A situation may seem crystal clear when a top-tier financial institution issues a warning about a brokerage site. CNMV, the Spanish jurisdictional regulator, did that with Networkfsi:
However, investors who are less knowledgeable of many events on the Forex market may not know about this. That’s why our Networkfsi review is here as an attempt to offer everyone a useful guide for recognizing and avoiding scams.
The following lines explain why Networkfsi is a scammer, how they conduct their business, and what safety measures you can take. A relieving circumstance is that the Networkfsi website is currently out of function. Although, no one can claim the fraud won’t soon reappear with a fresh new face and even more attractive offers.
|Spread||From 0.2 pips|
Regulation and Security of Networkfsi
Networkfsi operates from three distinctive locations: London, Brussels, and Toronto. Since every one of the areas has its respective financial organizations that organize and oversee the brokerage activities, we easily found out if Networkfsi operates with a license or not. What we did is a simple check of the regulators’ databases of brokerage houses with certificates.
FCA (UK), FSMA (Belgium), and IIROC (Canada) are the institutions in charge of licensing brokers. Apparently, Networkfsi doesn’t have a regulation issued by any of them. UK and EEA regulatory bodies enforce similar rules. These refer to brokerage agencies having to store investments in segregated bank accounts, limit the leverage to 1:30, introduce negative balance protection, and compensational plans, and constantly make reports of all transactions.
The Canadian regulatory framework differs in two important aspects: bonuses are allowed while they’re banned in the EU and UK. Also, the leverage restriction rests at 1:50. Either way, Networkfsi, being unregulated and unlicensed, cannot provide the safety measures and secure money depositing techniques. Their 1:200 leverage is also proof of not following the mandatory regulatory standards.
Networkfsi tried to offer its services to Spanish citizens. This attracted the attention of the Spanish regulator, CNMV. This financial authority is one of the major regulators of the EEA. They have warned the public about Networkfsi operating with a proprietary license and attempting to deceive customers.
We have to recommend you be of utmost caution when it comes to Networkfsi. This broker is unsafe for any kind of investments and business plans.
Trading Platform at Networkfsi
It’s not certain if the intention of Networkfsi developers was to provide a functional platform or just show what a reliable platform shouldn’t look like. The sorry excuse of a trader we saw at the Networkfsi site didn’t have an obvious purpose. Without the option to place trades, the functionality is minimal as we only see the trading instruments and some unreasonable price movement.
Maybe the idea was for the Networkfsi terminal to be based on the famous MT4, but the final result was just a huge disappointment. We can’t muster a single reason why any decent trader would want to put their money on the line with unreliable software like this one.
Networkfsi Trading Instruments
Trading at Networkfsi can hardly be possible without a functional trading platform. However, the broker still advertises several groups of tradable assets to buy and sell with a leverage of up to 1:200 and spreads supposedly starting from 0.2 pips.
The instruments palette includes:
- Forex (EUR/USD, USD/CAD, CHF/EUR, USD/JPY, CHF/EUR, EUR/GBP)
- Crypto (Bitcoin, Ethereum, Litecoin, Tether, Ripple)
- Indices (Dow Jones, Nasdaq, S&P 500)
- Shares (Facebook, Microsoft, Apple, Amazon, Netflix, Nvidia, AMD, BMW)
- Commodities (Sugar, Corn, Wheat, Cold, Silver, Palladium, Aluminium, Cotton)
Networkfsi Deposit and Withdrawal Method
Networkfsi doesn’t ask too much for a starting investment. To join the website you have to pay $250. Transactions are available only through credit cards. However, we have to warn you all funding is processed through third-party payment sites. Anonymous sites cannot ensure the safety of transactions and your credit card data can easily be stolen and misused.
While the broker sneaks in the mention of fees, Networkfsi is not precise on how they work or how much they amount to. It’s the same with withdrawals. Transparency with regulated brokers is absolute. Networkfsi remains vague about all crucial information.
Offshore Brokers’ Techniques
Admirably well-trained scam agents confidently approach potential victims and quickly bypass the formalities. Nearly friendship-like relationships are built on quickly winning clients’ trust. The victim will blindly follow the agent’s instructions considering investing, trading, and everything else.
The more you invest the bigger the promises of profit and lucrative returns. You will even be rewarded with bonuses that are eventually just a curse, but you don’t discover that until much later. Networkfsi is one of the scamming schemes focusing on beginner traders with less knowledge of the platform and buying and selling of instruments.
Therefore, beware. Ask for the professional help from reputable Forex experts and always refer to financial authorities.
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Networkfsi is an anonymous broker operating under a nameless agency with unknown headquarters. Despite the claims about having offices in London, Brussels, and Toronto, our Networkfsi review clearly shows this broker is an unregulated cheater.
When the company is missing a certificate, it’s a definite sign of its illegal status. This broker doesn’t have a license from any of the major regulators including UK and EEA licensing institutions.
The conclusion can be only one: Networkfsi is not safe for placing money or expecting safe, profitable trading. Refer to our table of suggestions if you’d like to find a broker that respects your privacy and the safety of investments.
FAQs About Networkfsi Broker
Is Networkfsi Legitimate Broker?
Networkfsi is not a reliable broker because they’re an illicit agency aiming to rob its clients.
What is the Minimum Deposit for Networkfsi?
Account opening at Networkfsi costs $250 and the funds are deposited via credit cards.
How Long Does it Take to Withdraw from Networkfsi?
Networkfsi doesn’t disclose this information. The lack of transparency is characteristic of scammers.