|⚖️ Regulation||Blacklisted, Scam|
The new age investors don’t only have to deal with rapidly changing markets but also scam brokers who are ready to flee with their investments.
Scam brokers have been rising for the last two years, and over 10000 US residents have fallen for their scams in the previous year alone.
Most experts believe that a scam broker will never let people trace their owners, and if you think that a broker provides asymmetric information, it can be a scam.
FX united was founded in 2021, providing its services online through fxunitedglobal.com. The company hasn’t published any reliable information about its owners or address on its website; our research suggests the company is based in the United States, and its official team is also behind other regional brokerage frauds.
FX United offers trading services in more than 25 global markets and provides an MT4 trading platform for seamless services.
If brokers hide information about their officials and location, they don’t want investors to track them. A broker needs to build trust amongst their investors; lack of information does the exact opposite.
FXunited has published inadequate information about its licenses; its website contains no information about its TOA, and investors are kept in the dark.
The Belgium regulatory agency (FSMA) recently published a report declaring FX united as a ‘scam broker.’ The SEC hasn’t authorized FX united, meaning any investment with the broker is at risk of fraud.
FX United has used clever tactics to bring investors to their platform; they set a minimum deposit of only $25 for both standard and premium accounts.
Unlike other legit brokers, the $25 account provides investors access to the MT4 trading platform and more than 150 technical tools- popular US brokers only let the premium account holders trade using MT4/MT5 with high minimum deposit requirements.
The company also claimed that investors could pay their minimum deposit in five installments daily; for instance, an investor will need to pay $5 every day from Monday to Friday. The broker claimed that they would earn a $5 return on Saturday.
Similarly, if you increase your investment, the return could be doubled. FX united promised a 75% return within the first month, and it motivated investors to invest everything they had.
Any broker promising a fixed return of higher than 10% is a major red flag; trading has no fixed returns, and if you’re applying for debt securities, the return is a meager 3-7%. Hence, when FX united offered a 75% monthly return, it was already fishy, and they were ready to milk investments for their greed.
Investors have reported multiple methods used to fraud maximum investments that FX united could. Initially, the investors were asked to make a $25 deposit and bring their social circle to the platform through referral codes; every referral bought a $5 commission for the investor.
After about two weeks, the sales representative would ask investors to share their PC’s control through anydesk so that they could teach them the trading methods. In the learning process, the sales representatives’ main target is to find your bank account balance, so they would know how much you can invest; some reports suggest that their bank credentials were stolen.
Within a few months, the investors’ profits were boosted, and they could reliably earn a 75% return; investors were motivated to invest all they had to proliferate their earnings; however, things took a wrong turn when they asked for a refund.
FXunited asked investors to pay the tax and commission fee of 35% to proceed with their withdrawal; as soon as investors made the transfer, the company blocked their access to the portal, and the sales representatives blocked them through all contract links.
As of now, FX united can’t be reached through their official website, and we can infer they may have closed it and swapped their services for a new name and domain. We always advise investors to sign up with legit brokers with credible reputations.
If you’ve incurred a loss due to FX united, you can cover your mistake through a chargeback. Although we understand the process is filled with obstacles, you can circumvent them by signing up for MyChargeBack; they have an incredible team who’ve helped investors worldwide recover funds.
Leave a Reply