FXtradewolf falsely claims on its website that it operates under FXtrade Capital Market Ltd. and that it’s regulated by the MFSA in Malta. Moreover, this scammer claims it’s registered by the Financial Service Commission in Australia under the name FXtrade Australia Ltd.
This is obviously not true. The regulatory body in Australia in charge of regulating companies and financial services to ensure laws are followed is called ASIC, or The Australian Securities and Investments Commission.
On the other hand, we were able to find MFSA’s warning against this scammer on their official website. So, not only is this scammer not regulated by the Malta Financial Services Authority, it’s blacklisted and recognized as a fraudulent brokerage.
Keep reading our FXtradewolf Review and see for yourself what kind of scam we’re dealing with.
Besides the terrible quality of this scam broker’s website, we couldn’t find out much. Most of the relevant information is not available without a registered account, so we couldn’t find out what trading conditions like leverage or spread are being offered to their unsuspecting victims.
The regulated brokerage must be transparent with their service and relevant legal documents must be disclosed on the broker’s website. All information should be accessible prior to creating an account, so this practice of keeping important information hidden is a huge red flag.
|Trading Platforms||Web trader|
FXtradewolf Regulation and Fund Security
Fxtradewolf claim it’s regulated by two financial institutions in Malta and Australia, none of which is true.
Malta Financial Services Authority (MFSA) recently issued an official warning against this phony broker and advised the public against investing with them.
And while claiming it’s regulated by the Financial Service Commissions in Australia, we must point out again that the correct name of the regulatory body in charge of regulating brokerage in the country is the Australian Securities and Investments Commission (ASIC).
FXtradewolf is obviously a dishonest scam broker and your funds are not safe with them.
Trading Platform Used by FXtradewolf
According to the description, traders can get access to “the most advanced and secure cryptocurrency platform” and features such as live market data, wallet management, market depth, coin listing, etc.
What you do get after opening an account with this shady brokerage is a pretty much useless web platform. It shows only cryptocurrencies but still lacks the most basic features like placing pending orders and the differences between buy and sell prices. It’s crucial to choose your broker carefully as manipulating trading platforms is something commonly done by scammers like FXtradewolf to trick people into believing their investments are being traded.
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FXtradewolf Deposit and Withdrawal Process
We couldn’t find much transaction information on the website either, but from their Terms and Conditions, we learned that they charge fees for everything and that the available payment methods are wire transfers, credit/debit cards, and crypto.
The minimum deposit for opening an account on FXtradewolf’s website is $250, which is a lot more than what most regulated forex brokers require.
This scammer didn’t disclose the fee structure except for the wire transfer fee that goes from $25 to $50 and the inactivity fee, which is either 25 EUR/USD or 5%, whichever is higher.
The withdrawal process is bound to fail each time one submits a withdrawal request, as their Terms and Conditions cover every scenario in the book to make sure they can deny it.
How Does the Scam Implement?
Scammers like FXtradewolf operate in similar ways, by advertising their services and promising huge profits in a short period of time.
Agents working for scam brokerages tend to be very convincing and somewhat aggressive in trying to convince you to deposit your funds.
Also, the fear of missing out on making big profits and a sense of urgency also play a huge role and can be used to trick people into giving in and making a deposit.
Soon after the damage is done and the deposit made it becomes clear traders got scammed as it becomes impossible to withdraw funds back.
The Best Forex Brokers
Regulatory bodies’ main role is to protect traders from fraudulent brokerages like FXtradewolf and establish an ethical trading environment for everyone.
Some of the benefits you can get by choosing a regulated broker are:
- Segregated accounts
- Negative balance protection
- Total transparency
- A functional Customer Support and a real person to assist you
- Protection from fraud
Check out our list of highly recommended forex brokers we compiled for you below:
|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|
FXtradewolf is a scamming brokerage that poses a very high risk for your investments, which is why it should definitely be avoided.
There are no reasons to even consider this scammer as there is no information about their headquarters, trading conditions, and, most importantly, no legitimate trading license.
Regulated forex brokers offer great deals and require low investments, all the while you get to trade in a safe environment.
We can assist you in reporting your scammer, but it’s important to act fast.
FAQs About FXtradewolf Broker
Is FXtradewolf Legitimate?
FXtradewolf is definitely not legitimate, it’s an unregulated scamming brokerage without a valid license.
What Are the Funding Methods at FXtradewolf?
Funding methods available at FXtradewolf are wire transfers, credit/debit cards, and crypto.
Is my Money Safe with FXtradewolf?
Your money is not safe with FXtradewolf as it’s an unregulated forex brokerage.