is Fxonet Ltd Legitimate?
Using the following aspects, we try to confirm the legitimacy of XYZ Broker:
- Regulation Status: Legitimate brokers are regulated by the SEC, FCA, or ASIC. The lack of regulatory information is a big red flag.
- User Reviews and Complaints: Complaints from dozens of investors regarding lost funds and withdrawal issues point to scamming.
- Transparency and Credibility: Lack of company data, hidden fees, and misleading terms are signs of fraud.
How to Get Funds Back from Fxonet Ltd ?
If you got scammed by XYZ Broker, these steps might help you recover your funds from forex trading scams:
- Report to Your Bank or Payment Provider: Refer to transactions made without your permission and file a chargeback request.
- Collect All Evidence: All communications, transaction receipts, and screenshots should be consolidated as proof of the scam.
- Complaint Registration with Financial Authorities: Report the scam to the regulator within your country.
- Consider Seeking Professional Help: Recovery experts can follow the money trail and launch a lawsuit against the fraudulent brokers.
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New fraudulent schemes targeting traders are something we are constantly keeping an eye on across the internet. Having gathered data on scam brokers for over ten years, we hardly can think of any other untrustworthy company in the market. Information about the scammers is provided below from our List of SCAM Brokers.
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Stay informed and trade wisely!