Words of advice, stay away from Flowxseat. The broker is an outrageous scammer bound to defraud you if trusted. This Flowxseat review will expose the lies of this phony and show you what you need to look out for when choosing a company you want to invest in.
We will start by presenting some basic facts about Flowxseat and then pick them apart to show just why this fraud should be avoided at all costs. From lucrative offers to a pleasing website, keep reading to understand the dangers behind it.
On the broker’s website, it claims it is part of the company Flowxseat.com Finance LLP, based in the United States and operating in compliance with the laws there. Yet, there’s no official address. The company provided a seemingly comprehensive legal section in order to make itself look legitimate and deceive potential clients.
While the website may look appealing, it is actually pretty lackluster and does not include key elements that are necessary to even be considered legal. The information about Flowxseat and its owner is scarce, just like all other trading-related data on the website.
The following section will deal with the company’s irregularities found in the legal section and prove that we are dealing with an unregulated scam broker.
License and Regulations of Flowxseat
Firstly, Flowxseat claims it operates in the US, which automatically implies, at least it should, that it is regulated by the two largest financial market authorities there – the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA). As you might have expected, there are no results on the fraudulent provider on the two institutions’ websites.
Another contradiction and a huge red flag found in the company’s legal section states that “Flowxseat.com and all legal relations concerning it are regulated by the legislation of the UK.” Now, how can one entity be based in the US and be regulated by UK authorities? This statement made it unnecessary to dig any deeper into the legal status of this fraud.
To sum it up, the unscrupulous broker that goes by the name of Flowxseat is unregulated and poses a great threat to your wallet.
Trading Platform Available at Flowxseat
Flowxseat did not elaborate on its trading platform, which is browser-based. Visually, it looks bland and unpolished. No real effort was put into its development and thus it lacks the necessary tools to facilitate trading.
Many financial swindlers succeed in getting their hands on manipulative trading software designed to seem legit and take your money. Therefore, you should be careful with these investment scams and instead trust reliable and licensed brokers.
Also, make sure the provider you choose to work with offers credible top-notch trading software such as Meta Trader 4 or 5.
Deposit and Withdrawal Methods
When it comes to depositing and withdrawal methods, Flowxseat accepts only cryptocurrencies. The reason is that crypto payments are hard to trace and allows the scammer to remain anonymous. This is typical of similar fraudsters and immediately indicates that you’re dealing with con artists.
The broker claims it accepts several cryptocurrencies but it probably only deals with Bitcoin. In the Terms and Conditions, Flowxseat listed fees and commissions for each deposit – 1% exchange fee, 3.5% commission for a tax payment, and 2.5% commission for insurance premiums. Legitimate providers do not demand such charges.
Flowxseat Offers Welcome Bonus
On Flowxseat’s website, it mentioned a certain Welcome Bonus as well as a set of rules for its activation. It is obtained upon the first deposit and requires verification either by ID card or a driver’s license.
Then there is the Referral Bonus, which requires you to send a code to your friend and invite him/her to create an account. This system is reminiscent of a pyramid scheme where only the one on top profits from the losses and expenses of those below.
Bonuses are banned by regulatory authorities and for a good reason. Be sure to avoid fraudsters that offer them extensively in an attempt to draw you into their web of lies.
Offshore Brokers’ Fraudulent Tactics
The backbone of the majority of these schemes is based on promises of unimaginable profits in the short term, big bonuses, and systems that are easy to use. Once they persuade clients to make the initial deposit, their job is done and everything on top of that is simply a plus.
The scam brokers rely on crypto payments since it allows them to remain anonymous and is very hard to trace. If you have fallen victim to such fraud, do not despair because getting your money back is possible. We can help you in reporting the scammer.
The Best Brokers for Forex
Instead of wasting precious time searching for a suitable broker, we’ve managed to compile a list of some of the best Forex providers in the world. Each and every one of them is regulated. As you can see, the minimum deposits they require are perfectly reasonable. Also, their ratings surely solidify their status in the business of trading.
|FXTM Broker||Cyprus, UK, Mauritius||4.5||$10||Forextime.Com|
|OctaFX Broker||Cyprus, SVG||4.4||$100||OctaFX.Com|
|FP Markets Broker||Australia, Cyprus||4.7||$100||FpMarkets.Com|
|XM Broker||Cyprus, Belize, Australia||4.7||$5||XM.Com|
|HFM HF Markets Broker||Cyprus, UK, South Africa, UAE, Kenya||4.3||$5||HFM.Com|
|FBS Broker||Cyprus, Belize, Marshall Islands||4.85||$100||FBS.Com|
- Flowxseat is an unregulated broker with the goal of robbing you;
- The legal sections on its website are full of lies and contradictions;
- It offers attractive bonuses with strings attached;
- The minimum deposit was not disclosed.
FAQs About Flowxseat Broker
Is Flowxseat Regulated?
Flowxseat is not regulated even though it claims to abide by US and UK laws.
What is The Minimum Deposit for Flowxseat?
This Broker, Flowxseat did not mention anything about the minimum amount a user needs to deposit.
Is Flowxseat a Trustworthy Broker?
Flowxseat is definitely not a trustworthy broker because it is unregulated and dishonest.